# EDGAR Filing Document

**Accession Number:** 0001713407
**File Stem:** 0001713407-25-000134
**Filing Date:** 2025-11
**Character Count:** 639141
**Document Hash:** 0af626237b72143bf9837e1b0640d66e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001713407-25-000134.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001713407-25-000134

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 101

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BROOKFIELD REAL ESTATE INCOME TRUST INC.
- **CENTRAL INDEX KEY:** 0001713407
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 822365593
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56428
- **FILM NUMBER:** 251474435

**BUSINESS ADDRESS:**
- **STREET 1:** 250 VESEY STREET
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281
- **BUSINESS PHONE:** 212-417-7000

**MAIL ADDRESS:**
- **STREET 1:** 250 VESEY STREET
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OAKTREE REAL ESTATE INCOME TRUST, INC.
- **DATE OF NAME CHANGE:** 20170728

?xml version='1.0' encoding='ASCII'? oak-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

X **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE TRANSITION PERIOD FROM <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> TO <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**Commission File Number: 000-56428**

![Brookfield in Blue.jpg](oak-20250930_g1.jpg)

**Brookfield Real Estate Income Trust Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Maryland** | **82-2365593** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |

---

**250 Vesey Street, 15th Floor**

**New York, NY 10281**

**(Address of principal executive offices) (Zip Code)**

**(212) 417-7000**

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

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

---

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

---

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes X&nbsp;&nbsp;&nbsp;&nbsp;No ☐

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 | ☐ |
| Non-accelerated filer | X | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No X

As of October 31, 2025, the registrant had the following shares outstanding: 30,796,429 Class I shares, par value $0.01 per share, 25,188,623 Class S shares, par value $0.01 per share, 99,703 Class D shares, par value $0.01 per share, 15,167 Class T shares, par value $0.01 per share, 6,574,628 Class C shares, no par value per share, and 1,493,799 Class E shares, no par value per share.

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **<u>[PART I.](#i5d29750687954183acb52da4908123c0_10)</u>** | **<u>[FINANCIAL INFORMATION](#i5d29750687954183acb52da4908123c0_10)</u>** | <u>[1](#i5d29750687954183acb52da4908123c0_10)</u> |
| <u>[ITEM 1.](#i5d29750687954183acb52da4908123c0_13)</u> | <u>[FINANCIAL STATEMENTS (Unaudited)](#i5d29750687954183acb52da4908123c0_10)</u> | <u>[1](#i5d29750687954183acb52da4908123c0_13)</u> |
| | <u>[Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024](#i5d29750687954183acb52da4908123c0_13)</u> | <u>[1](#i5d29750687954183acb52da4908123c0_13)</u> |
| | <u>[Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024](#i5d29750687954183acb52da4908123c0_19)</u> | <u>[2](#i5d29750687954183acb52da4908123c0_19)</u> |
| | <u>[Consolidated Statements of Changes in Stockholders](#i5d29750687954183acb52da4908123c0_22)['](#i5d29750687954183acb52da4908123c0_88)[Equity for the three and nine months ended September 30, 2025 and 2024](#i5d29750687954183acb52da4908123c0_22)</u> | <u>[3](#i5d29750687954183acb52da4908123c0_22)</u> |
| | <u>[Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024](#i5d29750687954183acb52da4908123c0_25)</u> | <u>[5](#i5d29750687954183acb52da4908123c0_25)</u> |
| | <u>[Notes to Consolidated Financial Statements](#i5d29750687954183acb52da4908123c0_28)</u> | <u>[7](#i5d29750687954183acb52da4908123c0_28)</u> |
| <u>[ITEM 2.](#i5d29750687954183acb52da4908123c0_88)</u> | <u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i5d29750687954183acb52da4908123c0_88)</u> | <u>[39](#i5d29750687954183acb52da4908123c0_88)</u> |
| <u>[ITEM 3.](#i5d29750687954183acb52da4908123c0_91)</u> | <u>[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i5d29750687954183acb52da4908123c0_91)</u> | <u>[58](#i5d29750687954183acb52da4908123c0_91)</u> |
| <u>[ITEM 4.](#i5d29750687954183acb52da4908123c0_94)</u> | <u>[CONTROLS AND PROCEDURES](#i5d29750687954183acb52da4908123c0_94)</u> | <u>[59](#i5d29750687954183acb52da4908123c0_94)</u> |
| **<u>[PART II.](#i5d29750687954183acb52da4908123c0_97)</u>** | **<u>[OTHER INFORMATION](#i5d29750687954183acb52da4908123c0_97)</u>** | <u>[59](#i5d29750687954183acb52da4908123c0_97)</u> |
| <u>[ITEM 1.](#i5d29750687954183acb52da4908123c0_100)</u> | <u>[LEGAL PROCEEDINGS](#i5d29750687954183acb52da4908123c0_100)</u> | <u>[59](#i5d29750687954183acb52da4908123c0_100)</u> |
| <u>[ITEM 1A.](#i5d29750687954183acb52da4908123c0_103)</u> | <u>[RISK FACTORS](#i5d29750687954183acb52da4908123c0_103)</u> | <u>[59](#i5d29750687954183acb52da4908123c0_103)</u> |
| <u>[ITEM 2.](#i5d29750687954183acb52da4908123c0_106)</u> | <u>[UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#i5d29750687954183acb52da4908123c0_106)</u> | <u>[59](#i5d29750687954183acb52da4908123c0_106)</u> |
| <u>[ITEM 3.](#i5d29750687954183acb52da4908123c0_109)</u> | <u>[DEFAULTS UPON SENIOR SECURITIES](#i5d29750687954183acb52da4908123c0_109)</u> | <u>[61](#i5d29750687954183acb52da4908123c0_109)</u> |
| <u>[ITEM 4.](#i5d29750687954183acb52da4908123c0_112)</u> | <u>[MINE SAFETY DISCLOSURES](#i5d29750687954183acb52da4908123c0_112)</u> | <u>[61](#i5d29750687954183acb52da4908123c0_112)</u> |
| <u>[ITEM 5.](#i5d29750687954183acb52da4908123c0_115)</u> | <u>[OTHER INFORMATION](#i5d29750687954183acb52da4908123c0_115)</u> | <u>[61](#i5d29750687954183acb52da4908123c0_115)</u> |
| <u>[ITEM 6.](#i5d29750687954183acb52da4908123c0_118)</u> | <u>[EXHIBITS](#i5d29750687954183acb52da4908123c0_118)</u> | <u>[62](#i5d29750687954183acb52da4908123c0_118)</u> |
| <u>[SIGNATURES](#i5d29750687954183acb52da4908123c0_121)</u> | <u>[SIGNATURES](#i5d29750687954183acb52da4908123c0_121)</u> | <u>[64](#i5d29750687954183acb52da4908123c0_121)</u> |

---

**WEBSITE DISCLOSURE**

Investors and others should note that we use our website, *www.BrookfieldREIT.com*, to announce material information to investors and the marketplace. While not all of the information that we post on our website is of a material nature, some information could be deemed to be material. Accordingly, we encourage investors, the media, and others interested in us to review the information that we share on our website. Information contained on, or available through, our website is not incorporated by reference into this document.

------

<u>[**Table of Contents**](#i5d29750687954183acb52da4908123c0_7)</u>

**PART I.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INFORMATION**

**ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS**

**Brookfield Real Estate Income Trust Inc.**

**Consolidated Balance Sheets (Unaudited)**

**(in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Investments in real estate, net | $1561380 | $1592802 |
| Investments in real estate-related loans and securities, net | 207585 | 71505 |
| Investments in unconsolidated entities | 162136 | 81566 |
| Intangible assets, net | 32544 | 35008 |
| Cash and cash equivalents | 19534 | 13763 |
| Restricted cash | 14354 | 10544 |
| Accounts and other receivables, net | 11553 | 9401 |
| Other assets | 7655 | 6674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $2016741 | $1821263 |
| **Liabilities and Equity** |  |  |
| Mortgage loans and secured credit facilities, net | $1082840 | $1061366 |
| Affiliate line of credit | 30000 | 12790 |
| Due to affiliates | 27707 | 32883 |
| Intangible liabilities, net | 23776 | 24783 |
| Accounts payable, accrued expenses and other liabilities | 36093 | 42732 |
| Subscriptions received in advance | 2254 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1202670 | 1175758 |
| Commitments and contingencies |  |  |
| Redeemable non-controlling interests | 303784 | 302743 |
| **Stockholders' Equity** |  |  |
| Preferred stock, $0.01 par value per share, 50,000 shares authorized; no shares issued nor outstanding at September 30, 2025 and December 31, 2024, respectively |  |  |
| Common stock - Class S shares, $0.01 par value per share, 225,000 shares authorized; 25,553 and 27,817 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 255 | 278 |
| Common stock - Class I shares, 0.01 par value per share, 250,000 shares authorized; 31,071 and 14,215 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 311 | 142 |
| Common stock - Class T shares, 0.01 par value per share, 225,000 shares authorized; 15 and no shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively |  |  |
| Common stock - Class D shares, 0.01 par value per share, 100,000 shares authorized; 100 and 127 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 1 | 1 |
| Common stock - Class C shares, no par value per share, 100,000 shares authorized; 6,904 and 8,262 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 50 | 66 |
| Common stock - Class E shares, no par value per share, 100,000 shares authorized; 1,497 and 1,382 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively |  |  |
| Additional paid-in capital | 767515 | 619431 |
| Accumulated deficit and cumulative distributions | (332005) | (296692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Equity** | 436127 | 323226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests in consolidated joint ventures | 73535 | 18911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests attributable to preferred shareholders | 625 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity** | 510287 | 342762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Equity** | $2016741 | $1821263 |

---

*See accompanying notes to Consolidated Financial Statements.*

------

<u>[**Table of Contents**](#i5d29750687954183acb52da4908123c0_7)</u>

**Brookfield Real Estate Income Trust Inc.**

**Consolidated Statements of Operations (Unaudited)**

**(in thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $32361 | $33715 | $97577 | $96765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | 3716 | 5676 | 10258 | 11366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | 36077 | 39391 | 107835 | 108131 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental property operating | 14503 | 13571 | 41771 | 39206 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 1470 | 2295 | 5033 | 6078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 3221 | 2715 | 9511 | 8544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of investments in real estate |  | 33922 |  | 33922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 13085 | 16209 | 39354 | 43307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 32279 | 68712 | 95669 | 131057 |
| **Other Income (Expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from real estate-related loans and securities | 5155 | 4453 | 14504 | 14822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (15043) | (18957) | (44391) | (52284) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt |  | 32251 |  | 32251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from unconsolidated entities, net | 3902 | 1554 | 17543 | 5278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 223 | (476) | 680 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Income (Expense)** | (5763) | 18825 | (11664) | 1774 |
| **Net (Loss) Income** | $(1965) | $(10496) | $502 | $(21152) |
| Net (income) loss attributable to non-controlling interests in consolidated joint ventures | $(540) | $289 | $(957) | $722 |
| Net income attributable to non-controlling interests - preferred stockholders |  | (3) | (77) | (69) |
| Net loss attributable to redeemable non-controlling interests | 764 | 10 | 203 | 20 |
| **Net Loss Attributable to Brookfield REIT Stockholders** | $(1741) | $(10200) | $(329) | $(20479) |
| **Per common share data:** |  |  |  |  |
| **Net (loss) income per share of common stock - basic and diluted** | $(0.03) | $(0.12) | $0.00 | $(0.24) |
| **Weighted average shares of common stock outstanding - basic and diluted** | 66411 | 83441 | 67808 | 85676 |

---

*See accompanying notes to Consolidated Financial Statements.*

------

<u>[**Table of Contents**](#i5d29750687954183acb52da4908123c0_7)</u>

**Brookfield Real Estate Income Trust Inc.**

**Consolidated Statements of Changes in Stockholders**' **Equity (Unaudited)**

**(in thousands)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Par Value** | **Par Value** | **Par Value** | **Par Value** | **Par Value** | **Par Value** | | | | | | |
| | **Common<br>Stock<br>Class I** | **Common<br>Stock<br>Class S** | **Common<br>Stock<br>Class C** | **Common<br>Stock<br>Class E** | **Common<br>Stock<br>Class T** | **Common<br>Stock<br>Class D** |<br>**Additional<br>Paid-In<br>Capital** |<br>**Accumulated<br>Deficit** |<br>**Total Stockholders'** <br> **Equity** |<br>**Non-controlling Interests in Consolidated Joint Ventures** |<br>**Non-controlling Interests Attributable to Preferred Shareholders** |<br>**Total Equity** |
| **Balance at June 30, 2025** | $309 | $262 | $52 | $— | $— | $1 | $778855 | $(318846) | $460633 | $53480 | $625 | $514738 |
| &nbsp;&nbsp;Common stock issued | 12 | 2 |  |  |  |  | 14775 |  | 14789 |  |  | 14789 |
| &nbsp;&nbsp;Preferred equity issued |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Offering costs |  |  |  |  |  |  | 457 |  | 457 |  |  | 457 |
| &nbsp;&nbsp;Distribution reinvestment | 1 | 2 |  |  |  |  | 3239 |  | 3242 |  |  | 3242 |
| &nbsp;&nbsp;Common stock repurchased | (11) | (11) | (2) |  |  |  | (24688) |  | (24712) |  |  | (24712) |
| &nbsp;&nbsp;Stock-based compensation |  |  |  |  |  |  | 81 |  | 81 |  |  | 81 |
| &nbsp;&nbsp;Net (loss) income |  |  |  |  |  |  |  | (2505) | (2505) | 540 |  | (1965) |
| &nbsp;&nbsp;Distributions declared on common stock |  |  |  |  |  |  |  | (11418) | (11418) |  |  | (11418) |
| &nbsp;&nbsp;Distributions to non-controlling interests |  |  |  |  |  |  |  |  |  | (700) |  | (700) |
| &nbsp;&nbsp;Contributions from non-controlling interests |  |  |  |  |  |  |  |  |  | 20215 |  | 20215 |
| &nbsp;&nbsp;Allocation to redeemable non-controlling interests |  |  |  |  |  |  | (5204) | 764 | (4440) |  |  | (4440) |
| **Balance at September 30, 2025** | $311 | $255 | $50 | $— | $— | $1 | $767515 | $(332005) | $436127 | $73535 | $625 | $510287 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **Par Value** | **Par Value** | **Par Value** | **Par Value** | **Par Value** | | | | | | |
| | **Common<br>Stock<br>Class I** | **Common<br>Stock<br>Class S** | **Common<br>Stock<br>Class C** | **Common<br>Stock<br>Class E** | **Common<br>Stock<br>Class D** |<br>**Additional<br>Paid-In<br>Capital** |<br>**Accumulated<br>Deficit** |<br>**Total Stockholders'** <br> **Equity** |<br>**Non-controlling Interests in Consolidated Joint Ventures** |<br>**Non-controlling Interests Attributable to Preferred Shareholders** |<br>**Total Equity** |
| **Balance at June 30, 2024** | $407 | $300 | $74 | $— | $2 | $965258 | $(254028) | $712013 | $4637 | $750 | $717400 |
| &nbsp;&nbsp;Common stock issued | 27 | 1 |  |  |  | 32546 |  | 32574 |  |  | 32574 |
| &nbsp;&nbsp;Preferred equity issued |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Offering costs |  |  |  |  |  | 1287 |  | 1287 |  |  | 1287 |
| &nbsp;&nbsp;Distribution reinvestment | 6 | 3 |  |  |  | 8652 |  | 8661 |  |  | 8661 |
| &nbsp;&nbsp;Common stock repurchased | (30) | (22) |  |  | (1) | (57122) |  | (57175) |  | (125) | (57300) |
| &nbsp;&nbsp;Stock-based compensation |  |  |  |  |  | 80 |  | 80 |  |  | 80 |
| &nbsp;&nbsp;Net (loss) income |  |  |  |  |  |  | (10210) | (10210) | (289) | 3 | (10496) |
| &nbsp;&nbsp;Distributions declared on common stock |  |  |  |  |  |  | (14402) | (14402) |  | (3) | (14405) |
| &nbsp;&nbsp;Distributions to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Contributions from non-controlling interests |  |  |  |  |  |  |  |  | 50 |  | 50 |
| &nbsp;&nbsp;Allocation to redeemable non-controlling interests |  |  |  |  |  | (17) |  | (17) |  |  | (17) |
| **Balance at September 30, 2024** | $410 | $282 | $74 | $— | $1 | $950684 | $(278640) | $672811 | $4398 | $625 | $677834 |

---

------

<u>[**Table of Contents**](#i5d29750687954183acb52da4908123c0_7)</u>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Par Value** | **Par Value** | **Par Value** | **Par Value** | **Par Value** | **Par Value** | | | | | | |
| | **Common<br>Stock<br>Class I** | **Common<br>Stock<br>Class S** | **Common<br>Stock<br>Class C** | **Common<br>Stock<br>Class E** | **Common<br>Stock<br>Class T** | **Common<br>Stock<br>Class D** |<br>**Additional<br>Paid-In<br>Capital** |<br>**Accumulated<br>Deficit** |<br>**Total Stockholders'** <br> **Equity** |<br>**Non-controlling Interests in Consolidated Joint Ventures** |<br>**Non-controlling Interests Attributable to Preferred Shareholders** |<br>**Total Equity** |
| **Balance at December 31, 2024** | $142 | $278 | $66 | $— | $— | $1 | $619431 | $(296692) | $323226 | $18911 | $625 | $342762 |
| &nbsp;&nbsp;Common stock issued | 203 | 5 |  |  |  |  | 231038 |  | 231246 |  |  | 231246 |
| &nbsp;&nbsp;Preferred equity issued |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Offering costs |  |  |  |  |  |  | 608 |  | 608 |  |  | 608 |
| &nbsp;&nbsp;Distribution reinvestment | 3 | 6 |  |  |  |  | 10060 |  | 10069 |  |  | 10069 |
| &nbsp;&nbsp;Common stock repurchased | (37) | (34) | (16) |  |  |  | (92537) |  | (92624) |  |  | (92624) |
| &nbsp;&nbsp;Stock-based compensation |  |  |  |  |  |  | 244 |  | 244 |  |  | 244 |
| &nbsp;&nbsp;Net (loss) income |  |  |  |  |  |  |  | (532) | (532) | 957 | 77 | 502 |
| &nbsp;&nbsp;Distributions declared on common stock |  |  |  |  |  |  |  | (34984) | (34984) |  |  | (34984) |
| &nbsp;&nbsp;Distributions to non-controlling interests |  |  |  |  |  |  |  |  |  | (1456) | (77) | (1533) |
| &nbsp;&nbsp;Contributions from non-controlling interests |  |  |  |  |  |  |  |  |  | 55123 |  | 55123 |
| &nbsp;&nbsp;Allocation to redeemable non-controlling interests |  |  |  |  |  |  | (1329) | 203 | (1126) |  |  | (1126) |
| **Balance at September 30, 2025** | $311 | $255 | $50 | $— | $— | $1 | $767515 | $(332005) | $436127 | $73535 | $625 | $510287 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **Par Value** | **Par Value** | **Par Value** | **Par Value** | **Par Value** | | | | | | |
| | **Common<br>Stock<br>Class I** | **Common<br>Stock<br>Class S** | **Common<br>Stock<br>Class C** | **Common<br>Stock<br>Class E** | **Common<br>Stock<br>Class D** |<br>**Additional<br>Paid-In<br>Capital** |<br>**Accumulated<br>Deficit** |<br>**Total Stockholders'** <br> **Equity** |<br>**Non-controlling Interests in Consolidated Joint Ventures** |<br>**Non-controlling Interests Attributable to Preferred Shareholders** |<br>**Total Equity** |
| **Balance at December 31, 2023** | $415 | $342 | $83 | $— | $1 | $1028028 | $(213960) | $814909 | $3022 | $375 | $818306 |
| &nbsp;&nbsp;Common stock issued | 46 | 6 |  |  | 1 | 60260 |  | 60313 |  |  | 60313 |
| &nbsp;&nbsp;Preferred equity issued |  |  |  |  |  |  |  |  |  | 375 | 375 |
| &nbsp;&nbsp;Offering costs |  |  |  |  |  | 3976 |  | 3976 |  |  | 3976 |
| &nbsp;&nbsp;Distribution reinvestment | 15 | 7 |  |  |  | 26267 |  | 26289 |  |  | 26289 |
| &nbsp;&nbsp;Common stock repurchased | (66) | (73) | (9) |  | (1) | (168049) |  | (168198) |  | (125) | (168323) |
| &nbsp;&nbsp;Stock-based compensation |  |  |  |  |  | 219 |  | 219 |  |  | 219 |
| &nbsp;&nbsp;Net (loss) income |  |  |  |  |  |  | (20499) | (20499) | (722) | 69 | (21152) |
| &nbsp;&nbsp;Distributions declared on common stock |  |  |  |  |  |  | (44181) | (44181) |  | (69) | (44250) |
| &nbsp;&nbsp;Distributions to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Contributions from non-controlling interests |  |  |  |  |  |  |  |  | 2098 |  | 2098 |
| &nbsp;&nbsp;Allocation to redeemable non-controlling interests |  |  |  |  |  | (17) |  | (17) |  |  | (17) |
| **Balance at September 30, 2024** | $410 | $282 | $74 | $— | $1 | $950684 | $(278640) | $672811 | $4398 | $625 | $677834 |

---

*See accompanying notes to Consolidated Financial Statements.*

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<u>[**Table of Contents**](#i5d29750687954183acb52da4908123c0_7)</u>

**Brookfield Real Estate Income Trust Inc.**

**Consolidated Statements of Cash Flows (Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $502 | $(21152) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjustments to reconcile net loss to net cash provided by operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 39354 | 43307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of investments in real estate |  | 33922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 9511 | 8544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt |  | (32251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of above and below market leases and lease inducements, net | (993) | (583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of restricted stock grants | 242 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1551 | 2642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of upfront derivative acquisition costs | 805 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for current expected credit losses | 289 | (134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain on sale of treasury bills | (1141) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued paid-in-kind interest | (686) | (653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss (gain) on sale of derivatives | 1993 | (2839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain on investments in real estate-related loans and securities | (902) | (7384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investments | (18855) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of earnings from unconsolidated entities | 1787 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Changes in assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in lease inducements and origination costs | (325) | (833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upfront derivative acquisition costs | (193) | (369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt of deferred loan origination fees | 300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Payments) proceeds from settlement of derivative contracts | (1993) | 9574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other assets | (985) | (1949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts receivable, net | (2152) | (2751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts payable, accrued expenses and other liabilities | 2389 | 6546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in due to affiliates | (262) | (1901) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 30236 | 34744 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of real estate |  | (166487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated entities | (59763) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of real estate-related loans and securities | (188233) | (15871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funding of real estate-related loan commitments | (19086) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of real estate-related loans and securities | 66989 | 162400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments of real estate-related loans and securities | 4868 | 8926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of real estate |  | 25468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital improvements to real estate | (5286) | (3838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of trading securities | (340923) | (182734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of trading securities | 339077 | 223253 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) provided by investing activities** | (202357) | 51117 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings from mortgage loans | 166700 | 132000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings from secured credit facility | 109300 | 25500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of mortgage loans | (106899) | (125413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of secured credit facility | (144485) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings from affiliate line of credit | 110000 | 93500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of affiliate line of credit | (92790) | (67000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs | (4680) | (2165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 220788 | 48596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of preferred equity |  | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (102882) | (174305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions received in advance | 2254 | 2713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of organizational and offering costs | (5051) | (4881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to non-controlling interests | (1456) | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions from non-controlling interests | 55123 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | (24143) | (18289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to non-controlling interests attributable to preferred stockholders | (77) | (69) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | 181702 | (87465) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in cash and cash-equivalents and restricted cash** | 9581 | (1604) |
| **Cash and cash-equivalents and restricted cash, beginning of period** | 24307 | 40701 |
| **Cash and cash-equivalents and restricted cash, end of period** | $33888 | $39097 |

---

*See accompanying notes to Consolidated Financial Statements.*

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| | | |
|:---|:---|:---|
| **Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:** | | |
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Cash and cash equivalents | $19534 | $28811 |
| Restricted cash | 14354 | 10286 |
| Total cash and cash equivalents and restricted cash | $33888 | $39097 |
| **Supplemental disclosures:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $42046 | $48396 |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued stockholder servicing fee due to affiliate | $(1632) | $(4486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued offering costs | $1716 | $(45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued capital improvements | $— | $141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued repurchases of common stock in accounts payable | $5834 | $(5564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued repurchases of common stock in due to affiliates | $3146 | $(544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued dividends reinvested | $10069 | $(376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in assets and liabilities in connection with disposition of real estate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in real estate, net | $— | $33922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | $— | $32251 |

---

*See accompanying notes to Consolidated Financial Statements.*

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<u>[**Table of Contents**](#i5d29750687954183acb52da4908123c0_7)</u>

**Brookfield Real Estate Income Trust Inc.**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**1. Organization and Business Purpose**

Brookfield Real Estate Income Trust Inc. ("Brookfield REIT" or the "Company") was formed on July 27, 2017 as a Maryland corporation and has elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2019. The Company invests primarily in well-located, high-quality real estate properties that generate strong current cash flow and could further appreciate in value through proactive, best-in-class asset management. To a lesser extent, the Company invests in real estate-related debt investments, including real estate-related loans and real estate-related securities. Brookfield REIT OP GP LLC, a wholly owned subsidiary of the Company, is the sole general partner of Brookfield REIT Operating Partnership L.P. (the "Operating Partnership"). Substantially all of the Company's business is conducted through the Operating Partnership. The Company and the Operating Partnership are externally managed by Brookfield REIT Adviser LLC (the "Adviser"), an affiliate of Brookfield Asset Management Ltd. (together with its affiliates, "Brookfield"). The Company and the Adviser have engaged Oaktree Fund Advisors, LLC (the "Sub-Adviser"), an affiliate of Oaktree Capital Management, L.P. ("Oaktree"), to select and manage certain of the Company's liquid assets, including certain real estate-related loans and securities. Brookfield holds a majority stake in Oaktree.

The Company is conducting a continuous public offering (the "Public Offering") of Class S, Class T, Class D and Class I shares of its common stock pursuant to the Securities Act of 1933, as amended (the "Securities Act"). On April 30, 2018, the Company launched its initial public offering of up to $2.0 billion in shares of its common stock. On November 2, 2021, the initial public offering terminated and the Company commenced its second public offering with the Securities and Exchange Commission (the "SEC") of up to $7.5 billion in shares of common stock. On July 2, 2025, the second offering terminated and the Company commenced its third public offering of up to $7.5 billion of shares of its common stock, consisting of up to $6.0 billion in shares in its primary offering and up to $1.5 billion in shares pursuant to its distribution reinvestment plan. As of September 30, 2025, the Company had received aggregate net proceeds of $1.0 billion from the sales of its common stock through its Public Offering.

Pursuant to the Public Offering, the Company is offering to the public any combination of four classes of shares of its common stock, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The publicly offered share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. The purchase price per share for each class of common stock varies and generally equals the Company's prior month's net asset value ("NAV") per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. The Company intends to continue selling shares on a monthly basis.

In addition to the Public Offering, the Company is conducting private offerings of Class I and Class C shares to feeder vehicles that offer interests in such vehicles to non-U.S. persons. The offer and sale of Class I and Class C shares to the feeder vehicles is exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) and Regulation S promulgated thereunder. The Company is also offering Class E shares to Brookfield and its affiliates and certain of Brookfield's and Oaktree's employees and the Company's independent directors in one or more private offerings. The offer and sale of Class E shares is exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder.

In October 2024, the Company launched a program (the "DST Program") to raise capital, through its Operating Partnership, from private placement offerings exempt from registration under the Securities Act by selling beneficial interests in specific Delaware statutory trusts ("DSTs") holding real properties (the "DST Properties"). As of September 30, 2025, the Company has raised approximately $75.5 million of aggregate gross proceeds from its DST Program.

On January 1, 2025, the Company issued unregistered shares of Class I common stock to an institutional investor in exchange for a $200 million subscription. The issuance was made at the same transaction price as Class I shares sold through the Public Offering as of January 1, 2025, with fees consistent with existing Class I stockholders. Brookfield entered into a separate agreement with the investor pursuant to which Brookfield will support a specified total annual return on the investor's investment in the Company's shares in the form of periodic cash payments, subject to certain limits. In exchange, the investor has agreed not to request the repurchase of its shares, subject to limited exceptions, for a period of five years from the issuance date, at which point the investor may request that the Company repurchase its shares through the share repurchase plan ratably over a two-year period.

As of September 30, 2025, the Company owned 19 investments in real estate, 11 investments in real estate-related securities, five investments in real estate-related loans, five forward currency swaps and two interest rate derivatives related to investments in real estate-related loans and securities securities, four investments in unconsolidated real estate ventures and one forward currency swap related to investments in unconsolidated real estate ventures. The Company currently operates in six reportable segments: multifamily and student housing, office, logistics, single-family rental, net lease and real estate-related loans and

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securities. See Note 15 — "Segment Reporting" to the Company's Consolidated Financial Statements for financial results by segment.

**2. Summary of Significant Accounting Policies**

**Basis of Presentation**

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC.

The Company consolidates all entities in which it retains a controlling financial interest through majority ownership or voting rights and entities that meet the definition of a variable interest entity ("VIE") for which it is deemed to be the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the activities of a VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entities as its sole general partner. The Company also consolidates all VIEs for which it is the primary beneficiary. Where the Company does not have the power to direct the activities of the VIE that most significantly impact its economic performance, the Company's interest for those partially owned entities are accounted for using the equity method of accounting. Equity method investments for which the Company has not elected a fair

value option ("FVO") are initially recorded at cost and subsequently adjusted for the Company's pro-rata share of net income,

contributions, and distributions. When the Company elects the FVO, the Company records its share of net asset value of the entity and any related unrealized gains and losses. As of September 30, 2025, the total assets and liabilities of the Company's consolidated VIEs were $541.6 million and $330.2 million, respectively, compared to $392.6 million and $252.9 million, respectively, as of December 31, 2024. Such amounts are included on the Company's Consolidated Balance Sheets.

The Operating Partnership and the Company's joint ventures are considered to be VIEs. The Company consolidates these entities, excluding its equity method investments, because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans.

For consolidated joint ventures, the non-controlling partner's share of the assets, liabilities, and operations of each joint venture is included in non-controlling interests as equity of the Company. The non-controlling joint venture partner's interest is generally computed as the joint venture partner's ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interest.

Under the Company's DST Program, each private placement offers interests in a DST (the "DST Interests") that holds one or more DST Properties. DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying DST Properties are leased-back to a wholly owned subsidiary of the Company (the "Master Tenant") on a long-term basis, unless sooner terminated pursuant to the applicable master lease agreement. The master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the DST Interests from the investors at a later time in exchange for Operating Partnership units.

Under the master lease agreement, the Master Tenant is responsible for subleasing the DST Property to tenants and paying all underlying costs associated with operating the DST Property. For financial reporting purposes (and not for income tax purposes), the sale of DST Interests is accounted for as a failed sale-leaseback transaction and, as a result, the DST Properties are included in the Company's Consolidated Balance Sheets.

As of September 30, 2025, the Company's investments in real estate included two properties held by a DST whose DST Interests were sold as part of the DST Program. As of September 30, 2025, the total investments in real estate, net associated with the DST Properties was $267.4 million. As of December 31, 2024, the Company's investments in real estate included one property held by a DST whose DST Interests were sold as part of the DST Program. As of December 31, 2024, the total investments in real estate, net associated with the DST Property was $126.0 million. The Company has determined that each

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DST is a VIE and the Company is the primary beneficiary of the VIE. As a result, each DST is included in the Company's Consolidated Financial Statements.

**Use of Estimates**

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities and accrued expenses at the date of the balance sheet. The Company believes the estimates and assumptions underlying the Consolidated Financial Statements are reasonable and supportable based on the information available as of September 30, 2025.

**Investments in Real Estate** 

In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired does not constitute a business, the Company accounts for the transaction as an asset acquisition. The guidance for business combinations states that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business.

The Company evaluates each real estate acquisition to determine whether the integrated set of acquired assets and activities meets the definition of a business. Generally, acquisitions of real estate or in-substance real estate are not expected to meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. All property acquisitions to date have been accounted for as asset acquisitions because substantially all of the fair value was concentrated in the land, buildings and related intangible assets.

The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of the acquired tangible and intangible assets (including land, buildings, tenant improvements, above- or below-market leases, acquired in-place leases, and other intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions.

The estimated fair value of acquired in-place leases include the costs the Company would have incurred to lease the properties to their occupancy levels at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. The Company evaluates avoided costs over the time period over which occupancy levels at the date of acquisition would be achieved had the property been acquired vacant. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases are amortized over the remaining lease terms as a component of depreciation and amortization expense.

For acquired in-place leases, above- and below-market lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management's estimate of fair market value lease rates for the corresponding in-place leases. The values of acquired above- and below-market leases are amortized over the terms of the related leases and recognized as either increases (for below-market leases) or decreases (for above-market leases) to rental revenue. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense and the unamortized portion of the above- or below-market lease value is charged to rental revenue.

Significant improvements to properties are capitalized and depreciated over their estimated useful life. Expenditures for ordinary repairs and maintenance are expensed to operations as incurred.

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The cost of buildings and improvements includes the purchase price of the Company's properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company's investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows:

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| | |
|:---|:---|
| **Description** | **Depreciable Life** |
| Building | 30-40 years |
| Building and site improvements | 5-21 years |
| Furniture, fixtures and equipment | 1-9 years |
| Tenant improvements | Amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the tenant improvements |
| In-place lease intangibles | Over lease term |
| Above and below market leases | Over lease term |
| Lease origination costs | Over lease term |
| Present value of tax abatement savings | Over tax abatement period |

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When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period.

The Company's management reviews its real estate properties for impairment when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties considered to be "long-lived assets to be held and used" are considered on an undiscounted basis to determine whether an asset has been impaired, the Company's strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company's strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company's results. During the nine months ended September 30, 2025, the Company did not recognize any impairment charges on its investments in real estate. During the year ended December 31, 2024, the Company recognized an impairment charge of $33.9 million related to an office property that was sold in September 2024.

**Properties Held for Sale**

The Company classifies the assets and liabilities related to its real estate investments as held for sale when a sale is probable to occur within one year. The Company considers a sale to be probable when a binding contract has been executed, the buyer has posted a non-refundable deposit, and there are limited contingencies to closing. The Company classifies held for sale assets and liabilities at the lower of depreciated cost or fair value less closing costs. There were no properties held for sale as of September 30, 2025 and December 31, 2024.

**Investments in Unconsolidated Entities**

The Company has elected the FVO for its investments in unconsolidated entities and therefore reports the investments at fair value. As such, the resulting unrealized gains and losses are recorded as a component of Gain from unconsolidated entities, net on the Company's Consolidated Statements of Operations. For further details on the Company's investments in unconsolidated entities, see Note 4 — "Investments in Unconsolidated Entities" to the Company's Consolidated Financial Statements.

**Investments in Real Estate-Related Loans and Securities**

The Company has elected to classify its real estate-related securities as trading securities and carry such investments at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of Income from real estate-related loans and securities on the Company's Consolidated Statements of Operations.

The Company has elected the FVO for certain of its investments in real estate-related loans. As such, the resulting unrealized gains and losses on such loans are recorded as a component of Income from real estate-related loans and securities on the Company's Consolidated Statements of Operations.

Certain of the Company's real estate-related loans are classified as held for investment and are recorded at amortized cost. The Company assesses the collectability of its real estate-related loans held at amortized cost to estimate credit losses over the contractual term of each loan on a periodic basis. The Company's estimate of credit losses is based on relevant factors, including historical realized loss rates and current market conditions that affect the collectability of its investments. The Company also considers, among other things, payment status, lien position, borrower or tenant financial resources, and underlying collateral. The Company recognizes an allowance for credit loss when the carrying amount of a loan differs from the

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amount expected to be collected. For further details on the Company's allowance for credit loss, see Note 6 — "Investments in Real Estate-Related Loans and Securities" to the Company's Consolidated Financial Statements.

Interest income from the Company's investments in real estate-related loans and securities is recognized based on the stated terms of the security or loan agreement and is recorded on an accrual basis. Interest income is recorded as a component of Income from real estate-related loans and securities on the Company's Consolidated Statements of Operations.

**Revenue Recognition**

Rental revenue primarily consists of base rent arising from tenant leases at the Company's properties. Base rent is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Other rental revenues include amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company recognizes the reimbursement of such costs incurred as tenant reimbursement income.

The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. In making this determination, the Company considers the length of time a receivable has been outstanding, tenant creditworthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. The Company will recognize revenue from such leases prospectively, based on actual amounts received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term, the Company will reinstate the receivables balance.

**Cash and Cash Equivalents**

Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure.

**Restricted Cash**

Restricted cash primarily consists of tenant security deposits and reserves held in escrow related to real estate taxes, interest rate derivatives, capital expenditures and insurance in connection with mortgages at certain of the Company's properties. Restricted cash also consists of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company's transfer agent but in the name of the Company.

**Trading Securities**

Trading securities consist of U.S. government securities that are available to support the Company's current operations and liquidity. Trading securities are measured at fair value. As such, the resulting unrealized gains and losses of such securities are recorded as a component of Other income (expense), net on the Company's Consolidated Statements of Operations. Interest income from trading securities is recognized based on the stated terms of the security and is recorded as a component of Other income (expense), net on the Company's Consolidated Statements of Operations. During the three and nine months ended September 30, 2025, income from trading securities was $0.3 million and $1.1 million, respectively. During the three and nine months ended September 30, 2024, income from trading securities was $0.3 million and $0.8 million, respectively.

**Foreign Currency**

In the normal course of business, the Company makes investments in real estate and real estate-related loans and securities outside the United States that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rate at the reporting date and income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Gains and losses from translation of foreign denominated transactions into U.S. dollars are included in current results of operations as a component of Gain from unconsolidated entities, net or Income from real estate-related loans and securities dependent upon the type of asset on the Company's Consolidated Statements of Operations.

**Deferred Charges**

The Company's deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring, and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company's mortgage notes and term loans are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments. Deferred financing costs related to the Company's revolving credit facility are recorded as a component of Other assets on the Company's Consolidated Balance Sheets and amortized over the term of the applicable financing agreements. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees,

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are recorded as a component of Intangible assets, net on the Company's Consolidated Balance Sheets and amortized over the life of the related lease.

**Derivative Instruments**

In the normal course of business, the Company is exposed to the effect of interest rate changes and, with regard to its non-U.S. investments, changes in foreign currency exchange rates. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate and currency rate risk. These financial instruments may include interest rate swaps and other derivative contracts. The Company recognizes all derivatives as either assets or liabilities in the accompanying Consolidated Balance Sheets and measures those instruments at fair value. For further details on the Company's derivative instruments see Note 11 — "Derivatives" to the Company's Consolidated Financial Statements.

**Fair Value Measurement&nbsp;&nbsp;&nbsp;&nbsp;**

Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchical framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy:

Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments.

Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.

Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.

*Valuation of Assets and Liabilities Measured at Fair Value*

The Company's investments in real estate-related securities and trading securities are reported at fair value. The Company generally determines the fair value of its investments in real estate-related securities and trading securities by utilizing third-party pricing service providers. In determining the value of a particular investment, the pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers' internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. The inputs used in determining the Company's real estate-related securities and trading securities reported at fair value are considered Level 2 and Level 3.

The Company's derivative financial instruments are reported at fair value. The fair values of the Company's interest rate swaps are determined using a discounted cash flow analysis based on the terms of the contract and the forward interest rate curve adjusted for the Company's nonperformance risk. The fair values of the Company's interest rate caps are determined using models developed by the respective counterparty as well as third-party pricing service providers that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). The fair values of the Company's foreign currency swaps are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying instruments. The inputs used in determining the Company's derivative financial instruments reported at fair value are considered Level 2.

The Company has elected the FVO for its equity method investments and therefore, reports these investments at fair value. As such, the resulting unrealized gains and losses are recorded as a component of Gain (loss) from unconsolidated entities on the Company's Consolidated Statements of Operations. The Company separately values the assets and liabilities of each equity method investment. To determine the fair value of the assets of the equity method investments, the Company utilizes a

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discounted cash flow methodology, taking into consideration various factors including discount rate and exit capitalization rate. The Company determines the fair value of the indebtedness of the equity method investments by modeling the cash flows required by the debt agreements and discounting them back to the present value using an estimated market yield. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. After the fair value of the assets and liabilities are determined, the Company applies its ownership interest to the net asset value and reflects this amount as its equity method investment at fair value. The inputs used in determining the Company's equity method investments carried at fair value are considered Level 3.

The Company's carrying values of cash and cash equivalents, restricted cash, accounts receivable and other receivables, accounts payable, accrued liabilities and other liabilities approximate fair value because of the short-term nature of these instruments.

The following table details the Company's assets and liabilities that are measured at fair value on a recurring basis ($ in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | | | | | | | | |
| &nbsp;&nbsp;Investments in real estate-related loans and securities | $— | $31404 | $124301 | $155705 | $— | $51578 | $6238 | $57816 |
| &nbsp;&nbsp;Investments in unconsolidated entities |  |  | 162136 | 162136 |  |  | 81566 | 81566 |
| &nbsp;&nbsp;Trading securities |  | 2990 |  | 2990 |  |  |  |  |
| &nbsp;&nbsp;Derivatives |  | 649 |  | 649 |  | 3645 |  | 3645 |
| &nbsp;&nbsp;Derivatives related to investments in real estate-related securities |  | 186 |  | 186 |  | 102 |  | 102 |
| &nbsp;&nbsp;**Total assets** | $— | $35229 | $286437 | $321666 | $— | $55325 | $87804 | $143129 |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Derivatives | $— | $975 | $— | $975 | $— | $— | $— | $— |
| &nbsp;&nbsp;Derivatives related to investments in real estate-related securities |  | 76 |  | 76 |  |  |  |  |
| &nbsp;&nbsp;**Total liabilities** | $— | $1051 | $— | $1051 | $— | $— | $— | $— |

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The following table details the Company's assets that are measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Investments in real estate-related loans and securities** | **Investments in unconsolidated entities** | **Total Assets** |
| Balance as of December 31, 2024 | $6238 | $81566 | $87804 |
| Purchases | 99914 |  | 99914 |
| Funding of real estate-related loan commitments | 19086 |  | 19086 |
| Contributions of equity into unconsolidated entities |  | 59763 | 59763 |
| Distributions of earnings from unconsolidated entities |  | (1787) | (1787) |
| Included in net income |  |  |  |
| &nbsp;&nbsp;Unrealized (loss) gain | (937) | 16515 | 15578 |
| &nbsp;&nbsp;Gain on foreign currency translation |  | 6079 | 6079 |
| **Balance as of September 30, 2025** | $124301 | $162136 | $286437 |

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The following tables contain the quantitative inputs and assumptions that are used to determine fair value for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Weighted Average Rate** | **Impact to Valuation from an Increase in Input** |
| Investments in real estate-related loans and securities | $124301 | Discounted cash flow | Discount rate | 12.4% | Decrease |
| Investments in unconsolidated entities | $162136 | Discounted cash flow | Discount rate | 8.2% | Decrease |
|  |  |  | Exit capitalization rate | 5.5% | Decrease |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Weighted Average Rate** | **Impact to Valuation from an Increase in Input** |
| Investments in real estate-related securities | $6238 | Discounted cash flow | Discount Rate | 18.7% | Decrease |
| Investments in unconsolidated entities | $81566 | Discounted cash flow | Discount rate | 6.3% | Decrease |
|  |  |  | Exit capitalization rate | 5.2% | Decrease |

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*Valuation of Assets Measured at Fair Value on a Nonrecurring Basis*

Certain of the Company's assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that could indicate the carrying amount of the real estate value may not be recoverable. As of September 30, 2025, the Company had no impaired assets that are measured at fair value on a nonrecurring basis.

*Valuation of Liabilities Not Measured at Fair Value*

The fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to the present value using an appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3. As of September 30, 2025, the fair value of the Company's mortgage loans and other indebtedness was approximately $14.8 million below the outstanding principal balance.

**Income Taxes**

The Company believes that it qualifies to be taxed as a REIT for U.S. federal income tax purposes. The Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.

The Company has formed wholly-owned subsidiaries that are taxed as taxable REIT subsidiaries ("TRSs") that are subject to taxation at the federal, state and local levels, as applicable, at regular corporate tax rates. In general, a TRS may perform additional services for the Company's tenants and generally may engage in any real estate or non-real estate-related business. For the three and nine months ended September 30, 2025, the Company recognized income tax expense of $0.1 million and $0.1 million, respectively, related to its TRSs within General and administrative on the Company's Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Company recognized income tax expense of $0.1 million and $0.5 million, respectively, related to its TRSs within General and administrative on the Company's Consolidated Statements of Operations.

The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if the

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Company believes all or some portion of the deferred tax asset may not be realized. The Company has not recorded a deferred tax asset related to its non-U.S. investment as it is more likely than not that it will not realize the benefit.

**Organization and Offering Expenses**

Organizational expenses are expensed as incurred on the Company's Consolidated Statements of Operations, and offering costs are charged to equity as incurred on the Company's Consolidated Statements of Changes in Stockholders' Equity.

The Adviser and its affiliates advanced $13.6 million of organization and offering expenses on the Company's behalf through July 5, 2023, subject to the following reimbursement terms: (1) the Company reimburses the Adviser for all such advanced expenses paid through July 5, 2022 ratably over the 60 months following July 6, 2022; and (2) the Company reimburses the Adviser for all such advanced expenses paid from July 6, 2022 through July 5, 2023 ratably over the 60 months following July 6, 2023. Beginning July 6, 2023, the Company reimburses the Adviser for any organization and offering expenses that it incurs on the Company's behalf as and when incurred.

**Earnings Per Share** 

The Company uses the two-class method in calculating earnings per share ("EPS") when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company declares dividends on its common stock. Basic earnings per share ("Basic EPS") for the Company's common stock are computed by dividing net income allocable to common stockholders by the weighted average number of shares of common stock outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount.

The Company includes unvested shares of restricted stock in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. Any anti-dilutive securities are excluded from the diluted EPS calculation. For the three and nine months ended September 30, 2025 and 2024, there were no dilutive participating securities.

**Stockholder Servicing Fee**

The Company has entered into a dealer manager agreement with Brookfield Oaktree Wealth Solutions LLC, a registered broker-dealer affiliated with the Adviser ("Dealer Manager"), to serve as the dealer manager for the Public Offering. The Dealer Manager is entitled to receive upfront selling commissions and dealer manager fees of up to 3.5% of the transaction price and ongoing stockholder servicing fees of 0.85% per annum of the aggregate NAV for outstanding Class S and Class T shares with a limit of up to, in the aggregate, 8.75% of the gross proceeds from such shares. The Dealer Manager is entitled to receive upfront selling commissions of up to 1.5% of the transaction price and ongoing stockholder servicing fees of 0.25% per annum of the aggregate NAV for outstanding Class D shares with a limit of up to, in the aggregate, 8.75% of the gross proceeds from such shares. There are no upfront selling commissions, dealer manager fees or ongoing stockholder servicing fees with respect to Class I shares. The Dealer Manager has entered into agreements with the selected dealers distributing the Company's shares in the Public Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. The Company accrues the full cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold, which is recorded as a component of Due to affiliates in the Company's Consolidated Balance Sheets.

**Recent Accounting Pronouncements**

In August 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2023-05, an update to ASC Topic 805, Business Combinations ("ASU 2023-05"). ASU 2023-05 clarifies existing guidance by requiring a joint venture to recognize and initially measure assets contributed and liabilities assumed at fair value, upon its formation. These amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. The Company adopted ASU 2023-05 on January 1, 2025 and the adoption did not have a material impact on the Company's Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 but does not believe the adoption of ASU 2023-09 will have a material impact on the Company's Consolidated Financial Statements.

In March 2024, the FASB issued ASU 2024-02 ("ASU 2024-02") Codification Improvements - Amendments to Remove References to the Concepts Statements (the "Codification"). ASU 2024-02 contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to

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understand or apply the guidance. In other instances, the references were used in prior Statements to provide guidance in certain topical areas. The amendments in ASU 2024-02 affect a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance and are effective for public business entities for fiscal years beginning after December 15, 2024. Early application of the amendments is permitted. The Company adopted the provisions of ASU 2024-02 effective January 1, 2025. The adoption of this rule did not have a material impact on the Company's Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expenses Disaggregation Disclosures ("ASU 2024-03"). ASU 2024-03 requires entities to disaggregate any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other depletion expenses. A relevant expenses caption is an expense caption presented on the face of the income statement within continuing operations that contain any of the expense categories listed. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2024-03 but does not believe the adoption of ASU 2024-03 will have a material impact on the Company's Consolidated Financial Statements.

In May 2025, the FASB issued ASU 2025-03, an update to ASC Topic 805, Business Combinations, and ASC Topic 810, Consolidation ("ASU 2025-03"). ASU 2025-03 amends the guidance for determining the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity ("VIE"). This amendment aligns the determination of the accounting acquirer for VIEs with the guidance used for other business combinations. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-03 on the Consolidated Financial Statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"), which amends ASC 326-20 to provide a practical expedient (available to all entities) that permits an entity to assume that current conditions as of the balance sheet date will not change for the remaining life of current accounts receivable and current contract assets arising from transactions under ASC 606, thereby simplifying the forecasting requirement in developing reasonable and supportable forecasts. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted, and should be applied prospectively. The Company adopted the provisions of ASU 2025-05 effective August 1, 2025. The adoption of this rule did not have a material impact on the Company's Consolidated Financial Statements.

On July 4, 2025, President Trump signed into law the legislation known as the One Big Beautiful Bill Act (the "OBBBA"). The OBBBA made significant changes to the U.S. federal income tax laws in various areas. Among the notable changes, the OBBBA permanently extended certain provisions that were enacted in the Tax Cuts and Jobs Act of 2017, most of which were set to expire after December 31, 2025. These included the permanent extension of the 20% deduction for "qualified REIT dividends" for individuals and other non-corporate taxpayers as well as the permanent extension of the limitation on non-corporate taxpayers using "excess business losses" to offset other income. The OBBBA also increased the percentage limit under the REIT asset test applicable to TRSs from 20% to 25% for taxable years beginning after December 31, 2025. As a result, for taxable years beginning after December 31, 2025, the aggregate value of all securities of TRSs held by a REIT may not exceed 25% of the value of its gross assets.

**3. Investments in Real Estate**

As of September 30, 2025 and December 31, 2024, the Company's investments in real estate, net, consisted of the following ($ in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Building and building improvements | $1364700 | $1362183 |
| Land and land improvements | 293668 | 293424 |
| Tenant improvements | 29474 | 29189 |
| Furniture, fixtures and equipment | 44944 | 43306 |
| &nbsp;&nbsp;**Total** | 1732786 | 1728102 |
| Accumulated depreciation | (171406) | (135300) |
| &nbsp;&nbsp;**Investments in real estate, net** | $1561380 | $1592802 |

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*Acquisitions*

During the three and nine months ended September 30, 2025, the Company did not acquire any real estate investments. During the year ended December 31, 2024, the Company acquired $167.9 million of real estate investments, which were comprised of 181 single-family rental properties and one student housing property.

The following table provides further details of the properties acquired during the year ended December 31, 2024 ($ in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment** | **Ownership Interest** | **Location** | **Segment** | **Acquisition Date** | **Units** | **Purchase Price**<sup>(1)</sup> |
| Single-Family Rentals | 100% | Various | Single-Family Rental | Various 2024 | 181 | $50448 |
| Reflection | 97% | Atlanta, GA | Student Housing | June 2024 | 741 | 117408 |
| &nbsp;&nbsp;**Total** |  |  |  |  |  | $167856 |

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(1) Purchase price is inclusive of closing costs.

The following table summarizes the purchase price allocation of the properties acquired during the year ended December 31, 2024 ($ in thousands):

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| | |
|:---|:---|
| | **December 31, 2024** |
| Building and building improvements | $114073 |
| Land and land improvements | 36503 |
| Tenant improvements | 115 |
| Furniture, fixtures and equipment | 13933 |
| In-place lease intangibles | 3171 |
| Lease origination costs | 61 |
| &nbsp;&nbsp;**Total purchase price**<sup>(1)</sup> | $167856 |

---

(1) Purchase price is inclusive of closing costs.

*Dispositions*

During the three and nine months ended September 30, 2025, the Company had no dispositions. During the year ended December 31, 2024, the Company disposed of an office property for a gross sales price of $27.6 million. In connection with the sale, the Company repaid $25.5 million of the mortgage loan secured by the property and the lender extinguished the loan, resulting in a $32.3 million gain on extinguishment of debt. The Company did not receive any net sales proceeds from the disposition.

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**4. Investments in Unconsolidated Entities**

The Company holds four investments in unconsolidated joint ventures that it has elected to account for using the FVO, as the Company's ownership interests in the joint ventures do not meet the requirements for consolidation. Each of the investments are considered to be VIEs.

The following tables detail the Company's investments in unconsolidated entities ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Investment** | **Segment** | **Number of Properties** | **Ownership Interest** | **Fair Value** |
| Principal Place | Net Lease | 1 | 20% | $90863 |
| U.S. Diversified Logistics Portfolio I<sup>(1)</sup> | Logistics | 72 | 19% | 56003 |
| U.S. Diversified Logistics Portfolio II<sup>(1)</sup> | Logistics | 31 | 19% | 15270 |
| The Avery<sup>(2)</sup> | Multifamily | 1 | 2% |  |
| &nbsp;&nbsp;**Total unconsolidated entities carried at fair value** |  | 105 |  | $162136 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Investment** | **Segment** | **Number of Properties** | **Ownership Interest** | **Fair Value** |
| Principal Place | Net Lease | 1 | 20% | $81566 |
| The Avery<sup>(2)</sup> | Multifamily | 1 | 2% |  |
| &nbsp;&nbsp;**Total unconsolidated entities carried at fair value** |  | 2 |  | $81566 |

---

(1) Refer to Note 10 — "Related Party Transactions - Assignments of Limited Partnership Interest from Brookfield Affiliate" for further information regarding the Company's limited partnership interests in the U.S. Diversified Logistics Portfolio I and the U.S. Diversified Logistics Portfolio II. The Company's ownership percentage of the investments decreased from 20% to 19% in September 2025 as a result of the Brookfield-managed fund closing its final investor commitments during the quarter.

(2) In December 2023, the Company acquired a 2% equity interest in The Avery, a condo and multifamily property located in San Francisco, California, through an indirect interest in a joint venture that owns the property. The Company did not pay any consideration for its interest, which was granted to the Company by the borrower on the Company's investments in The Avery Senior Loan and The Avery Mezzanine Loan. As of September 30, 2025 and December 31, 2024, the fair value of the Company's equity interest in The Avery was zero.

The following table details the Company's gain from unconsolidated entities ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>**Investment** |<br>**Segment** | **2025** | **2024** | **2025** | **2024** |
| Principal Place | Net Lease | $2320 | $1554 | $6033 | $5278 |
| U.S. Diversified Logistics Portfolio I | Logistics | 474 |  | 10898 |  |
| U.S. Diversified Logistics Portfolio II | Logistics | 1108 |  | 612 |  |
| The Avery | Multifamily |  |  |  |  |
| &nbsp;&nbsp;**Total gain from unconsolidated entities, net** |  | $3902 | $1554 | $17543 | $5278 |

---

The following tables provide the combined summarized financial information of our unconsolidated entities as of the dates and for the periods set forth below ($ in thousands):

---

| | | |
|:---|:---|:---|
| **Balance Sheets:** | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;Total assets | $2134741 | $1004069 |
| &nbsp;&nbsp;Total liabilities | $1412433 | $615447 |
| Brookfield REIT's share of net equity | $142699 | $77724 |
| Fair value adjustments | 19437 | 3842 |
| &nbsp;&nbsp;**Total investments in unconsolidated entities** | $162136 | $81566 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Income Statements:** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Total revenues | $37662 | $12654 | $93052 | $37590 |
| &nbsp;&nbsp;Net loss | (6060) | 77 | $(20842) | $(1188) |
| Brookfield REIT's share of net loss | $(1099) | $15 | $(4055) | $(238) |
| Fair value adjustments | $5001 | 1539 | 21598 | 5516 |
| &nbsp;&nbsp;**Total gain from unconsolidated entities** | $3902 | $1554 | $17543 | $5278 |

---

**5. Intangibles**

The gross carrying amount and accumulated amortization of the Company's intangible assets and liabilities consisted of the following as of September 30, 2025 and December 31, 2024 ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Intangible assets:** | | |
| &nbsp;&nbsp;In-place lease intangibles | $28587 | $29340 |
| &nbsp;&nbsp;Lease origination costs | 12063 | 12285 |
| &nbsp;&nbsp;Tax intangibles | 5249 | 5249 |
| &nbsp;&nbsp;Above-market lease intangibles | 114 | 114 |
| &nbsp;&nbsp;**Total intangible assets** | $46013 | $46988 |
| **Accumulated amortization:** |  |  |
| &nbsp;&nbsp;In-place lease intangibles | $(6400) | $(5889) |
| &nbsp;&nbsp;Lease origination costs | (4486) | (4025) |
| &nbsp;&nbsp;Tax intangibles | (2515) | (2011) |
| &nbsp;&nbsp;Above-market lease intangibles | (68) | (55) |
| &nbsp;&nbsp;Total accumulated amortization | $(13469) | $(11980) |
| &nbsp;&nbsp;**Intangible assets, net** | $32544 | $35008 |
| **Intangible liabilities:** |  |  |
| &nbsp;&nbsp;Below-market lease intangibles | $(28873) | $(28909) |
| &nbsp;&nbsp;Accumulated amortization | 5097 | 4126 |
| &nbsp;&nbsp;**Intangible liabilities, net** | $(23776) | $(24783) |

---

The weighted average amortization periods of the Company's intangible assets is 153 months and intangible liabilities is 221 months.

As of September 30, 2025, the estimated future amortization of the Company's intangibles for each of the next five years and thereafter is as follows ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **In-place Lease Intangibles** | **Above-market Lease Intangibles** | **Other Intangibles** | **Below-market Lease Intangibles** |
| 2025 (remaining) | $397 | $5 | $488 | $(332) |
| 2026 | 1558 | 18 | 1855 | (1332) |
| 2027 | 1452 | 7 | 1756 | (1327) |
| 2028 | 1370 | 5 | 1314 | (1327) |
| 2029 | 1320 | 5 | 1115 | (1327) |
| 2030 | 1314 | 6 | 1031 | (1327) |
| Thereafter | 14776 |  | 2752 | (16804) |
| &nbsp;&nbsp;**Total** | $22187 | $46 | $10311 | $(23776) |

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**6. Investments in Real Estate-Related Loans and Securities**

The following table summarizes the components of investments in real estate-related loans and securities as of September 30, 2025 and December 31, 2024 ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Real estate-related securities | $36705 | $57816 |
| Real estate-related loans | 170770 | 13587 |
| Derivative assets related to investments in real estate-related securities | 186 | 102 |
| Derivative liabilities related to investments in real estate-related securities | (76) |  |
| &nbsp;&nbsp;**Total investments in real estate-related loans and securities** | $207585 | $71505 |

---

The following tables detail the Company's investments in real estate-related loans and securities as of September 30, 2025 and December 31, 2024 ($ in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Type of Loan/Security** | **Number of Positions** | **Weighted Average Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date**<sup>(2)</sup> | **Face Amount** | **Cost Basis/Allowance Adjustment** <sup>(3)</sup> | **Carrying Amount** |
| Investments held at fair value |  |  |  |  |  |  |
| &nbsp;&nbsp;CMBS - floating | 6 | SOFR + 4.24% | November 2026 | $27838 | $25773 | $26535 |
| &nbsp;&nbsp;CMBS - fixed | 4 | 4.56% | November 2026 | 23413 | 20650 | 5302 |
| &nbsp;&nbsp;RMBS - fixed | 1 | 4.50% | May 2026 | 5118 | 4728 | 4868 |
| &nbsp;&nbsp;Real estate-related loans - floating | 1 | SOFR + 8.00% | December 2025 | 119000 | 119000 | 119000 |
| &nbsp;&nbsp;Interest rate swaps | 2 | 4.40% | September 2026 |  |  | 186 |
| &nbsp;&nbsp;Cross currency forward contracts | 4 | N/A | October 2025 |  |  | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments held at fair value | 18 | 10.41% | March 2026 | $175369 | $170151 | $155815 |
| Investments held at amortized cost |  |  |  |  |  |  |
| &nbsp;&nbsp;Real estate-related loans - floating | 1 | SOFR + 8.15% | June 2026 | $7044 | $— | $7044 |
| &nbsp;&nbsp;Real estate-related loans - fixed | 3 | 9.92% | November 2027 | 48610 | (3884) | 44726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments held at amortized cost | 4 | 10.23% | November 2027 | $55654 | $(3884) | $51770 |
| **Total investments in real estate-related loans and securities** | 22 | 10.37% | August 2026 | $231023 | $166267 | $207585 |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Type of Loan/Security** | **Number of Positions** | **Weighted Average Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date**<sup>(2)</sup> | **Face Amount** | **Cost Basis/Allowance Adjustment** <sup>(3)</sup> | **Carrying Amount** |
| Investments held at fair value |  |  |  |  |  |  |
| &nbsp;&nbsp;CMBS - floating | 7 | SOFR+3.85% | July 2026 | $24794 | $22667 | $22361 |
| &nbsp;&nbsp;CMBS - fixed | 4 | 4.56% | November 2026 | 23413 | 20650 | 6238 |
| &nbsp;&nbsp;RMBS - fixed | 23 | 5.54% | September 2026 | 29728 | 28960 | 29217 |
| &nbsp;&nbsp;Interest rate swaps | 2 | 4.40% | September 2026 |  |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments held at fair value | 36 | 6.11% | September 2026 | $77935 | $72277 | $57918 |
| Investments held at amortized cost |  |  |  |  |  |  |
| &nbsp;&nbsp;Real estate-related loans - floating | 1 | SOFR+8.15% | June 2026 | $7044 | $— | $7044 |
| &nbsp;&nbsp;Real estate-related loans - fixed | 2 | 10.00% | December 2025 | 9435 | (2892) | 6543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments held at amortized cost | 3 | 11.13% | February 2026 | $16479 | $(2892) | $13587 |
| **Total investments in real estate-related loans and securities** | 39 | 6.98% | August 2026 | $94414 | $69385 | $71505 |

---

(1) As of September 30, 2025 and December 31, 2024, the U.S. Dollar denominated Secured Overnight Financing Rate ("SOFR") was equal to 4.24% and 4.49%, respectively.

(2) Weighted average maturity date is based on the fully extended maturity date of the instruments.

(3) Adjustments include the cumulative provision for current expected credit losses, unamortized fee income, and a foreign currency translation adjustment attributable to real estate-related loans.

During the three and nine months ended September 30, 2025, the Company recorded net realized and unrealized gains on its investments in real estate-related securities of $0.2 million and $0.7 million, respectively. During the three and nine months ended September 30, 2024, the Company recorded net realized and unrealized gains on its investments in real estate-related securities of $2.1 million and $3.5 million, respectively. Such amounts are recorded as components of Income from real estate-related loans and securities on the Company's Consolidated Statements of Operations.

For the three and nine months ended September 30, 2025, the Company recognized $0.3 million as an estimated credit loss allowance adjustment related to its investments in real estate-related loans held at amortized cost. For the three months ended September 30, 2024, the Company recognized an estimated credit loss allowance adjustment of $0.1 million. For the nine months ended September 30, 2024, the Company recognized $0.1 million as an allowance recovery for estimated credit loss. Adjustments to the estimated credit loss allowance are recorded as a component of Income from real estate-related loans and securities on the Company's Consolidated Statements of Operations. The allowance adjustment is related to The Avery Senior Loan and The Avery Mezzanine Loan and is based on the expected timing of loan repayments, forecasted cash flows from the underlying collateral, and the current macroeconomic environment. The Company estimates its credit loss allowance primarily using the discounted cash flow method based on projected future principal cash flows for each individual loan. There have been no write-offs related to the Company's investment in real estate-related loans.

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**7. Accounts and Other Receivables, Net and Other Assets**

The following tables summarize the components of Accounts and other receivables, net and Other assets in the Company's Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Straight-line rent receivables | $7208 | $6411 |
| Interest receivable | 2648 | 677 |
| Accounts receivable, net | 1697 | 2313 |
| &nbsp;&nbsp;**Total accounts and other receivables, net** | $11553 | $9401 |
|  | **September 30, 2025** | **December 31, 2024** |
| Prepaid expenses | $3505 | $2445 |
| Trading securities | 2990 |  |
| Derivative instruments | 649 | 3645 |
| Other | 511 | 584 |
| &nbsp;&nbsp;**Total other assets** | $7655 | $6674 |

---

**8. Accounts Payable, Accrued Expenses and Other Liabilities**

The following table summarizes the components of Accounts payable, accrued expenses and other liabilities in the Company's Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Accounts payable and accrued expenses | $11563 | $11818 |
| Real estate taxes payable | 7321 | 4818 |
| Stock repurchases payable | 5834 | 16496 |
| Tenant security deposits | 4038 | 3978 |
| Distributions payable | 3780 | 3007 |
| Accrued interest expense | 1771 | 1824 |
| Derivative instruments | 975 |  |
| Prepaid rent | 811 | 791 |
| &nbsp;&nbsp;**Total accounts payable, accrued expenses and other liabilities** | $36093 | $42732 |

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**9. Mortgage Loans, Secured Credit Facilities and Affiliate Line of Credit**

The following table summarizes the components of Mortgage loans and secured credit facilities, net and Affiliate Line of Credit in the Company's Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Principal Balance Outstanding** | **Principal Balance Outstanding** |
|<br>**Indebtedness** |<br>**Weighted Average Interest Rate**<sup>(1)</sup> |<br>**Weighted Average Maturity Date**<sup>(2)</sup> |<br>**Maximum Facility Size** | **September 30, 2025** | **December 31, 2024** |
| *Fixed rate loans:* |  |  |  |  |  |
| &nbsp;&nbsp;Fixed rate mortgages | 4.06% | October 2030 | N/A | $500420 | $395720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed rate loans |  |  |  | 500420 | 395720 |
| *Variable rate loans:* |  |  |  |  |  |
| &nbsp;&nbsp;Variable rate mortgages | SOFR+1.72% | February 2028 | N/A | 479699 | 524597 |
| &nbsp;&nbsp;Secured Credit Facility<sup>(3)</sup> | SOFR+2.75% | May 2027 | $250000 |  | 144485 |
| &nbsp;&nbsp;SFR Secured Credit Facility<sup>(4)</sup> | SOFR+1.85% | April 2029 | $185000 | 109300 |  |
| &nbsp;&nbsp;Affiliate Line of Credit<sup>(5)</sup> | SOFR+2.25% | November 2025 | $125000 | 30000 | 12790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total variable rate loans |  |  |  | 618999 | 681872 |
| **Total indebtedness** |  |  |  | 1119419 | 1077592 |
| &nbsp;&nbsp;Deferred financing costs, net |  |  |  | (6579) | (3436) |
| **Total indebtedness, net** |  |  |  | $1112840 | $1074156 |

---

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

(1) As of September 30, 2025 and December 31, 2024, SOFR was 4.24% and 4.49%, respectively.

(2) Includes the fully extended maturity date for loans with extension options that are at the Company's discretion and the Company currently expects to be able to exercise.

(3) As of September 30, 2025, there was no outstanding balance on the Secured Credit Facility (defined below).

(4) As of September 30, 2025, borrowings on the SFR Secured Credit Facility (defined below) were secured by the single-family rental portfolio.

(5) Borrowings under the Affiliate Line of Credit (defined below) bear interest at a rate of the lowest then-current interest rate for any similar credit product offered by a third-party lender to the Company or its subsidiaries or, if not available, SOFR plus a 0.10% credit adjustment and a 2.25% margin.

The following table presents the future principal payments due under the Company's mortgage loans and other indebtedness as of September 30, 2025 ($ in thousands):

---

| | |
|:---|:---|
| **Year** | **Amount**<sup>(1)</sup> |
| 2025 (remaining) | $138 |
| 2026 | 80038 |
| 2027 | 280778 |
| 2028 | 118083 |
| 2029 | 363807 |
| 2030 | 86567 |
| Thereafter | 190008 |
| &nbsp;&nbsp;**Total** | $1119419 |

---

(1) Includes the fully extended maturity date for loans with extension options that are at the Company's discretion and the Company currently expects to be able to exercise.

The mortgage loans and Secured Credit Facilities are subject to various financial and operational covenants. These covenants require the Company to maintain certain financial ratios, which may include leverage, debt yield, and debt service coverage, among others. As of September 30, 2025, the Company is in compliance with all of its loan covenants that could result in a default under such agreements.

*Mortgage Loans* 

During the nine months ended September 30, 2025, the Company obtained a $23.7 million fixed-rate mortgage loan in connection with the refinancing of an office property and a $81.0 million fixed-rate mortgage loan from an affiliate in relation to a property held through the DST Program. The Company also obtained a $62.0 million floating-rate mortgage loan secured

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by five logistics properties. During the year ended December 31, 2024, the Company obtained a $65.0 million fixed-rate mortgage loan related to the acquisition of a property and a $67.0 million fixed-rate mortgage loan from an affiliate in relation to a property held through the DST Program. During the nine months ended September 30, 2025, the Company repaid $106.9 million of mortgage loans, including full repayments of a $26.5 million mortgage loan secured by an office property. During year ended December 31, 2024, the Company repaid $125.5 million of mortgage loans, including a $25.5 million repayment of a mortgage loan secured by an office property that the Company disposed in September 2024. In connection with the disposition, the Company recognized $32.3 million gain on extinguishment of debt.

*Secured Credit Facility*

In November 2021, the Company entered into a credit agreement with a lender (the "Secured Credit Facility") providing for a senior secured credit facility to be used for the acquisition or refinancing of properties. Borrowings on the Secured Credit Facility are secured by certain properties owned by the Company.

In December 2022, the Secured Credit Facility was amended to increase the maximum aggregate principal amount to $300.0 million with an interest at a rate of SOFR plus 2.00% and a maturity date of January 2025, which was extended to May 2025.

In May 2025, the Company refinanced the Secured Credit Facility with the lender. The maximum aggregate principal amount of the facility was amended to $250.0 million. The Secured Credit Facility bears interest at a rate of SOFR plus 2.75% and has a maturity date of May 2026, with a one-year extension option.

During the nine months ended September 30, 2025, the Company repaid $144.5 million on the Secured Credit Facility related to the single-family rental portfolio and certain logistics properties.

*SFR Secured Credit Facility*

In April 2025, the Company entered into a credit agreement with a lender (the "SFR Secured Credit Facility") providing for a secured credit facility to be used for the acquisition or refinancing of the Company's single-family rental properties. Borrowings on the SFR Secured Credit Facility are secured by single-family rental properties owned by the Company. The facility has a total capacity of $185.0 million, of which $50.0 million is uncommitted but may be drawn for future acquisitions of single-family rental properties. The SFR Secured Credit Facility bears interest at a rate of SOFR plus 1.85% and has a maturity date of April 2028, with a one-year extension option. During the nine months ended September 30, 2025, the Company borrowed $109.3 million on the SFR Secured Credit Facility.

*Affiliate Line of Credit*

In November 2021, the Company entered into a revolving line of credit with an affiliate of Brookfield (the "Affiliate Line of Credit"), providing for a discretionary, unsecured, uncommitted credit facility in a maximum aggregate principal amount of $125.0 million. The Affiliate Line of Credit had an initial maturity date of November 2, 2022, with continuous one-year extension options subject to the lender's approval. Effective November 2, 2025, the maturity date of the Affiliate Line of Credit was extended to November 2, 2026.

During the nine months ended September 30, 2025, the Company repaid $12.8 million and borrowed $30.0 million on the Affiliate Line of Credit.

**10. Related Party Transactions**

**Advisory Agreement**

Pursuant to the advisory agreement among the Adviser, the Operating Partnership and the Company (the "Advisory Agreement"), the Adviser is entitled to a management fee as compensation for the services it provides to the Company and the Operating Partnership. The Company pays the Adviser a management fee equal to 1.25% per annum of the Company's NAV on its Class T, Class S, Class D, Class I and Class C shares of common stock, payable monthly. The Operating Partnership pays the Adviser a management fee equal to 1.25% per annum of the Operating Partnership's NAV of its Class T, Class T-1, Class S, Class S-1, Class D, Class D-1, Class I and Class C units held by unitholders other than the Company, payable monthly. In addition, the Company and the Operating Partnership pay the Adviser a management fee equal to 1.25% per annum of the aggregate DST Property consideration, payable monthly, for all DST Properties subject to a fair market option held by the Operating Partnership. For avoidance of doubt, the Adviser will not receive a duplicative management fee with respect to any DST Property. In calculating the management fee, the Company will use its NAV and the Operating Partnership's NAV before giving effect to any accruals for the management fee, the performance fee, the stockholder servicing fee, the investor servicing fee or distributions payable on its shares or the Operating Partnership's units. No management fee is paid with respect to Class E shares or Class E units.

The management fee can be paid, at the Adviser's election, in cash, shares of the Company's common stock or units of the Operating Partnership. To date, the Adviser has elected to receive the management fee in Class I and Class E shares of the

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Company's common stock. During the three and nine months ended September 30, 2025, management fees earned by the Adviser were $3.2 million and $9.5 million, respectively. During the three and nine months ended September 30, 2024, management fees earned by the Adviser were $2.7 million and $8.5 million, respectively.

During the nine months ended September 30, 2025, the Company issued 865,411 unregistered Class I shares of common stock to the Adviser for the payment of management fees earned from December 2024 through August 2025. The Company also had an accrued payable of $1.1 million related to the management fee as of September 30, 2025, which is included in Due to affiliates on the Company's Consolidated Balance Sheets. During October 2025, the Adviser was issued 107,159 unregistered Class I shares as payment for the $1.1 million management fee accrued as of September 30, 2025.

The Adviser is entitled to a performance fee based on the total return of the Company's Class C, Class D, Class I, Class S and Class T shares of common stock (no performance fee is paid on the Class E shares). Total return is defined as distributions paid or accrued plus the change in the Company's NAV, adjusted for subscriptions and repurchases. Pursuant to the Advisory Agreement, the performance fee is equal to 12.5% of the total return in excess of a 5% total return (after recouping any loss carryforward amount), subject to a catch-up. The performance fee becomes payable at the end of each calendar year and can be paid, at the Adviser's election, in cash, shares of the Company's common stock, or units of the Operating Partnership. In addition, the Operating Partnership will pay the Adviser a performance fee with respect to certain classes of units held by parties other than the Company paid annually in an amount equal to 12.5% of the total return, subject to a 5% hurdle amount and a high-water mark, with a catch-up. During the three and nine months ended September 30, 2025 and 2024, the Company accrued no performance fees in the Company's Consolidated Statements of Operations.

**Repurchase of Adviser Shares**

During the nine months ended September 30, 2025, the Company repurchased 843,615 shares of Class I common stock from the Adviser outside of its share repurchase plan for total consideration of $8.9 million. During the nine months ended September 30, 2024, the Company repurchased 787,288 shares of Class I common stock from the Adviser outside of its share repurchase plan for total consideration of $8.9 million. The repurchases were related to shares that were previously issued to the Adviser as payment of management fees.

**Sub-Advisory Agreement**

The Company and the Adviser have engaged the Sub-Adviser to (i) select and manage certain of the Company's liquid assets (cash, cash equivalents, other short-term investments, U.S. government securities, agency securities, corporate debt, liquid real estate-related, equity or debt securities, private debt investments and other investments for which there is reasonable liquidity) (the "Investment Sleeve") and (ii) provide certain services with respect to certain commercial mortgage-backed securities identified by the Adviser ("Adviser CMBS") pursuant to a sub-advisory agreement among the Company, the Adviser, the Operating Partnership and the Sub-Adviser (the "Sub-Advisory Agreement"). The Sub-Adviser manages the Investment Sleeve in accordance with, and subject to, the Company's investment objectives, strategy, guidelines, policies and limitations.

The Sub-Adviser earns management and performance fees pursuant to the terms of the Sub-Advisory Agreement. These fees are paid by the Adviser out of the management and performance fees earned by the Adviser; therefore, no management or performance fees related to the Sub-Advisory Agreement have been recognized in the Company's Consolidated Statements of Operations.

**Dealer Manager Agreements**

The Company has engaged the Dealer Manager, a registered broker-dealer affiliated with the Adviser, as the dealer manager for the Public Offering. The Company pays to the Dealer Manager selling commissions, dealer manager fees and stockholder servicing fees in connection with sales of the Company's common stock in the Public Offering. The Company accrues the full amount of the future stockholder servicing fees payable to the Dealer Manager for Class S, Class T, and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company's shares in the Public Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers.

In connection with the launch of the DST Program, Brookfield Real Estate Exchange LLC, (the "DST Sponsor"), the Dealer Manager and, solely with respect to its obligations with respect to the investor servicing fee, the Operating Partnership, entered into a DST dealer manager agreement (the "DST Dealer Manager Agreement"), pursuant to which the Dealer Manager serves as the dealer manager for the DST Offerings on a "best efforts" basis. The DST Sponsor is a wholly owned subsidiary of the Company. Under the DST Dealer Manager Agreement, each DST will pay the Dealer Manager upfront selling commissions of up to 5.0% of the total cash purchase price paid per DST Interest sold, upfront dealer manager fees of up to 1.0% of the total cash purchase price paid per DST Interest sold, and placement fees in an amount up to 1.0% of the total cash purchase price paid per DST Interest sold. Additionally, each DST will pay to the Dealer Manager an ongoing investor servicing fee of up to 0.25% per annum of the total cash purchase price paid for the DST Interests sold in the applicable DST Offering.

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The Operating Partnership will pay the Dealer Manager, solely with respect to Operating Partnership units issued in connection with the FMV Option in exchange for DST Interests and only until the fee limit (if any) set forth in the applicable agreement between the Dealer Manager and the participating distribution agent that sold such DST Interests in a DST Offering has been reached, an investor servicing fee equal to 0.85% per annum of the aggregate NAV for the applicable Class T-1 units, an investor servicing fee equal to 0.85% per annum of the aggregate NAV for the applicable Class S-1 units and an investor servicing fee equal to 0.25% per annum of the aggregate NAV for the applicable Class D-1 units. No investor servicing fee will be paid for Class I units. All or a portion of the selling commissions, dealer manager fees, and investor servicing fees may be reallowed to participating distribution agents, as set forth in the applicable agreement between the Dealer Manager and such participating distribution agent.

**Advanced Organization and Offering Costs**

The Adviser and its affiliates advanced all of the Company's organization and offering expenses (other than upfront selling commissions, dealer manager fees and stockholder servicing fees) through July 5, 2023, subject to the following reimbursement terms: (1) the Company reimburses the Adviser for all such advanced expenses paid through July 5, 2022 ratably over the 60 months following July 6, 2022; and (2) the Company reimburses the Adviser for all such advanced expenses paid from July 6, 2022 through July 5, 2023 ratably over the 60 months following July 6, 2023. The Company reimburses the Adviser for any organization and offering expenses that it incurs on the Company's behalf as and when incurred after July 6, 2023.

**Affiliate Line of Credit**

In November 2021, the Company entered into the Affiliate Line of Credit, providing for a discretionary, unsecured, uncommitted credit facility in a maximum aggregate principal amount of $125.0 million. For further details on the Affiliate Line of Credit, see Note 9 — "Mortgage Loans, Secured Credit Facilities and Affiliate Line of Credit" to the Company's Consolidated Financial Statements.

**Affiliate Loans to DST Properties**

In September 2024 and July 2025, the Company entered into mortgage loan agreements with an affiliate of Brookfield for borrowings of $67.0 million and $81.0 million, respectively. The loans are secured by multifamily properties that are part of the DST Program. Under the terms of the loan agreements, each loan has a ten year term and a fixed interest rate of 4.2%. In connection with the financings, the DST Properties paid aggregate loan origination fees of $1.5 million to the Brookfield affiliate, which are included in Mortgage loans and secured credit facilities, net on the Company's Consolidated Balance Sheets. For the three and nine months ended September 30, 2025, the Company incurred $1.5 million and $2.9 million, respectively, of interest expense related to these loans.

**Assignments of Limited Partnership Interests from Brookfield Affiliate**

The Company holds limited partnership interests in a Brookfield-managed fund through parallel investment vehicles that indirectly own certain investments in real estate with other third-party limited partners. In connection with these interests, the Company has entered into assignment and assumption agreements with an affiliate of Brookfield, whereby the Company has been assigned the Brookfield affiliate's approximately 19.4% interest in the Brookfield-managed fund related to such real estate investments. The Company's limited partnership interests are subject to the same rights and obligations as other limited partners in the fund, but are not subject to management and performance fees.

In February 2025, the Company was assigned the Brookfield affiliate's interest in the U.S. Diversified Logistics Portfolio I. The Company paid no consideration for the assignment of the interest in the investment, which included $7.4 million of undistributed gains related to property sales that occurred prior to the assignment to the Company. In connection with the assignment, the Company assumed the assignor's future funding obligation to the fund related to the investment. As of September 30, 2025, the Company has funded $45.1 million of capital to the Brookfield-managed fund related to its share of the investment.

In June 2025, the Company was assigned the Brookfield affiliate's interest in the U.S. Diversified Logistics Portfolio II. The assignment was concurrent with the Brookfield-managed fund's acquisition of the investment. In connection with the assignment, the Company assumed the assignor's future funding obligation to the fund related to the investment. As of September 30, 2025, the Company has funded $14.7 million of capital to the Brookfield-managed fund related to its share of the investment.

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**Real Estate-Related Loans and Securities Collateralized by Properties Owned by Brookfield Affiliates**

The Company's investments in real estate-related loans and securities include certain loans and securities collateralized by properties owned by other Brookfield-advised investment vehicles. The Company acquired such loans and securities from third parties on market terms. The Company has forgone all non-economic rights under these loans and securities, including voting rights, so long as the Brookfield-advised investment vehicles either owns the properties collateralizing the underlying loans or has an interest in a different part of the capital structure of such loan or security.

The following table details the Company's investments in real estate-related related loans and securities collateralized by properties owned by Brookfield-advised investment vehicles ($ in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value** | **Fair Value** | **Income** | **Income** | **Income** | **Income** |
| | | | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **As of**<br>**September 30, 2025** | **As of**<br>**December 31, 2024** | **2025** | **2024** | **2025** | **2024** |
| CMBS | $8826 | $— | $311 | $— | $782 | $— |
| Real estate-related loan | 119000 |  | 3478 |  | 9082 |  |
| &nbsp;&nbsp;**Total** | $127826 | $— | $3789 | $— | $9864 | $— |

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**Brookfield Repurchase Arrangement**

One or more affiliates of Brookfield (individually or collectively, as the context may require, the "Brookfield Investor") was issued shares of the Company's common stock and Operating Partnership units in connection with its contribution of certain properties to the Operating Partnership on November 2, 2021. The Company and the Operating Partnership have entered into a repurchase arrangement with the Brookfield Investor (the "Brookfield Repurchase Arrangement") pursuant to which the Company and the Operating Partnership will offer to repurchase shares of common stock or Operating Partnership units from the Brookfield Investor at a price per unit equal to the most recently determined NAV per share or unit immediately prior to each repurchase. The Brookfield Investor has agreed to not seek repurchase of the shares of common stock and Operating Partnership units that it owns if doing so would bring the value of its equity holdings in the Company and the Operating Partnership below $50.0 million. Pursuant to the terms of the Repurchase Arrangement, the Brookfield Investor may cause the Company to repurchase its shares and or the Operating Partnership to repurchase its Operating Partnership units (above the $50.0 million minimum), in an amount equal to the sum of (a) the amount available under the Company's share repurchase plan's 2% monthly and 5% quarterly caps (after accounting for third-party investor repurchases) and (b) 25% of the amount by which net proceeds from the Public Offering and the Company's private offerings of common stock for a given month exceed the amount of repurchases for such month pursuant to the Company's share repurchase plan. The Company will not effect any such repurchase during any month in which the full amount of all shares requested to be repurchased by third-party investors under the share repurchase plan is not repurchased. During the three and nine months ended September 30, 2025, the Company and the Operating Partnership did not repurchase any shares or Operating Partnership units from the Brookfield Investor as part of the Brookfield Repurchase Arrangement. As of September 30, 2025, the aggregate value of the Brookfield Investor's shares and units that are subject to the Brookfield Repurchase Arrangement was $155.4 million.

**Brookfield Investor Subscriptions**

From time to time, the Brookfield Investor may subscribe for shares of the Company's common stock or units of the Operating Partnership. Each issuance is made at the same transaction price and subject to the same fees as shares or units sold in the Public Offering or private offerings, as applicable. On December 1, 2021, and January 3, 2022, the Brookfield Investor subscribed for $45.0 million and $38.0 million, respectively, of Class E units of the Operating Partnership. On April 3, 2023, and May 1, 2023, the Brookfield Investor subscribed for $10.0 million and $8.0 million, respectively, of Class I shares of the Company's common stock. The shares and units held by the Brookfield Investor related to these subscriptions are not subject to the Brookfield Repurchase Arrangement, but the Brookfield Investor may request the Company or Operating Partnership repurchase its shares or units, in whole or in part, subject to the terms and conditions of the Company's share repurchase plan. On December 31, 2024, the Brookfield Investor submitted a repurchase request for $7.1 million through the Company's share repurchase plan, which was paid in January 2025.

**Affiliate Service Provider Expenses**

The Company may retain certain of the Adviser's affiliates for necessary services relating to the Company's investments or its operations, including any administrative services, construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title and/or other types of insurance, management consulting and other similar operational matters.

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The Company has engaged Brookfield Properties, a Brookfield affiliate, to provide operational services (including, without limitation, property management, leasing, and construction management) and corporate support services (including, without limitation, accounting and administrative services) for the Company and certain of its properties. The Company has also engaged Maymont Homes, a Brookfield affiliate, to provide operational services (including, without limitation, property management, renovation, leasing, and turnover and maintenance oversight) for the Company's single-family rental properties.

The Company also reimburses Brookfield Properties, Maymont Homes and other Brookfield affiliates for corporate support and operating personnel expenses, including, but not limited to, employees who provide on-site maintenance, leasing, administrative and operational support services. Such employees may be fully dedicated or a shared resource amongst other investments. Employees' compensation and expenses continue to be an expense of the affiliate, and if they are a shared resource, the affiliate allocates such expense to the Company according to their policies and procedures. Personnel expenses may include IT costs, HR support (i.e. payroll and benefits), rent and office services, basic financial services (i.e., account receivables, bank account administration), professional development, travel, professional fees and similar expenses.

The following table summarizes the Company's affiliate service provider expenses for the three and nine months ended September 30, 2025 and 2024 ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Property management fees<sup>(1)</sup> | $858 | $899 | $2587 | $2484 |
| Single-family rental leasing, maintenance and turnover oversight fees<sup>(1)</sup> | 243 | 216 | 719 | 532 |
| Capitalized construction management fees<sup>(2)</sup> | 24 | 9 | 51 | 51 |
| Capitalized single-family rental renovation oversight fees<sup>(2)</sup> |  | (2) |  | (1) |
| Reimbursed personnel costs<sup>(3)</sup> | 2239 | 1911 | 6496 | 5598 |
| &nbsp;&nbsp;**Total** | $3364 | $3033 | $9853 | $8664 |

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(1) Included in Rental property operating expenses on the Company's Consolidated Statements of Operations.

(2) Included in Investments in real estate, net on the Company's Consolidated Balance Sheets.

(3) For the three and nine months ended September 30, 2025, $1.6 million and $4.8 million, respectively, is included in Rental property operating expenses and $0.6 million and $1.7 million, respectively, is included in General and administrative expenses on the Company's Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, $1.7 million and $4.9 million, respectively, is included in Rental property operating expenses and $0.3 million and $0.7 million, respectively, is included in General and administrative expenses on the Company's Consolidated Statements of Operations.

**Captive Insurance Company**

BPG Bermuda Insurance Limited ("BAM Insurance Captive"), a Brookfield affiliate, provides property and liability insurance for certain of the Company's properties. For the three and nine months ended September 30, 2025 and 2024, the Company incurred an insignificant amount for insurance premiums provided by BAM Insurance Captive.

Obsidian Mutual IC ("Obsidian"), a Brookfield affiliate, provides property insurance for certain of the Company's properties. For the three and nine months ended September 30, 2025, the Company incurred $0.1 million and $0.2 million, respectively, for insurance premiums provided by Obsidian. For the three and nine months ended September 30, 2024, the Company incurred an insignificant amount for insurance premiums provided by Obsidian.

On March 15, 2024, Onyx Mutual Insurance IC ("Onyx"), a Brookfield affiliate, replaced BAM Insurance Captive in providing liability insurance for certain of the Company's properties. For the three and nine months ended September 30, 2025, the Company incurred $0.1 million and $0.1 million, respectively, for insurance premiums provided by Onyx. For the three and nine months ended September 30, 2024, the Company incurred an insignificant amount for insurance premiums provided by Onyx.

Argo Re. Ltd. ("Argo"), a Brookfield affiliate, provides excess property insurance for certain of the Company's properties. For the three and nine months ended September 30, 2025 and 2024, the Company incurred an insignificant amount for insurance premiums provided by Argo.

**Affiliate Title Service Provider**

Horizon Land Services ("Horizon"), a Brookfield affiliate, provides title insurance for certain of the Company's properties. Horizon acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with the Company acquiring or financing its properties. For the three and nine months ended September 30, 2025 and 2024, the Company incurred an insignificant amount for title services provided by Horizon.

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**Terrorism Insurance Provider**

Liberty IC Casualty LLC, a Brookfield affiliate, provides terrorism insurance for certain of the Company's properties. For the nine months ended September 30, 2025 and 2024, the Company incurred an insignificant amount for insurance premiums provided by Liberty IC Casualty LLC.

On March 31, 2025, Obsidian, replaced Liberty IC Casualty LLC in providing terrorism insurance. For the three and nine months ended September 30, 2025, the Company incurred an insignificant amount for insurance premiums provided by Obsidian.

**Submetering Services**

Certain of the Company's properties sold submetering infrastructure and associated equipment to Metergy, a Brookfield affiliate. Sale proceeds earned by the Company for the three and nine months ended September 30, 2025 and 2024 was zero. Metergy provides submetering services to certain of the Company's properties. For the three and nine months ended September 30, 2025 and 2024, the fee incurred by the Company was an insignificant amount.

**Due to Affiliates**

The following table details the amounts due to affiliates as of September 30, 2025 and December 31, 2024 ($ in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Accrued stockholder servicing fee | $13985 | $17451 |
| Advanced organization and offering costs | 4975 | 7014 |
| Stock repurchase payable to the Adviser for management fees | 3146 | 2742 |
| Other<sup>(1)</sup> | 1253 | 1908 |
| Accrued management fee | 1123 | 867 |
| Accrued affiliate service provider expenses | 1467 | 1227 |
| OP Units distributions payable | 1758 | 1674 |
| &nbsp;&nbsp;**Total** | $27707 | $32883 |

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(1) Represents costs advanced by the Adviser and the Sub-Adviser on behalf of the Company for general corporate expenses provided by unaffiliated third parties.

**11. Derivatives**

The Company uses derivative financial instruments to minimize the risks and/or costs associated with the Company's investments and financing transactions. The Company has not designated any of its derivative financial instruments as hedges as defined under GAAP. Although not designated as hedging instruments under GAAP, the Company's derivatives are not speculative and are used to manage the Company's exposure to interest rate movements, fluctuations in foreign exchange rates, and other identified risks.

The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments with counterparties it believes to have appropriate credit ratings and that are major financial institutions with which the Company and its affiliates may also have other financial relationships.

**Interest Rate Contracts**

Certain of the Company's transactions expose the Company to interest rate risks, which include exposure to variable interest rates on certain loans secured by the Company's real estate. Additionally, the Company is exposed to interest rate risk on certain of its investments in real estate-related securities that interest income will increase or decrease depending on interest rate movements. The Company uses derivative financial instruments, which includes interest rate caps and swaps, and may also include options, floors, and other interest rate derivative contracts, to limit the Company's exposure to the future variability of interest rates.

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The following tables detail the Company's outstanding interest rate derivatives that were non-designated hedges of interest rate risk ($ in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Interest Rate Derivatives** | **Number of Instruments** | **Notional Amount** | **Weighted Average Strike Price** | **Index** | **Weighted Average Maturity (Years)** |
| Interest rate caps - property debt | 6 | $589211 | 5.29% | SOFR | 0.5 |
| Interest rate swaps - property debt | 1 | 100000 | 3.70% | SOFR | 0.9 |
| Interest rate swaps - investments in real estate-related securities | 2 | 24000 | 4.40% | SOFR | 1.0 |
| &nbsp;&nbsp;**Total** | 9 | $713211 | 5.04% |  | 0.6 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Interest Rate Derivatives** | **Number of Instruments** | **Notional Amount** | **Weighted Average Strike Price** | **Index** | **Weighted Average Maturity (Years)** |
| Interest rate caps - property debt | 5 | $498310 | 5.65% | SOFR | 0.3 |
| Interest rate swaps - property debt | 1 | 100000 | 3.70% | SOFR | 1.7 |
| Interest rate swaps - investments in real estate-related securities | 2 | 24000 | 4.40% | SOFR | 1.7 |
| &nbsp;&nbsp;**Total** | 8 | $622310 | 5.29% |  | 0.6 |

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**Foreign Currency Forward Contracts**

Certain of the Company's international investments expose it to fluctuations in foreign currency exchange rates and interest rates. These fluctuations may impact the value of the Company's cash receipts and payments in terms of its functional currency, the dollar. The Company uses foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows U.S. dollar.

The following tables detail the Company's outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (£ in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** |
|<br>**Foreign Currency Forward Contracts** | **Number of Instruments** | **Notional Amount** |
| Cross currency swaps | 6 | £101,853 |

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| | | |
|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** |
|<br>**Foreign Currency Forward Contracts** | **Number of Instruments** | **Notional Amount** |
| Cross currency swaps | 1 | £62,100 |

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**Valuation and Financial Statement Impact**

The following table details the fair value of the Company's derivative financial instruments ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value of Derivatives in an Asset Position** | **Fair Value of Derivatives in an Asset Position** | **Fair Value of Derivatives in a Liability Position** | **Fair Value of Derivatives in a Liability Position** |
| | **September 30, 2025** | **December 31, 2024** | **September 30, 2025** | **December 31, 2024** |
| Interest rate derivatives<sup>(1)</sup> | $237 | $1404 | $68 | $— |
| Cross currency swaps<sup>(1)</sup> | 412 | 2241 | 907 |  |
| Interest rate swaps - investments in real estate-related securities<sup>(2)</sup> | 169 | 102 |  |  |
| Foreign currency forward contracts<sup>(2)</sup> | 17 |  | 76 |  |
| &nbsp;&nbsp;**Total** | $835 | $3747 | $1051 | $— |

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(1) Interest rate derivatives and cross currency swaps are included in Other assets and Accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets.

(2) Interest rate swaps - investments in real estate-related securities and foreign currency forward contracts are included in Investments in real estate-related loans and securities, net on the Company's Consolidated Balance Sheets.

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The following table details the effect of the Company's derivative financial instruments in the Consolidated Statements of Operations ($ in thousands):

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| | | | |
|:---|:---|:---|:---|
| | | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|<br>**Type of Derivative** |<br>**Net Realized/Unrealized Gain (Loss)** | **2025** | **2024** |
| Interest rate caps - property debt<sup>(1)</sup> | Net realized/unrealized gain (loss) | $(34) | $(138) |
| Interest rate swaps - property debt<sup>(1)</sup> | Net realized/unrealized gain (loss) | (97) | (730) |
| Interest rate swaps - investments in real estate-related securities<sup>(2)</sup> | Net realized/unrealized gain (loss) | (16) | 613 |
| Foreign currency forward contracts<sup>(2)</sup> | Net realized/unrealized gain (loss) | (17) |  |
| Cross currency swaps<sup>(3)</sup> | Net realized/unrealized gain (loss) | 2824 | (4134) |
| &nbsp;&nbsp;**Total** |  | $2660 | $(4389) |

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| | | | |
|:---|:---|:---|:---|
| | | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|<br>**Type of Derivative** |<br>**Net Realized/Unrealized Gain (Loss)** | **2025** | **2024** |
| Interest rate caps - property debt<sup>(1)</sup> | Net realized/unrealized gain (loss) | $(19) | $(1572) |
| Interest rate swaps - property debt<sup>(1)</sup> | Net realized/unrealized gain (loss) | (603) | 2184 |
| Interest rate swaps - investments in real estate-related securities<sup>(2)</sup> | Net realized/unrealized gain (loss) | 66 | 433 |
| Foreign currency forward contracts<sup>(2)</sup> | Net realized/unrealized gain (loss) | (163) |  |
| Cross currency swaps<sup>(3)</sup> | Net realized/unrealized gain (loss) | (4774) | (3639) |
| &nbsp;&nbsp;**Total** |  | $(5493) | $(2594) |

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(1) Interest rate caps - property debt and interest rate swaps - property debt are included in Other income (expense), net on the Company's Consolidated Statements of Operations.

(2) Interest rate swaps - investments in real estate-related securities and foreign currency forward contracts are included in Income from real estate-related loans and securities on the Company's Consolidated Statements of Operations.

(3) Cross currency swaps are included in Gain from unconsolidated entities, net on the Company's Consolidated Statements of Operations.

**12. Stockholders' Equity and Redeemable Non-controlling Interests**

*Authorized Capital*

The Company is authorized to issue preferred stock and six classes of common stock consisting of Class S shares, Class I shares, Class T shares, Class D shares, Class C shares and Class E shares. The Company's board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. Refer to Note 2 — "Summary of Significant Accounting Policies" to the Company's Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock is subject to the same economic and voting rights.

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| | | |
|:---|:---|:---|
| **Classification** | **No. of<br>Authorized Shares<br>(in thousands)** | **Par Value<br>Per Share** |
| Preferred stock | 50000 | $0.01 |
| Class S common stock | 225000 | $0.01 |
| Class I common stock | 250000 | $0.01 |
| Class T common stock | 225000 | $0.01 |
| Class D common stock | 100000 | $0.01 |
| Class C common stock | 100000 | $0.00 |
| Class E common stock | 100000 | $0.00 |
|  | 1050000 |  |

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*Common Stock*

The following table details the movement in the Company's outstanding shares of common stock for the nine months ended September 30, 2025 (in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Class S** | **Class I** | **Class D** | **Class T** | **Class C** | **Class E** | **Total** |
| December 31, 2024 | 27817 | 14215 | 127 |  | 8262 | 1382 | 51803 |
| Common stock issued<sup>(1)</sup> | 481 | 20316 | 30 | 14 | 173 | 143 | 21157 |
| Distribution reinvestment | 636 | 257 |  | 1 |  | 54 | 948 |
| Common stock repurchased | (3381) | (3717) | (57) |  | (1531) | (82) | (8768) |
| September 30, 2025 | 25553 | 31071 | 100 | 15 | 6904 | 1497 | 65140 |

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(1) Includes conversions between share classes.

*Distributions*

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code.

Each class of the Company's common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fees, management fees and performance fees, which are deducted from the monthly distribution per share.

The following table details the aggregate net distributions declared for each applicable class of common stock for the three and nine months ended September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Class S** | **Class I** | **Class D** | **Class T** | **Class C** | **Class E** |
| Aggregate gross distributions declared per share of common stock | $0.2122 | $0.2122 | $0.2122 | $0.2122 | $0.2122 | $0.2122 |
| Stockholder servicing fee per share of common stock | (0.0222) |  | (0.0068) | (0.0226) |  |  |
| Management fee per share of common stock | (0.0324) | (0.0328) | (0.0331) | (0.0330) | (0.0318) |  |
| Net distributions declared per share of common stock | $0.1576 | $0.1794 | $0.1723 | $0.1566 | $0.1804 | $0.2122 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Class S** | **Class I** | **Class D** | **Class T** | **Class C** | **Class E** |
| Aggregate gross distributions declared per share of common stock | $0.6380 | $0.6380 | $0.6380 | $0.5667 | $0.6380 | $0.6380 |
| Stockholder servicing fee per share of common stock | (0.0669) |  | (0.0203) | (0.0600) |  |  |
| Management fee per share of common stock | (0.0987) | (0.0998) | (0.1007) | (0.0887) | (0.0970) |  |
| &nbsp;&nbsp;Net distributions declared per share of common stock | $0.4724 | $0.5382 | $0.5170 | $0.4180 | $0.5410 | $0.6380 |

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*Distribution Reinvestment Plan*

The Company has adopted a distribution reinvestment plan whereby stockholders will have their cash distributions attributable to the shares they own automatically reinvested in additional shares of common stock; provided, however, that clients of certain participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan and stockholders that are residents of certain states that do not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to participate in the distribution reinvestment plan. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (the "transaction price") at the time the distribution is payable, which will generally be equal to the Company's prior month's NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company's Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued pursuant to the distribution reinvestment plan. During the nine months ended September 30,

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2025 and 2024, $10.1 million and $26.3 million of distributions were reinvested for 947,898 and 2,295,766 shares of common stock, respectively.

*Non-controlling Interests Attributable to Preferred Shareholders*

Certain subsidiaries of the Company have elected to be treated as REITs for U.S. federal income tax purposes. These subsidiaries have issued preferred non-voting shares to be held by investors to ensure compliance with the Code requirement that REITs have at least 100 shareholders. The preferred shares have a price of $1,000 and an annual dividend payable ranging between 12.0% and 12.5%. As of September 30, 2025, there were $625,000 of preferred non-voting shares outstanding.

*Redeemable Non-controlling Interests*

The Brookfield Investor holds Class E and Class I units of the Operating Partnership in connection with its contribution of certain properties to the Operating Partnership on November 2, 2021 and subsequent cash contributions to the Operating Partnership pursuant to the Brookfield Subscription Agreement. Because the Brookfield Investor has the ability to redeem its Operating Partnership units for shares of common stock or cash, subject to certain restrictions, the Company has classified the units held by the Brookfield Investor as Redeemable non-controlling interest in mezzanine equity on the Company's Consolidated Balance Sheets. The Redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and dividends, or the redemption value, which is equivalent to fair value, of such units at the end of each measurement period.

The following table summarizes the Redeemable non-controlling interest activity for the three and nine months ended September 30, 2025 and 2024 ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Balance at beginning of the period | $299373 | $923 | $302743 | $933 |
| Distributions | (5245) | (18) | (15473) | (53) |
| Distributions reinvested | 5216 | 18 | 15388 | 53 |
| GAAP net (loss) income allocation | (764) | (10) | (203) | (20) |
| Fair value allocation | 5204 | 17 | 1329 | 17 |
| &nbsp;&nbsp;**Ending balance** | $303784 | $930 | $303784 | $930 |

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*Share Repurchase Plan*

The Company has adopted a share repurchase plan, whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchase all or any portion of their shares. Should repurchase requests, in the Company's judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other illiquid investments rather than repurchasing its shares is in the best interests of the Company as a whole, then the Company may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, the Company's board of directors may modify and suspend the Company's share repurchase plan if it deems such action to be in the Company's best interest and the best interest of its stockholders.

In addition, the total amount of shares that the Company will repurchase is limited, in any calendar month, to shares whose aggregate value (based on the repurchase price per share on the date of the repurchase) is no more than 2% of its aggregate NAV attributable to its stockholders as of the last day of the previous calendar month and, in any calendar quarter, to shares whose aggregate value is no more than 5% of its aggregate NAV attributable to its stockholders as of the last day of the previous calendar quarter. The Company measures the repurchase limitations based on net repurchases during a month or quarter. The term "net repurchases" means, during the applicable period, the excess capital outflows over capital inflows. The term "capital outflows" means share repurchases under the Company's share repurchase plan in a given period. The term "capital inflows" means proceeds from share subscriptions received in a given period that are accepted as of the first calendar day of the next month, plus purchases pursuant to the Company's distribution reinvestment plan. For any given calendar quarter, the maximum amount of repurchases during that quarter will be equal to (1) 5% of the aggregate NAV attributable to the Company's stockholders as of the last calendar day of the previous calendar quarter, plus (2) capital inflows during such calendar quarter. The same would apply for a given month, except that repurchases in a month would be subject to the 2% limit described above (subject to potential carry-over capacity), and netting would be measured on a monthly basis.

With respect to future periods, the Company's board of directors may choose whether the limitations will be applied to "gross repurchases" rather than to net repurchases. If repurchases for a given month or quarter are measured on a gross basis rather

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than on a net basis, the repurchase limitations would limit the amount of shares repurchased in a given month or quarter without regard to any capital inflows for that month or quarter. In order for the Company's board of directors to change the application of the limitations from net repurchases to gross repurchases or vice versa, the Company will provide notice to stockholders in a prospectus supplement or special or periodic report filed by the Company, as well as in a press release or on the Company's website, at least 10 days before the first business day of the quarter for which the new test will apply. The determination to measure repurchases on a gross basis or net basis will only be made for an entire quarter, and not particular months within a quarter.

The monthly and quarterly repurchase limits exclude shares repurchased from the Adviser that were issued as payment of management or performance fees. In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the share repurchase plan, as applicable.

Shares are repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year are repurchased at 98% of the transaction price.

During the nine months ended September 30, 2025 and 2024, the Company repurchased 7,925,143 and 14,090,675 shares of common stock representing a total of $83.7 million and $149.3 million, respectively, under its share repurchase plan.

The Company satisfied all repurchase requests during the nine months ended September 30, 2025 and 2024.

**13. Commitments and Contingencies**

From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2025, the Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it.

The Company may, from time to time, enter into payment guarantees related to mortgage loans at its investments in unconsolidated entities. As of September 30, 2025, the Company has a payment guarantee of $1.6 million.

The Company has an unfunded capital commitment obligation related to its limited partnership interests in the U.S. Diversified Logistics Portfolio I and the U.S. Diversified Logistics Portfolio II. As of September 30, 2025, the Company's future capital funding requirement is estimated to be approximately $9.4 million.

**14. Leases**

The Company's rental revenue primarily consists of rent earned from operating leases at the Company's rental housing, office, logistics, and net lease properties. Leases at the Company's office, logistics, and net lease properties generally include a fixed base rent and certain leases also contain a variable component. The variable component of the Company's operating leases at its office, logistics, and net lease properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Rental revenue earned from leases at the Company's rental housing properties primarily consist of a fixed base rent and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities.

The following table details the components of operating lease income from leases in which the Company is the lessor for the periods set forth below ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Fixed lease payments | $30292 | $31742 | $91392 | $90679 |
| Variable lease payments | 2069 | 1973 | 6185 | 6086 |
| &nbsp;&nbsp;**Total rental revenues** | $32361 | $33715 | $97577 | $96765 |

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The following table details the undiscounted future minimum rents the Company expects to receive for its logistics, net lease, and office properties as of September 30, 2025. The table below excludes the Company's multifamily, student housing and single-family rental properties as substantially all leases are shorter term in nature ($ in thousands):

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| | |
|:---|:---|
| **Year** | **Future Minimum Rents** |
| 2025 (remaining) | $6799 |
| 2026 | 27539 |
| 2027 | 27048 |
| 2028 | 26132 |
| 2029 | 24214 |
| 2030 | 23018 |
| Thereafter | 80725 |
| &nbsp;&nbsp;**Total** | $215475 |

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**15. Segment Reporting**

As of September 30, 2025, the Company operates in six reportable segments: multifamily/student housing, single-family rental, office, logistics, net lease and real estate-related loans and securities. Student housing has been combined with multifamily as the student housing investment does not meet materiality thresholds for a separate reportable segment. The Company continually evaluates the financial information used by the Company's Chief Executive Officer, who is the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. The CODM receives periodic reporting summarizing the Company's portfolio of investments and related performance. These reports include information on the Company's allocation of assets by sector and investment type. The sectors identified in these reports are: multifamily, student housing, single-family rental, net lease, office, logistics, and real estate-related loans and securities. The CODM uses segment net operating income ("segment NOI") as the primary financial measure when reviewing the portfolio performance. Segment NOI is defined by the Company as total property revenue less direct property expenses plus income from real estate-related loans and securities adjusted for any losses from real estate-related loans and securities.

Effective December 31, 2024, single-family rental was established as a new reportable segment. Previously, these investments were reported under the rental housing segment. However, the single-family rental portfolio has grown due to acquisitions and the Company has determined the single-family rental portfolio meets the materiality threshold for reporting. Additionally, the rental housing segment has been renamed multifamily. Prior periods have been recast to reflect these changes.

Effective March 31, 2025, the Company allocated Gain from unconsolidated entities by segment as a component of segment NOI. The Company's unconsolidated entities own real estate properties that operate in the Company's reportable segments, and the CODM evaluates the performance of the underlying properties by segment in aggregate with the Company's consolidated investments. Prior periods have been recast to reflect these changes.

The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that segment NOI is the key performance metric that captures the unique operating characteristics of each segment.

The following table sets forth the Company's assets by segment ($ in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Multifamily/Student Housing | $991358 | $1008812 |
| Office | 35226 | 33695 |
| Logistics | 172864 | 104330 |
| Single-family rental | 180327 | 183510 |
| Net Lease | 412938 | 413130 |
| Real estate-related loans and securities | 207585 | 71505 |
| &nbsp;&nbsp;**Total assets for reportable segments** | 2000298 | 1814982 |
| Other (Corporate) | 16443 | 6281 |
| &nbsp;&nbsp;**Total assets** | $2016741 | $1821263 |

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The following table sets forth the financial results by segment for the three months ended September 30, 2025 ($ in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Multifamily/Student Housing** | **Office** | **Logistics** | **Single-Family Rental** | **Net Lease** | **Real estate-related loans and securities** | **Total** |
| **Revenues:** | | | | | | | |
| &nbsp;&nbsp;Rental revenues | $20245 | $1358 | $2089 | $3494 | $5175 | $— | $32361 |
| &nbsp;&nbsp;Other revenues | 3529 |  |  | 175 | 12 |  | 3716 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 23774 | 1358 | 2089 | 3669 | 5187 |  | 36077 |
| **Expenses:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rental property operating | 10229 | 818 | 542 | 1922 | 992 |  | 14503 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 10229 | 818 | 542 | 1922 | 992 |  | 14503 |
| Income from real estate-related loans and securities |  |  |  |  |  | 5155 | 5155 |
| Gain from unconsolidated entities |  |  | 1582 |  | 2320 |  | 3902 |
| &nbsp;&nbsp;**Segment net operating income** | $13545 | $540 | $3129 | $1747 | $6515 | $5155 | $30631 |
| Other income, net |  |  |  |  |  |  | $223 |
| Depreciation and amortization |  |  |  |  |  |  | (13085) |
| General and administrative expenses |  |  |  |  |  |  | (1470) |
| Management fee |  |  |  |  |  |  | (3221) |
| Interest expense |  |  |  |  |  |  | (15043) |
| &nbsp;&nbsp;**Net loss** |  |  |  |  |  |  | $(1965) |
| Net income attributable to non-controlling interests in third party joint ventures |  |  |  |  |  |  | (540) |
| Net loss attributable to redeemable non-controlling interests |  |  |  |  |  |  | 764 |
| &nbsp;&nbsp;**Net loss attributable to stockholders** |  |  |  |  |  |  | $(1741) |

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The following table sets forth the financial results by segment for the three months ended September 30, 2024 ($ in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Multifamily/Student Housing** | **Office** | **Logistics** | **Single-Family Rental** | **Net Lease** | **Real estate-related loans and securities** | **Total** |
| **Revenues:** | | | | | | | |
| &nbsp;&nbsp;Rental revenues | $20600 | $2505 | $2004 | $3428 | $5178 | $— | $33715 |
| &nbsp;&nbsp;Other revenues | 5105 | 350 | 3 | 207 | 11 |  | 5676 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 25705 | 2855 | 2007 | 3635 | 5189 |  | 39391 |
| **Expenses:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rental property operating | 8649 | 1515 | 458 | 1748 | 1201 |  | 13571 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 8649 | 1515 | 458 | 1748 | 1201 |  | 13571 |
| Income from real estate-related loans and securities |  |  |  |  |  | 4453 | 4453 |
| Gain from unconsolidated entities |  |  |  |  | 1554 |  | 1554 |
| &nbsp;&nbsp;**Segment net operating income** | $17056 | $1340 | $1549 | $1887 | $5542 | $4453 | $31827 |
| Other expense, net |  |  |  |  |  |  | $(476) |
| Impairment of investment in real estate |  |  |  |  |  |  | (33922) |
| Gain on extinguishment of debt |  |  |  |  |  |  | 32251 |
| Depreciation and amortization |  |  |  |  |  |  | (16209) |
| General and administrative expenses |  |  |  |  |  |  | (2295) |
| Management fee |  |  |  |  |  |  | (2715) |
| Interest expense |  |  |  |  |  |  | (18957) |
| &nbsp;&nbsp;**Net loss** |  |  |  |  |  |  | $(10496) |
| Net loss attributable to non-controlling interests in third party joint ventures |  |  |  |  |  |  | $289 |
| Net income attributable to non-controlling interests - preferred stockholders |  |  |  |  |  |  | (3) |
| Net loss attributable to redeemable non-controlling interests |  |  |  |  |  |  | 10 |
| &nbsp;&nbsp;**Net loss attributable to stockholders** |  |  |  |  |  |  | $(10200) |

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The following table sets forth the financial results by segment for the nine months ended September 30, 2025 ($ in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Multifamily/Student Housing** | **Office** | **Logistics** | **Single-Family Rental** | **Net Lease** | **Real estate-related loans and securities** | **Total** |
| **Revenues:** | | | | | | | |
| &nbsp;&nbsp;Rental revenues | $61218 | $4231 | $6079 | $10475 | $15574 | $— | $97577 |
| &nbsp;&nbsp;Other revenues | 9713 | 2 | 11 | 499 | 33 |  | 10258 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 70931 | 4233 | 6090 | 10974 | 15607 |  | 107835 |
| **Expenses:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rental property operating | 28806 | 2392 | 1587 | 5747 | 3239 |  | 41771 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 28806 | 2392 | 1587 | 5747 | 3239 |  | 41771 |
| Income from real estate-related loans and securities |  |  |  |  |  | 14504 | 14504 |
| Gain from unconsolidated entities |  |  | 11510 |  | 6033 |  | 17543 |
| &nbsp;&nbsp;**Segment net operating income** | $42125 | $1841 | $16013 | $5227 | $18401 | $14504 | $98111 |
| Other income, net |  |  |  |  |  |  | $680 |
| Depreciation and amortization |  |  |  |  |  |  | (39354) |
| General and administrative expenses |  |  |  |  |  |  | (5033) |
| Management fee |  |  |  |  |  |  | (9511) |
| Interest expense |  |  |  |  |  |  | (44391) |
| &nbsp;&nbsp;**Net income** |  |  |  |  |  |  | $502 |
| Net income attributable to non-controlling interests in third party joint ventures |  |  |  |  |  |  | $(957) |
| Net income attributable to non-controlling interests - preferred stockholders |  |  |  |  |  |  | (77) |
| Net loss attributable to redeemable non-controlling interests |  |  |  |  |  |  | 203 |
| &nbsp;&nbsp;**Net loss attributable to stockholders** |  |  |  |  |  |  | $(329) |

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The following table sets forth the financial results by segment for the nine months ended September 30, 2024 ($ in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Multifamily/Student Housing** | **Office** | **Logistics** | **Single-Family Rental** | **Net Lease** | **Real estate-related loans and securities** | **Total** |
| **Revenues:** | | | | | | | |
| &nbsp;&nbsp;Rental revenues | $58224 | $7999 | $6025 | $8983 | $15534 | $— | $96765 |
| &nbsp;&nbsp;Other revenues | 10241 | 667 |  | 426 | 32 |  | 11366 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 68465 | 8666 | 6025 | 9409 | 15566 |  | 108131 |
| **Expenses:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rental property operating | 25519 | 4357 | 1521 | 4421 | 3388 |  | 39206 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 25519 | 4357 | 1521 | 4421 | 3388 |  | 39206 |
| Income from real estate-related loans and securities |  |  |  |  |  | 14822 | 14822 |
| Gain from unconsolidated entities |  |  |  |  | 5278 |  | 5278 |
| &nbsp;&nbsp;**Segment net operating income** | $42946 | $4309 | $4504 | $4988 | $17456 | $14822 | $89025 |
| Other income, net |  |  |  |  |  |  | $1707 |
| Impairment of investment in real estate |  |  |  |  |  |  | (33922) |
| Gain on extinguishment of debt |  |  |  |  |  |  | 32251 |
| Depreciation and amortization |  |  |  |  |  |  | (43307) |
| General and administrative expenses |  |  |  |  |  |  | (6078) |
| Management fee |  |  |  |  |  |  | (8544) |
| Interest expense |  |  |  |  |  |  | (52284) |
| &nbsp;&nbsp;**Net loss** |  |  |  |  |  |  | $(21152) |
| Net loss attributable to non-controlling interests in third party joint ventures |  |  |  |  |  |  | $722 |
| Net income attributable to non-controlling interests - preferred stockholders |  |  |  |  |  |  | (69) |
| Net loss attributable to redeemable non-controlling interests |  |  |  |  |  |  | 20 |
| &nbsp;&nbsp;**Net loss attributable to stockholders** |  |  |  |  |  |  | $**(20479)** |

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**16. Subsequent Events**

In October 2025, the Company received full repayment of a real estate-related loan receivable in the amount of $119.0 million. Proceeds from the repayment were used to repay the Company's $30.0 million outstanding principal balance on the Affiliate Line of Credit.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*References herein to the "Company," "Brookfield REIT," "we," "us," or "our" refer to Brookfield Real Estate Income Trust Inc. and its subsidiaries unless the context specifically requires otherwise.*

*The following discussion should be read in conjunction with the unaudited financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. Terms used and not defined herein have the meanings set forth elsewhere in this Quarterly Report on Form 10-Q.*

**Forward-Looking Statements**

Statements contained in this Quarterly Report on Form 10-Q that are not historical facts, particularly those in the section entitled "Recent Developments – Business Outlook" and "Liquidity and Capital Resources", are based on our current expectations, estimates, projections, opinions, and/or beliefs. Such statements are not facts and involve known and unknown risks, uncertainties, and other factors. Investors should not rely on these statements as if they were fact. Certain information contained in this Quarterly Report on Form 10-Q constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue," "forecast," or "believe" or the negatives thereof or other variations thereon or other comparable terminology. Due to various risks and uncertainties, including those described under Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024 and under Part II, Item 1A. Risk Factors in this Quarterly Report on Form 10-Q and elsewhere in this Quarterly Report on Form 10-Q, actual events or results or our actual performance may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved. We do not undertake to revise or update any forward-looking statements.

**Overview** 

We are a Maryland corporation formed on July 27, 2017 to invest in commercial real estate assets. We seek to invest in well- located, high quality real estate properties that generate strong current cash flow and could further appreciate in value through our proactive, best-in-class asset management strategies. Our real estate-related debt strategy seeks to achieve high current income and superior risk-adjusted returns, as well as provide a source of liquidity.

We are externally managed by Brookfield REIT Adviser LLC (the "Adviser"), an affiliate of Brookfield Asset Management Ltd. (together with its affiliates, "Brookfield"). We are structured as an umbrella partnership real estate investment trust ("UPREIT"), which means that we own substantially all of our assets through our operating partnership, Brookfield REIT Operating Partnership L.P. (the "Operating Partnership"), a Delaware limited partnership, of which we are the sole general partner.

We are conducting a continuous public offering (the "Public Offering") of Class S, Class T, Class D and Class I shares of our common stock pursuant to the Securities Act of 1933, as amended (the "Securities Act"). On April 30, 2018, we launched our initial public offering of up to $2.0 billion in shares of our common stock. On November 2, 2021, our initial public offering terminated, and we commenced our second public offering of up to $7.5 billion in shares of our common stock. On July 2, 2025, the second public offering terminated and we commenced our third public offering of up to $7.5 billion in shares of our common stock.

In addition to the Public Offering, we are conducting private offerings of Class I and Class C shares to feeder vehicles that offer interests in such vehicles to non-U.S. persons. The offer and sale of Class I and Class C shares to the feeder vehicles is exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) and Regulation S promulgated thereunder. We are also offering Class E shares to Brookfield and its affiliates, certain of Brookfield's and Oaktree's employees, and our independent directors in one or more private offerings. The offer and sale of Class E shares is exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) and Regulation D promulgated thereunder.

On January 1, 2025, we issued unregistered shares of Class I common stock to an institutional investor in exchange for a $200 million subscription. The issuance was made at the same transaction price as Class I shares sold through the Public Offering as of January 1, 2025, with fees consistent with existing Class I stockholders. Brookfield entered into a separate agreement with the investor pursuant to which Brookfield will support a specified total annual return on the investor's investment in our Class I shares in the form of periodic cash payments, subject to certain limits. In exchange, the investor has agreed not to request the repurchase of its shares, subject to limited exceptions, for a period of five years from the issuance date, at which point the investor may request that we repurchase its shares through our share repurchase plan ratably over a two-year period.

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As of November 12, 2025, we have received cumulative net proceeds of $1.1 billion, including proceeds received pursuant to our distribution reinvestment plan, from the sale of shares of our Class S, Class D, Class I, Class E, Class C and Class T common stock in our Public Offering and our private offerings.

We qualified as a REIT for U.S. federal income tax purposes beginning with our taxable year ending December 31, 2019, and we generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT.

As of September 30, 2025, the Company owned 19 investments in real estate, four investments in unconsolidated real estate ventures, five investments in real estate-related loans, 11 investments in real estate-related securities, two interest rate derivatives and five forward currency swap related to investments in real estate-related loans and securities. We currently operates in six reportable segments: multifamily and student housing, office, logistics, single-family rental, net lease and real estate-related loans and securities. We are not aware of any material trends or uncertainties, favorable or unfavorable, other than national economic conditions affecting real estate generally, that may be reasonably anticipated to have a material impact on either capital resources or the revenues or income to be derived from owning properties or real estate-related loans.

**DST Program**

On October 1, 2024, we initiated, through the Operating Partnership, a program (the "DST Program") to issue and sell up to a maximum aggregate offering amount of $1.0 billion of beneficial interests ("DST Interests") in specific Delaware statutory trusts ("DSTs") holding one or more real properties (each, a "DST Property" and, collectively, the "DST Properties"). These DST Interests will be issued and sold to "accredited investors," as that term is defined under Regulation D promulgated by the SEC under the Securities Act, in one or more offerings (the "DST Offerings"). Under the DST Program, each DST Property will be sourced from our real properties or from third parties, which will be held in a DST and subsequently leased by one of our wholly owned subsidiaries in accordance with a certain master lease agreement. Each master lease agreement will be guaranteed by the Operating Partnership, which will hold a fair market value option (the "FMV Option"), giving it the right, but not the obligation, to acquire the DST Interests in the applicable DST from the investors in exchange for Operating Partnership units or cash, at the Operating Partnership's discretion. Such FMV Option shall be exercisable during a one-year option period, beginning two years following the sale of the last DST Interest in any such DST Offering. The Operating Partnership, in its sole and absolute discretion, may assign its rights in the FMV Option to a subsidiary, an affiliate, a successor entity to the Operating Partnership or the acquirer of a majority of the Operating Partnership's assets. After a one-year holding period, investors who acquire Operating Partnership units pursuant to the FMV Option generally have the right to cause the Operating Partnership to redeem all or a portion of their Operating Partnership units for, at our sole discretion, shares of our common stock, cash, or a combination of both.

We expect that the DST Program will give us the opportunity to expand and diversify our capital-raising strategies by offering what we believe to be an attractive investment product for investors that may be seeking like-kind replacement properties to complete tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code"). Affiliates of the Adviser have provided and may continue to provide mortgage financing with respect to certain DST Properties and are expected to receive fees in connection with the sale of the DST Interests and the management of the DSTs. We intend to use the net offering proceeds from the DST Program to make investments in accordance with our investment strategy and policies, reduce our borrowings, repay indebtedness, fund the repurchase of shares of all classes of our common stock under our share repurchase plan and for other corporate purposes. We have not allocated specific amounts of the net proceeds from the DST Program for any specific purpose. As of September 30, 2025, we have raised approximately $75.5 million of aggregate gross proceeds from our DST Program.

**Recent Developments**

*Business Outlook*

Real estate fundamentals continue to remain strong in most sectors and property valuations have generally stabilized after a prolonged period of volatility. Recent uncertainty regarding U.S. trade policy and the outcome of global trade negotiations has contributed to increased volatility in public markets. While the potential impact of tariffs on real estate is still uncertain, high-quality properties with strong operating cash flows and stable occupancy should remain resilient through a period of instability. Additionally, rising construction costs are expected to limit development and new supply going forward, which should provide further tailwinds for private real estate investment.

In September, the U.S. Federal Reserve issued its first rate cut in nine months, with additional rate cuts widely expected in the coming months. The change in rate policy and decline in interest rates should create favorable conditions for private real estate, including positive impacts to property values and cash flows.

We believe we are well-positioned to capitalize on these opportunities going forward, with no unsatisfied repurchase requests and approximately $480 million of total liquidity as of September 30, 2025.

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Please refer to Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024, and elsewhere in this Quarterly Report on Form 10-Q for additional disclosure relating to material trends or uncertainties that may impact our business.

**Q3 2025 Highlights**

Operating and Capital Raising Results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year-to-date total returns through September 30, 2025, excluding upfront selling commissions, were -0.34% for Class S shares, 0.32% for Class I shares, -0.21% for Class T shares, and 0.07% for Class D shares. Negative year-to-date performance is primarily attributable to valuation decreases at the beginning of the year at certain properties due to adjusting capitalization rates to reflect recent comparable transactions. Total return is calculated as the percent change in the NAV per share from the beginning of the applicable period, plus the amount of any net distributions per share declared in the period. Management believes total return is a useful measure of the overall performance of our shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annualized total returns from inception through September 30, 2025, excluding upfront selling commissions, were 5.39% for Class S, 6.42% for Class I, -0.21% for Class T shares, and -1.94% for Class D shares. Since inception returns for Class D shares are calculated from June 1, 2022, the date the first Class D shares were issued. Since inception returns for Class T shares are calculated from February 1, 2025, the date the first Class T shares were issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised $11.6 million of gross proceeds from the sale of our common stock through public and private offerings during the three months ended September 30, 2025. Additionally, we raised $22.0 million through our DST Program during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declared monthly net distributions totaling $11.4 million during the three months ended September 30, 2025. As of September 30, 2025, the annualized net distribution rate was 6.10% for Class S shares, 6.85% for Class I shares, 5.95% for Class T shares, and 6.52% for Class D shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reinvested distributions of $3.2 million during the three months ended September 30, 2025.

Investing and Financing Activity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2025, we repaid an $80.0 million property mortgage secured by Briggs + Union and contributed the property to the DST Program. The DST subsequently obtained a property mortgage from an affiliate with a principal balance of $81.0 million and a fixed rate of 4.20%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In September 2025, we originated a £29.3 million mezzanine loan secured by One London Wall Place, a fully-leased, Class-A office building in London, U.K. The loan has a fixed rate of 9.9% and maturity date of April 2027. In connection with the loan, we entered into a foreign exchange swap to hedge the full principal and interest payment amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In September 2025, we funded $59.8 million related to our limited partnership interests in the U.S. Diversified Logistics Portfolio I and U.S. Diversified Logistics Portfolio II.

Current Portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of September 30, 2025, our investment portfolio, based on the NAV of our investments, consisted of 79% real estate properties and 21% real estate-related loans and securities. NAV is measured as the fair value of our investments less any mortgages or debt obligations related to such investments. There is no indebtedness on our real estate-related debt investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our real estate properties as of September 30, 2025, based on the total asset value of our properties measured at fair value, consisted of multifamily (48%), net lease (21%), logistics (15%), single-family rental (9%), student housing (5%) and office (2%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of September 30, 2025, our real estate-related loans and securities consisted of 22 investments with an aggregate fair value of $208.0 million.

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**Portfolio**

*Investments in Real Estate*

The following table provides information regarding our portfolio of real estate properties as of September 30, 2025 ($ in millions):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<sup>(1)</sup> | **Location** | **Property Type** | **Acquisition Date** | **Ownership Percentage**<sup>(2)</sup> | **Purchase Price**<sup>(3)</sup> | **Square Feet/ Number of Units** | **Occupancy Rate**<sup>(4)</sup> |
| Anzio Apartments | Atlanta, GA | Multifamily | April 2019 | 90% | $59.2 | 448 | 87% |
| Arbors of Las Colinas | Dallas, TX | Multifamily | December 2020 | 90% | 63.5 | 408 | 89% |
| 1110 Key Federal Hill | Baltimore, MD | Multifamily | September 2021 | 100% | 73.6 | 224 | 88% |
| Domain | Orlando, FL | Multifamily | November 2021 | 100% | 74.1 | 324 | 89% |
| The Burnham | Nashville, TN | Multifamily | November 2021 | 100% | 129.0 | 328 | 86% |
| Flats on Front | Wilmington, NC | Multifamily | December 2021 | 100% | 97.5 | 273 | 93% |
| Verso | Beaverton, OR | Multifamily | December 2021 | 100% | 74.0 | 172 | 95% |
| 2626 South Side Flats | Pittsburgh, PA | Multifamily | January 2022 | 100% | 90.0 | 264 | 91% |
| The Parker at Huntington Metro<sup>(5)</sup> | Alexandria, VA | Multifamily | March 2022 | 100% | 136.0 | 360 | 92% |
| Briggs + Union<sup>(5)</sup> | Mount Laurel, NJ | Multifamily | April 2022 | 100% | 158.0 | 490 | 91% |
| Single-Family Rentals | Various | Single-Family Rental | Various | 100% | 178.5 | 667 | 90% |
| Reflection | Atlanta, GA | Student Housing | June 2024 | 97% | 116.0 | 741 | 85% |
| Principal Place<sup>(6)</sup> | London, UK | Net Lease | November 2021 | 20% | 99.8 | 644000 | 100% |
| DreamWorks Animation Studios | Glendale, CA | Net Lease | December 2021 | 100% | 326.5 | 497000 | 100% |
| Lakes at West Covina | Los Angeles, CA | Office | February 2020 | 95% | 41.0 | 177000 | 96% |
| 6123-6227 Monroe Ct | Morton Grove, IL | Logistics | November 2021 | 100% | 17.2 | 208000 | 100% |
| 8400 Westphalia Road | Upper Marlboro, MD | Logistics | November 2021 | 100% | 27.0 | 100000 | 100% |
| McLane Distribution Center | Lakeland, FL | Logistics | November 2021 | 100% | 26.7 | 211000 | 100% |
| 2003 Beaver Road | Landover, MD | Logistics | February 2022 | 100% | 9.4 | 38000 | 100% |
| 187 Bartram Parkway | Franklin, IN | Logistics | February 2022 | 100% | 28.8 | 300000 | 100% |
| U.S. Diversified Logistics Portfolio I<sup>(7)</sup> | Various | Logistics | February 2025 | 19% | 40.0 | 9384444 | 94% |
| U.S. Diversified Logistics Portfolio II<sup>(7)</sup> | Various | Logistics | June 2025 | 19% | 14.4 | 1926759 | 94% |
| &nbsp;&nbsp;**Total** |  |  |  |  | $1880.2 |  |  |

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(1) Investments in real estate properties includes our consolidated property investments and our unconsolidated investments in Principal Place, U.S. Diversified Logistics Portfolio I and U.S. Diversified Logistics Portfolio II.

(2) The joint venture agreements entered into by us (other than the Principal Place joint venture) provide the other partner a profits interest based on achieving certain internal rate of return hurdles. Such investments are consolidated by us and any profits interest due to the other partners is reported within non-controlling interests.

(3) Excludes acquisition costs.

(4) For multifamily and student housing investments, occupancy represents the percentage of all leased units divided by the total available units as of September 30, 2025. Single-family rentals occupancy represents all occupied homes divided by the total stabilized homes as of the date indicated. For office, net lease and logistics investments, occupancy represents the percentage of all leased square footage divided by the total available square footage as of September 30, 2025.

(5) Held through our DST Program. The property has been consolidated on our Consolidated Balance Sheets and any profits interest due to the third-party investors in the DST Program are reported within non-controlling interests in consolidated joint ventures.

(6) Purchase price represents our initial equity investment in the joint venture of £73.3 million GBP converted to USD using the spot rate on the acquisition date.

(7) Held through a limited partnership interest in a Brookfield-managed fund that owns the investments. Purchase price represents the aggregate amount of capital funded to the limited partnership by us.

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*Investments in Real Estate-Related Loans and Securities*

The following table details our investments in real estate-related loans and securities as of September 30, 2025 ($ in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Type of Loan/Security** | **Number of Positions** | **Weighted Average Coupon**<sup>(1)</sup> | **Weighted Average Maturity Date**<sup>(2)</sup> | **Face Amount** | **Cost Basis/Allowance Adjustment** <sup>(3)</sup> | **Carrying Amount** |
| Investments held at fair value |  |  |  |  |  |  |
| &nbsp;&nbsp;CMBS - floating | 6 | SOFR + 4.24% | November 2026 | $27838 | $25773 | $26535 |
| &nbsp;&nbsp;CMBS - fixed | 4 | 4.56% | November 2026 | 23413 | 20650 | 5302 |
| &nbsp;&nbsp;RMBS - fixed | 1 | 4.50% | May 2026 | 5118 | 4728 | 4868 |
| &nbsp;&nbsp;Real estate-related loans - floating | 1 | SOFR + 8.00% | December 2025 | 119000 | 119000 | 119000 |
| &nbsp;&nbsp;Interest rate swaps | 2 | 4.40% | September 2026 |  |  | 186 |
| &nbsp;&nbsp;Cross currency forward contracts | 4 | N/A | October 2025 |  |  | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments held at fair value | 18 | 10.41% | March 2026 | $175369 | $170151 | $155815 |
| Investments held at amortized cost |  |  |  |  |  |  |
| &nbsp;&nbsp;Real estate-related loans - floating | 1 | SOFR + 8.15% | June 2026 | $7044 | $— | $7044 |
| &nbsp;&nbsp;Real estate-related loans - fixed | 3 | 9.92% | November 2027 | 48610 | (3884) | 44726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments held at amortized cost | 4 | 10.23% | November 2027 | $55654 | $(3884) | $51770 |
| **Total investments in real estate-related loans and securities** | 22 | 10.37% | August 2026 | $231023 | $166267 | $207585 |

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(1) As of September 30, 2025 SOFR was equal to 4.24%.

(2) Weighted average maturity date is based on the fully extended maturity date of the instruments.

(3) Adjustments include the cumulative provision for current expected credit losses, unamortized fee income, and a foreign currency translation adjustment attributable to real estate-related loans.

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*Lease Expirations*

The following table details the expiring leases at our consolidated office, logistics, and net lease properties by annualized base rent and square footage as of September 30, 2025 ($ and square feet data in thousands). The table below excludes our multifamily, student housing and single-family rental properties as substantially all leases at such properties expire within 12 months.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Number of Expiring Leases** | **Annualized Base Rent**<sup>(1)</sup> | **% of Total**<br>**Annualized Base**<br>**Rent Expiring** | **Square Feet** | **% of Total Square Feet Expiring** |
| 2025 (remaining) | 5 | $540 | 2% | 15 | 1% |
| 2026 | 5 | 987 | 4% | 29 | 2% |
| 2027 | 6 | 766 | 3% | 46 | 3% |
| 2028 | 10 | 1634 | 6% | 76 | 5% |
| 2029 | 11 | 2187 | 8% | 182 | 12% |
| 2030 | 11 | 1871 | 7% | 118 | 8% |
| 2031 | 4 | 1154 | 4% | 53 | 4% |
| 2032 | 1 | 1390 | 5% | 211 | 14% |
| 2033 | 2 | 109 | —% | 3 | —% |
| 2034 | 1 | 1467 | 5% | 300 | 20% |
| Thereafter | 2 | 15524 | 56% | 467 | 31% |
| Total | 58 | $27629 | 100% | 1500 | 100% |

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(1) Annualized base rent is determined from the annualized base rent per leased square foot of the applicable year and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization.

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**Results of Operations**

The following table sets forth information regarding our consolidated results of operations ($ in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Change** |
| | **2025** | **2024** | **2025** | **2024** | **$** |
| **Revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $32361 | $33715 | $97577 | $96765 | $812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | 3716 | 5676 | 10258 | 11366 | (1108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | 36077 | 39391 | 107835 | 108131 | (296) |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental property operating | 14503 | 13571 | 41771 | 39206 | 2565 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 1470 | 2295 | 5033 | 6078 | (1045) |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee | 3221 | 2715 | 9511 | 8544 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of investments in real estate |  | 33922 |  | 33922 | (33922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 13085 | 16209 | 39354 | 43307 | (3953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 32279 | 68712 | 95669 | 131057 | (35388) |
| **Other Income (Expense)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from real estate-related loans and securities | 5155 | 4453 | 14504 | 14822 | (318) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (15043) | (18957) | (44391) | (52284) | 7893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt |  | 32251 |  | 32251 | (32251) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from unconsolidated entities, net | 3902 | 1554 | 17543 | 5278 | 12265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 223 | (476) | 680 | 1707 | (1027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Income (Expense)** | (5763) | 18825 | (11664) | 1774 | (13438) |
| **Net (Loss) Income** | $(1965) | $(10496) | $502 | $(21152) | $21654 |
| Net (income) loss attributable to non-controlling interests in consolidated joint ventures | (540) | 289 | $(957) | $722 | $(1679) |
| Net income attributable to non-controlling interests - preferred stockholders |  | (3) | (77) | (69) | (8) |
| Net loss attributable to redeemable non-controlling interests | 764 | 10 | 203 | 20 | 183 |
| **Net Loss Attributable to Brookfield REIT Stockholders** | $(1741) | $(10200) | $(329) | $(20479) | $20150 |
| **Per common share data:** |  |  |  |  |  |
| **Net (loss) income per share of common stock - basic and diluted** | $(0.03) | $(0.12) | $— | $(0.24) | $0.24 |

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*Revenues* 

Revenues primarily consist of base rent arising from tenant leases at our multifamily, student housing, single-family rental, net lease, office and logistics properties. During the three and nine months ended September 30, 2025, revenues decreased $3.3 million to $36.1 million and decreased $0.3 million to $107.8 million, respectively, compared to the three and nine months ended September 30, 2024. The decrease was primarily due to the sale of an office property in September 2024, partially offset by the incremental rental revenue generated from properties acquired during 2024, as well as rental revenue growth at certain single-family rental properties.

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The components of revenue during these periods are as follows ($ in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Change** |
| | **2025** | **2024** | **2025** | **2024** | **$** |
| Rental revenue | $29979 | $31354 | $90683 | $89780 | $903 |
| Tenant reimbursements | 2382 | 2361 | 6894 | 6985 | (91) |
| Ancillary income and fees | 3716 | 5676 | 10258 | 11366 | (1108) |
| &nbsp;&nbsp;**Total revenues** | $36077 | $39391 | $107835 | $108131 | $(296) |

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*Rental property operating expenses*

Rental property operating expenses consist of the costs of ownership and operation of our real estate properties, including real estate taxes, repairs and maintenance expenses, utilities, property management fees, and insurance expenses. During the three and nine months ended September 30, 2025, rental property operating expenses increased $0.9 million to $14.5 million and increased $2.6 million to $41.8 million, respectively, compared to the three and nine months ended September 30, 2024. The increase is primarily due to operating expenses attributable to acquisition activity in 2024, partially offset by the sale of an office property in September 2024.

*General and administrative expenses*

General and administrative expenses are corporate-level expenses that relate mainly to our compliance and administration costs, including legal fees, audit fees, professional tax fees, valuation fees, board of director fees and other professional fees. During the three and nine months ended September 30, 2025, general and administrative expenses decreased $0.8 million to $1.5 million and decreased $1.0 million to $5.0 million, respectively, compared to the three and nine months ended September 30, 2024. The decrease in general and administrative expenses was primarily driven by a decrease in income tax expense and professional fees related to our taxable REIT subsidiaries.

*Management fee*

Management fees are earned by our Adviser for providing services pursuant to the Advisory Agreement. During the three and nine months ended September 30, 2025, management fees increased $0.5 million to $3.2 million and $1.0 million to $9.5 million, respectively, compared to the three and nine months ended September 30, 2024. Management fees are calculated based on our aggregate NAV of Class S, Class I, Class T, Class D, and Class C shares and the Operating Partnership's NAV of the Class C, Class D, Class D-1, Class I, Class S, Class S-1, Class T and Class T-1 units of the Operating Partnership held by unitholders other than the Company and are paid monthly (no management fees are paid on Class E shares or units). The increase in management fees for the three and nine months ended September 30, 2025, compared to the corresponding periods in the prior year were due to a higher average NAV during the current periods.

*Depreciation and amortization*

During the three and nine months ended September 30, 2025, depreciation and amortization decreased $3.1 million to $13.1 million and decreased $4.0 million to $39.4 million, respectively, compared to the three and nine months ended September 30, 2024. The decrease is attributable to the routine asset retirements and the disposition of an office asset.

*Income from real estate-related loans and securities*

During the three and nine months ended September 30, 2025, income from real estate-related loans and securities increased $0.7 million to $5.2 million and decreased $0.3 million to $14.5 million, respectively, compared to the three and nine months ended September 30, 2024. The increase in the most recent three month period is due to the acquisition of a real estate-related loan. The decrease for the most recent nine month period is primarily attributable to the sales of real estate-related securities, offset by an increase in interest income from real estate-related loans resulting from purchases during the current period.

*Interest expense*

Interest expense is primarily related to interest incurred on our mortgage loans, credit agreements with a lender secured by certain of our properties, and an uncommitted line of credit from an affiliate of Brookfield (the "Affiliate Line of Credit"). Interest expense decreased $3.9 million to $15.0 million and decreased $7.9 million to $44.4 million during the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024. The decrease is attributable to the extinguishment of debt through the sale of an office property in 2024, as well as the refinancing of certain mortgage loans at lower interest rates, partially offset by increases due to property acquisitions. As of September 30, 2025, our weighted average cost of leverage, including the impact of our interest rate derivatives, was 4.98%, compared to 5.58% as of September 30, 2024.

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*Gain from unconsolidated entities, net*

Gain from unconsolidated entities, net consists of changes in the fair value of our investments in unconsolidated entities that are held at fair value, as well as realized and unrealized gains and losses on our foreign currency swap contracts related to our unconsolidated non-U.S. investment in Principal Place. During the three and nine months ended September 30, 2025 gains from unconsolidated entities increased $2.3 million to $3.9 million and $12.3 million to $17.5 million, respectively, compared to the three and nine months ended September 30, 2024. The increase was primarily due to the fair value gains on our unconsolidated interests in the U.S. Diversified Logistics Portfolio investments.

*Other income (expense), net*

Other income (expense), net consists of realized and unrealized gains and losses on our interest rate derivatives and income from our trading securities. During the three and nine months ended September 30, 2025, other income increased $0.7 million to $0.2 million and decreased $1.0 million to $0.7 million, respectively, compared to the three and nine months ended September 30, 2024. The increases in the most recent three month period is due to the unrealized gains on our interest rate derivatives. The decrease for the most recent nine month period is primarily attributable to the absence of realized gains recognized in 2024 upon the maturity of interest rate derivative contracts, partially offset by unrealized gains from changes in the fair value of our interest rate derivative currently held.

*Net loss attributable to redeemable non-controlling interests*

Net loss attributable to redeemable non-controlling interests was $0.2 million for the nine months ended September 30, 2025 and less than $0.1 million for the nine months ended September 30, 2024. The income or loss allocable to redeemable non-controlling interests is related to interests held in the Operating Partnership by parties other than us. The change from the prior period was due to an increase in redeemable non-controlling interests during the year ended December 31, 2024.

*Reimbursement by the Adviser*

Pursuant to the Advisory Agreement, the Adviser will reimburse us for any expenses that cause our Total Operating Expenses (as defined in our charter) in any four consecutive fiscal quarters to exceed the greater of: (i) 2% of our Average Invested Assets or (ii) 25% of our Net Income (each as defined in our charter) (the "2%/25% Limitation"). For the four consecutive quarters ended September 30, 2025, our Total Operating Expenses did not exceed the 2%/25% Limitation.

**Liquidity and Capital Resources**

Our primary needs for liquidity are to fund investments, to make distributions to our stockholders, to repurchase shares of our common stock pursuant to our share repurchase plan, to pay our offering and operating expenses, to fund capital expenditures at our properties and to pay debt service on our outstanding indebtedness. We may also have future funding obligations related to loan commitments on our real-estate related loans and unfunded capital commitments related to our limited partnership interests. Our operating expenses include, among other things, fees and expenses related to managing our properties and other investments, the management and performance fees we pay to the Adviser (to the extent the Adviser elects to receive such fees in cash) and general corporate expenses.

We believe that our current liquidity position is sufficient to meet the operating needs of our business, with $443.2 million of liquidity as of September 30, 2025, consisting of $19.5 million of unrestricted cash and cash equivalents, $3.0 million of short-term U.S. Treasury Bonds, $325.7 million of undrawn available capacity on our Secured Credit Facility and SFR Secured Credit Facility, and $95.0 million of undrawn available capacity on our Affiliate Line of Credit. We may also generate additional liquidity through the sale of our real estate-related securities, which had an aggregate fair value of $36.7 million as of September 30, 2025.

Our portfolio remains conservatively leveraged at 50.5% as of September 30, 2025, and we can generate additional liquidity by incurring indebtedness secured by our investments. Our leverage ratio is calculated by dividing (i) the consolidated property-level and entity-level debt, excluding any third-party interests in such debt, net of cash, loan-related restricted cash, and trading securities by (ii) the gross asset value of real estate equity investments (calculated using the greater of fair value and cost of gross real estate assets), excluding any third-party interests in such investments, plus our equity in real estate-related debt investments. Additionally, there is no indebtedness on our real estate-related debt investments.

Our cash needs for acquisitions and other investments will be funded primarily from the sale of shares of our common stock and through the assumption or incurrence of debt. During the three and nine months ended September 30, 2025, we received $11.6 million and $222.3 million, respectively, of proceeds from the sale of shares of our common stock. In addition, during the three and nine months ended September 30, 2025, we repurchased $21.6 million and $83.7 million, respectively, in shares of our common stock under our share repurchase plan. Since inception, we have satisfied 100% of repurchase requests.

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The following table is a summary of our indebtedness as of September 30, 2025 ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Indebtedness** | **Weighted Average Interest Rate**<sup>(1)</sup> | **Weighted Average Maturity Date**<sup>(2)</sup> | **Maximum Facility Size** | **Principal Balance Outstanding** |
| *Fixed rate loans:* |  |  |  |  |
| &nbsp;&nbsp;Fixed rate mortgages | 4.06% | October 2030 | N/A | $500420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed rate loans |  |  |  | 500420 |
| *Variable rate loans:* |  |  |  |  |
| &nbsp;&nbsp;Variable rate mortgages | SOFR+1.72% | February 2028 | N/A | 479699 |
| &nbsp;&nbsp;Secured Credit Facility<sup>(3)</sup> | SOFR+2.75% | May 2027 | $250000 |  |
| &nbsp;&nbsp;SFR Secured Credit Facility<sup>(4)</sup> | SOFR+1.85% | May 2027 | $185000 | 109300 |
| &nbsp;&nbsp;Affiliate line of credit<sup>(5)</sup> | SOFR+2.25% | November 2025 | $125000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total variable rate loans |  |  |  | 618999 |
| **Total indebtedness** |  |  |  | 1119419 |
| &nbsp;&nbsp;Deferred financing costs, net |  |  |  | (6579) |
| **Total indebtedness, net** |  |  |  | $1112840 |

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(1) As of September 30, 2025, SOFR was 4.24%

(2) Includes the fully extended maturity date for loans with extension options that are at our discretion and we currently expect to be able to exercise.

(3) As of September 30, 2025, there were no outstanding borrowings on the Secured Credit Facility.

(4) As of September 30, 2025, borrowings on the SFR Secured Credit Facility were secured by the single-family rental portfolio.

(5) Borrowings under the Affiliate Line of Credit bears interest at a rate of the lowest then-current interest rate for any similar credit product offered by a third-party lender to us or our subsidiaries or, if not available, SOFR plus a 0.10% credit adjustment and a 2.25% margin.

**Cash Flows**

The following table provides a summary of the net change in our cash and cash equivalents and restricted cash ($ in thousands):

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| Cash flows provided by operating activities | $30236 | $34744 |
| Cash flows (used in) provided by investing activities | (202357) | 51117 |
| Cash flows provided by (used in) financing activities | 181702 | (87465) |
| Net change in cash and cash equivalents and restricted cash | $9581 | $(1604) |

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Cash flows provided by operating activities decreased $4.5 million during the nine months ended September 30, 2025, compared to the corresponding period in 2024. The decrease is primarily due to $11.5 million of payments received in the prior period for settlements of derivative contracts, offset by $7.9 million less of interest expense in the current period.

Cash flows (used in) provided by investing activities decreased $253.5 million for the nine months ended September 30, 2025, compared to the corresponding period in 2024. The change is primarily due to a $290.9 million increase in cash used to purchase or fund real estate-related loans and securities (net of proceeds from sales and principal repayments), a $42.4 million decrease in cash proceeds from the sale of trading securities (net of purchases of trading securities) and funding of $59.8 million related to our limited partnership interests in the U.S. Diversified Logistics Portfolio I and U.S. Diversified Logistics Portfolio II. The current period activity was offset by prior period activity of $166.5 million in cash used in the acquisition of real estate and $25.5 million in cash proceeds from the disposition of real estate.

Cash flows provided by (used in) financing activities increased $269.2 million for the nine months ended September 30, 2025, compared to the corresponding period in 2024. The increase is primarily due to a $172.2 million increase in proceeds from the issuance of common stock, a $71.4 million decrease in cash used for repurchases of common stock, and a $53.0 million increase in contributions from non-controlling interests related to our DST Program, which was offset by a $19.3 million decrease in net cash from borrowings and repayments on indebtedness and a $5.9 million increase in common stock distributions.

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**Net Asset Value**

Our board of directors, including a majority of our independent directors, has adopted valuation guidelines that contain a comprehensive set of methodologies to be used by the Adviser and our independent valuation advisor in connection with estimating the values of our assets and liabilities for purposes of our NAV calculation. The calculation of our NAV is intended to be a calculation of the fair value of our assets less our outstanding liabilities and will likely differ from the book value of our equity reflected in our financial statements. The purchase and repurchase price per share for each class of our common stock is the then-current transaction price, which generally equals our prior month's NAV per share, as determined monthly, plus, for purchases only, applicable selling commissions and dealer manager fees.

For more information on the calculation of our NAV and the valuation method used, please refer to Item 5 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Our total NAV presented in the following tables includes the NAV of our Class S, Class I, Class T, Class D, Class C and Class E shares of common stock, as well as partnership interests in the Operating Partnership held by parties other than us. The following table provides a breakdown of the major components of our NAV as of September 30, 2025 ($ and shares/units in thousands):

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| | |
|:---|:---|
| **Components of NAV** | **September 30, 2025** |
| Investments in real estate | $1793100 |
| Investments in real estate-related loans and securities | 207999 |
| Investments in unconsolidated entities<sup>(1)</sup> | 162136 |
| Cash and cash equivalents | 19534 |
| Restricted cash | 14354 |
| Other assets | 18283 |
| Debt obligations | (1104627) |
| Accrued stockholder servicing fees<sup>(2)</sup> | (199) |
| Management fee payable | (1123) |
| Dividend payable | (5538) |
| Subscriptions received in advance | (2254) |
| Other liabilities | (38995) |
| Non-controlling interests in joint ventures | (80738) |
| **Net asset value** | $981932 |
| **Number of shares/units outstanding** | 94111 |

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(1) Investments in unconsolidated entities reflects the value of our net equity investment in entities we do not consolidate. As of September 30, 2025, our allocable share of the gross real estate asset value held by such entities was $409.1 million.

(2) Stockholder servicing fees only apply to Class S, Class T and Class D shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class S, Class T and Class D shares of our common stock. As of September 30, 2025, we have accrued under GAAP approximately $14.0 million of stockholder servicing fees.

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The following table provides a breakdown of our total NAV and NAV per share/unit by class as of September 30, 2025 ($ and shares/units in thousands, except per share/unit data):

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NAV Per Share/Unit** | **Class S<br>Shares** | **Class I<br>Shares** | **Class D<br>Shares** | **Class T<br>Shares** | **Class C Shares**<sup>(1)</sup> | **Class E Shares**<sup>(1)</sup> | **Third-party Class I OP Units**<sup>(2)</sup> | **Third-party Class E OP Units**<sup>(2)</sup> | **Total** |
| Net asset value | $265145 | $325821 | $1055 | $159 | $70286 | $15681 | $278509 | $25276 | $981932 |
| Number of shares/units outstanding | 25553 | 31071 | 100 | 15 | 6904 | 1497 | 26559 | 2412 | 94111 |
| NAV Per Share/Unit as of September 30, 2025 | $10.3763 | $10.4864 | $10.5808 | $10.5505 | $10.1810 | $10.4760 | $10.4864 | $10.4760 |  |

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(1) Class C and Class E shares of our common stock are offered to investors pursuant to private offerings.

(2) Includes units of the Operating Partnership held by parties other than us.

Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the September 30, 2025 valuations, based on property types. Once we own more than one office investment, we will include the key assumptions for that property type.

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| | | |
|:---|:---|:---|
| **Property Type** | **Discount Rate** | **Exit Capitalization Rate** |
| Multifamily/Student Housing | 7.3% | 5.8% |
| Single-Family Rental | 7.1% | 5.4% |
| Net Lease | 6.9% | 5.4% |
| Logistics | 9.5% | 6.1% |

---

These assumptions are determined by our independent valuation advisor and our independent third-party appraisal firms (other than international properties, which are determined by the Adviser and reviewed by our independent valuation advisor). A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Input** | **Hypothetical Change** | **Multifamily/Student Housing Investment Values** | **Single-Family Rental Investment Values** | **Net Lease<br>Investment<br>Values** | **Logistics<br>Investment<br>Values** |
| Discount Rate | 0.25% Decrease | 1.9% | 1.1% | 1.9% | 1.9% |
| (weighted average) | 0.25% Increase | (1.8)% | (0.9)% | (1.9)% | (1.9)% |
| Exit Capitalization Rate | 0.25% Decrease | 2.6% | 3.9% | 2.9% | 2.7% |
| (weighted average) | 0.25% Increase | (2.4)% | (3.4)% | (2.6)% | (2.5)% |

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The preceding tables do not include recently acquired properties, which are held at cost in accordance with our valuation guidelines.

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The following table reconciles Stockholders' Equity per our Consolidated Balance Sheets to our NAV ($ in thousands):

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| | |
|:---|:---|
| **Reconciliation of Stockholders' Equity to NAV** | **September 30, 2025** |
| Stockholders' equity under U.S. GAAP | $436127 |
| Redeemable non-controlling interest | 303784 |
| Total partners' capital of Operating Partnership under GAAP | 739911 |
| Adjustments: |  |
| &nbsp;&nbsp;Accrued stockholder servicing fee | 13985 |
| &nbsp;&nbsp;Deferred rent | (7208) |
| &nbsp;&nbsp;Advanced organizational and offering costs | 4975 |
| &nbsp;&nbsp;Unrealized net real estate depreciation | (8429) |
| &nbsp;&nbsp;Accumulated depreciation and amortization | 238698 |
| NAV | $981932 |

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The following details the adjustments to reconcile stockholders' equity under GAAP to our NAV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accrued stockholder servicing fee represents the accrual for the full cost of the stockholder servicing fee for Class S and Class D shares. Under GAAP, we accrued the full cost of the stockholder servicing fee payable over the life of each share (assuming such share remains outstanding the length of time required to pay the maximum stockholder servicing fee) as an offering cost at the time we sold such share. Refer to Note 2 — "Summary of Significant Accounting Policies" to our consolidated financial statements for further details of the GAAP treatment regarding the stockholder servicing fee. For purposes of calculating NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis when such fee is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deferred rent represents straight line rental revenue recorded under GAAP. For purposes of calculating NAV, deferred rental revenues are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser and its affiliates advanced organization and offering expenses on our behalf (other than upfront selling commissions, dealer manager fees and stockholder servicing fees) through July 5, 2023, subject to the following reimbursement terms: (1) all such advanced expenses paid through July 5, 2022 are reimbursed ratably over the 60 months following July 6, 2022; and (2) all such advanced expenses paid from July 6, 2022 through July 5, 2023 are reimbursed ratably over the 60 months following July 6, 2023. Under GAAP, organization costs are expensed as incurred and offering costs are charged to equity as such amounts are incurred. For purposes of calculating NAV, such costs are recognized as a reduction to NAV as they are reimbursed to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments in real estate are presented at their depreciated historical cost basis in our GAAP Consolidated Financial Statements. Certain of our investments in real estate-related loans are presented at their amortized cost basis in our GAAP Consolidated Financial Statements. Additionally, our mortgage loans, term loans, and credit facilities ("Debt") are presented at their carrying value in our GAAP Consolidated Financial Statements. As such, any changes in the fair market value of our investments in real estate, investments in real estate-related loans or Debt are not included in our GAAP results. For purposes of calculating NAV, our investments in real estate, investments in real estate-related loans, and our Debt are recorded at fair value and any changes in fair value are recognized as unrealized net real estate appreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We depreciate our investments in real estate and amortize certain other assets and liabilities in accordance with GAAP. For the purposes of calculating NAV, such depreciation and amortization is excluded.

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**Funds from Operations, Adjusted Funds from Operations and Funds Available for Distribution**

We believe funds from operations ("FFO") is a meaningful non-GAAP supplemental measure of our operating results. Our Consolidated Financial Statements are presented under historical cost accounting which, among other things, requires depreciation of real estate investments to be calculated on a straight-line basis. As a result, our operating results imply that the value of our real estate investments will decrease evenly over a set time period. However, we believe that the value of real estate investments will fluctuate over time based on market conditions and as such, depreciation under historical cost accounting may be less informative. FFO is a standard REIT industry metric defined by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO, as defined by NAREIT and presented below, is calculated as net income or loss (computed in accordance with GAAP), excluding (i) gains or losses from sales of depreciable real property, (ii) impairment write-downs on depreciable real property, plus (iii) real estate-related depreciation and amortization, and (iv) after adjustments for our share of consolidated and unconsolidated joint ventures.

We also believe that adjusted FFO ("AFFO") is a meaningful non-GAAP supplemental measure of our operating results. AFFO further adjusts FFO in order for our operating results to reflect the specific characteristics of our business by adjusting for items we believe are not related to our operations. Our adjustments to FFO to arrive at AFFO include removing the impact of (i) straight-line rental income, (ii) amortization of above- and below-market lease intangibles, (iii) amortization of mortgage premium/discount, (iv) organization costs, (v) amortization of restricted stock awards, (vi) unrealized gains and losses from changes in fair value of real estate-related loans and securities, (vii) non-cash performance fee or other non-cash incentive compensation, and (viii) similar adjustments for unconsolidated joint ventures.

We also believe funds available for distribution ("FAD") is an additional meaningful non-GAAP supplemental measure that provides useful information for considering our operating results and certain other items relative to the amount of our distributions. FAD is calculated as AFFO adjusted for (i) management fees paid in shares or operating partnership units, even if subsequently repurchased by us, (ii) realized gains and losses on investments in real estate-related loans and securities, (iii) realized gains and losses on financial instruments, (iv) stockholder servicing fees paid during the period, and (v) similar adjustments for unconsolidated joint ventures. FAD is not indicative of cash available to fund our cash needs and does not represent cash flows from operating activities in accordance with GAAP, as it excludes adjustments for working capital items and actual cash receipts from interest income recognized on real estate related securities. Cash flows from operating activities in accordance with GAAP would generally be adjusted for such items. Furthermore, FAD is adjusted for stockholder servicing fees which are not considered when determining cash flows from operating activities in accordance with GAAP.

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The following table presents a reconciliation of FFO, AFFO and FAD to net loss attributable to our stockholders and redeemable non-controlling interests. We believe it is meaningful to include redeemable non-controlling interests since it is a component of our NAV ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net loss attributable to Brookfield REIT stockholders and redeemable non-controlling interests | $(2505) | $(10210) | $(532) | $(20499) |
| &nbsp;&nbsp;&nbsp;Adjustments to arrive at FFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 13085 | 16209 | 39354 | 43307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of investments in real estate |  | 33922 |  | 33922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on extinguishment of debt |  | (32251) |  | (32251) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount attributable to non-controlling interests for above adjustments | (186) | (210) | (570) | (645) |
| FFO attributable to stockholders and redeemable non-controlling interests | 10394 | 7460 | 38252 | 23834 |
| &nbsp;&nbsp;Adjustments to arrive at AFFO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rental income | (465) | (536) | (796) | (2163) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of above and below market lease intangibles, net | (330) | (206) | (993) | (583) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 604 | 1052 | 1551 | 2642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of upfront derivative acquisition costs | 256 | 427 | 805 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of restricted stock awards | 81 | 81 | 242 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investments, net<sup>(1)</sup> | (5260) | (708) | (18855) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for current expected credit losses | 289 | 96 | 289 | (134) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount attributable to non-controlling interests for above adjustments | (36) | (61) | (163) | (129) |
| AFFO attributable to stockholders and redeemable non-controlling interests | 5533 | 7605 | 20332 | 25113 |
| &nbsp;&nbsp;Adjustments to arrive at FAD: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash management fee | 3221 | 2715 | 9511 | 8544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on sale of real estate-related loans and securities | (815) | (2866) | (902) | (6613) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on sale of treasury bills | (391) | (264) | (1141) | (771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized (gain) loss on financial instruments<sup>(2)</sup> | 1993 | 776 | 1993 | (2839) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholder servicing fees | (583) | (693) | (1805) | (2272) |
| FAD attributable to stockholders and redeemable non-controlling interests | $8958 | $7273 | $27988 | $21162 |

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

(1) Unrealized gain on investments, net relates to provisions for current estimated credit losses and mark-to-market changes on our investments in real estate-related securities, derivative contracts, and investments in unconsolidated entities reported at fair value. For the three and nine months ended September 30, 2025, unrealized gain on investments, net includes $1.4 million and $4.3 million, respectively, of net operating income less interest expense attributable to our unconsolidated investment in Principal Place. For the three and nine months ended September 30, 2024, unrealized gain on investments, net includes $1.4 million and $4.1 million, respectively, of net operating income less interest expense attributable to our unconsolidated investment in Principal Place.

(2) Realized gain on financial instruments relates to settlements on our derivatives contracts.

FFO, AFFO, and FAD should not be considered more relevant or accurate than the GAAP methodology in calculating net income (loss) or in evaluating our operating performance. In addition, FFO, AFFO, and FAD should not be considered as alternatives to net income (loss) as indications of our performance or as alternatives to cash flows from operating activities as indications of our liquidity, but rather should be reviewed in conjunction with these and other GAAP measurements. Further, FFO, AFFO, and FAD are not intended to be used as liquidity measures indicative of cash flow available to fund our cash needs, including our ability to make distributions to our stockholders.

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**Distributions**

We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to our stockholders each year to satisfy the requirements for qualification as a REIT under the Code.

In December 2019, we began declaring monthly distributions for each class of our common stock, which are generally paid 20 calendar days after month-end. Each class of our common stock receives the same aggregate gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fees, management fees and performance fees, which are deducted from the monthly distribution per share.

The following table details the aggregate net distributions declared for each of our classes of common stock for the three and nine months ended September 30, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Class S** | **Class I** | **Class D** | **Class T** | **Class C** | **Class E** |
| Aggregate gross distributions declared per share of common stock | $0.2122 | $0.2122 | $0.2122 | $0.2122 | $0.2122 | $0.2122 |
| Stockholder servicing fees per share of common stock | (0.0222) |  | (0.0068) | (0.0226) |  |  |
| Management fees per share of common stock | (0.0324) | (0.0328) | (0.0331) | (0.0330) | (0.0318) |  |
| Net distributions declared per share of common stock | $0.1576 | $0.1794 | $0.1723 | $0.1566 | $0.1804 | $0.2122 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Class S** | **Class I** | **Class D** | **Class T** | **Class C** | **Class E** |
| Aggregate gross distributions declared per share of common stock | $0.6380 | $0.6380 | $0.6380 | $0.5667 | $0.6380 | $0.6380 |
| Stockholder servicing fees per share of common stock | (0.0669) |  | (0.0203) | (0.0600) |  |  |
| Management fees per share of common stock | (0.0987) | (0.0998) | (0.1007) | (0.0887) | (0.0970) |  |
| Net distributions declared per share of common stock | $0.4724 | $0.5382 | $0.5170 | $0.4180 | $0.5410 | $0.6380 |

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The following tables summarize our distributions declared during the three and nine months ended September 30, 2025 and 2024 ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **Amount** | **Percentage** | **Amount** | **Percentage** |
| **Company Distributions** | | | | |
| &nbsp;&nbsp;Payable in cash | $8176 | 72% | $5741 | 40% |
| &nbsp;&nbsp;Reinvested in shares | 3242 | 28% | 8661 | 60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Company distributions | $11418 | 100% | $14402 | 100% |
| **Operating Partnership Distributions**<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;Payable in cash | $— | —% | $— | —% |
| &nbsp;&nbsp;Reinvested in units | 5245 | 100% | 18 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Partnership distributions | $5245 | 100% | $18 | 100% |
| Total Company and Operating Partnership Distributions | $16663 | 100% | $14420 | 100% |
| **Sources of Company and Operating Company Distributions** |  |  |  |  |
| &nbsp;&nbsp;Cash flows from operating activities | $8294 | 50% | $6733 | 47% |
| &nbsp;&nbsp;Cash flow from other sources<sup>(2)</sup> | 8369 | 50% | 7669 | 53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sources of distributions | $16663 | 100% | $14402 | 100% |
| Cash flows from operating activities<sup>(3)</sup> | $8294 |  | $6733 |  |
| Funds from Operations | $10394 |  | $7460 |  |
| Adjusted Funds from Operations | $5533 |  | $7605 |  |
| Funds Available for Distribution | $8958 |  | $7273 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **Amount** | **Percentage** | **Amount** | **Percentage** |
| **Company Distributions** | | | | |
| &nbsp;&nbsp;Payable in cash | $24915 | 71% | $17892 | 40% |
| &nbsp;&nbsp;Reinvested in shares | 10069 | 29% | 26289 | 60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Company distributions | $34984 | 100% | $44181 | 100% |
| **Operating Partnership Distributions**<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;Payable in cash | $— | —% | $— | —% |
| &nbsp;&nbsp;Reinvested in units | 15473 | 100% | 53 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Partnership distributions | $15473 | 100% | $53 | 100% |
| Total Company and Operating Partnership Distributions | $50457 | 100% | $44234 | 100% |
| **Sources of Company and Operating Partnership Distributions** |  |  |  |  |
| &nbsp;&nbsp;Cash flows from operating activities | $30236 | 60% | $34744 | 79% |
| &nbsp;&nbsp;Cash flow from other sources<sup>(2)</sup> | 20221 | 40% | 9437 | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sources of distributions | $50457 | 100% | $44181 | 100% |
| Cash flows from operating activities<sup>(3)</sup> | $30236 |  | $34744 |  |
| Funds from Operations | $38252 |  | $23834 |  |
| Adjusted Funds from Operations | $20332 |  | $25113 |  |
| Funds Available for Distribution | $27988 |  | $21162 |  |

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(1) Distributions paid by the Operating Partnership to third parties other than the Company.

(2) Includes cash flows from investing activities, such as proceeds from sales of trading securities and real estate-related securities.

(3) See "Funds from Operations, Adjusted Funds from Operations and Funds Available for Distribution" below for descriptions of Funds from Operations (FFO), Adjusted Funds from Operations (AFFO), and Funds Available for Distribution (FAD), for reconciliations of these metrics to GAAP Net loss attributable to stockholders and redeemable non-controlling interests, and for considerations on how to review these metrics.

**Distribution Policy**

We intend to distribute sufficient income so that we satisfy the requirements for qualification as a REIT. In order to qualify as a REIT, we are required to distribute 90% of our annual REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains, to our stockholders. Generally, income distributed to stockholders will not be taxable to us under the Code if we distribute at least 90% of our REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains.

**Distribution Reinvestment Plan** 

We have adopted a distribution reinvestment plan whereby stockholders will have their cash distributions attributable to the shares they own automatically reinvested in additional shares of common stock; provided, however, that clients of certain participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan and stockholders that are residents of certain states that do not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to participate in the distribution reinvestment plan. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (the "transaction price") at the time the distribution is payable, which will generally be equal to our prior month's NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to our Class T, Class S and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan.

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**Critical Accounting Estimates** 

The preparation of these financial statements in accordance with GAAP involve significant judgment and assumptions and require estimates about matters that are inherently uncertain. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. The following is a summary of our significant accounting policies that we believe are the most affected by our judgments, estimates, and assumptions.

Refer to Note 2 — "Summary of Significant Accounting Policies" to our consolidated financial statements in this Quarterly Report on Form 10-Q for a summary of our critical accounting policies.

***Principles of Consolidation and Variable Interest Entities***

We consolidate entities in which we retain a controlling financial interest or entities that meet the definition of a variable interest entity ("VIE") for which we are deemed to be the primary beneficiary. In performing our analysis of whether we are the primary beneficiary, at initial investment and at each quarterly reporting period, we consider whether we individually have the power to direct the activities of the VIE that most significantly affect the entity's economic performance and also have the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The determination of whether an entity is a VIE, and whether we are the primary beneficiary, involves significant judgments, including the determination of which activities most significantly affect the entity's performance, estimates about the current and future fair values and performance of assets held by the entity and/or general market conditions.

***Investments in Real Estate***

In accordance with the guidance for business combinations, we determine whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, we account for the transaction as an asset acquisition. We evaluate each real estate acquisition to determine whether the integrated set of acquired assets and activities meets the definition of a business.

Upon acquisition of a property, we assess the fair value of the acquired tangible and intangible assets (including land, buildings, tenant improvements, "above-market" and "below-market" leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and we allocate the purchase price to the acquired assets and assumed liabilities. The most significant portion of the allocation is to building and land and requires the use of market based estimates and assumptions. We assess and consider fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends and market and economic conditions.

We also consider an allocation of the purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants' credit quality and expectations of lease renewals. For acquired in-place leases, above- and below-market lease values are recorded at their fair values (using a discount rate that reflects the risks associated with the lease acquired) equal to the difference between the contractual amounts to be paid pursuant to the in-place leases and management's estimate of fair market value lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on our evaluation of the specific characteristics of each tenant's lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, we include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, we consider leasing commissions, legal and other related expenses.

***Impairment of Long-Lived Assets***

We review our real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates the carrying amount of an asset may not be recoverable. A property is considered impaired if the estimate of aggregate future cash flows generated by the property is less than the carrying value of the property, taking into account an appropriate capitalization rate in determining the future terminal value. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates, capital requirements, anticipated hold periods and terminal capitalization rates that could differ materially from actual results. Since cash flows on real estate properties considered to be "long-lived assets to be held and used" are considered on an undiscounted basis to determine whether an asset has been impaired, our strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If our strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized,

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and such loss could be material to our results. If we determine that an impairment has occurred, the affected assets must be reduced to their fair value.

**Recent Accounting Pronouncements** 

See Note 2 — "Summary of Significant Accounting Policies" to our consolidated financial statements in this Quarterly Report on Form 10-Q for a discussion concerning recent accounting pronouncements.

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**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

*Interest Rate Risk*

We are exposed to interest rate risk with respect to our variable-rate indebtedness, where an increase in interest rates would directly result in higher interest expense costs. We seek to manage our exposure to interest rate risk by utilizing a mix of fixed and floating rate financings with staggered maturities and through interest rate protection agreements to fix or cap a portion of our variable rate debt. As of September 30, 2025, the outstanding principal balance of our variable rate indebtedness was $619.0 million.

Certain of our mortgage loans and other indebtedness are variable rate and indexed to the U.S. Dollar denominated Secured Overnight Financing Rate ("SOFR"). For the nine months ended September 30, 2025, a 10% increase in SOFR would have resulted in increased interest expense of $0.5 million. We have executed interest rate swaps and caps with an aggregate notional amount of $689.2 million as of September 30, 2025, to hedge the risk of increasing interest rates.

*Investments in Real Estate-Related Loans and Securities*

As of September 30, 2025, we held $207.6 million of investments in real estate-related loans and securities. Certain of our investments are floating rate and indexed to SOFR. As such, we are exposed to interest rate risk and our net income will increase or decrease depending on interest rate movements. While we cannot predict factors which may or may not affect interest rates, for the nine months ended September 30, 2025, a 10% increase or decrease in SOFR would have resulted in an increase or decrease to income from our real estate-related loans and securities of $0.1 million. We have executed interest rate swaps with an aggregate notional amount of $24.0 million as of September 30, 2025, to hedge the risk of decreasing interest rates.

We may also be exposed to market risk with respect to our investments in real estate-related securities and real estate-related loans that are held at fair value due to changes in the fair value of our investments. We seek to manage our exposure to market risk with respect to our investments in real estate-related loans and securities by making investments backed by different types of collateral and varying credit ratings. The fair value of our investments may fluctuate, thus the amount we will realize upon any sale of our investments is unknown. As of September 30, 2025, the fair value at which we may sell our investments in real estate-related loans and securities is not known, but a 10% change in the fair value of our investments in real estate-related loans and securities may result in an unrealized gain or loss of $3.7 million.

*Foreign Currency Risk*

We may be exposed to currency risks related to our non-U.S. investments that are denominated in currencies other than the U.S. Dollar ("USD"). We seek to manage or mitigate our exposure to the effects of currency changes by entering into derivative financial instruments to the extent it is cost effective to do so. However, our currency hedging strategies may not eliminate all of our currency risk due to, among other things, changes in the timing or amount of foreign currency denominated cash flows from our non-U.S. investments. As of September 30, 2025, we have six foreign currency derivatives with an aggregate notional amount of £101.9 million.

*Credit Risk*

Credit risk includes the failure of the counterparty to perform under the terms of a derivative contract. If the fair value of a derivative contract is positive, the counterparty will owe us, which creates credit risk for us. If the fair value of a derivative contract is negative, we will owe the counterparty and, therefore, do not have credit risk. We seek to minimize the credit risk in derivative instruments by entering into transactions with high-quality counterparties.

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**ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures** 

An evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"). Based upon this evaluation, our CEO and CFO have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures (a) were effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) included, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Controls over Financial Reporting** 

There have been no changes in our "internal control over financial reporting" (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

**ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS**

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of September 30, 2025, we were not subject to any material litigation nor were we aware of any material litigation threatened against us.

**ITEM 1A.&nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS**

There have been no material changes to the risk factors previously disclosed under Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2024 and Item 1A of our Quarterly Report on Form 10-Q for the period ended March 31, 2025.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

**Unregistered Sales of Equity Securities**

For the three months ended September 30, 2025, all equity securities that were sold and not registered under the Securities Act were previously reported on Current Reports on Form 8-K.

**Share Repurchases** 

We have adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that we repurchase all or any portion of their shares. We may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in our discretion, subject to any limitations in the share repurchase plan.

The total amount of shares that we will repurchase is limited, in any calendar month, to shares whose aggregate value (based on the repurchase price per share on the date of the repurchase) is no more than 2% of our aggregate NAV attributable to our stockholders as of the last day of the previous calendar month and, in any calendar quarter, to shares whose aggregate value is no more than 5% of our aggregate NAV attributable to our stockholders as of the last day of the previous calendar quarter. We measure the repurchase limitations based on net repurchases during a month or quarter. The term "net repurchases" means, during the applicable period, the excess capital outflows over capital inflows. The term "capital outflows" means share repurchases under our share repurchase plan in a given period. The term "capital inflows" means proceeds from share subscriptions received in a given period that are accepted as of the first calendar day of the next month, plus purchases pursuant to our distribution reinvestment plan. For any given calendar quarter, the maximum amount of repurchases during that quarter will be equal to (1) 5% of the aggregate NAV attributable to our stockholders as of the last calendar day of the previous calendar quarter, plus (2) capital inflows during such calendar quarter. The same would apply for a given month, except that

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repurchases in a month would be subject to the 2% limit described above (subject to potential carry-over capacity), and netting would be measured on a monthly basis.

With respect to future periods, our board of directors may choose whether the limitations will be applied to "gross repurchases" rather than to net repurchases. If repurchases for a given month or quarter are measured on a gross basis rather than on a net basis, the repurchase limitations would limit the amount of shares repurchased in a given month or quarter without regard to any capital inflows for that month or quarter. In order for our board of directors to change the application of the limitations from net repurchases to gross repurchases or vice versa, we will provide notice to stockholders in a prospectus supplement or special or periodic report filed by us, as well as in a press release or on our website, at least 10 days before the first business day of the quarter for which the new test will apply. The determination to measure repurchases on a gross basis or net basis will only be made for an entire quarter, and not particular months within a quarter.

Under our share repurchase plan, to the extent we choose to repurchase shares in any particular month, we will only repurchase shares as of the opening of the last calendar day of that month (each such date, a "Repurchase Date"). Repurchases will be made at the transaction price in effect on the Repurchase Date (which will generally be equal to our prior month's NAV per share), except that shares that have not been outstanding for at least one year will be repurchased at 98% of the transaction price (an "Early Repurchase Deduction") subject to certain limited exceptions. Settlements of share repurchases will be made within three business days of the Repurchase Date. The Early Repurchase Deduction will not apply to shares acquired through our distribution reinvestment plan, to shares the Adviser elects to receive instead of cash in respect of its management or performance fees. In addition, shares of our common stock are sold to certain feeder vehicles primarily created to hold our shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, we may not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of administrative or systems limitations.

Should repurchase requests, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the company as a whole, or should we otherwise determine that investing our liquid assets in real estate properties or other illiquid investments rather than repurchasing our shares is in the best interests of the company as a whole, then we may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, our board of directors may modify or suspend our share repurchase plan if it deems such action to be in our best interest and the best interest of our stockholders. In the event that we determine to repurchase some but not all of the shares submitted for repurchase during any month, shares repurchased at the end of the month will be repurchased on a pro rata basis.

One or more affiliates of Brookfield (individually or collectively, as the context may require, the "Brookfield Investor") was issued shares of our common stock and Operating Partnership units in connection with its contribution of certain properties to the Operating Partnership on November 2, 2021. We and the Operating Partnership have entered into a repurchase arrangement with the Brookfield Investor (the "Brookfield Repurchase Arrangement"), pursuant to which we and the Operating Partnership will offer to repurchase shares of common stock or units of the Operating Partnership, as applicable, from the Brookfield Investor at a price per share or unit equal to the most recently determined NAV per share or unit immediately prior to each repurchase. The Brookfield Investor has agreed to not seek repurchase of the shares and units that it owns if doing so would bring the value of its equity holdings in us and the Operating Partnership below $50.0 million. Pursuant to the terms of the Brookfield Repurchase Arrangement, the Brookfield Investor may cause us or the Operating Partnership to repurchase its shares and units (above the $50.0 million minimum), in an amount equal to the sum of (a) the amount available under our share repurchase plan's 2% monthly and 5% quarterly caps (after accounting for third-party investor repurchases) and (b) 25% of the amount by which net proceeds from the Public Offering and our private offerings of common stock for a given month exceed the amount of repurchases for such month pursuant to our share repurchase plan. We will not effect any such repurchase during any month in which the full amount of all shares requested to be repurchased by third-party investors under our share repurchase plan is not repurchased. The Brookfield Repurchase Arrangement does not apply to shares of our common stock or units held by affiliates of Brookfield that are feeder vehicles primarily created to offer interests in such feeder vehicles to non-U.S. persons. Shares of our common stock or units held by the Brookfield Investor that were not issued as consideration for the contribution of certain properties to the Operating Partnership are not subject to the Brookfield Repurchase Arrangement, but may be redeemed, in whole or in part, for cash upon the request of the Brookfield Investor, subject to the limitations of our share purchase plan. For the nine months ended September 30, 2024, we and the Operating Partnership did not repurchase any shares or units as part of the Brookfield Repurchase Arrangement.

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During the three months ended September 30, 2025, we repurchased shares of our common stock in the following amounts, which represented all of the share repurchase requests received for the same period.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Month of:** | **Total Number of Shares Repurchased**<sup>(1)(2)</sup> | **Repurchases as a Percentage of Shares Outstanding**<sup>(3)</sup> | **Average Price Paid Per Share** | **Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs** | **Maximum Number of Shares Pending Repurchase Pursuant to Publicly Announced Plans or Programs**<sup>(4)</sup> |
| July 2025 | 796694 | 1.2% | $10.4675 | 796694 |  |
| August 2025 | 712299 | 1.0% | $10.3787 | 712299 |  |
| September 2025<sup>(5)</sup> | 860808 | 1.3% | $10.4323 | 560677 |  |
| Total | 2369801 |  |  | 2069670 |  |

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(1) Repurchases are limited under the share repurchase plan as described above.

(2) Share repurchases were funded through a combination of proceeds from the sale of our common stock and proceeds from the sale of trading securities and real estate-related securities.

(3) Includes shares repurchased outside of the share repurchase plan. For purposes of calculating the monthly and quarterly limits under our share repurchase plan, net repurchases as a percentage of aggregate NAV were 0.8%, 0.8% and 0.3% for the months of July 2025, August 2025 and September 2025, respectively, and 2.0% for the calendar quarter ended September 30, 2025.

(4) All repurchase requests under our share repurchase plan were satisfied during the period.

(5) Includes 300,131 Class I shares repurchased from the Adviser outside of the share repurchase plan related to shares that were previously issued to the Adviser as payment of management fees.

**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp;MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

On November 11, 2025, Brookfield REIT OP GP LLC, as the general partner, we, as a limited partner, and the other limited partners party thereto entered into that certain Fifth Amended and Restated Limited Partnership Agreement of Brookfield REIT Operating Partnership L.P. (the "Amended and Restated Partnership Agreement"). The Amended and Restated Partnership Agreement amends the prior limited partnership agreement of the Operating Partnership to, among other things, (i) authorize the issuance of a new class of Operating Partnership units designated as Class I-1 units; (ii) provide that any Class T-1 units, Class S-1 units and Class D-1 units received in exchange for DST Interests in connection with the exercise of the FMV Option will automatically convert to Class I-1 units in the event the aggregate selling commissions, dealer manager fees, and investor servicing fees paid with respect to such Operating Partnership units and the DST Interests for which such Operating Partnership units were exchanged, reach a fee limit (if any) set forth in the applicable agreement between the Dealer Manager and the participating intermediary that sold such DST Interests in a DST Offering (the "Fee Limit Conversion"); and (iii) other administrative updates. The Class I-1 units are subject to the same management and performance fees charged on the Operating Partnership's Class C units, Class D units, Class D-1 units, Class I units, Class S units, Class S-1 units, Class T units and Class T -1 units.

The foregoing description of the Amended and Restated Partnership Agreement does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Partnership Agreement, a copy of which is included as Exhibit 10.3 and incorporated herein by reference.

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**ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1713407/000119312518114614/d401956dex31.htm)</u> | <u>[Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form S-11 filed on April 12, 2018 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1713407/000119312518114614/d401956dex31.htm)</u> |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1713407/000119312518192882/d603944dex33.htm)</u> | <u>[Articles of Amendment of Oaktree Real Estate Income Trust, Inc. dated June 13, 2018 (filed as Exhibit 3.3 to the Registrant's Quarterly Report on Form 10-Q filed on June 14, 2018 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1713407/000119312518192882/d603944dex33.htm)</u> |
| <u>[3.3](https://www.sec.gov/Archives/edgar/data/1713407/000119312521042034/d134051dex31.htm)</u> | <u>[Articles Supplementary of Oaktree Real Estate Income Trust, Inc. (filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on February 16, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1713407/000119312521042034/d134051dex31.htm)</u> |
| <u>[3.4](https://www.sec.gov/Archives/edgar/data/1713407/000119312521322863/d255986dex31.htm)</u> | <u>[Second Articles of Amendment of Brookfield Real Estate Income Trust Inc. (filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on November 8, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1713407/000119312521322863/d255986dex31.htm)</u> |
| <u>[3.5](https://www.sec.gov/Archives/edgar/data/1713407/000119312521322863/d255986dex32.htm)</u> | <u>[Articles Supplementary of Brookfield Real Estate Income Trust Inc. (filed as Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed on November 8, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1713407/000119312521322863/d255986dex32.htm)</u> |
| <u>[3.6](https://www.sec.gov/Archives/edgar/data/1713407/000119312521322863/d255986dex33.htm)</u> | <u>[Certificate of Correction to Brookfield Real Estate Income Trust Inc.'s Articles Supplementary (filed as Exhibit 3.3 to the Registrant's Current Report on Form 8-K filed on November 8, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1713407/000119312521322863/d255986dex33.htm)</u> |
| <u>[3.7](https://www.sec.gov/Archives/edgar/data/1713407/000119312522005531/d274356dex31.htm)</u> | <u>[Third Articles of Amendment of Brookfield Real Estate Income Trust Inc. (filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on January 10, 2022 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1713407/000119312522005531/d274356dex31.htm)</u> |
| <u>[3.8](https://www.sec.gov/Archives/edgar/data/1713407/000119312522290698/d407357dex31.htm)</u> | <u>[Fourth Articles of Amendment of Brookfield Real Estate Income Trust Inc. (filed as Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on November 22, 2022 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1713407/000119312522290698/d407357dex31.htm)</u> |
| <u>[3.9](https://www.sec.gov/Archives/edgar/data/1713407/000171340722000091/exh31asof09302022.htm)</u> | <u>[Amended and Restated Bylaws (filed as Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q filed on November 14, 2022 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1713407/000171340722000091/exh31asof09302022.htm)</u> |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/1713407/000162828025017575/brookfieldreitposam.htm)</u> | <u>[Distribution Reinvestment Plan (filed as Exhibit 4.1 to the Registrant's Post-Effective Amendment No. 10 to the Registration Statement on Form S-11 filed on April 11, 2025 and incorporated by reference herein)](https://www.sec.gov/Archives/edgar/data/1713407/000162828025017575/brookfieldreitposam.htm)</u> |
| <u>[4.2](https://www.sec.gov/Archives/edgar/data/1713407/000171340722000041/ex41brookfieldreitamendedr.htm)</u> | <u>[Brookfield Share/OP Unit Repurchase Arrangement (filed as Exhibit 4.1 to the Registrant's Quarterly Report on Form 10-Q filed on May 16, 2022 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1713407/000171340722000041/ex41brookfieldreitamendedr.htm)</u> |
| <u>[10.1\*](ex-101_asof9302025.htm)</u> | <u>[Amendment to Dealer Manager Agreement, dated July 2, 2025, by and between Brookfield Real Estate Income Trust Inc. and Brookfield Oaktree Wealth Solutions LLC](ex-101_asof9302025.htm)</u> |
| <u>[10.2\*](ex-102_asof9302025.htm)</u> | <u>[Fifth Amendment to Uncommitted Unsecured Line of Credit dated October 7, 2025 by and among Brookfield REIT Operating Partnership L.P. and Brookfield US Inc.](ex-102_asof9302025.htm)</u> |
| <u>[10.3\*](ex-103_asof9302025.htm)</u> | <u>[Fifth Amended and Restated Limited Partnership Agreement of Brookfield REIT Operating Partnership L.P. dated November 11, 2025.](ex-103_asof9302025.htm)</u> |
| <u>[10.4\*](ex-104_asof9302025.htm)</u> | <u>[First Amendment to the Third Amended and Restated Advisory Agreement, dated November 11, 2025, by and among Brookfield Real Estate Income Trust Inc., Brookfield REIT Operating Partnership L.P. and Brookfield REIT Adviser LLC](ex-104_asof9302025.htm)[.](ex-104_asof9302025.htm)</u> |
| <u>[10.5](https://www.sec.gov/Archives/edgar/data/1713407/000171340725000089/ex-101_asof6302025.htm)</u> | <u>[Third Amended and Restated Advisory Agreement, dated August 11, 2025, by and among Brookfield Real Estate Income Trust Inc., Brookfield REIT Operating Partnership L.P. and Brookfield REIT Adviser LLC](https://www.sec.gov/Archives/edgar/data/1713407/000171340725000089/ex-101_asof6302025.htm)</u> |
| <u>[31.1\*](ex-311_asof09302025.htm)</u> | <u>[Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex-311_asof09302025.htm)</u> |
| <u>[31.2\*](ex-321_asof09302025.htm)</u> | <u>[Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex-312_asof09302025.htm)</u> |
| <u>[32.1+](ex-321_asof09302025.htm)</u> | <u>[Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex-321_asof09302025.htm)</u> |
| <u>[32.2+](ex-322_asof09302025.htm)</u> | <u>[Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex-322_asof09302025.htm)</u> |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.SCH | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

---

| | |
|:---|:---|
| + | This exhibit shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the Exchange Act. |
| \* | Filed herewith. |

---

------

<u>[**Table of Contents**](#i5d29750687954183acb52da4908123c0_7)</u>

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

------

<u>[**Table of Contents**](#i5d29750687954183acb52da4908123c0_7)</u>

**SIGNATURES**

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

---

| | |
|:---|:---|
| | Brookfield Real Estate Income Trust Inc. |
| November 12, 2025 | /s/ Brian W. Kingston |
| Date | Brian W. Kingston |
|  | Chief Executive Officer and Chairman of the Board |
|  | (Principal Executive Officer) |
| November 12, 2025 | /s/ Theodore C. Hanno |
| Date | Theodore C. Hanno |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

---

## Exhibit 10.1

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution Version**

AMENDMENT TO DEALER MANAGER AGREEMENT

<br> This amendment (this "Amendment"), dated as of July 2, 2025, by and between Brookfield Real Estate Income Trust Inc., a Maryland Corporation (the "Company") and Brookfield Oaktree Wealth Solutions LLC, a Delaware limited liability company (the "Dealer Manager") amends the Dealer Manager Agreement (the "Agreement"), dated as of November 2, 2021. Capitalized terms not otherwise defined herein have the meanings given in the Agreement.

WHEREAS, the Agreement indicates that the Company and the Dealer Manager may amend Schedule 1 of the Agreement as each Registration Statement is finally amended and revised at the effective date of such Registration Statement.

WHEREAS, as a result of amending Schedule 1 of the Agreement, it is necessary to amend Schedule III in Exhibit B of the Agreement (Form of Selected Dealer Agreement For Use with Wirehouses).

WHEREAS, the Company and the Dealer Manager wish to amend the Agreement.

NOW, THEREFORE, in consideration that the Company is filing a new Registration Statement on Form S-11 with the SEC (Registration No. 333-282789), the Company and the Dealer Manager agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Schedule 1 of the Agreement is hereby amended to reflect the new Registration Statement by replacing Schedule 1 of the Agreement with Schedule 1 in this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Schedule III in Exhibit B (Form of Selected Dealer Agreement For Use with Wirehouses) of the Agreement is hereby amended to reflect the new Registration Statement by replacing Schedule III in Exhibit B of the Agreement with Schedule III in this Amendment.

[*Signature Page Follows*]

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

IN WITNESS WHEREOF, the Company and the Dealer Manager hereto have executed this Amendment as of the date first above written.

<br>THE DEALER MANAGER:

BROOKFIELD OAKTREE WEALTH SOLUTIONS LLC

By: *<u>"Scott Richardson"</u>*

Name: Scott Richardson<br>Title: Head of Legal

THE COMPANY:

BROOKFIELD REAL ESTATE INCOME TRUST INC.

By: *<u>"Michelle Campbell"</u>*

Name: Michelle Campbell<br>Title: Secretary

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**<u>Schedule 1</u>**

**Registration Statement(s)**

1.&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement on Form S-11, Registration No. 333-255557 (expired).<br>2. &nbsp;&nbsp;&nbsp;&nbsp;Registration Statement on Form S-11, Registration No. 333-282789.

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**<u>Schedule III</u>**

**Registration Statement(s)**

1.&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement on Form S-11, Registration No. 333-255557 (expired).<br>2. &nbsp;&nbsp;&nbsp;&nbsp;Registration Statement on Form S-11, Registration No. 333-282789.

## Exhibit 10.2

**FIFTH AMENDMENT TO UNCOMMITTED UNSECURED LINE OF CREDIT**

This **FIFTH AMENDMENT TO UNCOMMITTED UNSECURED LINE OF CREDIT**

(this "<u>Amendment</u>") is dated October 7, 2025, and effective as of November 2, 2025 (the "<u>Effective</u> <u>Date</u>") and is entered into by the borrower named on the signature pages hereto (the "<u>Borrower</u>") and the lender named on the signature pages hereto (the "<u>Existing Lender</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Borrower and Brookfield US Holdings Inc. (the "<u>First Lender</u>") have entered into that certain Uncommitted Unsecured Line of Credit dated as of November 2, 2021 (the "<u>Agreement</u>" and the Agreement, as amended or otherwise modified by the First Amendment (as defined below), as amended or otherwise modified by the Second Amendment (as defined below), as amended or otherwise modified by the Third Amendment (as defined below), as amended or otherwise modified by the Fourth Amendment (as defined below) and this Fifth Amendment, the "<u>Amended Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Agreement was amended and restated effective on November 2, 2022 in connection with the (i) extension of the maturity date to November 2, 2023 and (ii) replacement of the First Lender with the Brookfield Corporate Treasury Ltd. (the "<u>Second Lender</u>") (the "<u>First Amendment</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Agreement was amended and restated effective on November 2, 2023 in connection with the extension of the maturity date to November 2, 2024 (the "<u>Second Amendment</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Agreement was amended and restated effective on November 2, 2024 in connection with the extension of the maturity date to November 2, 2025 (the "<u>Third Amendment</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Agreement was amended and restated effective on November 2, 2024 in connection with the replacement of the Second Lender with the Existing Lender (the "<u>Fourth Amendment</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Borrower has requested that the Agreement be further amended to extend the maturity date. Pursuant to Section 11 of the Agreement, the Borrower delivered to the Existing Lender an extension request no less than thirty (30) days prior to the Stated Expiration Date (as defined in the First Amendment), there exists no Event of Default, and the Existing Lender has provided its consent to the extension of the Stated Expiration Date to November 2, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Borrower and the Existing Lender have agreed, upon the following terms and conditions, to amend the Agreement as provided herein.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.DEFINED TERMS; REFERENCES.** Unless otherwise specifically defined herein, each term used herein that is defined in the Agreement shall have the meaning assigned to such term in the 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;**2.AMENDMENTS TO 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;(a)The Agreement and all schedules thereto are hereby amended to reflect the following amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 first sentence of Section 1 of the Agreement shall be deleted in its entirety and replaced with the following:

"Requests for Loans under the Line may be made from the date of the Agreement to but excluding November 2, 2026 (the "<u>Stated Expiration Date</u>"), as such date may be extended pursuant to Section 11 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Exhibit B to the Agreement, Promissory Note, is hereby deleted in its entirety and Exhibit B attached hereto is substituted in lieu thereof with the changes as marked in track changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.MISCELLANEOUS**.

&nbsp;&nbsp;&nbsp;&nbsp;&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)**No Other Amendments**. Except as expressly amended herein, the terms of the Agreement shall remain in full force and 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;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Limitation on Agreements**. The amendments set forth herein are limited precisely as written and shall not be deemed: (a) to be a consent under or waiver of any other term or condition in the Agreement or any of the other Loan Documents; or (b) to prejudice any right or rights which the Existing Lender or the Subsequent Lender now has or may have in the future under, or in connection with the Amended Agreement, the Loan Documents or any of the other documents referred to herein or therein. From and after the date of this Amendment, all references in the Loan Documents to the Agreement shall be deemed to be references to the Agreement after giving effect to this Amendment, and each reference to "hereof," "hereunder," "herein" or "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Agreement shall from and after the date hereof refer to the Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&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)**GOVERNING LAW.** THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS SHALL BE CONSTRUCTED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&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)**SUBMISSION TO JURISDICTION.** The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby 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 or, to the extent permitted by 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 shall affect any right that the Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction.

[SIGNATURE PAGE FOLLOWS]

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**Existing Lender:**

SBrookfield US Inc.

By: *<u>"Kathy Sarpash"</u>*

Name: Kathy Sarpash

Title: Secretary

AGREED&nbsp;&nbsp;&nbsp;&nbsp;AND&nbsp;&nbsp;&nbsp;&nbsp;ACCEPTED&nbsp;&nbsp;&nbsp;&nbsp;AS&nbsp;&nbsp;&nbsp;&nbsp;OF&nbsp;&nbsp;&nbsp;&nbsp;THE EFFECTIVE DATE:

**Borrower:**

Brookfield REIT Operating Partnership L.P. By: Brookfield REIT OP GP LLC,

its general partner

By: Brookfield Real Estate Income Trust Inc., its sole member

By: *<u>"Theodore Hanno"</u>*

Name: Theodore Hanno

Title: Managing Director

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**<u>EXHIBIT</u> <u>B</u> <u>TO</u> <u>LETTER</u> <u>AGREEMENT</u>**

[Form of Master Note] <u>PROMISSORY</u> <u>NOTE</u>

[DATE]

New York, New York

FOR VALUE RECEIVED, each of the entities listed on <u>Schedule II</u> hereto (as updated from time to time, collectively, the "<u>Borrowers</u>"; each, a "<u>Borrower</u>"), hereby promises to pay to the order of <u>Brookfield US Inc.</u> (the "<u>Lender</u>"), at the Lender's office at 181 Bay Street, Suite 300, Toronto ON M5J 2T3 Canada, the aggregate unpaid principal amount of each loan made by the Lender to such Borrower (each a "<u>Loan</u>"; collectively, the "<u>Loans</u>") on the due date for each Loan (as recorded by the Lender on its books and records and/or on <u>Schedule I</u> hereto or continuation thereof).

Loans evidenced hereby are made pursuant to that certain letter agreement dated November 2, 2021 between the Lender and the Borrowers party thereto (as amended by the First Amendment to Uncommitted Unsecured Line of Credit, effective as of November 2 2022, as amended by the Second Amendment to Uncommitted Unsecured Line of Credit, effective as of November 2 2023, as amended by the Third Amendment to Uncommitted Unsecured Line of Credit, effective as of November 2, 2024, as amended by the Fourth Amendment to Uncommitted Unsecured Line of Credit, effective as of November 2, 2024, and as amended by the Fifth Amendment to Uncommitted Unsecured Line of Credit, effective as of November 2, 2025 and as further supplemented, or otherwise modified from time to time, the "Letter Agreement") providing for an uncommitted unsecured line of credit. This Promissory Note (the "<u>Note</u>") is the "Master Note" as defined in the Letter Agreement. The liability of each Borrower under this Note shall be governed by the terms of <u>Section 8(n)</u> of the Letter Agreement. The recourse to any Investor under this Note shall be limited as provided in <u>Section 10</u> of the Letter Agreement.

<u>Section</u> 1. <u>Defined</u> <u>Terms</u>. Unless otherwise defined herein, capitalized terms herein shall have the meanings assigned to them in the Letter Agreement. As used herein, the following terms shall have the meanings specified below:

"<u>Business</u> <u>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 New York.

"<u>CME</u>" means CME Group Benchmark Administration Limited.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute or statutes.

"<u>Conforming Changes</u>" means, with respect to the use, administration of or any conventions associated with SOFR, any conforming changes regarding applicable definitions, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters that the Lender decides, in consultation with the Borrowers, may be appropriate to reflect the adoption and implementation of SOFR and to permit the administration thereof by the Lender in a manner substantially consistent with market practice (or, if the Lender 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 exists, in such other manner of administration as the Lender determines in consultation with the Borrowers is

------

reasonably necessary in connection with the administration of this Note, the Letter Agreement, and any other Loan Document).

"<u>Default</u>" means any event or condition which, with the passage of time, the giving of notice, or both, would give rise to an Event of Default.

"<u>Dollars</u>" or "<u>$</u>" mean, at any time, the lawful currency of the United States of America.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute or statutes.

"<u>ERISA Investor</u>" means an Investor in the applicable Borrower that is (a) an "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) or trust or custody account therefor (or a master trust or custody account therefor) subject to Title I of ERISA, (b) a group trust, as described in Revenue Ruling 81- 100 or insurance company separate account that includes one or more Persons described in clause (a) above, or (c) a partnership, insurance company general account, or other account or other fund that is deemed to hold "plan assets" pursuant to the Plan Asset Regulation of one or more Persons described in clause (a) or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) above.

"<u>Event</u> <u>of</u> <u>Default</u>" has the meaning set forth in Section 7 of this Note.

"<u>Excluded Taxes</u>" means (a) any income or franchise Taxes imposed as a result of a present or former connection between the Lender and the jurisdiction of the governmental authority imposing such Tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising on account of the execution, delivery, performance, filing, recording, or enforcement of, or other activities contemplated in, this Note), (b) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction in which the Lender is located, (c) any withholding Taxes resulting from any law in effect on the date hereof (or on the date the Lender designates a new lending office or on the date the Lender assigns this Note to another party), except to the extent that 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 a Borrower with respect to such withholding Taxes pursuant to the paragraphs relating to payments made without deduction for Indemnified Taxes, to exemption from or reduction of withholding Tax and to refund of Indemnified Taxes, (d) any Taxes attributable to the Lender's failure to comply with the paragraphs in <u>Section 4</u> relating to exemptions from or reduction of withholding Taxes (including with respect to FATCA), and (e) any withholding Taxes imposed under FATCA.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code as in effect on the date hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations promulgated thereunder or official interpretations thereof, any agreements entered into pursuant to Section 1471(b) of the Code (or any amended or successor version described above), and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among governmental authorities and implementing the foregoing.

"<u>Indemnified Taxes</u>" means Taxes, other than Excluded Taxes, imposed on or with respect to payments under this Note.

"<u>Interest Payment Date</u>" means (i) the last day of the Interest Period; and (ii) the date of any payment of principal.

------

"<u>Interest</u> <u>Period</u>" means, with respect to a Loan, the period commencing on the date such Loan is made and ending on the numerically corresponding day one week, two weeks, one calendar month, two calendar months, three calendar months, six calendar months or nine calendar months thereafter, as selected by the applicable Borrower and as recorded by the Lender on its books and records and/or <u>Schedule I</u> hereto or any continuation thereof, or if such day is not a Business Day, then on the immediately succeeding Business Day; <u>provided</u>, that if such Business Day would fall in the next calendar month, such Interest Period shall end on the immediately preceding Business Day; and <u>provided</u>, <u>further</u>, that any Interest Period which commences on the last Business Day of a calendar month (or on any day for which there is no numerically corresponding day in the appropriate subsequent calendar month(s)) shall, subject to the foregoing proviso, end on the last Business Day of the appropriate calendar month.

"<u>Lien</u>" means, (a) with respect to any asset, (x) any mortgage, deed of trust, lien, pledge, encumbrance, charge or security interest in or on such asset and (y) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement relating to such asset, and (b) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.

"<u>Plan Asset Regulations</u>" means U.S. Department of Labor Regulation Section 2510.3-101, 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA, and any successor statutory or regulatory provisions.

"<u>SOFR</u>" means, for any Interest Period for each Loan comprising part of the same borrowing, the rate per annum equal to the Term SOFR Screen Rate at 11:00 am (New York time) on the day that is two (2) U.S. Government Securities Business Days preceding the rate determination date with a term equivalent to such Interest Period; <u>provided</u>, that, if the rate is not published prior thereto, then SOFR means the TERM SOFR Screen Rate on the first U.S. Government Securities Business Day immediately prior thereto; plus, in each case, the SOFR Adjustment; <u>provided</u>, <u>further</u>, that to the extent a successor rate is mutually agreed upon by the parties hereto, such agreed upon rate shall be applied to the applicable Interest Period in a manner consistent with market practice.

"<u>SOFR</u> <u>Adjustment</u>" means 0.10% (10 basis points) per annum.

"<u>Taxes</u>" means any present or future taxes, levies, imposts, duties, deductions, charges, or withholdings (including backup withholding), assessments or fees imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term SOFR Screen Rate</u>" means the forward-looking SOFR term rate administered by CME (or any successor administrator satisfactory to the Lender) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be reasonably designated by the Lender from time to time).

"<u>U.S.</u> <u>Government</u> <u>Securities</u> <u>Business</u> <u>Day</u>" means any Business Day, except any Business Day on which any of the Securities Industry and Financial Markets Association, the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because such day is a legal holiday under the federal laws of the United States or the laws of the State of New York, as applicable.

<u>Section</u> <u>2</u>. <u>Interest</u>. Interest shall accrue on the unpaid balance of the principal amount of each Loan (including PIK Interest) made to a Borrower from and including the date of such Loan to but excluding the date of its repayment at a fixed rate per annum equal to the lowest then-current borrowing rate for any similar credit product offered by a third-party provider to such Borrower or any of its affiliate entities within the structure of the Brookfield Real Estate Income Trust Inc., or, if such rate is not offered, SOFR applicable

------

to such Loan plus 2.25%. Interest shall be calculated on the basis of a year of 360 days for the actual number of days elapsed. All accrued and unpaid interest (including any accrued PIK Interest) as of an applicable Interest Payment Date shall be paid in kind by capitalizing such interest and adding it to the principal amount outstanding under this Note ("<u>PIK Interest</u>"). In the event that any principal of or interest accrued and unpaid hereon shall not be paid when due, interest shall be payable on any such overdue amount upon written demand at a rate per annum equal to 2.0% in excess of the interest rate specified in the immediately preceding sentence (but not at a rate higher than the highest interest rate permitted by applicable law) on any overdue principal and, to the extent permitted by applicable law, on any overdue interest, from the due date thereof to the date of actual payment (after as well as before judgment and during bankruptcy). All payments hereunder shall be made in Dollars and in immediately available funds and in accordance with the last paragraph of <u>Section 8</u>. Notwithstanding any other provision hereof, if the Lender shall determine prior to the commencement of any Interest Period that adequate and reasonable means do not exist for ascertaining SOFR, then the Lender shall promptly give notice thereof to the Borrowers and at the Lender's option it may demand repayment of the affected Loan(s), and even absent such demand, no Loan shall be created or continued for such Interest Period until adequate and reasonable means exist for ascertaining SOFR or the parties hereto mutually agree upon a successor thereto. In connection with the use or administration of SOFR, the Lender (in consultation with the Borrowers) will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein, in the Letter Agreement 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 Note, the Letter Agreement or any other Loan Document. The Lender will promptly notify the Borrowers of the effectiveness of any Conforming Changes in connection with the use or administration of SOFR.

<u>Section 3</u>. <u>Prepayment; Repayment</u>. Each Borrower shall have the right voluntarily to prepay without penalty or premium, at any time and from time to time, all or any portion of the outstanding principal balance of any Loan to it; <u>provided</u>, that accrued interest upon the amount prepaid shall be paid at the time of any such prepayment; <u>provided</u>, <u>further</u>, that if any principal of a Loan is paid prior to the last day of the Interest Period therefor set forth in the books and records of the Lender and/or <u>Schedule</u> <u>I</u> hereto or any continuation thereof (whether by acceleration, prepayment or otherwise), such Borrower also agrees to pay to the Lender such amount as is reasonably determined by the Lender to represent the aggregate losses, costs, and expenses incurred or suffered by the Lender as a result of such prepayment. A certificate of the Lender setting forth the foregoing amount shall, absent manifest error, be conclusive and binding for all purposes. The applicable Borrower shall pay the Lender the amount shown as due on any such certificate promptly upon receipt thereof.

Each Loan shall be paid in full by the applicable Borrower, together with all accrued and unpaid interest thereon, in accordance with <u>Section 12</u> of the Letter Agreement.

<u>Section 4</u>. <u>Taxes</u>. Any and all payments by or on account of a Borrower under this Note shall be made free and clear of and without deduction for any Taxes, except as required by applicable law. If a Borrower shall be required by law to withhold or deduct any Taxes from such payments, then (i) such Borrower shall make such withholdings or deductions, (ii) such Borrower shall pay the full amount withheld or deducted to the relevant taxing authority in accordance with applicable law, and (iii) if the Tax in question is an Indemnified Tax, the sum payable by the Borrower to the Lender shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this <u>Section 4</u>), the Lender receives an amount equal to the sum it would have received had no such deductions been made. The applicable Borrower shall indemnify the Lender for the full amount of any Indemnified Taxes payable or paid by the Lender.

------

To the extent the Lender is entitled to an exemption from or a reduction of withholding Tax with respect to payments made by or on account of a Borrower, the Lender shall deliver to such Borrower, at the time or times reasonably requested by such Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, the Lender, if requested by such Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by such Borrower as will enable such Borrower to determine whether or not the Lender is subject to backup withholding or information reporting requirements. The Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall, upon the reasonable request from such Borrower, update such form or certification or promptly notify such Borrower in writing of its legal inability to do so.

If a payment made to the Lender under this Note would be subject to U.S. federal withholding tax imposed by FATCA if the 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), the Lender shall deliver to the relevant Borrower at the time or times prescribed by law and at such time or times reasonably requested by a Borrower 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 a Borrower or as may be necessary for such Borrower to comply with their obligations under FATCA, to determine whether the Lender has or has not complied with such Lender's obligations under FATCA and, if necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause, "FATCA" shall include any amendments made to FATCA after the date hereof.

If the Lender receives a refund in respect of any Indemnified Taxes as to which it has been indemnified by a Borrower or with respect to which a Borrower has paid additional amounts pursuant to this <u>Section 4</u>, it shall pay over such refund to the applicable Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower pursuant to this <u>Section</u> <u>4</u>), net of all out-of-pocket expenses of the Lender and without interest (other than any interest paid by the relevant governmental authority with respect to such refund); <u>provided</u>, that such Borrower, upon the request of the Lender, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant governmental authority) to the Lender in the event the Lender is required to repay such refund to such governmental authority.

Each Borrower shall maintain at one of its offices a copy of each assignment delivered to it and a register for the recordation of the names and addresses of the Lender (and any permitted assignee lender (each, an "<u>Assignee</u>")), and principal amount (and stated interest) of the amounts owing to the Lender and each Assignee, as applicable, 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 applicable Borrower, the Lender and the Assignee(s) (if any) shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as the Lender or an Assignee, as the case may be, hereunder for all purposes of this Note, notwithstanding notice to the contrary. No transfer is effective until the transferee is reflected as such on the Register pursuant to this <u>Section 4</u>. The parties intend for the Loan to be in registered form for tax purposes and to the extent of any conflict with this <u>Section</u> <u>4</u>, this <u>Section</u> <u>4</u> shall be construed in accordance with that intent.

<u>Section 5</u>. <u>Covenants</u>. At any and all times as the principal of or interest on any Loan evidenced hereby remains unpaid, each Borrower agrees that it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)[reserved];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)not amend or modify, or permit any amendment or modification of, its Constituent Documents in a manner that could reasonably be expected to materially and adversely affect the Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)if at any time amounts in respect of unpaid principal or interest for any Loan to it evidenced by this Note become due and payable, make such payments in accordance with the last paragraph of <u>Section 8</u>.

<u>Section 6</u>. <u>Representations and Warranties</u>. Each Borrower, with respect to itself, represents and warrants on the date hereof and on each date that a Loan shall be made that (a) it has been duly formed and is validly existing; (b) it has provided the Lender with a true and complete copy of its Constituent

Documents as in effect on the date hereof; (c) this Note has been duly authorized, executed, and delivered by such Borrower and constitutes its legal, valid, and binding obligation, enforceable in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), (iii) an implied covenant of good faith and fair dealing, and (iv) the effects of the possible judicial application of foreign laws or foreign governmental or judicial action affecting creditors rights; (d) its execution, delivery, and performance of this Note have been duly authorized by all requisite action and will not conflict with, violate, result in any default under, or result in the creation of any Lien on any of its assets pursuant to, its Constituent Documents, any applicable law or regulation, any judgment, order or decree binding on it or any material agreement or instrument or contractual restriction to which it is party or which is binding on it or its properties; (e) [reserved]; (f) [reserved]; and (g) assuming that no portion of the assets used by the Lender in connection with the Loans hereunder constitutes assets of (A) an "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) or "plan" (as such term is defined in Section 4975(e) of the Code) or trust or custody account therefor (or master trust or custody account therefor) subject to Title I of ERISA or Section 4975 of the Code, (B) a group trust, as described in Revenue Ruling 81-100 or insurance company separate account that includes one or more Persons described in clause (A) above, or (C) a partnership, insurance company general account, or other account or other fund that is deemed to hold "plan assets" pursuant to the Plan Asset Regulation of one or more Persons described in clause (A) or (B) above, then the transactions contemplated by this Note will not constitute a nonexempt prohibited transaction (as such term is defined in Section 4975(c)(1)(A)-(C) of the Code or Section 406(a) of ERISA) that could subject the Lender to any tax or penalty on prohibited transactions imposed under Section 4975 of the Code or Section 502(i) of ERISA.

<u>Section</u> <u>7</u>. <u>Events of</u> <u>Default</u>. Any of the following shall, with respect to a Borrower, constitute an "Event of Default":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any representation or warranty by such Borrower hereunder proves to be untrue or incorrect in any material respect when made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any principal or interest, regardless of amount, due with respect to such Borrower under this Note is not paid, with respect to principal, on the date when and as the same shall become due and payable, whether upon maturity, acceleration, demand (subject to the last paragraph of <u>Section 8</u>) or otherwise and, with respect to interest, within five (5) Business Days after the date when and as the same shall become due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[reserved];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)such Borrower shall fail to observe or perform any other term, covenant, condition or agreement contained herein and such failure shall continue for thirty (30) days after notice from the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)an involuntary proceeding shall be commenced or an involuntary petition shall be filed against such Borrower seeking (i) liquidation, reorganization or other relief in respect of such Borrower, or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Borrower, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)such Borrower shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy,

insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Borrower for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)such Borrower shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)one or more judgments for the payment of money in an aggregate amount in excess of $25,000,000 shall be rendered against such Borrower and the same shall not be covered by insurance and remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any or any affiliate of them to enforce any such judgment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)beginning with the first day of the taxable year in which such Borrower qualifies as a REIT under Section 856 of the Code, the date on which such Borrower no longer qualifies as a REIT under Section 856 of the Code.

For the avoidance of doubt, the occurrence of a Default or an Event of Default with respect to one Borrower shall not, by itself, result in a Default or an Event of Default with respect to any other Borrower. If any Event of Default occurs and is continuing, the Lender may declare the entire outstanding principal amount of each Loan to the applicable Borrower and all accrued and unpaid interest owing thereon to be immediately due and payable by such Borrower; <u>provided</u> that if an Event of Default described in <u>Sections</u> <u>7(b)</u>, <u>7(e)</u> or <u>7(f)</u> has occurred and is continuing, the outstanding principal amount of each Loan to such Borrower and all accrued and unpaid interest owing thereon shall become immediately due and payable concurrently therewith, without any further action by the Lender, and without presentment, demand, protest, notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind, all of which each of the Borrowers hereby expressly waives.

<u>Section</u> <u>8</u>. <u>Miscellaneous</u>.

Each Borrower hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever. Neither the failure nor any delay on the part of the Lender in any particular instance to exercise

------

any right, power or privilege hereunder shall constitute a waiver thereof in that or any subsequent instance. No consent or waiver of the terms of this promissory note shall be effective unless in writing. All rights and remedies of the Lender are cumulative and concurrent, and no single or partial exercise by the Lender of any right, power or privilege shall preclude any other or further exercise of any other right, power or privilege.

Except as may be required by law, all payments to be made hereunder by the applicable Borrower shall be made without set-off or counterclaim, in immediately available funds and in Dollars at and for the account of the Lender.

Each Loan evidenced by this Note and all payments and prepayments of the principal thereof and any outstanding balance and interest thereon and the respective dates thereof shall be recorded by the Lender in its books and records (which may be electronic in nature) and at any time and from time to time may be, and shall be prior to any transfer and delivery of this Note, entered by the Lender on <u>Schedule I</u> attached hereto or any continuation thereto, and recorded in the Register in accordance with <u>Section 4</u>. The failure

by the Lender to make any such entries or notations on such schedule or in its internal records or any error in such a notation shall not affect the obligations of the applicable Borrower under this Note.

In addition to the other sums payable hereunder, upon receipt of written demand therefor, each Borrower agrees to pay to the Lender all costs and expenses (including reasonable attorneys' fees) which may be incurred in connection with the enforcement of such Borrower's obligations hereunder.

All notices or other communications provided for hereunder shall be in writing (including telecommunications) and shall be mailed, facsimiled or delivered, if to a Borrower, at the address of such Borrower set forth underneath such Borrower's signature, if to the Lender, at Brookfield Corporate Treasury Ltd., 181 Bay Street, Suite 300, Toronto ON M5J 2T3 Canada, or in each case at such other address as may hereafter be specified by any such Person to the other party in writing. All notices and communications shall be effective (i) if mailed, when received at the address specified above, (ii) if facsimiled, when transmitted and (iii) if delivered, upon delivery.

**THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH**

**THE LAWS OF THE STATE OF NEW YORK.** Each Borrower hereby consents to the service of process in any action or proceeding brought against it by the Lender by means of registered mail to the last known address to such Borrower. Nothing herein, however, shall prevent service of process by any other means recognized as valid by law within or without the State of New York. **EACH BORROWER HEREBY WAIVES AND AGREES TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM INSTITUTED WITH RESPECT TO ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED TO THIS NOTE.** By the

execution of this Note, each Borrower hereby submits to the jurisdiction of courts located in the County of New York, State of New York.

This Note may be executed in any number of counterparts, each of which shall be deemed an original, and all of which taken together shall constitute but one agreement.

The Loans are payable "on demand", but subject to the terms of <u>Section</u> <u>12</u> of the Letter Agreement.

[SIGNATURE PAGE FOLLOWS]

------

BORROWER**:**

Brookfield REIT Operating Partnership L.P. By: Brookfield REIT OP GP LLC,

its general partner

By: Brookfield Real Estate Income Trust Inc., its sole member

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> Name: Theodore Hanno

Title: Managing Director

Address: c/o Brookfield Place New York

250 Vesey Street, 15<sup>th</sup> Floor New York NY 10281

ACCEPTED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:

Brookfield US Inc.

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> Name: Kathy Sarpash

Title: Secretary

------

**SCHEDULE I TO MASTER NOTE**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date** | &nbsp;&nbsp;&nbsp;**Interest Period** | &nbsp;&nbsp;&nbsp;&nbsp;**Principal** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Unpaid Principal**<br>**Balance of Note** |

---

------

**SCHEDULE II TO MASTER NOTE**

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| | |
|:---|:---|
| **Borrower** | **Jurisdiction of Organization** |
| Brookfield REIT Operating Partnership L.P. | Delaware |

---

## Exhibit 10.3

**EXECUTION VERSION**

**FIFTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT**

**OF**

**BROOKFIELD REIT OPERATING PARTNERSHIP L.P.**

**A DELAWARE LIMITED PARTNERSHIP**

------

**TABLE OF CONTENTS**

**<u>Page</u>**

---

| | |
|:---|:---|
| [ARTICLE 1&nbsp;&nbsp;&nbsp;&nbsp;<br>DEFINED TERMS](#i2f40660024a0482b8f8bf4e4f0ac6e37) | [1](#i2f40660024a0482b8f8bf4e4f0ac6e37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.1.&nbsp;&nbsp;&nbsp;&nbsp;Definitions](#i0bcab5f773e9421c8aa2f0266fbedab3) | [1](#i0bcab5f773e9421c8aa2f0266fbedab3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1.2.&nbsp;&nbsp;&nbsp;&nbsp;Interpretation](#i1efee0e794844b05ba4d8378fe884c8e) | [13](#i1efee0e794844b05ba4d8378fe884c8e) |
| [ARTICLE 2&nbsp;&nbsp;&nbsp;&nbsp;<br>PARTNERSHIP FORMATION AND IDENTIFICATION](#i479645f6c09e406c806be085f7eaa22f) | [13](#i479645f6c09e406c806be085f7eaa22f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.1.&nbsp;&nbsp;&nbsp;&nbsp;Formation](#i34c18479d0bc4045b1c659219aabf6e3) | [13](#i34c18479d0bc4045b1c659219aabf6e3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.2.&nbsp;&nbsp;&nbsp;&nbsp;Name](#id5c5483189894c5a9063f5b934668889) | [13](#id5c5483189894c5a9063f5b934668889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.3.&nbsp;&nbsp;&nbsp;&nbsp;Principal Office and Registered Agent](#i4c66053b165a43efa7c59911fa5b2ef6) | [14](#i4c66053b165a43efa7c59911fa5b2ef6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.4.&nbsp;&nbsp;&nbsp;&nbsp;Partners](#i950f3ab57f6f473ca02679ac62a41a49) | [14](#i950f3ab57f6f473ca02679ac62a41a49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.5.&nbsp;&nbsp;&nbsp;&nbsp;Term and Dissolution](#i0b226aebd1714f9194e34b353676ee43) | [14](#i0b226aebd1714f9194e34b353676ee43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.6.&nbsp;&nbsp;&nbsp;&nbsp;Filing of Certificate and Perfection of Limited Partnership](#i5b0dd5c13d4d44f390f7b0659945bea1) | [14](#i5b0dd5c13d4d44f390f7b0659945bea1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2.7.&nbsp;&nbsp;&nbsp;&nbsp;Certificates Representing Partnership Units](#ibad7f53748ba4140a598a093e41eafd3) | [14](#ibad7f53748ba4140a598a093e41eafd3) |
| [ARTICLE 3&nbsp;&nbsp;&nbsp;&nbsp;<br>PURPOSE AND BUSINESS OF THE PARTNERSHIP](#i442af62cce0a46c8b2725d3c119f739d) | [14](#i442af62cce0a46c8b2725d3c119f739d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.1.&nbsp;&nbsp;&nbsp;&nbsp;Purpose and Business](#i486d605eadf644a2adf62c793aba373a) | [14](#i486d605eadf644a2adf62c793aba373a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3.2.&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Partners](#i5ca2a3b5e4a84a06993083593fa491c9) | [15](#i5ca2a3b5e4a84a06993083593fa491c9) |
| [ARTICLE 4&nbsp;&nbsp;&nbsp;&nbsp;<br>CAPITAL CONTRIBUTIONS AND ACCOUNTS](#i1a5525dedbf54d62a199d64770f86c80) | [17](#i1a5525dedbf54d62a199d64770f86c80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.1.&nbsp;&nbsp;&nbsp;&nbsp;Capital Contributions](#i7be483c059814fb3abcd744514458b2b) | [17](#i7be483c059814fb3abcd744514458b2b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.2.&nbsp;&nbsp;&nbsp;&nbsp;Class C Units, Class D Units, Class D-1 Units, Class E Units, Class I Units, Class I-1 Units, Class S Units, Class S-1 Units, Class T Units and Class T-1 Units](#i18c333c5de8c441b97397368df2ae48d) | [17](#i18c333c5de8c441b97397368df2ae48d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.3.&nbsp;&nbsp;&nbsp;&nbsp;Additional Capital Contributions and Issuances of Additional Partnership Interests](#i20c0c47268cb439f92af85f2a5b2a99e) | [17](#i20c0c47268cb439f92af85f2a5b2a99e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.4.&nbsp;&nbsp;&nbsp;&nbsp;Additional Funding](#i61ae04ec106449f1980e62004afee8e0) | [21](#i61ae04ec106449f1980e62004afee8e0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.5.&nbsp;&nbsp;&nbsp;&nbsp;Capital Accounts](#i7e1cfaf1ef424f10b2ae61dae95a0528) | [21](#i7e1cfaf1ef424f10b2ae61dae95a0528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.6.&nbsp;&nbsp;&nbsp;&nbsp;Percentage Interests](#ia1e132daa6aa4738a43f4b65473d1a6b) | [22](#ia1e132daa6aa4738a43f4b65473d1a6b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.7.&nbsp;&nbsp;&nbsp;&nbsp;No Interest on Contributions](#i3484be8e47564fb7957abd22733c5a24) | [22](#i3484be8e47564fb7957abd22733c5a24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.8.&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital Contributions](#i3b8bb25e27d648098237659be9cbfa4d) | [22](#i3b8bb25e27d648098237659be9cbfa4d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.9.&nbsp;&nbsp;&nbsp;&nbsp;No Third-Party Beneficiary](#ib365cde1e6ce406a98ef168b1ab3630f) | [22](#ib365cde1e6ce406a98ef168b1ab3630f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4.10.&nbsp;&nbsp;&nbsp;&nbsp;No Preemptive Rights](#ia7916bcc9064432d86a6f8ed89aea37f) | [22](#ia7916bcc9064432d86a6f8ed89aea37f) |
| [ARTICLE 5&nbsp;&nbsp;&nbsp;&nbsp;<br>PROFITS AND LOSSES; DISTRIBUTIONS](#i77616cc4b70346139e5100abad9e787f) | [22](#i77616cc4b70346139e5100abad9e787f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.1.&nbsp;&nbsp;&nbsp;&nbsp;Allocation of Profit and Loss](#if3e7be8cf60b40aea0d6c4d26fc11acb) | [22](#if3e7be8cf60b40aea0d6c4d26fc11acb) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.2.&nbsp;&nbsp;&nbsp;&nbsp;Distribution of Cash](#i7984ae46ca8d4f418f00a78e38dddab5) | [27](#i7984ae46ca8d4f418f00a78e38dddab5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.3.&nbsp;&nbsp;&nbsp;&nbsp;REIT Distribution Requirements](#ie668d2a964144d0e8167fe79ebaffec0) | [28](#ie668d2a964144d0e8167fe79ebaffec0) |

---

i

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.4.&nbsp;&nbsp;&nbsp;&nbsp;No Right to Distributions in Kind](#i34961a28b42e43fa97afa919acf2b6f5) | [28](#i34961a28b42e43fa97afa919acf2b6f5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.5.&nbsp;&nbsp;&nbsp;&nbsp;Limitations on Return of Capital Contributions](#i7a77a0f1a0054620a6e1ac45d8374ee5) | [28](#i7a77a0f1a0054620a6e1ac45d8374ee5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.6.&nbsp;&nbsp;&nbsp;&nbsp;Amendments to Reflect Additional Partnership Units](#iec8feb21131641cdb30fcd41970e1394) | [28](#iec8feb21131641cdb30fcd41970e1394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.7.&nbsp;&nbsp;&nbsp;&nbsp;Restricted Distributions](#icaaeee022d4f4f46b82562b979eeac64) | [28](#icaaeee022d4f4f46b82562b979eeac64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.8.&nbsp;&nbsp;&nbsp;&nbsp;Distributions Upon Liquidation](#i74cd5a91792c4ffab99cca682733407f) | [28](#i74cd5a91792c4ffab99cca682733407f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.9.&nbsp;&nbsp;&nbsp;&nbsp;Substantial Economic Effect](#ia01bed35c61c40bc857858b389cd7dbf) | [29](#ia01bed35c61c40bc857858b389cd7dbf) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5.10.&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment](#i94a8f63e52eb46c1955660cdf103ae4a) | [29](#i94a8f63e52eb46c1955660cdf103ae4a) |
| [ARTICLE 6&nbsp;&nbsp;&nbsp;&nbsp;<br>RIGHTS, OBLIGATIONS AND<br>POWERS OF THE GENERAL PARTNER](#ibcf9f038ccb247ad9c21768d98c0c7d7) | [30](#ibcf9f038ccb247ad9c21768d98c0c7d7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.1.&nbsp;&nbsp;&nbsp;&nbsp;Management of the Partnership](#i2f4124783e50473a8a78f272d7295f61) | [30](#i2f4124783e50473a8a78f272d7295f61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.2.&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Authority](#i6183b2962f1943b995298a2c412914ff) | [34](#i6183b2962f1943b995298a2c412914ff) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.3.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification and Exculpation of Indemnitees](#i3bcd745f84ec4484a273d21ff2f8cbce) | [34](#i3bcd745f84ec4484a273d21ff2f8cbce) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.4.&nbsp;&nbsp;&nbsp;&nbsp;Liability and Obligations of the General Partner](#i3ae4bf23c24a4cf5b26a02e30468cb7f) | [35](#i3ae4bf23c24a4cf5b26a02e30468cb7f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.5.&nbsp;&nbsp;&nbsp;&nbsp;Reimbursement of General Partner and REIT Limited Partner](#i5bbf42725c5f4887ae9362ce5d3b0170) | [37](#i5bbf42725c5f4887ae9362ce5d3b0170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.6.&nbsp;&nbsp;&nbsp;&nbsp;Outside Activities](#ie39203ed13284677969f3b32cd4a7396) | [37](#ie39203ed13284677969f3b32cd4a7396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.7.&nbsp;&nbsp;&nbsp;&nbsp;Transactions With Affiliates](#ic5032fdaeeea454785fcd7882057116d) | [38](#ic5032fdaeeea454785fcd7882057116d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.8.&nbsp;&nbsp;&nbsp;&nbsp;Title to Partnership Assets](#i0eff03436f124808b5eba6107b431255) | [38](#i0eff03436f124808b5eba6107b431255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.9.&nbsp;&nbsp;&nbsp;&nbsp;Other Matters Concerning the General Partner](#i638ed5af15064f36ba66f5b10eddf721) | [39](#i638ed5af15064f36ba66f5b10eddf721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.10.&nbsp;&nbsp;&nbsp;&nbsp;No Duplication of Fees or Expenses](#if16c48ccf42d4dc18b227fd4b1e33a67) | [39](#if16c48ccf42d4dc18b227fd4b1e33a67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.11.&nbsp;&nbsp;&nbsp;&nbsp;Reliance by Third Parties](#i2c002d106d5c448e9ff3ffe92a3d2a94) | [39](#i2c002d106d5c448e9ff3ffe92a3d2a94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6.12.&nbsp;&nbsp;&nbsp;&nbsp;Repurchases and Exchanges of REIT Shares](#icc0ee542de9c45eaa0706a97277ebc16) | [39](#icc0ee542de9c45eaa0706a97277ebc16) |
| [ARTICLE 7&nbsp;&nbsp;&nbsp;&nbsp;<br>CHANGES IN GENERAL PARTNER](#i9efd6e023b3a42668e893bbd2cce7351) | [40](#i9efd6e023b3a42668e893bbd2cce7351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[7.1.&nbsp;&nbsp;&nbsp;&nbsp;Transfers by General Partner and REIT Limited Partner](#i485c7751003a4c33931cdec871cdb32c) | [40](#i485c7751003a4c33931cdec871cdb32c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[7.2.&nbsp;&nbsp;&nbsp;&nbsp;Admission of a Substitute or Additional General Partner](#i56ccb889dd5b44348a66de750348cb63) | [40](#i56ccb889dd5b44348a66de750348cb63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[7.3.&nbsp;&nbsp;&nbsp;&nbsp;Removal of a General Partner](#i1beb3f107f294809899701ef4ab7f6a3) | [41](#i1beb3f107f294809899701ef4ab7f6a3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[7.4.&nbsp;&nbsp;&nbsp;&nbsp;Restriction on Termination Transactions](#iaaa3db7da640499fb2a111d25cc1f539) | [41](#iaaa3db7da640499fb2a111d25cc1f539) |
| [ARTICLE 8&nbsp;&nbsp;&nbsp;&nbsp;<br>RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS](#ib661991cf59f4ec6a9eb24db3c2a6ec0) | [42](#ib661991cf59f4ec6a9eb24db3c2a6ec0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.1.&nbsp;&nbsp;&nbsp;&nbsp;Management of the Partnership](#ic2555cf6ffe244caaa756bee85244167) | [42](#ic2555cf6ffe244caaa756bee85244167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.2.&nbsp;&nbsp;&nbsp;&nbsp;Power of Attorney](#idd2d979eef44494fa20e33f591bfc27b) | [42](#idd2d979eef44494fa20e33f591bfc27b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.3.&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Liability of Limited Partners](#ice3d5ca9585a4d58bc4b8ca1e19fb2f7) | [43](#ice3d5ca9585a4d58bc4b8ca1e19fb2f7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.4.&nbsp;&nbsp;&nbsp;&nbsp;Ownership by Limited Partner of General Partner or Affiliate](#idc78e9a3357649f7bcb209bb1f3d17b6) | [43](#idc78e9a3357649f7bcb209bb1f3d17b6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.5.&nbsp;&nbsp;&nbsp;&nbsp;Redemption Right](#i594465315a8d4ca49674aab5f7125ac0) | [43](#i594465315a8d4ca49674aab5f7125ac0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.6.&nbsp;&nbsp;&nbsp;&nbsp;Outside Activities of Limited Partners](#i0acb157745ab427895c14a1d2372fd86) | [47](#i0acb157745ab427895c14a1d2372fd86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8.7.&nbsp;&nbsp;&nbsp;&nbsp;Expenses Not Attributable to Class E Units](#i9c034ab106114fcc849a939e5d3f89c0) | [48](#i9c034ab106114fcc849a939e5d3f89c0) |
| [ARTICLE 9&nbsp;&nbsp;&nbsp;&nbsp;<br>TRANSFERS OF LIMITED PARTNERSHIP INTERESTS](#ie32030a955924c79911eef11748e94e0) | [48](#ie32030a955924c79911eef11748e94e0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.1.&nbsp;&nbsp;&nbsp;&nbsp;Purchase for Investment](#i0122f033719c4367bde3c213cc49b59e) | [48](#i0122f033719c4367bde3c213cc49b59e) |

---

ii

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.2.&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Transfer of Limited Partnership Interests](#i1d123f6ad15e4427b2715b6cac1503f9) | [48](#i1d123f6ad15e4427b2715b6cac1503f9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.3.&nbsp;&nbsp;&nbsp;&nbsp;Admission of Substitute Limited Partner](#i9b8f59eb205548a7acef434821923415) | [50](#i9b8f59eb205548a7acef434821923415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.4.&nbsp;&nbsp;&nbsp;&nbsp;Rights of Assignees of Partnership Interests](#i73af947ff76e4eeea1fd3124c1310a0a) | [51](#i73af947ff76e4eeea1fd3124c1310a0a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.5.&nbsp;&nbsp;&nbsp;&nbsp;Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner](#i7ecf5dd1a1bf4261996dd716bf158bf8) | [51](#i7ecf5dd1a1bf4261996dd716bf158bf8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9.6.&nbsp;&nbsp;&nbsp;&nbsp;Joint Ownership of Interests](#i7bc5482180944aa7a570bec94f1a0507) | [51](#i7bc5482180944aa7a570bec94f1a0507) |
| [ARTICLE 10&nbsp;&nbsp;&nbsp;&nbsp;<br>BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS](#ibbaf9b1c115c404fbf4db147d6def6b0) | [52](#ibbaf9b1c115c404fbf4db147d6def6b0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.1.&nbsp;&nbsp;&nbsp;&nbsp;Books and Records](#i4b4ad035ecb1495492be3c593280b0bc) | [52](#i4b4ad035ecb1495492be3c593280b0bc) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.2.&nbsp;&nbsp;&nbsp;&nbsp;Custody of Partnership Funds; Bank Accounts](#ia4a75a11a8bd4ed6b8da03c642d36477) | [52](#ia4a75a11a8bd4ed6b8da03c642d36477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.3.&nbsp;&nbsp;&nbsp;&nbsp;Fiscal and Taxable Year](#i7a3ab2d8c1a844d0baef502cd05aaafe) | [52](#i7a3ab2d8c1a844d0baef502cd05aaafe) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.4.&nbsp;&nbsp;&nbsp;&nbsp;Annual Tax Information and Report](#ifa49e9c12e504e98bc922231df19f434) | [52](#ifa49e9c12e504e98bc922231df19f434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.5.&nbsp;&nbsp;&nbsp;&nbsp;Tax Elections; Special Basis Adjustments](#i26578e86a7f743c89e2262a2a7219653) | [52](#i26578e86a7f743c89e2262a2a7219653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.6.&nbsp;&nbsp;&nbsp;&nbsp;Obligations of Limited Partners in respect of Tax Information](#i2c577587dfc24ab580b3c59dbe65db5f) | [53](#i2c577587dfc24ab580b3c59dbe65db5f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10.7.&nbsp;&nbsp;&nbsp;&nbsp;Reports to Limited Partners](#ie4215e79b6314d5c988430a836b50dc7) | [54](#ie4215e79b6314d5c988430a836b50dc7) |
| [ARTICLE 11&nbsp;&nbsp;&nbsp;&nbsp;<br>DISSOLUTION, LIQUIDATION AND TERMINATION](#i2a12dc8121244175b7c922fb223b0af7) | [54](#i2a12dc8121244175b7c922fb223b0af7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[11.1.&nbsp;&nbsp;&nbsp;&nbsp;Dissolution](#id049ed7a9aa24b34b30037bdf130f93d) | [54](#id049ed7a9aa24b34b30037bdf130f93d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[11.2.&nbsp;&nbsp;&nbsp;&nbsp;Winding Up](#i0dcba182f7eb4320a5eefd1230dc85e5) | [54](#i0dcba182f7eb4320a5eefd1230dc85e5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[11.3.&nbsp;&nbsp;&nbsp;&nbsp;Rights of Holders](#ieca293a8c4c04da683cede8c815117c1) | [56](#ieca293a8c4c04da683cede8c815117c1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[11.4.&nbsp;&nbsp;&nbsp;&nbsp;Notice of Dissolution](#i0d8c54ca5ee14a799fb4f6be6d7ad796) | [56](#i0d8c54ca5ee14a799fb4f6be6d7ad796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[11.5.&nbsp;&nbsp;&nbsp;&nbsp;Cancellation of Certificate of Limited Partnership](#i5907222622254ab48e54fe4b04b346f6) | [56](#i5907222622254ab48e54fe4b04b346f6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[11.6.&nbsp;&nbsp;&nbsp;&nbsp;Reasonable Time for Winding-Up](#i3bcaf8f418004a918ac7e53ec9caca00) | [56](#i3bcaf8f418004a918ac7e53ec9caca00) |
| [ARTICLE 12&nbsp;&nbsp;&nbsp;&nbsp;<br>PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENT OF AGREEMENT; MEETINGS](#ied6c71a84e0b4883825856171c61b829) | [56](#ied6c71a84e0b4883825856171c61b829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.1.&nbsp;&nbsp;&nbsp;&nbsp;Procedures of Actions and Consents of Partners Notices](#i09e2d61a95e541448de2fece32bb0ebe) | [56](#i09e2d61a95e541448de2fece32bb0ebe) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.2.&nbsp;&nbsp;&nbsp;&nbsp;Amendment](#i262edb8abc124d0aa1d3e25842aa67e9) | [57](#i262edb8abc124d0aa1d3e25842aa67e9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12.3.&nbsp;&nbsp;&nbsp;&nbsp;Actions and Consents of the Partners](#ib979318614654b76bb1308cb43870a7b) | [59](#ib979318614654b76bb1308cb43870a7b) |
| [ARTICLE 13&nbsp;&nbsp;&nbsp;&nbsp;<br>GENERAL PROVISIONS](#i815294a640204556bc14e466c7a44265) | [60](#i815294a640204556bc14e466c7a44265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.1.&nbsp;&nbsp;&nbsp;&nbsp;Notices](#i9e4de32b5d294452a5bec738f27e72c7) | [60](#i9e4de32b5d294452a5bec738f27e72c7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.2.&nbsp;&nbsp;&nbsp;&nbsp;Survival of Rights](#iba14017f5b4a419b859ec915ab81ffc0) | [60](#iba14017f5b4a419b859ec915ab81ffc0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.3.&nbsp;&nbsp;&nbsp;&nbsp;Additional Documents](#i336aaada2481407f8203c3faed56b9ea) | [60](#i336aaada2481407f8203c3faed56b9ea) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.4.&nbsp;&nbsp;&nbsp;&nbsp;Severability](#ib1cbc0e5c6ed482fa2a770609a0dc4ca) | [60](#ib1cbc0e5c6ed482fa2a770609a0dc4ca) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.5.&nbsp;&nbsp;&nbsp;&nbsp;Side Letters](#ia99f30bc55a6441589ecbdfce72d0b11) | [60](#ia99f30bc55a6441589ecbdfce72d0b11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.6.&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement](#i812e108d65d44b958f74454bf292e3e7) | [61](#i812e108d65d44b958f74454bf292e3e7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.7.&nbsp;&nbsp;&nbsp;&nbsp;Pronouns and Plurals](#i51dfc3fcca8e4c4380078019f6b06810) | [61](#i51dfc3fcca8e4c4380078019f6b06810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.8.&nbsp;&nbsp;&nbsp;&nbsp;Headings](#i4cfcf81deccf45e68b19499ffc51f1df) | [61](#i4cfcf81deccf45e68b19499ffc51f1df) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.9.&nbsp;&nbsp;&nbsp;&nbsp;Counterparts](#icb06adc58a434dce8d739a8c65cd58b8) | [61](#icb06adc58a434dce8d739a8c65cd58b8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.10.&nbsp;&nbsp;&nbsp;&nbsp;Governing Law](#i61f3d231fb304e5a9542705075523ca2) | [61](#i61f3d231fb304e5a9542705075523ca2) |

---

iii

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.11.&nbsp;&nbsp;&nbsp;&nbsp;No Partition](#i3b85e058d562443fba83aff46818dc21) | [61](#i3b85e058d562443fba83aff46818dc21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13.12.&nbsp;&nbsp;&nbsp;&nbsp;No Rights as Shareholders](#iccab96f376ee4ce0a98aeb7bbd29ee59) | [61](#iccab96f376ee4ce0a98aeb7bbd29ee59) |

---

iv

------

**FIFTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT**

**OF**

**BROOKFIELD REIT OPERATING PARTNERSHIP L.P.**

This Fifth Amended and Restated Limited Partnership Agreement of Brookfield REIT Operating Partnership L.P. (this "<u>Agreement</u>") is entered into as of November 11, 2025, by and among Brookfield REIT OP GP LLC, a Delaware limited liability company, as the General Partner, Brookfield Real Estate Income Trust Inc., a Maryland corporation, as the REIT Limited Partner, and the other Limited Partners party hereto from time to time. This Agreement shall supersede and replace any and all prior limited partnership agreements of the Partnership, including without limitation the Prior Agreement (defined below).

**RECITALS:**

WHEREAS, the Partnership was formed on August 9, 2018 as a limited partnership under the laws of the State of Delaware when a certificate of limited partnership was filed with the Secretary of State of the State of Delaware;

WHEREAS, the Partnership was previously governed by that certain Fourth Amended and Restated Limited Partnership Agreement of Brookfield REIT Operating Partnership L.P., effective as of September 25, 2024 (the "<u>Prior Agreement</u>"); and

WHEREAS, the parties hereto desire to amend and restate the Prior Agreement as set forth herein.

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

**ARTICLE 1<br><u>DEFINED TERMS</u>**

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

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

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

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

------

"<u>Administrative Expenses</u>" means (i) all administrative and operating costs and expenses incurred by the Partnership and its Subsidiaries, (ii) those administrative costs and expenses of the General Partner and the REIT Limited Partner, including any salaries or other payments to directors, officers or employees of the General Partner or the REIT Limited Partner, and any accounting and legal expenses of the General Partner or the REIT Limited Partner, which expenses are expenses of the Partnership and not the General Partner or the REIT Limited Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; <u>provided</u>, <u>however</u>, that Administrative Expenses shall not include any administrative costs and expenses incurred by the REIT Limited Partner that are attributable to assets that are not owned directly or indirectly by the Partnership (including, without limitation, any indirect leasehold interests of the REIT Limited Partner in the DST Properties).

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

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

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

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

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

"<u>Agreed Value</u>" means the fair market value of a Partner's non-cash Capital Contribution as of the date of contribution as agreed to by such Partner and the General Partner, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such Property is subject when contributed, as determined under Section 752(c) of the Code and the Regulations thereunder . The Agreed Value of any non-cash Capital Contributions by a Partner as of the date of contribution are set forth on the Partnership's books and records.

"<u>Agreement</u>" has the meaning set forth in the preamble hereto.

------

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

"<u>Assignee</u>" means a Person to whom a Partnership Interest has been Transferred in a manner permitted under this Agreement, but who has not yet become a Substitute Limited Partner, and who has the rights set forth in Section 9.4.

"<u>Attorney in Fact</u>" has the meaning set forth in Section 8.2(a).

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

"<u>Brookfield</u>" means, collectively, Brookfield Asset Management Ltd., Brookfield Corporation and each of their Affiliates.

"<u>Brookfield Contribution Agreements</u>" means those certain contribution agreements, by and among, as applicable, the REIT Limited Partner, the Partnership and Brookfield, pursuant to which Brookfield contributes a property or properties to the Partnership or an Affiliate thereof in exchange for REIT Shares, Partnership Units, or a combination thereof, which such REIT Shares and Partnership Units are subject to the Brookfield Repurchase Arrangement.

"<u>Brookfield Repurchase Arrangement</u>" means that certain Brookfield Share/OP Unit Repurchase Arrangement adopted by the REIT Limited Partner as of January 1, 2022, as amended from time to time.

"<u>Brookfield Units</u>" means the Partnership Units subject to the Brookfield Repurchase Arrangement, including the Partnership Units issued by the Partnership to Brookfield or an Affiliate thereof pursuant to the Brookfield Contribution Agreements.

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

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

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

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

"<u>Certificate</u>" means any instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by any of the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in Section 8.2) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction.

"<u>Charter</u>" means the charter of the REIT Limited Partner.

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

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

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

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

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

"<u>Class D-1 Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class D-1 Unit as provided in this Agreement. As used herein, Class D-1 Units shall be deemed to have the same Class designation as Class D REIT Shares unless stated otherwise.

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

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

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

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

"<u>Class I-1 Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class I-1 Unit as provided in this Agreement. As used herein, Class I-1 Units shall be deemed to have the same Class designation as Class I REIT Shares unless stated otherwise.

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

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

"<u>Class S-1 Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class S-1 Unit as provided in this Agreement. As used herein, Class S-1 Units shall be deemed to have the same Class designation as Class S REIT Shares unless stated otherwise.

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

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

"<u>Class T-1 Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class T-1 Unit as provided in this Agreement. As used herein, Class T-1 Units shall be deemed to have the same Class designation as Class T REIT Shares unless stated otherwise.

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

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

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

"<u>Consent</u>" means the consent to, approval of or vote in favor or a proposed action by a Partner given in accordance with Article 12.

"<u>Conversion Rate</u>" means a fraction, the numerator of which is the Net Asset Value Per Unit for the Class of Partnership Unit being converted and the denominator of which is the Net Asset Value Per Unit for the Class of Partnership Unit being issued in such conversion.

"<u>Dealer Manager</u>" means Brookfield Oaktree Wealth Solutions LLC, or such other Person or entity selected by the Board of Directors of the REIT Limited Partner to act as the dealer manager for a Public Offering or a Private Placement.

"<u>Debt</u>" means, as to any Person, as of any date of determination: (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services; (ii) 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; (iii) 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;

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and (iv) lease obligations of such Person that, in accordance with generally accepted accounting principles, should be capitalized.

"<u>Distribution Fee</u>" means any ongoing distribution fees, dealer manager fees, stockholder servicing fees or similar fees (as distinguished from up-front or one-time selling commissions and dealer manager fees) payable with respect to outstanding REIT Shares or Partnership Units.

"<u>DRIP</u>" has the meaning set forth in Section 5.10.

"<u>DRIP Participant</u>" has the meaning set forth in Section 5.10.

"<u>DST Interests</u>" means beneficial interests sold to third-party investors by the Delaware statutory trust sponsored by Brookfield Real Estate Exchange LLC or its Affiliate, as set forth in the applicable Memorandum.

"<u>DST Properties</u>" means real properties held directly or indirectly by a Delaware statutory trust that (i) is sponsored by Brookfield Real Estate Exchange LLC or its Affiliate, as set forth in the applicable Memorandum; and (ii) sells a certain class of beneficial interests to third-party investors.

"<u>Electronic Signature</u>" has the meaning set forth in Section 13.9.

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

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

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute thereto.

"<u>Exchanged REIT Shares</u>" has the meaning set forth in Section 6.12(b).

"<u>Final Adjustment</u>" has the meaning set forth in Section 10.5(c)(ii) hereof.

"<u>FMV Option</u>" means a fair market value purchase option giving the Partnership the right, but not the obligation, to acquire DST Interests from holders thereof at a later time as set forth in the applicable Memorandum.

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"<u>General Partner</u>" means Brookfield REIT OP GP LLC, a Delaware limited liability company, and any Person who becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner, in such Person's capacity as a General Partner of the Partnership.

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

"<u>Holder</u>" means either (i) a Partner or (ii) an Assignee owning a Partnership Interest.

"<u>Incapacity</u>" has the meaning set forth in Section 9.5.

"<u>Indemnitee</u>" means (i) any Person made a party to a proceeding by reason of its status as the General Partner, or a member, director, officer or employee of the General Partner, the REIT Limited Partner or the Partnership (including, without limitation, the Partnership Representative and any "designated individual," within the meaning of the Regulations promulgated pursuant to Section 6623 of the Code), (ii) the Adviser, (iii) the REIT Limited Partner and (iv) such other Persons (including Affiliates of the General Partner, the REIT Limited Partner or the Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion.

"<u>IRS</u>" means the U.S. Internal Revenue Service.

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

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

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

"<u>Liquidating Event</u>" has the meaning set forth in Section 11.1.

"<u>Liquidator</u>" has the meaning set forth in Section 11.2(a).

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

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

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"<u>Losses</u>" has the meaning set forth in Section 6.3(a).

"<u>Master Lease Agreement</u>" means a Master Lease Agreement relating to a real property held directly or indirectly by a Delaware statutory trust that is sponsored by Brookfield Real Estate Exchange LLC or its Affiliate, as set forth in the applicable Memorandum.

"<u>Memorandum</u>" means a memorandum utilized for the purpose of offering and selling securities, including DST Interests, in a Private Placement.

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

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

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

"<u>Nonrecourse Deductions</u>" has the meaning set forth in Section 5.1(c)(v).

"<u>Notice of Redemption</u>" means the Notice of Exercise of Redemption Right, a form of which shall be provided to each Limited Partner, other than the REIT Limited Partner, upon such Limited Partner's admission to the Partnership, and which form may be revised by the General Partner in its sole discretion.

"<u>OFAC</u>" has the meaning set forth Section 8.5(e).

"<u>Offer</u>" has the meaning set forth in Section 7.4(a)(ii).

"<u>Offering</u>" means the offering and sale of securities, including without limitation, REIT Shares, DST Interests and Units.

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

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

"<u>Partner Nonrecourse Deductions</u>" has the meaning described in Section 5.1(c)(vi).

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"<u>Partnership</u>" means Brookfield REIT Operating Partnership L.P., a Delaware limited partnership.

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

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

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

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

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

"<u>Partnership Unit</u>" means a fractional, undivided share of the Partnership Interests (other than the General Partnership Interest) of all Partners issued hereunder, including Class C Units, Class D Units, Class D-1 Units, Class E Units, Class I Units, Class I-1 Units, Class S Units, Class S-1 Units, Class T Units and Class T-1 Units. The allocation of Partnership Units of each Class among the Partners shall be maintained on the books and records of the Partnership.

"<u>Partnership Year</u>" means the fiscal year of the Partnership.

"<u>Percentage Interest</u>" means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. The Percentage Interest of each Partner shall be maintained on the books and records of the Partnership.

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

"<u>Performance Participation Interest</u>" means the distribution to which the Special Limited Partner previously was entitled pursuant to Section 5.2(c) of that certain Second Amended and Restated Limited Partnership Agreement of Brookfield REIT Operating Partnership L.P., dated as of November 2, 2021.

"<u>Prior Agreement</u>" has the meaning set forth in the recitals of this Agreement.

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"<u>Private Placement</u>" means an unregistered sale of DST Interests, REIT Shares or equity of a subsidiary of the General Partner pursuant to an applicable exemption from the registration requirements of the Securities Act and state securities laws.

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

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

"<u>Prospectus</u>" means the prospectus included in the most recent effective registration statement filed by the REIT Limited Partner with the Commission with respect to the applicable Offering, as such prospectus may be amended or supplemented from time to time.

"<u>Public Offering</u>" means an offering of REIT Shares to the public.

"<u>Real Estate Related Assets</u>" means any investments (other than investments in Real Property), directly or indirectly, by the Partnership in interests related to real property of whatever nature, including, but not limited to (i) mortgage, mezzanine, bridge and other loans on Real Property, (ii) equity securities or interests in corporations (to the extent consistent with the REIT Requirements), limited liability companies, partnerships and other joint ventures having an equity interest in real property, real estate investment trusts, ground leases, tenant-in-common interests, participating mortgages, convertible mortgages or other debt instruments convertible into equity interests in real property by the terms thereof, options to purchase real estate, real property purchase-and-leaseback transactions and other transactions and investments with respect to real estate, and (iii) debt securities such as collateralized mortgage backed securities, commercial mortgages and other debt securities.

"<u>Real Property</u>" means real property owned from time to time by the Partnership or a subsidiary thereof, either directly or through Joint Ventures, which consists of (i) land only, (ii) land, including the buildings located thereon, (iii) buildings only or (iv) such investments the REIT Limited Partner and the Adviser mutually designate as Real Property to the extent such investments could be classified as Real Property. DST Properties shall also be deemed Real Property for purposes of this definition.

"<u>Received REIT Shares</u>" has the meaning set forth in Section 6.12(b).

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

"<u>Redemption Price</u>" means the Value of the REIT Shares Amount as of the last day of the calendar month immediately preceding the Specified Redemption Date.

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

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

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

"<u>REIT</u>" means a real estate investment trust as defined pursuant to Sections 856 through 860 of the Code and any successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder.

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

"<u>REIT Limited Partner</u>" means Brookfield Real Estate Income Trust Inc., a Maryland corporation.

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

"<u>REIT Share</u>" means a share of common stock, $0.01 par value per share, of the REIT Limited Partner (or Successor Entity, as the case may be), including Class C REIT Shares, Class D REIT Shares, Class E REIT Shares, Class T REIT Shares, Class I REIT Shares and Class S REIT Shares.

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"<u>REIT Shares Amount</u>" means a number of REIT Shares having the same Class designation as the Class of Partnership Units, other than as set forth in Section 8.5(b) in connection with Partnership Units issued in exchange for DST Interests in connection with the exercise of the FMV Option, offered for exchange by a Tendering Party equal to such number of Partnership Units; provided that in the event the REIT Limited Partner issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the "<u>rights</u>"), and the rights have not expired at the Specified Redemption Date, then the REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights.

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

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

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

"<u>Side Letters</u>" has the meaning set forth in Section 13.5.

"<u>Special Limited Partner</u>" means Brookfield REIT OP Special Limited Partner L.P., a Delaware limited partnership.

"<u>Specified Redemption Date</u>" means the opening of business on the last calendar day of the month following the month of the day that is 45 days after the receipt by the General Partner of the Notice of Redemption, or such earlier date after the receipt by the General Partner of the Notice of Redemption as may be determined by the General Partner in its sole discretion.

"<u>Subsidiary</u>" means, with respect to any Person, any corporation or other entity in which such Person has made an equity investment.

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

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

"<u>Survivor</u>" has the meaning set forth in Section 7.4(b).

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

"<u>Tax Items</u>" has the meaning set forth in Section 5.1(f)(ii).

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

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

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

"<u>Transfer</u>" has the meaning set forth in Section 9.2(a). "<u>Transfers</u>", "<u>Transferred</u>", and "<u>Transferring</u>" have correlative meanings.

"<u>Transferred Performance Participation Interest Units</u>" means any Partnership Units initially received by the Special Limited Partner or its assignee in consideration of its Performance Participation Interest.

"<u>Unit Equivalent</u>" means, on any given date, a REIT Share, or REIT Shares, or any portion of a REIT Share, of any given Class having the same Value as the Net Asset Value of one Partnership Unit of the same Class on such date.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.<u>Formation</u>**. The Partnership was formed and continues as a limited partnership pursuant to the Act and all other pertinent laws of the State of Delaware, for the purposes and upon the terms and conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. No Partner has any interest in any Partnership property, and the Partnership Interest of each Partner shall be personal property for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.<u>Name</u>**. The name of the Partnership is Brookfield REIT Operating Partnership L.P. The Partnership's business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the REIT Limited Partner or any Affiliate thereof. The words "Limited Partnership," "L.P.," "Ltd." or similar words or letters shall be included in the Partnership's name where necessary for the purposes of complying with

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the laws of any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the Partners of such change in the next regular communication to the Partners (or, in the sole discretion of the General Partner, earlier).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.<u>Principal Office and Registered Agent</u>**. The specified office and principal place of business of the Partnership shall be c/o Brookfield Place New York, 250 Vesey Street, 15th Floor, New York, NY 10281. The General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership's registered agent is Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered agent. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as the General Partner deems advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.<u>Partners</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 General Partner of the Partnership is Brookfield REIT OP GP LLC, a Delaware limited liability company. Its principal place of business is the same as that of the Partnership.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.<u>Term and Dissolution</u>**. The Partnership commenced upon the filing for record of the Certificate in the office of the Secretary of State of the State of Delaware on August 9, 2018 and shall continue indefinitely, unless the Partnership is dissolved pursuant to the provisions of Article 11 or as otherwise provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.<u>Filing of Certificate and Perfection of Limited Partnership</u>**. The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, any and all amendments to the Certificate(s) and all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.<u>Certificates Representing Partnership Units</u>**. At the request of a Limited Partner, the General Partner, at its sole and absolute discretion, may issue (but in no way is obligated to issue) a certificate specifying the number and Class of Partnership Units owned by the Limited Partner as of the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.<u>Purpose and Business</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 purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in

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such a manner as to permit the REIT Limited Partner at all times to qualify as a REIT, and in a manner such that the REIT Limited Partner will not be subject to any taxes under Section 857 or 4981 of the Code (to the extent the REIT Limited Partner determines not being subject to such taxes is desirable), unless the REIT Limited Partner otherwise ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the REIT Limited Partner's right in its sole and absolute discretion to qualify or cease qualifying as a REIT, the Partners acknowledge that the REIT Limited Partner intends to qualify as a REIT for federal income tax purposes and that such qualification and the avoidance of income and excise taxes on the REIT Limited Partner inures to the benefit of all the Partners and not solely to the REIT Limited Partner. Notwithstanding the foregoing, the Partners agree that the REIT Limited Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Charter. The REIT Limited Partner on behalf of the Partnership shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded partnership" for purposes of Section 7704 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision in this Agreement, the General Partner shall cause the Partnership not to take, or to refrain from taking, any action that, in the judgment of the General Partner, in its sole and absolute discretion, (i) could adversely affect the ability of the REIT Limited Partner to satisfy the REIT Requirements or to qualify as a domestically controlled qualified investment entity (as defined in Section 897(h)(4) of the Code), (ii) could subject the REIT Limited Partner to any taxes under Code Section 857 or Code Section 4981 or any other related or successor provision under the Code, (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the REIT Limited Partner, its securities or the Partnership or (iv) could cause the REIT Limited Partner not to be in compliance in all material respects with any covenants, conditions or restrictions now or hereafter placed upon the REIT Limited Partner pursuant to an agreement to which it is a party, unless, in any such case, such action (or inaction) under clause (i), clause (ii), clause (iii) or clause (iv) above shall have been specifically Consented to by the REIT Limited Partner. The foregoing requirement, and all other requirements, limitations and/or restrictions set forth in this Agreement that are intended for the REIT Limited Partner to maintain compliance as a REIT (or that otherwise are intended to prevent any taxes to be paid by the REIT Limited Partner while it has elected to be a REIT), shall be void and of no effect if the REIT Limited Partner otherwise shall have ceased to, or the REIT Limited Partner determines that the REIT Limited Partner shall no longer, qualify as a REIT.

&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 Partnership shall be a partnership only for the purposes specified in Section 3.1 hereof, and this Agreement shall not be deemed to create a company, venture or partnership between or among the Partners or any other Persons with respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified in Section 3.1 hereof. Except as otherwise provided in this Agreement, no Partner shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its properties or any other Partner. No Partner, in its capacity as a Partner under this Agreement, shall be responsible or liable for any indebtedness or obligation of another Partner, nor shall the Partnership be responsible or liable for any indebtedness or obligation of any Partner, incurred either before or after the execution and delivery of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant to and as limited by the terms of this Agreement and the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.<u>Representations and Warranties of the Partners</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)Each Partner that is an individual (including, without limitation, each additional Limited Partner or Substitute Limited Partner as a condition to becoming an additional

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Limited Partner or a Substitute Limited Partner) represents and warrants to, and covenants with, each other Partner that (i) the consummation of the transactions contemplated by this Agreement to be performed by such Partner will not result in a breach or violation of, or a default under, any material agreement by which such Partner or any of such Partner's property is bound, or any statute, regulation, order or other law to which such Partner is subject, (ii) such Partner has the legal capacity to enter into this Agreement and perform such Partner's obligations hereunder, and (iii) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms.

&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 Partner that is not an individual (including, without limitation, each additional Limited Partner or Substitute Limited Partner as a condition to becoming an additional Limited Partner or a Substitute Limited Partner) represents and warrants to, and covenants with, each other Partner 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), manager(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) or any material agreement by which such Partner or any of such Partner'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 Partner or any of its partners, members, trustees, beneficiaries or stockholders (as the case may be) is or are subject, and (iii) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms

&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)Each Partner (including, without limitation, each additional Limited Partner or Substitute Limited Partner as a condition to becoming an additional Limited Partner or Substitute Limited Partner) represents, warrants and agrees that (i) it has acquired and continues to hold its interest in the Partnership 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 Partnership in what it understands to be a highly speculative and illiquid investment,

&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 representations and warranties contained in this Section 3.2 shall survive the execution and delivery of this Agreement by each Partner (and, in the case of an additional Limited Partner or a Substitute Limited Partner, the admission of such additional Limited Partner or Substitute Limited Partner as a Limited Partner in the Partnership) and the dissolution, liquidation and termination 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;(e)Each Partner (including, without limitation, each additional Limited Partner or Substitute Limited Partner as a condition to becoming an additional Limited Partner or Substitute Limited Partner) hereby acknowledges that no representations as to potential profit, cash flows, funds from operations or yield, if any, in respect of the Partnership or the REIT Limited Partner have been made by any Partner or any employee or representative or Affiliate of any Partner, 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 Partner shall not constitute any representation or warranty of any kind or nature, express or implied.

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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;(f)Notwithstanding the foregoing, the General Partner may, in its sole and absolute discretion, permit the modification of any of the representations and warranties contained in Sections 3.2(a), 3.2(b) and 3.2(c) above as applicable to any Partner (including, without limitation any additional Limited Partner or Substitute Limited Partner or any transferee of either), provided that such representations and warranties, as modified, shall be set forth in a separate writing addressed to the Partnership and the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)When a Person (such as a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing) is acting as nominee, agent or in some other representative capacity for another Person in acquiring and/or holding Partnership Interests, the representations made in this Section 3.2 shall be made by the beneficial owner of Partnership Interests held by the nominee.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.<u>Capital Contributions</u>**. The General Partner and the Limited Partners have made Capital Contributions to the Partnership in exchange for Partnership Interests as set forth in the books and records of the Partnership. The General Partner shall cause to be maintained in the principal business office of the Partnership, or such other place as may be determined by the General Partner, the books and records of the Partnership which shall include, among other things, a register that contains the name, address, and number and Class of Partnership Units of each Partner (the "<u>Partnership Register</u>") and that reflects periodic changes to the Capital Contributions made by the Partners and redemptions and other purchases of Partnership Units by the Partnership, and corresponding changes to the Partnership Interests of the Partners, without preparing a formal amendment to this Agreement. Any reference in this Agreement to the Partnership Register shall be deemed a reference to the Partnership Register as in effect from time to time. Subject to the terms of this Agreement, the General Partner may take any action authorized hereunder in respect of the Partnership Register without any need to obtain the consent or approval of any other Partner. No action of any Limited Partner shall be required to amend or update the Partnership Register. Except as required by law, no Limited Partner shall be entitled to receive a copy of the information set forth in the Partnership Register relating to any Partner other than itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.<u>Class C Units, Class D Units, Class D-1 Units, Class E Units, Class I Units, Class I-1 Units, Class S Units, Class S-1 Units, Class T Units and Class T-1 Units</u>**. The General Partner is hereby authorized to cause the Partnership to issue Partnership Units designated as Class C Units, Class D Units, Class D-1 Units, Class E Units, Class I Units, Class I-1 Units, Class S Units, Class S-1 Units, Class T Units and Class T-1 Units. Each such Class shall have the rights and obligations attributed to that Class under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.<u>Additional Capital Contributions and Issuances of Additional Partnership Interests</u>**. Except as provided in this Section 4.3 or in Section 4.4, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The REIT Limited Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.3. Notwithstanding anything herein to the contrary, the REIT Limited Partner's Capital Account shall be credited with, but the REIT Limited Partner shall not receive any additional Partnership Interests in consideration for, any Capital Contributions made by the REIT Limited Partner to the Partnership that are attributable to cash flow amounts received by the REIT Limited Partner from its indirect leasehold interests in any DST Properties.

&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>Issuances of Additional Partnership Interests</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**<u>General</u>**. The General Partner is hereby authorized to cause the Partnership to issue such additional Partnership Interests in the form of Partnership Units

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for any Partnership purpose at any time or from time to time to the Partners (including the General Partner and the REIT Limited Partner) or to other Persons for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners, including but not limited to, Partnership Units issued in connection with the issuance of REIT Shares of, or other interests in, the REIT Limited Partner, Partnership Units issued to the Adviser in lieu of cash fees pursuant to the Advisory Agreement, Partnership Units issued in connection with acquisitions of properties and Partnership Units issued in connection with the exercise of any FMV Option. Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units (i) upon the conversion, redemption or exchange of any Debt, Partnership Units, or other securities issued by the Partnership, (ii) for such consideration as the General Partner may determine, (iii) in connection with any merger of any other Person into the Partnership or (iv) upon the contribution of property or assets to the Partnership or otherwise in connection with the Partnership's acquisition of a property or assets, including in connection with the exercise of the FMV Option. Upon the issuance of any additional Partnership Interest, the General Partner shall, without the Consent of any other Partners, amend the Partnership Register as appropriate to reflect such issuance. Any additional Partnership Interests issued thereby may be issued in one or more Classes (including the Classes specified in this Agreement or any other Classes), or one or more series of any of such Classes, with such designations, preferences and relative, participating, optional or other special rights, voting and other powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such Class or series of Partnership Interests; (ii) the right of each such Class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such Class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the REIT Limited Partner unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1.1.1the additional Partnership Interests are issued in connection with an issuance of Additional Securities by the REIT Limited Partner in accordance with Section 4.3(a)(iii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1.1.2the additional Partnership Interests are issued in exchange for property owned by the REIT Limited Partner or in exchange for other consideration with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1.1.3the additional Partnership Interests are issued upon the conversion, redemption or exchange of Debt, Partnership Units or other securities issued by the Partnership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1.1.4the additional Partnership Interests are also offered and/or issued to all Partners holding Partnership Units of the same Class or series in proportion to the Partnership Units of such Class or series held by such Partners.

Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units for less than fair market value, so long as the General

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Partner concludes in good faith that such issuance is in the best interests of the REIT Limited Partner and the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)**<u>Adjustment Events</u>**. In the event the REIT Limited Partner (i) declares or pays a dividend on any Class of its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of any Class of its outstanding REIT Shares in REIT Shares, (ii) subdivides any Class of its outstanding REIT Shares, or (iii) combines any Class of its outstanding REIT Shares into a smaller number of REIT Shares with respect to any Class of REIT Shares, then a corresponding adjustment to the number of outstanding Partnership Units of the applicable Class necessary to maintain the proportionate relationship between the number of outstanding Partnership Units of such Class to the number of outstanding REIT Shares of such Class shall automatically be made. Additionally, in the event that any other entity shall become REIT Limited Partner pursuant to any merger, consolidation or combination of the REIT Limited Partner with or into another entity (the "<u>Successor Entity</u>"), the number of outstanding Partnership Units of each Class shall be adjusted by multiplying such number by the number of shares of the Successor Entity into which one REIT Share of such Class is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to the number of outstanding Partnership Units of any Class shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event; provided, however, that if the General Partner receives a Notice of Redemption after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, or such merger, consolidation or combination, the number of outstanding Partnership Units of any Class shall be determined as if the General Partner had received the Notice of Redemption immediately prior to the record date for such dividend, distribution, subdivision or combination or such merger, consolidation or combination. If the REIT Limited Partner takes any other action affecting the REIT Shares other than actions specifically described above and, in the opinion of the General Partner such action would require an adjustment to the number of Partnership Units to maintain the proportionate relationship between the number of outstanding Partnership Units to the number of outstanding REIT Shares, the General Partner shall have the right to make such adjustment to the number of Partnership Units, to the extent permitted by law, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)**<u>Upon Issuance of Additional Securities</u>**. Upon the issuance by the REIT Limited Partner of any Additional Securities (including pursuant to the REIT Limited Partner's distribution reinvestment plan) other than to all holders of REIT Shares, the REIT Limited Partner shall contribute any net proceeds from the issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly and through the REIT Limited Partner, to the Partnership in return for, as the REIT Limited Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other rights such that their economic interests are substantially similar to those of the Additional Securities; provided, however, that the REIT Limited Partner is allowed to use net proceeds from the issuance and sale of such Additional Securities to repurchase REIT Shares pursuant to a share repurchase plan; and provided further that the REIT Limited Partner is allowed to issue Additional Securities in connection with an acquisition or operation of assets that would not be owned directly or indirectly by the Partnership, but if and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in or not opposed to the best interests of the REIT Limited Partner and the Partnership. For purposes of this Section 4.3(a)(iii),

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the acquisition and operation by the REIT Limited Partner of an indirect leasehold interest in a DST Property pursuant to a Master Lease Agreement (or a substantially similar agreement), including the contribution of net proceeds from the REIT Limited Partner to a wholly owned subsidiary holding a direct or indirect leasehold interest in a DST Property to allow such subsidiary to satisfy its operating obligations, shall be deemed to have been approved and in the best interests of the REIT Limited Partner and the Partnership. Without limiting the foregoing, the REIT Limited Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause the Partnership to issue to the REIT Limited Partner corresponding Partnership Interests, so long as the General Partner concludes in good faith that such issuance is in the best interests of the REIT Limited Partner and the Partnership, including without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant to an employee share purchase plan providing for employee purchases of REIT Shares at a discount from fair market value or employee stock options that have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance or at the time of exercise. Without limiting the foregoing, if the REIT Limited Partner issues REIT Shares of any Class for a cash purchase price and contributes all of the net proceeds of such issuance to the Partnership as required hereunder, the REIT Limited Partner shall be issued a number of additional Partnership Units having the same Class designation as the issued REIT Shares equal to the number of such REIT Shares of that Class issued by the REIT Limited Partner the proceeds of which were so contributed.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**<u>Fee Limit Conversion to Class I-1 Units</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;(i)Each Class D-1 Unit held by a Limited Partner that it received in exchange for DST Interests in connection with the exercise of the FMV Option shall automatically, and without any action on the part of the Limited Partner, convert to Class I-1 Units at the applicable Conversion Rate at the end of the month in which the Dealer Manager in conjunction with the REIT Limited Partner's transfer agent, determines that aggregate selling commissions, dealer manager fees, placement fees and investor servicing fees with respect to such Partnership Units, including any selling commissions, dealer manager fees, placement fees and investor servicing fees previously paid in connection with the DST Interests exchanged for such Partnership Units in connection with the FMV Option, would exceed, in the aggregate, the percentage cap (if any) of the cash price paid in the Private Placement for the DST Interests

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which were exchanged for such Class D-1 Units as set forth in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold such DST Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each Class S-1 Unit held by a Limited Partner that it received in exchange for DST Interests in connection with the exercise of the FMV Option shall automatically, and without any action on the part of the Limited Partner, convert to Class I-1 Units at the applicable Conversion Rate at the end of the month in which the Dealer Manager, in conjunction with the REIT Limited Partner's transfer agent, determines that aggregate selling commissions, dealer manager fees, placement fees and investor servicing fees paid with respect to such Partnership Units, including any selling commissions, dealer manager fees, placement fees and investor servicing fees previously paid in connection with the DST Interests exchanged for such Partnership Units in connection with the FMV Option, would exceed, in the aggregate, the percentage cap (if any) of the cash price paid in the Private Placement for the DST Interests which were exchanged for such Class S-1 Units as set forth in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold such DST Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Each Class T-1 Unit held by a Limited Partner that it received in exchange for DST Interests in connection with the exercise of the FMV Option shall automatically, and without any action on the part of the Limited Partner, convert to Class I-1 Units at the applicable Conversion Rate at the end of the month in which the Dealer Manager, in conjunction with the REIT Limited Partner's transfer agent, determines that aggregate selling commissions, dealer manager fees, placement fees and investor servicing fees paid with respect to such Partnership Units, including any selling commissions, dealer manager fees, placement fees and investor servicing fees previously paid in connection with the DST Interests exchanged for such Partnership Units in connection with the FMV Option, would exceed, in the aggregate, the percentage cap (if any) of the cash price paid in the Private Placement for the DST Interests which were exchanged for such Class T-1 Units as set forth in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold such DST Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.<u>Additional Funding</u>**. If the General Partner determines that it is in the best interests of the Partnership to provide for additional Partnership funds ("<u>Additional Funds</u>") for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds by incurring Debt to any Person upon such terms as the General Partner determines to be appropriate (including making such Debt convertible, redeemable or exchangeable for Partnership Units), (ii) elect to have the REIT Limited Partner or any of its Affiliates provide such Additional Funds to the Partnership through loans, purchase of additional Partnership Interests or otherwise (which the REIT Limited Partner or such Affiliates will have the option, but not the obligation, of providing) or (iii) cause the Partnership to issue additional Partnership Interests and admit additional Limited Partners to the Partnership in accordance with Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.<u>Capital Accounts</u>**. A separate capital account (a "<u>Capital Account</u>") shall be established and maintained for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv), and a Partner shall have a single Capital Account with respect to all Partnership Interests held by such Partner. If (i) a new or existing Partner acquires an additional Partnership Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership distributes to a Partner more than a de minimis amount of Partnership property or money as consideration for a Partnership Interest, (iii) the Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g), or (iv) the Partnership grants a Partnership Interest (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Partnership, the General Partner may revalue the property of the Partnership to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership's property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to

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reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.1 if there were a taxable disposition of such property for its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9.<u>No Third-Party Beneficiary</u>**. No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10.<u>No Preemptive Rights</u>**. Except as expressly provided in this Agreement, no Person, including, without limitation, any Partner or assignee, shall have any preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Partnership Interest or to otherwise make an additional Capital Contribution.

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

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

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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;(a)**<u>REIT Limited Partner Gross Income Allocation</u>**. There shall be specially allocated to the REIT Limited Partner an amount of (i) first, items of Partnership income and (ii) second, items of Partnership gain during each fiscal year or other applicable period, before any other allocations are made hereunder, in an amount equal to the excess, if any, of the cumulative reimbursements made to the REIT Limited Partner under Section 6.5(b) (other than reimbursements which would properly be treated as "guaranteed payments" or which are attributable to the reimbursement of expenses which would properly be either deductible by the Partnership or added to the tax basis of any Partnership asset) over the cumulative allocations of Partnership income and gain to the REIT Limited Partner under this Section 5.1(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;(b)**<u>General Allocations</u>**. The items of Profit and Loss of the Partnership for each fiscal year or other applicable period shall be allocated among the Partners in a manner that will, as nearly as possible (after giving effect to the allocations under Sections 5.1(a), 5.1(c) and 5.1(g)) cause the Capital Account balance of each Partner at the end of such fiscal year or other applicable period to equal (i) the amount of the hypothetical distribution that such Partner would receive if the Partnership were liquidated on the last day of such period and all assets of the Partnership, including cash, were sold for cash equal to their Carrying Values, taking into account any adjustments thereto for such period, all liabilities of the Partnership were satisfied in full in cash according to their terms (limited with respect to each nonrecourse liability to the Carrying Value of the assets securing such liability) and the remaining cash proceeds (after satisfaction of such liabilities) were distributed in full pursuant to Section 5.2, minus (ii) the sum of such Partner's share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain and the amount, if any and without duplication, that the Partner would be obligated to contribute to the capital of the Partnership, all computed as of the date of the hypothetical sale of assets. Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic effect to the provisions of this Agreement, taking into account facts and circumstances as the General Partner deems reasonably necessary for this purpose.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)**<u>Nonrecourse Deductions</u>**. Nonrecourse Deductions shall be allocated pro rata based on the number of Partnership Units held by each Partner. "<u>Nonrecourse Deductions</u>" has the meaning specified in Regulations Sections 1.704-2(b)(1) and 1.704-2(c).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Any special allocations of income or gain pursuant to Section 5.1(c)(ii) or Section 5.1(c)(iii) hereof shall be taken into account in computing subsequent allocations pursuant to Section 5.1(b) and this Section 5.1(c), so that the net amount of any items so allocated and all other items allocated to each Partner shall, to the extent possible, be equal to the net amount that would have been allocated to each Partner if such allocations pursuant to Section 5.1(c)(ii) or Section 5.1(c)(iii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)**<u>Section 754 Adjustment</u>**. To the extent that an adjustment to the adjusted tax basis of any Partnership 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 Partner in complete liquidation of its interest in the Partnership, 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 Partners in accordance with their respective interests in the Partnership in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Partner(s) to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

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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;&nbsp;&nbsp;&nbsp;&nbsp;(ix)**<u>Excess Nonrecourse Liabilities</u>**. The Partnership shall allocate "nonrecourse liabilities" (within the meaning of Regulations Section 1.752-1(a)(2)) of the Partnership that are secured by multiple Properties under any reasonable method chosen by the General Partner in accordance with Regulations Section 1.752-3(b). Except as otherwise agreed to between the General Partner and any contributor of Property to the Partnership, the Partnership shall allocate "excess nonrecourse liabilities" of the Partnership within the meaning of Regulations Section 1.752-3(a)(3) first, to the current holders of Transferred Performance Participation Interest Units, in respect of the Transferred Performance Participation Interest Units, up to the amount of the share of built in gain attributable to those Transferred Performance Participation Interest Units that is allocable to Section 704(c) property or property for which reverse Section 704(c) allocations are applicable, and second under any method chosen by the General Partner in its sole discretion that is permitted under Regulations Section 1.752-3(a)(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)**<u>Special Allocations of Class-Specific Items</u>**. To the extent that any items of income, gain, loss or deduction of the REIT Limited Partner are allocable to a specific Class or Classes of REIT Shares as provided in the Prospectus, including, without limitation, Distribution Fees, such items, or an amount equal thereto, shall be specially allocated to the Classes or Series of Partnership Units corresponding to such Class or Classes of REIT Shares. Without limiting the foregoing, items of loss or deduction attributable to Distribution Fees, investor servicing fees, upfront selling commissions, upfront dealer manager fees and Advisory Fees shall be allocated to Classes of Partnership Units other than Class E 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;(d)**<u>Allocations Between Transferor and Transferee</u>**. If a Partner transfers any part or all of its Partnership Interest, the distributive shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the Partnership's fiscal year had ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between the transferor and the transferee Partner.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Notwithstanding Section 5.1(f)(i) hereof, for income tax purposes under the Code and the Regulations, each Partnership item of income, gain, loss and deduction (collectively, "<u>Tax Items</u>") with respect to Property that is contributed to the Partnership with an initial Carrying Value that varies from its basis in the hands of the contributing Partner immediately preceding the date of contribution shall be allocated among the Partners for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation under any method approved under Code Section 704(c) and the applicable Regulations as chosen by the General Partner. In the event that the Carrying Value of any Partnership asset is adjusted to equal its respective fair market value, 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 Carrying Value in the same manner as under Code Section 704(c) and the applicable Regulations and using the method chosen by the General Partner. Allocations pursuant to this Section 5.1(f)(ii) 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 Partner's Capital Account or share of Profit, Loss, or any other items or distributions pursuant to any provision of this Agreement. Except as otherwise agreed to between the General Partner and any contributor of Property to the Partnership, the Partnership will elect to use the traditional method with curative allocations of gain on sale pursuant to Regulations Section 1.704-3(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)For greater certainty, for Canadian tax purposes all items of income, gain, loss or deduction of the Partnership in respect of any Property referred to in Section 5.1(f)(ii) (whether realized directly or indirectly, including in respect of an interest in any entity that has a direct or indirect interest in that Property), shall be allocated to the Partners in the same manner as income, gain, loss or deduction in respect of such Property is allocated to the Partners for US federal, state and local tax purposes under Section 5.1(f)(ii), taking into account such modifications and adjustments as may be necessary to reflect differences in Canadian and US income computations for tax purposes (including, without limitation, timing and characterization differences), but in keeping with the general intention to allocate income, gain, loss or deduction in respect of any such Property in a consistent manner for Canadian and US tax 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;(g)**<u>Curative Allocations</u>**. The allocations set forth in Section 5.1(c) of this Agreement (the "<u>Regulatory Allocations</u>") are intended to comply with certain requirements of

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Partnership shall distribute cash on a monthly (or, at the election of the General Partner, more or less frequent) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such month (or other distribution period) in accordance with Section 5.2(b). The Partnership shall be deemed to have distributed cash to the REIT Limited Partner in an amount equal to the amount of distributions by the REIT Limited Partner that are reinvested in REIT Shares issued by the REIT Limited Partner pursuant to the REIT Limited Partner's distribution reinvestment plan, and the REIT Limited Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of such distributions in return for an equal number of Partnership Units having the same Class designation as the issued REIT Shares. The Partnership shall be deemed to have distributed cash to a Limited Partner in an amount equal to the amount of distributions by the Partnership that are reinvested in Partnership Units issued by the Partnership to such Limited Partner pursuant to Section 5.10, and such Limited Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of such distributions in return for such Partnership Units issued pursuant to Section 5.10. The number of Partnership Units issued to any such Limited Partner in respect of such reinvested distributions shall equal the amount of such reinvested distributions divided by the most recent Net Asset Value Per Unit of the applicable Class of Partnership Units at the time of such distribution (after accounting for any reduction in Net Asset Value Per Unit as a result of such 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;(b)Except for distributions pursuant to Section 5.8 in connection with the dissolution and liquidation of the Partnership, and subject to the provisions of Sections 5.2(c), 5.2(d), 5.3 and 5.4, all distributions of cash (including any deemed distributions pursuant to Section 5.2(a)) shall be made to the Partners in amounts proportionate to the aggregate Net Asset Value of the Partnership Units held by the respective Partners on the Partnership Record Date, except that the amount distributed per Partnership Unit of any Class may differ from the amount per Partnership Unit of another Class (i) on account of differences in Class-specific expense allocations with respect to REIT Shares as described in the Prospectus or with respect to Partnership Units (including without limitation Distribution Fees and Advisory Fees, which shall be a Class-specific expense allocable to Classes of Partnership Units (and corresponding Classes of REIT Shares) other than Class E Units), or (ii) for other reasons as determined by the Board of Directors of the REIT Limited Partner. Any such differences shall correspond to differences in the amount of distributions per REIT Share for REIT Shares of different Classes, with the same adjustments being made to the amount of distributions per Partnership Unit for Partnership Units of a particular Class as are made to the distributions per REIT Share by the REIT Limited Partner with respect to REIT Shares having the same Class designation; provided, however, that such requirement in this sentence shall not apply with respect to Partnership Units of any given Class at any time there are no REIT Shares of the same Class issued and 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;(c)To the extent the Partnership is required by law to withhold or to make tax payments (including interest and penalties thereon) on behalf of or with respect to any Partner ("<u>Tax Advances</u>"), the General Partner may withhold such amounts and make such tax payments

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as so required. All Tax Advances made on behalf of a Partner shall, at the option of the General Partner, (i) be promptly paid to the Partnership by the Partner on whose behalf such Tax Advances were made or (ii) be repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have been made to such Partner or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. Whenever the General Partner selects the option set forth in clause (ii) of the immediately preceding sentence for repayment of a Tax Advance by a Partner, for all other purposes of this Partnership Agreement such Partner shall be treated as having received all distributions unreduced by the amount of such Tax Advance. Each Partner hereby agrees to indemnify and hold harmless the Partnership, the General Partner, the REIT Limited Partner and any member, officer or director of the General Partner or REIT Limited Partner from and against any liability with respect to Tax Advances required on behalf of or with respect to such Partner. The amount of any taxes paid by or withheld from receipts of the Partnership (or any investment in which the Partnership invests that is treated as a flow-through entity for U.S. federal income tax purposes) allocable to a Partner from an investment shall be deemed to have been distributed to each Partner to the extent that the payment or withholding of such taxes reduced distribution proceeds otherwise distributable to such Partner as provided herein.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.<u>Amendments to Reflect Additional Partnership Units</u>**. In the event that the Partnership issues additional Partnership Units pursuant to the provisions of Article 4 hereof, the General Partner is hereby authorized, without the Consent of any other Partner, to make such revisions to this Article 5 and other provisions of this Agreement as it determines are necessary or desirable to reflect the issuance of such additional Partnership Units, including, without limitation, making preferential distributions and allocations to Holders of certain Classes of Partnership Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7.<u>Restricted Distributions</u>**. Notwithstanding any provision to the contrary contained in this Agreement, neither the Partnership nor the General Partner, on behalf of the Partnership, shall make a distribution to any Holder if such distribution would violate the Act or other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8.<u>Distributions Upon Liquidation</u>**. Immediately before liquidation of the Partnership, all Class C Units, Class D Units, Class D-1 Units, Class E Units, Class I-1 Units, Class S Units, Class S-1 Units, Class T Units and Class T-1 Units will automatically convert to Class I Units at the applicable Conversion Rate. Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans, and any preferred return owed to any other Partner, any remaining assets of the Partnership shall be distributed to each holder of Class I Units, ratably with each other holder of

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Class I Units, which will include all converted Class C Units, Class D Units, Class D-1 Units, Class E Units, Class I-1 Units, Class S Units, Class S-1 Units, Class T Units and Class T-1 Units, in such proportion as the number of outstanding Class I Units held by such holder bears to the total number of outstanding Class I Units then outstanding.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9.<u>Substantial Economic Effect</u>**. It is the intent of the Partners that the allocations of Profit and Loss pursuant to this Agreement have substantial economic effect (or be consistent with the Partners' interests in the Partnership in the case of the allocation of losses attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10.<u>Reinvestment</u>**. Subject to legal, tax, regulatory or other similar considerations, each Limited Partner holding Partnership Units agrees to participate in the reinvestment program of distributions to the holders of Partnership Units (the "<u>DRIP</u>" and any participating Limited Partner, a "<u>DRIP Participant</u>") unless otherwise agreed with the General Partner in writing; provided, however, that each holder of Brookfield Units shall participate in the DRIP only if such holder delivers a written notice to the General Partner electing to so participate. The following provisions shall apply to the DRIP and any Limited Partner's participation therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to Section 5.10(b)(v), the General Partner shall, on behalf of each DRIP Participant, reinvest all distributions to be made to such DRIP Participant with respect to its Partnership Units in exchange for such DRIP Participant being issued additional Partnership Units of the same Class of Partnership Units held by such DRIP Participant with respect to which such distribution is being made. Partnership Units issued pursuant to the DRIP shall be purchased at the applicable Net Asset Value Per Unit on the date that the distribution is payable (calculated as of the most recent month end).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In connection with this Section 5.10, each Limited Partner agrees and acknowledges as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Partnership has designated the General Partner to administer the DRIP and act as agent for the DRIP Participants. The General Partner shall credit distributions to DRIP Participants on the basis of whole or fractional Partnership Units and shall reinvest such distributions in additional Partnership Units of the same Class of Partnership Units held by such DRIP Participant with respect to which such distribution is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A DRIP Participant shall remain in the DRIP until such DRIP Participant withdraws from the DRIP in accordance with Section 5.10(b)(v) or the General Partner terminates or suspends the DRIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)A DRIP Participant shall, on the date that the distribution is payable, be deemed to have received a cash distribution from the Partnership and then

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made a Capital Contribution in the same amount for the purchase of additional Partnership Units (at the then-current Net Asset Value Per Unit, calculated as of the most recent month end). No interest shall be paid on cash distributions pending reinvestment under the terms of the DRIP.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)DRIP Participants may elect to withdraw from the DRIP with respect to the Partnership Units held in their account in the DRIP by providing 10 days' prior written notice of such election to withdraw in a form acceptable to the General Partner and such election to withdraw shall be effective until rescinded by providing written notice of an election to reinstate participation in the DRIP in a form acceptable to the General Partner. Such written notice of such election to withdraw or be reinstated, as the case may be, must be received by the General Partner 10 days' prior to the last calendar day of the month in order for a Participant's termination to be effective for such month (i.e., a timely termination notice will be effective as of the last calendar day of the month in which it is timely received and will not affect participation in the DRIP for any prior month). Any transfer of Partnership Units by a DRIP Participant to a non-DRIP Participant will terminate participation in the DRIP with respect to the transferred Partnership Units. If a DRIP Participant requests that the Company repurchase all or any portion of the DRIP Participant's Partnership Units, the DRIP Participant's participation in the DRIP with respect to the DRIP Participant's Partnership Units for which repurchase was requested but that were not repurchased will be terminated. If a DRIP Participant terminates DRIP participation, the REIT Limited Partner may, at its option, ensure that the terminating DRIP Participant's account will reflect the whole number of Partnership Units in such DRIP Participant's account and provide a check or other instrument of payment for the cash value of any fractional Partnership Unit in such account. Upon termination of DRIP participation for any reason, future distributions will be distributed to the Investor in cash (except for allowable in-kind distributions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each DRIP Participant represents and warrants that he, she, or it is an "accredited investor" as such term is defined in Rule 501(a) of Regulation D under the Securities Act and agrees to promptly notify the General Partner in writing if such DRIP Participant experiences a change in its status as an "accredited investor" at any time prior to such DRIP Participant's withdrawal from the DRIP pursuant to Section 5.10(b)(v).

&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)This Section 5.10 shall not apply to any distributions to the REIT Limited Partner made pursuant to Section 5.2(a).

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

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

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

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of the General Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)to guarantee or become a co-maker of indebtedness of the REIT Limited Partner or any Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership's assets and to guarantee the master tenant obligations of the REIT Limited Partner or any Subsidiary thereof arising in connection with the master lease of any DST Property, including, without limitation, pursuant to a Master Lease 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;(vii)to use assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all operating costs and general administrative expenses of the REIT Limited Partner, the Partnership or any Subsidiary of either of the foregoing, to third parties or to the REIT Limited Partner as set forth in this Agreement;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)to determine whether or not to apply any insurance proceeds for any property to the restoration of such property or to distribute 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;(xiv)to establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with the Partnership business and to pay therefor such remuneration as the General Partner may deem reasonable and proper;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)to distribute Partnership cash or other Partnership assets in accordance with 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;(xix)to form or acquire an interest in, and contribute property to, any further limited or general partnerships, joint ventures or other relationships that the General Partner deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other Person in which it has an equity interest from time to time);

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each of the Limited Partners agrees that the General Partner 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 Partnership and to otherwise exercise any power of the General Partner under this Agreement and the Act on behalf of the Partnership without any further act, approval or vote of the Partners 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 General Partner to the contrary, the taking of any action or the execution of any such document or writing by an officer of the General Partner, in the name and on behalf of the General Partner, in its capacity as the general partner of the Partnership, shall conclusively evidence (1) the approval thereof by the General Partner, in its capacity as the general partner of the Partnership, (2) the General Partner's determination that such action, document or writing is necessary, advisable, appropriate, desirable or prudent to conduct the business and affairs of the Partnership, exercise the powers of the Partnership under this Agreement and the Act or effectuate the purposes of the Partnership, or any other determination by the General Partner required by this Agreement in connection with the taking of such action or execution of such document in writing, and (3) the authority of such officer with respect thereto.

&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)At all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain working capital and other reserves in such amounts as the General Partner, in its sole and absolute discretion, determines from time to time.

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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;(e)In exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner of any action taken (or not taken) by it, including any actions in connection with DST Interests, but shall be obligated to take such action as is necessary to ensure satisfaction of the REIT Requirements with respect to the REIT Limited Partner. To the fullest extent permitted by law, the General Partner and the Partnership shall not have liability to a Limited Partner under any circumstances as a result of any income tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement, except as may be contractually agreed upon by the Partnership, in connection with the acquisition of properties from Persons to whom the Partnership issues Partnership Interests as part of the purchase price, in order to preserve such Persons' tax deferral.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the fullest extent permitted by law, the Partnership shall indemnify and hereby agrees to indemnify and hold harmless an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, costs and expenses (including reasonable legal fees and expenses), judgments, fines, settlements, penalties and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, of any nature whatsoever, known or unknown, liquidated or unliquidated (collectively, "<u>Losses</u>"), that are incurred by any Indemnitee and that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise. The foregoing indemnification shall not apply to an Indemnitee the extent that any such Losses result from any act or omission by such Indemnitee with respect to which a court of competent jurisdiction (or other similar tribunal) has issued a final non-appealable decision, judgment or order that such Indemnitee acted with actual fraud, acted in bad faith, was grossly negligent or engaged in willful misconduct.

&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 limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise, for any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 6.3 in favor of any Indemnitee having or potentially having liability for any such indebtedness. It is the intention of this Section 6.3 that the Partnership 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 6.3.

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

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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;(d)The indemnification provided by this Section 6.3 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 Partners, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership's activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement and the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The provisions of this Section 6.3 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 6.3 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the Partnership's liability to any Indemnitee under this Section 6.3 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;&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 Partnership to the General Partner pursuant to this Section 6.3 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 Partners' Capital Accounts.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself, the REIT Limited Partner and the stockholders of the REIT Limited Partner, and that none of the General Partner, the REIT Limited Partner or the Board of Directors of REIT Limited Partner are under any obligation to consider the separate interests of the Limited Partners other than the REIT Limited Partner (including, without limitation, the tax consequences to Limited Partners or the tax consequences of some, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions; provided, however, that the General Partner shall be obligated to take or refrain from

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the REIT Limited Partner to continue to qualify as a REIT and as a domestically controlled qualified investment entity within the meaning of Section 897(h)(4) of the Code or the Partnership to be taxed as a partnership, (ii) to prevent the REIT Limited Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, (iii) to ensure that the Partnership will not be classified as a "publicly traded partnership" under section 7704 of the Code, (iv) for the REIT Limited Partner to otherwise satisfy the REIT Requirements or the Partnership to satisfy the "qualifying income" requirement of Code Section 7704(c), or (v) for any Affiliate to continue to qualify as a "qualified REIT subsidiary" within the meaning of Code Section 856(i)(2), is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners (including, without limitation, making prepayments on loans and borrowing money to permit the Partnership to make distributions to the Partners in such amounts as will permit the REIT Limited Partner to prevent the imposition of any federal income tax on the REIT Limited Partner (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 REIT Limited Partner to maintain REIT status or otherwise to satisfy the REIT 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;(e)Any amendment, modification or repeal of this Section 6.4 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner's liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)To the extent that, at law or in equity, the General Partner has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or the Limited Partners, the General Partner shall not be liable to the Partnership or to any other Partner for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of the General Partner under the Act or otherwise existing at law or in equity to the Partnership or its partners, are agreed by the Partners to replace such other duties and liabilities of such General Partner.

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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;(g)To the fullest extent permitted by law and notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Agreement the General Partner or the Liquidator is permitted or required to make a decision (i) in its "sole and absolute discretion," "sole discretion" or "discretion" or under a grant of similar authority or latitude, the General Partner and the Liquidator, as applicable, 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 Partnership or the Partners or any of them, or (ii) in its "good faith" or under another expressed standard, the General Partner shall act under such express standard and shall not be subject to any other or different standards. If any question should arise with respect to the operation of the Partnership, which is not otherwise specifically provided for in this Agreement or the Act, or with respect to the interpretation of this Agreement, the General Partner 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 General Partner's "sole and absolute discretion," "sole discretion" and "discretion" under this Agreement shall be exercised consistently with the General Partner's fiduciary duties and obligation under the implied contractual covenant of good faith and fair dealing under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Notwithstanding anything to the contrary in this agreement, it is understood and/or agreed that the term "good faith" as used in this agreement shall, in each case, mean "subjective good faith" as understood and interpreted under Delaware law; provided, however, that for the avoidance of doubt, any resolution of a conflict of interest between the REIT Limited Partner or the interests of stockholders of the REIT Limited Partner, on the one hand, and the Partnership or any Limited Partner on the other hand, in a manner favorable to the REIT Limited Partner or the interests of the stockholders of the REIT Limited Partner shall not be deemed a violation of such "subjective good faith" standard.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to Section 6.7 hereof, the Charter and any agreements entered into by the General Partner, the REIT Limited Partner or an Affiliate of either with the Partnership or any of its Subsidiaries, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner or the REIT Limited Partner shall be entitled to and may have, directly or indirectly, business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement in any such business ventures, interests or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any such business ventures, interests or activities, and neither the General Partner nor the REIT Limited Partner shall have any obligation pursuant to this Agreement to communicate or offer any opportunities or interest in any such business ventures, interests and activities to the Partnership or any Limited Partner, even if such

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opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person, even if it may raise a conflict of interest with the Limited Partners or the Partnership. Neither the General Partner nor the REIT Limited Partner will be liable for breach of any fiduciary or other duty by reason of the fact that such party pursues or acquires for, or directs such opportunity or interest to another Person or does not communicate or offer such opportunity or interest to the Partnership.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Partnership may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it is or thereby becomes a participant, and in which any of its Affiliates may or may not be a participant, upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement, applicable law, the Charter and the REIT status of the REIT Limited Partner.

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9.<u>Other Matters Concerning the General Partner</u>**<u>.</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 General Partner may rely in good faith and shall be protected from liability to the Partnership and the Partners 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.

&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 General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers, architects, engineers, environmental consultants and other consultants and advisers selected by it, and the General Partner shall be protected from liability to the Partnership and the Limited Partners for any act taken or omitted to be taken in good faith reliance upon the opinion of such Persons as to matters that the General Partner reasonably believes to be within such Person's professional or expert competence.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11.<u>Reliance by Third Parties</u>**. Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority, without the consent or approval of any other Partner, or Person, to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if it were the Partnership's sole party in interest, both legally and beneficially. Each Limited Partner hereby waives, to the fullest extent permitted by law, any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its 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 General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership and (iii) 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 Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12.<u>Repurchases and Exchanges of REIT Shares</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>Repurchases</u>**. If the REIT Limited Partner repurchases any REIT Shares (other than REIT Shares repurchased with proceeds received from the issuance of other REIT Shares), then the General Partner shall cause the Partnership to purchase from the REIT Limited Partner a number of Partnership Units having the same Class designation as the redeemed REIT Shares for that Class of Partnership Units on the same terms that the REIT Limited Partner repurchased such REIT Shares (including any applicable discount to Net Asset Value).

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

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as the Exchanged REIT Shares shall be credited on the books and records of the Partnership with the issuance, as of the opening of business on the next day, of the applicable number of Partnership Units having the same designation as the Received REIT Shares.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.<u>Transfers by General Partner and REIT Limited Partner</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)Except as provided in, or in connection with a transaction contemplated by Sections 7.1(b), 7.1(c) or 7.4, (i) the General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner without the consent of Limited Partners holding more than 50% of the Percentage Interests; and (ii) the REIT Limited Partner shall not transfer all or any portion of its Limited Partnership Interest or withdraw as a Partner without the consent of Limited Partners holding more than 50% of the Percentage 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;(b)Except as otherwise provided in this Section 7.1 or Section 7.4 hereof, neither the General Partner nor the REIT Limited Partner shall engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets (other than in connection with a change in the General Partner's or REIT Limited Partner's state of incorporation or organizational form) in each case which results in a change of control of the General Partner or REIT Limited Partner, as the case may be (a "<u>Termination Transaction</u>"), unless the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners is obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding Section 7.1(a), (i) a General Partner may transfer all or any portion of its General Partnership Interest to the REIT Limited Partner or any Person controlled by the REIT Limited Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner; and (ii) the REIT Limited Partner may transfer all or a portion of its Limited Partnership Interest to any Person controlled by the REIT Limited Partner and, following any such Transfer, may withdraw as a Limited Partner.

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

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

&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 Person to be admitted as a substitute or additional General Partner is a corporation, partnership, limited liability company or other legal entity, it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person's authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Partnership has reasonably determined, based upon the advice of counsel to the Partnership, that (x) the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act and (y) none of the actions taken in connection with the admission of such Person as a substitute or additional General Partner will

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cause (i) the Partnership to be classified other than as a partnership for federal tax purposes, or (ii) the loss of any Limited Partner's limited liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.<u>Removal of a General Partner</u>**. The General Partner may not be removed by the Partners, with or without cause, except with the consent of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.<u>Restriction on Termination Transactions</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)Neither the REIT Limited Partner nor the General Partner shall engage in, or cause or permit, a Termination Transaction, unless:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding 7.4(a), the REIT Limited Partner and/or the General Partner may engage in, or cause or permit, a Termination Transaction, if after such Termination Transaction (i) substantially all of the assets of the successor or surviving entity (the "<u>Survivor</u>"), other than Partnership Units held by the REIT Limited Partner and the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General Partner and the REIT Limited Partner, as appropriate, hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this Section 7.4(b). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount and the REIT Shares Amount after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Shares of each Class or options, warrants or other rights relating thereto, and which a holder of Partnership Units of any Class could have acquired had such Partnership Units been exchanged immediately prior to such merger or consolidation. Such

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amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for in Section 4.3(a)(ii). The Survivor also shall in good faith modify the definition of REIT Shares and make such amendments to Section 8.5 so as to approximate the existing rights and obligations set forth in Section 8.5 as closely as reasonably possible. The above provisions of this Section 7.4(b) shall similarly apply to successive mergers or consolidations permitted hereunder.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.<u>Power of Attorney</u>**.

&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)Each Limited Partner and Assignee hereby irrevocably constitutes and appoints the General Partner, any Liquidator, and authorized officers and attorneys-in-fact of each (the "<u>Attorney in Fact</u>"), 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1.1.1execute, 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 Certificate and all amendments, supplements or restatements thereof) that the Attorney in Fact deems appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the Attorney in Fact deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement duly adopted in accordance with its terms; (c) all conveyances and other instruments or documents that the Attorney in Fact deems appropriate or necessary to reflect the dissolution and winding up of the Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation; (d) all conveyances and other instruments or documents that the Attorney in Fact deems appropriate or necessary to reflect the distribution or exchange of assets of the Partnership pursuant to the terms of this Agreement; (e) all instruments relating to the admission, acceptance, withdrawal, removal or substitution of any Partner pursuant to the terms of this Agreement or the Capital Contribution of any Partner; and (f) all certificates, documents and other instruments relating to the

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determination of the rights, preferences and privileges relating to Partnership 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1.1.2execute, 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 Attorney in Fact, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the Partners hereunder or is consistent with the terms of this Agreement.

Nothing contained herein shall be construed as authorizing the Attorney in Fact to amend this Agreement except in accordance with Sections 5.6 and Article 11 hereof or as may be otherwise expressly provided for 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;(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 Limited Partners and Assignees will be relying upon the power of the Attorney in Fact to act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the Transfer of all or any portion of such Person's Partnership Interest and shall extend to such Person's heirs, successors, assigns, transferees and personal representatives. Each such Limited Partner and Assignee hereby agrees to be bound by any representation made by the Attorney in Fact, acting in good faith pursuant to such power of attorney; and each such Limited Partner and Assignee hereby waives, to the fullest extent permitted by law, any and all defenses that may be available to contest, negate or disaffirm the action of the Attorney in Fact, taken in good faith under such power of attorney. Each Limited Partner and Assignee shall execute and deliver to the Attorney in Fact, within fifteen (15) days after receipt of the Attorney in Fact's request therefor, such further designation, powers of attorney and other instruments as the Attorney in Fact deems necessary to effectuate this Agreement and the purposes of the Partnership. Notwithstanding anything else set forth in this Section 8.2, to the fullest extent permitted by law, no Limited Partner shall incur any personal liability for any action of the Attorney in Fact taken under such power of attorney.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to this Section 8.5 and the provisions of any agreements between the Partnership and one or more Limited Partners with respect to Partnership Units held by them, each Limited Partner other than the General Partner and the REIT Limited Partner, after holding any Partnership Units for a period of at least twelve full months (or such shorter period as consented to by the General Partner in its sole discretion), shall have the right (subject to the

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terms and conditions set forth herein) to request that the Partnership redeem (a "<u>Redemption</u>") all or a portion of such Partnership Units (the "<u>Tendered Units</u>") in exchange (a "<u>Redemption Right</u>") for the Cash Amount payable on, or, if determined by the General Partner, in its sole discretion, REIT Shares issuable on, the Specified Redemption Date. Any Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General Partner and the REIT Limited Partner) by the Limited Partner exercising the Redemption Right (the "<u>Tendering Party</u>"). A Tendering Party shall be deemed to have offered to sell the Tendered Units described in the Notice of Redemption to the General Partner and to the REIT Limited Partner and either the General Partner or the REIT Limited Partner (or both) may, in its sole and absolute discretion, elect to purchase directly and acquire such Tendered Units by paying to the Tendering Party either the Cash Amount or the REIT Shares Amount. Other than with respect to Tendered Units held by Brookfield, the Adviser and their Affiliates, the Partnership is not obligated to redeem any Tendered Units and may choose to redeem only some, or even none, of the Tendered Units in the General Partner's sole discretion. Within 15 days of receipt of a Notice of Redemption, the Partnership will send to the Limited Partner submitting the Notice of Redemption a response stating whether the General Partner and/or the REIT Limited Partner has made such an election and whether the General Partner, in its capacity as the general partner of the Partnership, has determined that the applicable Partnership Units will be redeemed for REIT Shares or the Cash Amount, or partially for REIT Shares and partially for a Cash Amount. In either case, the Limited Partner shall be entitled to withdraw the Notice of Redemption if (i) it provides notice to the Partnership that it wishes to withdraw the request and (ii) the Partnership receives the notice no less than two business days prior to the Specified Redemption Date. Notwithstanding the foregoing and subject to the terms of any policy adopted by the Board of Directors of the REIT Limited Partner, the Adviser (or in the case of Partnership Units received in consideration for management fees or the Performance Participation Interest, including the Transferred Performance Participation Interest Units, the current holders of such Partnership Units) shall have the right to require the Partnership to redeem all or a portion of their Partnership Units pursuant to this Section 8.5 at any time irrespective of the period the Partnership Units have been held by the Adviser or any assignee of the Adviser or, with respect to the Transferred Performance Participation Interests Units, the Special Limited Partner. The Partnership shall redeem any such Partnership Units for the Cash Amount unless the General Partner or the Board of Directors of the REIT Limited Partner determines that any such redemption for cash would be prohibited by applicable law or this Agreement, in which case such Partnership Units will be redeemed for an amount of Class I REIT Shares or Class E REIT Shares, as they relate to the class of Partnership Units being redeemed, with an aggregate Net Asset Value equivalent to the aggregate Net Asset Value of such Partnership Units (subject to the satisfaction of the restrictions set forth in Section 8.5(c) and Section 8.5(e)).

No Limited Partner, other than Brookfield or the Adviser (or with respect to Partnership Units received in consideration for management fees or the Performance Participation Interest, including the Transferred Performance Participation Interest Units, the current holders of such Partnership Units), may deliver more than two Notices of Redemption during each calendar year, not including any Notices of Redemption with respect to Units which were previously submitted for redemption and rejected pursuant to Section 8.5(d) or Section 8.5(e). A Limited Partner, other than Brookfield or the Adviser (or with respect to Partnership Units received in consideration for management fees or the Performance Participation Interest, including the Transferred Performance Participation Interest Units, the current holders of such Partnership Units), may not exercise the Redemption Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units held by such Partner. The Tendering Party shall have no right, with respect to any Partnership Units so redeemed, to receive any distribution paid with respect to Partnership Units if the record date for such

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distribution is on or after the Specified Redemption Date. Each of the foregoing limitations contained in this paragraph with respect to any Notice of Redemption shall be waivable in the sole discretion of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the General Partner and/or the REIT Limited Partner elects to assume the obligation from the Partnership to redeem Tendered Units and agrees to acquire the Tendered Units for REIT Shares rather than cash, then the Partnership shall direct the General Partner and/or REIT Limited Partner, as applicable, to issue and deliver such REIT Shares to the Tendering Party pursuant to the terms set forth in this Section 8.5(b), in which case, (i) the General Partner and/or REIT Limited Partner, acting as a distinct legal entity, shall assume directly the obligation with respect thereto and shall satisfy the Tendering Party's exercise of its Redemption Right, and (ii) such transaction shall be treated, for federal income tax purposes, as a transfer by the Tendering Party of such Tendered Units to the General Partner and/or REIT Limited Partner, as applicable, in exchange for REIT Shares. The percentage of the Tendered Units tendered for Redemption by the Tendering Party for which the General Partner and/or REIT Limited Partner elects to issue REIT Shares (rather than cash) is referred to as the "<u>Applicable Percentage</u>." In making such election to acquire Tendered Units, the General Partner and/or REIT Limited Partner shall act in a fair, equitable and reasonable manner that neither prefers one group or class of Limited Partners over another nor discriminates against a group or class of Limited Partners. If, pursuant to the terms of this Section 8.5, the General Partner and/or REIT Limited Partner will acquire any number of Tendered Units for REIT Shares rather than cash, on the Specified Redemption Date, the Tendering Party shall sell such number of the Tendered Units to the General Partner and/or REIT Limited Partner, as applicable, in exchange for a number of REIT Shares equal to the product of the REIT Shares Amount and the Applicable Percentage. In the case of Tendered Units consisting of Class S-1 Units, Class D-1 Units or Class T-1 Units that initially were issued in exchange for DST Interests in connection with the exercise of the FMV Option, "REIT Shares Amount," as used in the preceding sentence, shall mean a number of Class I REIT Shares equal to the product of the number of such Tendered Units and the applicable Conversion Rate. The product of the Applicable Percentage and the REIT Shares Amount (including the REIT Shares Amount applicable to Tendered Units that were issued in exchange for DST Interests in connection with the exercise of the FMV Option), if applicable, shall be delivered by the General Partner and/or REIT Limited Partner as duly authorized, validly issued, fully paid and non-assessable REIT Shares free of any pledge, lien, encumbrance or restriction, other than the Aggregate Share Ownership Limit (as calculated in accordance with the Charter) and other restrictions provided in the Article of Incorporation, the bylaws of the REIT Limited Partner, the Securities Act and relevant state securities or "blue sky" laws. No Tendering Party whose Tendered Units are acquired by the General Partner and/or the REIT Limited Partner shall have any right to cause or require the General Partner and/or the REIT Limited Partner to register or qualify such REIT Shares with any federal or state securities agency under the Securities Act or to list such REIT Shares on any stock exchange. Notwithstanding the provisions of Section 8.5(a) and this Section 8.5(b), the Tendering Parties shall have no rights under this Agreement that would otherwise be prohibited under the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In connection with an exercise of Redemption Rights pursuant to this Section 8.5, the Tendering Party shall submit to the Partnership (with a copy to the General Partner and the REIT Limited Partner), in addition to the Notice of Redemption, any other documents as the General Partner may reasonably require. The General Partner, in its sole discretion, may waive any representation or certification required by the Notice of Redemption or any other document or documents provided by the Tendering Party pursuant to this Section 8.5(c).

&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)Any Cash Amount to be paid to a Tendering Party pursuant to this Section 8.5 shall be paid on the Specified Redemption Date; provided, however, that settlements of such

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payments will be made within three business days of the Specified Redemption Date for U.S. accounts and within five business days for non-U.S. accounts. Notwithstanding the foregoing, and other than as set forth below, the Partnership is not obligated to redeem any Tendered Units and may choose to redeem only some, or even none, of the Tendered Units in the General Partner's sole discretion. To the extent that the General Partner elects not to redeem all or any portion of the Tendered Units, (i) the Redemption with respect to such Tendered Units or applicable portion thereof shall be null and void ab initio and such Tendering Party shall not acquire any rights or economic interest in any Cash Amount otherwise payable upon such Redemption or the REIT Shares otherwise issuable upon such exchange; and (ii) the Tendering Party must submit another Notice of Redemption with respect such Tendered Units or applicable portion thereof in order to request that they be redeemed. Notwithstanding the foregoing, the General Partner shall redeem Tendered Units held by Brookfield, the Adviser, and their Affiliates regardless of its determination with respect to Tendered Units held by any other Tendering 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;(e)Notwithstanding any other provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the Limited Partners to exercise their Redemption Rights to prevent, among other things, (a) any person from owning shares in excess of the Common Share Ownership Limit, the Aggregate Share Ownership Limit and the Excepted Holder Limit or the REIT Limited Partner failing to qualify as a "domestically controlled qualified investment entity" within the meaning of Section 897(h), (b) the REIT Shares from being owned by less than 100 persons and the REIT Limited Partner from being "closely held" within the meaning of Section 856(h) of the Code, (c) as and if deemed necessary, the Partnership from constituting a "publicly traded partnership" under Section 7704 of the Code, (d) the Partnership's assets being considered "plan assets" with the meaning of ERISA or any regulations proposed or promulgated thereunder, (e) the violation of the Securities Act or other comparable state law, (f) the registration of the Partnership as an investment company under the Investment Company Act, (g) the registration of the Partnership, the General Partner or any Affiliate thereof (that is not already registered as an investment adviser under the Advisers Act) as an investment adviser under the Advisers Act, (h) the termination of the Partnership's status as a partnership for tax purposes, (i) the violation of any law, rule, regulation by such Limited Partner, the Partnership, the General Partner and their respective officers, directors, employers, shareholders, partners, members or any Affiliate thereof, including any law, rule or regulation promulgated by the U.S. Department of the Treasury's Office of Foreign Assets Control of the U.S. Department of State ("<u>OFAC</u>"), (j) the Partnership from being deemed a "SIFT Partnership" as such term is defined in Section 197 of the Income Tax Act (Canada), and (k) a non-exempt prohibited transaction under ERISA. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof to each of the Limited Partners holding Partnership Units that, in accordance with advice of counsel, restrictions are necessary in order to avoid the foregoing, as applicable. In addition to any other appropriate restrictions placed by the General Partner pursuant to this Section 8.5(e), no Tendering Party (including, without limitation, Brookfield, the Adviser or, with respect to Partnership Units received in consideration for management fees or the Performance Participation Interest, including the Transferred Performance Participation Interest Units, the current holders of such Partnership Units) shall be entitled to consummate a Redemption if the ownership of or delivery of REIT Shares to such Tendering Party on the Specified Redemption Date by the General Partner would (i) cause the occurrence of any of the circumstances described in clauses (a) through (k) of the first sentence of this Section 8.5(e), (ii) cause the REIT Limited Partner to own, actually or constructively, 10% or more of the ownership interests in a tenant (other than a tenant that is a "taxable REIT subsidiary" (as defined in Section 856(l) of the Code)) of the REIT Limited Partner's, the Partnership's or a Subsidiary's real property, within the meaning of Section 856(d)(2)(B) of the Code, or (iii) otherwise cause the REIT Limited Partner to fail to qualify as a REIT under the Code, including, but not limited to, as a result of any "eligible independent contractor" (as defined in Section 856(d)(9)(A) of the Code) that

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operates a "qualified lodging facility" (as defined in Section 856(d)(9)(D) of the Code) or a "qualified health care property" (as defined in Section 856(e)(6)(D)(i) of the Code) on behalf of a "taxable REIT subsidiary" (as defined in Section 856(l) of the Code) failing to qualify as such. The REIT Limited Partner, in its sole and absolute discretion, may waive any restriction on redemption set forth in this Section 8.5(e), provided that the Tendering Party has submitted such information, certification or statement as the REIT Limited Partner may reasonably require in connection with the application of the restrictions described in this Section 8.5(e). To the extent any attempted Redemption or exchange for REIT Shares would be in violation of any restriction set forth in this Section 8.5(e), the General Partner agrees to use commercially reasonable efforts to pay the Cash Amount to the Tendering Party on the Specified Redemption Date unless the payment of such Cash Amount would be in violation of this Agreement or any applicable law, in which case such Redemption shall be null and void ab initio and such Tendering Party shall not acquire any rights or economic interest in any Cash Amount otherwise payable upon such Redemption or the REIT Shares otherwise issuable upon such exchange. Notwithstanding the foregoing, the payment of any Cash Amount shall be subject to the Partnership's right not to redeem all or a portion of any Tendered Units, in the General Partner's sole discretion, pursuant to Section 8.5(d).

&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)A redemption fee may be charged (other than to Brookfield or the Adviser (or with respect to Partnership Units received in consideration for management fees or the Performance Participation Interest, including the Transferred Performance Participation Interest Units, the current holders of such Partnership Units) in connection with an exercise of Redemption Rights pursuant to this Section 8.5.

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

&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)Notwithstanding anything herein to the contrary, the provisions of this Section 8.5 shall not apply with respect to the Brookfield Units, and instead the provisions of the Brookfield Repurchase Arrangement shall govern with respect to redemptions or repurchases of Brookfield Units by the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.<u>Outside Activities of Limited Partners</u>**. Subject to any agreements entered into pursuant to Section 6.7 hereof and any other agreements entered into by a Limited Partner or any of its Affiliates with the General Partner, the Partnership or a Subsidiary (including, without limitation, any employment agreement), any Limited Partner (other than the REIT Limited Partner) and any Assignee, officer, director, employee, agent, trustee, Affiliate, member or stockholder of any Limited Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities that are in direct or indirect competition with the Partnership or that are enhanced by the activities of the Partnership. Neither the Partnership nor any Partner shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. Subject to such agreements, none of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any business ventures of any other Person, and such Person shall have no obligation pursuant to this Agreement, subject to Section 6.7 hereof and any other agreements entered into by a Limited Partner or its Affiliates with the General Partner, the Partnership or a Subsidiary, to offer any

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interest in any such business ventures to the Partnership, any Limited Partner, or any such other Person, even if such opportunity is of a character that, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7.<u>Expenses Not Attributable to Class E Units</u>**. Distribution Fees, upfront selling commissions, upfront dealer manager fees and Advisory Fees shall be Class-specific expenses allocable to and borne by Classes of Partnership Units other than Class E Units.

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

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

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

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

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

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

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

&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)Notwithstanding anything to the contrary contained herein, no Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole of it part, without the

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consent of the General Partner, which may be withheld in its sole and absolute discretion, if such proposed Transfer would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)require the registration of the Limited Partnership Interest under the Securities Act, the registration of the Partnership as an investment company under, or would be in violation of, the Investment Company Act or any rules or regulations promulgated thereunder, the registration of the General Partner or any Affiliate thereof (that is not currently registered as an investment adviser) as an investment adviser under the Advisers Act, or cause the Partnership to be treated as (1) a "publicly traded partnership" within the meaning of Code Section 7704(b) or (2) a "SIFT Partnership" within the meaning of Section 197 of the *Income Tax Act* (Canada), or otherwise violate any applicable federal or state securities or blue sky law (including investment suitability standards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) result in the Partnership's being treated as an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code and the General Partner determines such treatment would be in the best interest of the Partnership), (B) adversely affect the ability of the REIT Limited Partner to continue to qualify as a REIT or as a domestically controlled qualified investment entity or subject the REIT Limited Partner to any additional taxes under Section 857 or Section 4981 of the Code, (C) cause the Partnership not to qualify for the safe harbor described in Regulations Section 1.7704-1(h) (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), or (D) such Transfer is effectuated through an "established securities market" or a "secondary market (or the substantial equivalent thereof)" within the meaning of Section 7704 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)be a Transfer to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations Section 1.752-1(a)(2));provided that as a condition to such consent the lender may be required to enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a Partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)result in the Partnership's assets being considered "plan assets" within the meaning of ERISA or any regulations proposed or promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)result in a violation of any applicable anti-money laundering law, rule 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)cause the General Partner or the Partnership to be controlled by, or under common control with, owned 50 percent or more, individually or in the aggregate, directly or indirectly, by any Person that (a) is the subject or target of any sanctions administered or enforced by OFAC (collectively "<u>Sanctions</u>") or (b) is located, organized or resident in a country or territory that is, or whose government is, the subject or target of comprehensive Sanctions, including, without limitation, the Crimea region, Cuba, Iran, North Korea, Sudan, and Syria.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Assignee shall have delivered a letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If the Assignee is a corporation, partnership or trust, the assignee shall have provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee's authority to become a Limited Partner under the terms and provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Assignee shall have executed a power of attorney containing the terms and provisions set forth in Section 8.2 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)The Assignee shall have paid all legal fees and other expenses of the Partnership, the General Partner, and the REIT Limited Partner and filing and publication costs in connection with its substitution as a Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)The Assignee has obtained the prior written consent of the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner's sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer documents or the date on which the General Partner has received all necessary instruments of transfer and substitution.

&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 General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section 9.3 and making all official filings and publications. The Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person as a Limited Partner of the Partnership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.<u>Rights of Assignees of Partnership Interests</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Person who is the Assignee of all or any portion of a Limited Partner's Limited Partnership Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of its Limited Partnership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.<u>Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner</u>**. The occurrence of an Event of Bankruptcy as to a Limited Partner, the dissolution of a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) (any of the foregoing, "<u>Incapacity</u>") shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6.<u>Joint Ownership of Interests</u>**. A Partnership Interest may be acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest shall be required to constitute the action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the counsel for the Partnership that the actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner shall cause the Partnership Interest to be divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former owners.

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**ARTICLE 10<br><u>BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.<u>Books and Records</u>**. At all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership's specified office true and complete books of account in accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business address of each Partner and the Partnership Units held by each such Partner, (b) a copy of the Certificate of Limited Partnership and all Certificates of amendment thereto, (c) copies of the Partnership's federal, state and local income tax returns and reports, (d) copies of this Agreement and amendments thereto and any financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such records during ordinary business hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.<u>Custody of Partnership Funds; Bank Accounts</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All deposits and other funds not needed in the operation of the business of the Partnership may be invested in any manner determined by the General Partner in its sole discretion. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment permitted by this Section 10.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.<u>Fiscal and Taxable Year</u>**. The fiscal and taxable year of the Partnership shall be the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.<u>Annual Tax Information and Report</u>**. The General Partner shall use commercially reasonable efforts to furnish or cause to be furnished the following reports to each Limited Partner: as soon as reasonably practicable following the end of each fiscal year, such Limited Partner's Schedule K-1 (or other similar schedule) in respect of the Partnership's IRS Form 1065 for such fiscal year or such other information required by the Code and the Regulations, if any, with respect to the Partnership, as the General Partner deems appropriate for the preparation of such Limited Partner's U.S. federal income tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5.<u>Tax Elections; Special Basis Adjustments</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 General Partner shall act as or appoint the "partnership representative" within the meaning of Section 6223(a) of the Code (the "<u>Partnership Representative</u>") and the equivalent for applicable state and local tax purposes. As Partnership Representative, the General Partner (or its appointee) shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Partnership Representative. The General Partner (or its appointee) shall have the right to retain professional assistance in respect of any audit of the Partnership by the IRS and all out-of-pocket expenses and fees incurred by the General Partner (or its appointee) on behalf of the Partnership as Partnership Representative shall constitute Partnership expenses.

&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 elections required or permitted to be made by the Partnership under the Code or any applicable state, local or foreign tax law shall be made by the General Partner in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Partnership Representative is authorized, but not required:

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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;&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 Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a "tax audit" and such judicial proceedings being referred to as "judicial review"). In the settlement agreement with respect to any such proceedings, the Partnership Representative may expressly state that such agreement shall bind all Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 final partnership adjustment (a "<u>Final Adjustment</u>") is mailed to the Partnership 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 Partnership'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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)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 Partner for tax purposes, or an item affected by such item; 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;(v)to take any other action on behalf of the Partners or any of them in connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or regulations.

(vi)The taking of any action and the incurring of any expense by the Partnership 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 Partnership Representative and the provisions relating to indemnification of the General Partner set forth in Section 6.3 hereof shall be fully applicable to the Partnership Representative in its capacity as such.

(vii)In the case of the payment by the Partnership of an assessed imputed underpayment, the Partnership Representative is authorized to allocate the assessed amount among the Partners in a manner it deems equitable in its sole discretion so that each Partner economically bears any taxes paid by the Partnership allocable to such Partners.

&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 of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Partnership's assets. Notwithstanding anything contained in Article 5, any adjustments made pursuant to Section 754 of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other Partners for any purpose under this Agreement. Each Partner will furnish the Partnership with all information necessary to give effect to such election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6.<u>Obligations of Limited Partners in respect of Tax Information</u>**. Each Partner shall furnish the General Partner with such information, forms and certifications as the General Partner may request in order to comply with any applicable U.S. federal, state or local or non-US tax withholding, reporting or payment requirements, and each Limited Partner represents and warrants that the information and forms furnished by it shall be true and accurate in all respects.

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Without limiting the foregoing, a Limited Partner that contributes Property to the Partnership shall promptly provide the General Partner with all relevant information and supporting schedules and documentation to establish the Limited Partner's adjusted tax basis in, and depreciation schedules for, the contributed Property as of the time of the contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7.<u>Reports to Limited Partners</u>**. As soon as practicable after the close of each fiscal year, but in no event later than the date on which the General Partner mails its annual report to holders of the REIT Shares, the General Partner shall cause to be mailed to each Limited Partner (other than the REIT Limited Partner and any Limited Partner that is an Affiliate of Brookfield) an annual report containing financial statements of the Partnership, or of the REIT Limited Partner if such statements are prepared solely on a consolidated basis with the REIT Limited Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. The annual financial statements shall be audited by accountants selected by the General Partner.

**ARTICLE 11<br>DISSOLUTION, LIQUIDATION AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.<u>Dissolution</u>**. The Partnership shall not be dissolved by the admission of Substitute Limited Partners or additional Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner is hereby authorized to, and shall, continue the business and affairs of the Partnership without dissolution. However, the Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (each a "<u>Liquidating 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)the occurrence of an event of withdrawal (as defined in the Act) with respect to a General Partner; provided, the Partnership shall not be dissolved and required to be wound up in connection with any of the events specified in this clause (A) if (1) at the time of the occurrence of such event there is at least one remaining general partner of the Partnership who is hereby authorized to and shall carry on the business of the Partnership, or (2) if at such time there is no remaining General Partner, if within 90 days after such event of withdrawal, Limited Partners holding more than 50% of the Percentage Interests agree in writing or vote to continue the business of the Partnership and to appoint, effective as of the date of withdrawal, one or more additional General Partners;

&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)an election to dissolve the Partnership made by the General Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; 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)at any time there are no limited partners of the Partnership, unless the Partnership is continued without dissolution in accordance with the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.<u>Winding Up</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)Upon the occurrence of a Liquidating Event, the Partnership 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 Partnership's business and affairs. The General Partner (or, in the event that there is no remaining General Partner or the General Partner has dissolved, become bankrupt within the meaning of the Act or ceased to operate, any Person elected by Limited Partners holding more than 50% of the Percentage Interests (the General Partner or such other Person being referred to herein as the "<u>Liquidator</u>")) shall be responsible for overseeing the winding up and dissolution of the Partnership and shall take full account of the Partnership's liabilities and property, and the Partnership property shall be liquidated as promptly as is

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consistent with obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent determined by the General Partner, include shares of stock in the General Partner) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1.1.1First, to the satisfaction of all of the Partnership'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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1.1.2Second, to the satisfaction of all of the Partnership's debts and liabilities to the General Partner (whether by payment or the making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under Section 6.5 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1.1.3Third, to the satisfaction of all of the Partnership'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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1.1.4Fourth, to the Partners in accordance with Section 5.8.

The General Partner shall not receive any additional compensation for any services performed pursuant to this Article 11 other than reimbursement of its expenses as set forth in Section 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;(b)Notwithstanding the provisions of Section 11.2(a) hereof that require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if the Liquidator determines that an immediate sale of part or all of the Partnership'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 and/or distribute to the Holders, in lieu of cash, as tenants in common and in accordance with the provisions of Section 11.2(a) hereof, undivided interests in such Partnership 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the fullest extent permitted by law, 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 or as may otherwise be required with respect to the General Partner in its capacity as the general partner of the Partnership, such Holder shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit, and such deficit shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever.

&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 sole and absolute discretion of the General Partner or the Liquidator, a pro rata portion of the distributions that would otherwise be made pursuant to this Article 11 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4.1.1distributed to a trust established for the benefit of the General Partner and the Holders for the purpose of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent,

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conditional or unmatured liabilities or obligations of the Partnership arising out of or in connection with the Partnership and/or Partnership activities. The assets of any such trust shall be distributed to the Holders, from time to time, in the reasonable discretion of the General Partner or the Liquidator, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4.1.2withheld or escrowed to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld or escrowed amounts shall be distributed to the Holders in the manner and order of priority set forth in Section 11.2(a) hereof as soon as practicable.

&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 provisions of Section 6.4 hereof shall apply to any Liquidator appointed pursuant to this Article 11 as though the Liquidator were the General Partner of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.<u>Rights of Holders</u>**. Except as otherwise provided in this Agreement, (a) each Holder shall look solely to the assets of the Partnership 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 Partnership and (c) no Holder shall have priority over any other Holder as to the return of its Capital Contributions, distributions or allocations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4.<u>Notice of Dissolution</u>**. In the event that a Liquidating Event occurs or an event occurs that would, but for an election or objection by one or more Partners pursuant to Section 11.1 hereof, result in a dissolution of the Partnership, the General Partner or Liquidator shall, within thirty (30) days thereafter, provide written notice thereof to each Holder and, in the General Partner's or Liquidator's sole and absolute discretion or as required by the Act, to all other parties with whom the Partnership regularly conducts business (as determined in the sole and absolute discretion of the General Partner or Liquidator), and the General Partner 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 Partnership regularly conducts business (as determined in the sole and absolute discretion of the General Partner or Liquidator).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5.<u>Cancellation of Certificate of Limited Partnership</u>**. Upon the completion of the liquidation of the Partnership cash and property as provided in Section 11.2 hereof, the Partnership shall be terminated, a certificate of cancellation shall be filed with the Secretary of State, at which time the Partnership shall terminate, all qualifications of the Partnership as a foreign limited partnership or association in jurisdictions other than the State of Delaware shall be cancelled, and such other actions as may be necessary to terminate the Partnership shall be taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6.<u>Reasonable Time for Winding-Up</u>**. A reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 11.2 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 Partners during the period of liquidation.

**ARTICLE 12<br>PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENT OF AGREEMENT; MEETINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.<u>Procedures of Actions and Consents of Partners Notices</u>**. The actions requiring Consent of any Partner or Partners pursuant to this Agreement or otherwise pursuant to applicable law, are subject to the procedures set forth in this Article 12.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.<u>Amendment</u>**. This Agreement may be amended with the Consent of the Limited Partners holding more than 50% of the Percentage Interests. Notwithstanding the foregoing, the General Partner, without the consent of any Limited Partner, may amend this Agreement for 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1.1.1to add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of the General Partner for the benefit of the Limited Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1.1.2to reflect issuance of additional Partnership Units in accordance with the terms of this Agreement, the admission, substitution, termination or withdrawal of Partners, the Transfer of any Partnership Interest in accordance with this Agreement, and to amend the Partnership Register 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1.1.3to reflect a change that is of an inconsequential nature or does not adversely affect the Limited Partners in any material economic respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1.1.4to set forth or amend the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of the Holders of any additional Partnership Interests issued pursuant to Article 4, including, without limitation, amending Articles 5, 8 and 11 hereof, to appropriately reflect the distributions, allocations, partnership rights and rights upon liquidation (including any preference, priority or subordination thereof) of the additional Partnership Interests so issued in accordance with the terms 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1.1.5to satisfy any requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a federal or state agency or contained in federal or state 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1.1.6(a) to reflect such changes as are reasonably necessary for the REIT Limited Partner to maintain its status as a REIT or as a domestically controlled qualified investment entity or to satisfy the REIT Requirements, (b) to reflect the Transfer of all or any part of a Partnership Interest between the General Partner, the REIT Limited Partner and any Person controlled by the REIT Limited Partner or (c) to ensure that the Partnership 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1.1.7to modify either or both of the manner in which items of Profit or Loss are allocated pursuant to Article 5 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1.1.8to reflect the issuance of additional Partnership Interests in accordance with Article 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1.1.9to reflect any modification to this Agreement as is necessary or desirable (as determined by the General Partner in its sole and absolute discretion) in connection with any merger or consolidation of the

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Partnership with and into the REIT Limited Partner or any wholly owned subsidiary of the REIT Limited Partner, or any Transfer by the REIT Limited Partner of its Limited Partnership Interest in the Partnership to any wholly owned subsidiary of the REIT Limited Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1.1.10to reflect any other modification to this Agreement as is reasonably necessary for the business or operations of the Partnership or the REIT Limited Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1.1.11to effect or facilitate a Termination Transaction that, in accordance with Section 7.1(b) and/or 7.1(c), does not require the consent of any Limited Partner and, if the Partnership is the Surviving Partnership in any Termination Transaction, to modify Section 8.5 or any related definitions to provide that the holders of interests in such Surviving Partnership have rights that are consistent with Section 7.1; 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;12.2.1.1.12to reflect modifications as is necessary or desirable to (i) cause the number of Partnership Units issued and outstanding of each Class to equal the number of REIT Shares having the same Class designation as such Class of Partnership Units, (ii) include a provision whereby the distributions made on each Partnership Unit of a given Class shall be the same as distributions made on each REIT Share of the same Class, (iii) include a provision to ensure that the Net Asset Value Per Partnership Unit of a given Class will at all times be equal or substantially equal to the Net Asset Value Per REIT Share of the same Class, and (iv) include a provision whereby the REIT Limited Partner will be issued a Partnership Unit of a particular Class each time it issues a REIT Share of the same Class and contributes (or is deemed to have contributed) the gross proceeds from the issuance of such REIT Share to the Partnership.

Notwithstanding the foregoing, the following amendments shall require the consent of Limited Partners holding more than 50% of the Percentage 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;(a)any amendment affecting the operation of the Redemption Right (except as provided in Section 8.5(d), 7.1(b) or 7.1(c)) in a manner adverse to the Limited Partners;

&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)any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any amendment that would alter the Partnership's allocations of Profit and Loss to the Limited Partners, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.3; 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)any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.<u>Actions and Consents of the Partners</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)Meetings of the Partners may be called only by the General Partner to transact any business that the General Partner determines. The call shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all Partners 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. Partners may vote in person or by proxy at such meeting. Unless approval by a different number or proportion of the Partners is required by this Agreement, the affirmative vote of the General Partner and Limited Partners holding more than 50% of the Percentage Interests shall be sufficient to approve such proposal at a meeting of the Partners. Whenever the vote, consent or approval of Partners is permitted or required under this Agreement, such vote, consent or approval may be given at a meeting of Partners or may be given in accordance with the procedures prescribed in Section 12.3(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;(b)Any action requiring the Consent of any Partner or group of Partners pursuant to this Agreement or that is required or permitted to be taken at a meeting of the Partners 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 Partners whose affirmative vote would be sufficient to approve such action or provide such Consent at a meeting of the Partners. 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 Partners at a meeting of the Partners. Such consent shall be filed with the General Partner. 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 General Partner 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, to the fullest extent permitted by law, constitute a Consent that is consistent with the General Partner'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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Partner entitled to act at a meeting of the Partners may authorize any Person or Persons to act for it by proxy on all matters in which a Partner is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Each proxy must be signed by the Partner 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 Partner executing it, such revocation to be effective upon the Partnership's receipt of written notice of such revocation from the Partner 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The General Partner may set, in advance, a record date for the purpose of determining the Partners (i) entitled to Consent to any action, (ii) entitled to receive notice of or vote at any meeting of the Partners or (iii) in order to make a determination of Partners for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of the Partners, not less than five (5) days, before the date on which the meeting is to be held. If no record date is fixed, the record date for the determination of Partners entitled to notice of or to vote at a meeting of the Partners 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 Partners shall be the effective date of such Partner action, distribution or other event. When a determination of the Partners entitled to vote at any meeting of the Partners 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each meeting of Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint pursuant to such rules for the conduct of

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the meeting as the General Partner or such other Person deems appropriate in its sole and absolute discretion. Without limitation, meetings of Partners may be conducted in the same manner as meetings of the REIT Limited Partner's stockholders and may be held at the same time as, and as part of, the meetings of the REIT Limited Partner's stockholders.

**ARTICLE 13<br><u>GENERAL PROVISIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1.<u>Notices</u>**. All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses maintained for each Partner on the books and records of the Partnership; provided, however, that any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed as set forth below:

***To the General Partner&nbsp;&nbsp;&nbsp;&nbsp;***Brookfield REIT OP GP LLC&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;c/o Brookfield Property Group LLC

&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Place

&nbsp;&nbsp;&nbsp;&nbsp;250 Vesey Street, 15th Floor

&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10281

&nbsp;&nbsp;&nbsp;&nbsp;Attention: BPG Funds Legal

&nbsp;&nbsp;&nbsp;&nbsp;Email: BPGFundsLegal@brookfield.com

***with a required copy to:&nbsp;&nbsp;&nbsp;&nbsp;***Alston & Bird LLP

&nbsp;&nbsp;&nbsp;&nbsp;1201 W. Peachtree St. NW

&nbsp;&nbsp;&nbsp;&nbsp;Atlanta, Georgia 30309

&nbsp;&nbsp;&nbsp;&nbsp;Attention: Jason Goode

Email: jason.goode@alston.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.<u>Survival of Rights</u>**. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3.<u>Additional Documents</u>**. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4.<u>Severability</u>**. If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5.<u>Side Letters</u>**. Notwithstanding anything to the contrary contained herein, it is hereby acknowledged and agreed that the General Partner, on its own behalf or on behalf of the Partnership, and without the approval of any Limited Partner or any other Person, may enter into a side letter or similar agreement (collectively, "<u>Side Letters</u>") with one or more Limited Partners which has the effect of establishing rights under, or altering or supplementing the terms hereof. As a result of such Side Letters, certain Limited Partners may receive additional benefits, which may be more favorable than those offered to any other Partners. The parties hereto agree that any terms contained in a Side Letter with one or more such Persons shall govern with respect to such Persons notwithstanding anything to the contrary contained herein. Except as required by applicable law, the General Partner will not be required to notify all Limited Partners of any such

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Side Letters or any of the rights or terms or provisions thereof, and will not be required to offer such additional or different rights or terms to all Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6.<u>Entire Agreement</u>**. This Agreement, the exhibits attached hereto, the Brookfield Contribution Agreements, and any Side Letters constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7.<u>Pronouns and Plurals</u>**. When the context in which words are used in the Agreement indicates that such is the intent, words in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8.<u>Headings</u>**. The Article headings or sections in this Agreement are for convenience only and shall not be used in construing the scope of this Agreement or any particular Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.9.<u>Counterparts</u>**. This Agreement may be executed in counterparts, each one of which shall be deemed an original and all of which together shall constitute one and the same Agreement. For the avoidance of doubt, a Person's execution and delivery of this Agreement by electronic signature and electronic transmission (jointly, an "<u>Electronic Signature</u>"), including via Docusign or other similar method, shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such Person and shall bind such Person to the terms of this Agreement. The Partners hereto agree that this Agreement and any additional information incidental hereto may be maintained as electronic records. Any Person executing and delivering this Agreement by Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Agreement, as may be reasonably requested by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10.<u>Governing Law</u>**. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.11.<u>No Partition</u>**. No Partner nor any successor-in-interest to a Partner shall have the right while this Agreement remains in effect to have any property of the Partnership partitioned, or to file a complaint or institute any proceeding at law or in equity to have such property of the Partnership partitioned, and each Partner, on behalf of itself and its successors and assigns hereby waives any such right. It is the intention of the Partners that the rights of the parties hereto and their successors-in-interest to Partnership property, as among themselves, shall be governed by the terms of this Agreement and that the rights of the Partners and their respective successors-in-interest shall be subject to the limitations and restrictions as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.12.<u>No Rights as Shareholders</u>**. Nothing contained in this Agreement shall be construed as conferring upon the Holders of Partnership Units any rights whatsoever as stockholders of the REIT Limited Partner or as members of the General Partner, including without limitation any right to receive dividends or other distributions made to stockholders of the REIT Limited Partner or to vote or to consent or receive notice as stockholders in respect of any meeting of stockholders of the REIT Limited Partner for the election of directors of the REIT Limited Partner or any other matter.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Agreement, all as of the date first set forth above.

**GENERAL PARTNER:**

**Brookfield REIT OP GP LLC**

By: Brookfield Real Estate Income Trust Inc., its sole member

By: <u>"</u>*<u>Theodore C. Hanno</u>*<u>"</u>

Name: Theodore C. Hanno

Title: Chief Financial Officer

**REIT LIMITED PARTNER:**

**Brookfield Real Estate Income Trust Inc.**

By: <u>"</u>*<u>Theodore C. Hanno</u>*<u>"</u>

Name: Theodore C. Hanno

Title: Chief Financial Officer

**LIMITED PARTNERS:**

**By: Brookfield REIT OP GP LLC, as attorney-in-fact for the Persons whose names are set forth in the books and records of the Partnership as Limited Partners**

By: Brookfield Real Estate Income Trust Inc., its sole member

By: <u>"</u>*<u>Theodore C. Hanno</u>*<u>"</u>

Name: Theodore C. Hanno

Title: Chief Financial Officer

*Signature page of Fifth Amended and Restated Limited Partnership Agreement of*

*Brookfield REIT Operating Partnership L.P.*

## Exhibit 10.4

**EXECUTION VERSION**

**AMENDMENT NO. 1<br>TO<br>THIRD AMENDED AND RESTATED ADVISORY AGREEMENT**

THIS AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED ADVISORY AGREEMENT (this "<u>Amendment</u>") is made and entered into as of November 11, 2025, and amends that certain Third Amended and Restated Advisory Agreement, dated as of August 11, 2025 (the "<u>Agreement</u>"), by and among Brookfield Real Estate Income Trust Inc., a Maryland corporation (the "<u>Company</u>"), Brookfield REIT Operating Partnership L.P., a Delaware limited partnership (the "<u>Operating Partnership</u>"), and Brookfield REIT Adviser LLC, a Delaware limited liability company (the "<u>Adviser</u>"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**RECITALS**

WHEREAS, on the date hereof, the Limited Partnership Agreement of the Operating Partnership was amended and restated to designate a new class of Operating Partnership units known as Class I-1;

WHEREAS, the Company, the Adviser and the Operating Partnership desire to amend the Agreement to reflect the designation of such new class of Operating Partnership units; and

WHEREAS, pursuant to Section 22(b) of the Agreement, no provision of the Agreement may be amended, waived, discharged or terminated, except by an instrument in writing signed by the party against which enforcement of the amendment, waiver, discharge or termination is sought.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, it is hereby agreed between the parties hereto as follows:

**AGREEMENT**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment to Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The definition of "Participating Units" in Section 1 of the Agreement is hereby deleted in its entirety and replaced with the following:

""**<u>Participating Units</u>**" means Class C, Class D, Class D-1, Class I, Class I-1, Class S, Class S-1, Class T and Class T-1 units of the Operating Partnership held by unitholders other than the Company. Class E units of the Operating Partnership shall not be considered Participating Units."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Section 10(c) of the Agreement is hereby deleted in its entirety and replaced with the following:

"(c) The Company Management Fee and the Company Performance Fee may be paid, at the Adviser's election, in cash or in a number of Class I Common Shares or Class E Common Shares with an equal aggregate value, with each share valued at its Transaction Price as of the last day of the period for which such Company Management Fee or Company Performance Fee, as applicable, was earned, or in any combination of cash and shares valued on the same basis. The OP Management Fee and the OP Performance Fee may be paid, at the Adviser's election, in cash or in a number of Class I-1 or Class E units of the Operating Partnership with an equal aggregate

LEGAL02/47548133v6

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value, with each unit valued at its net asset value per unit as of the last day of the period for which such OP Management Fee or OP Performance Fee was earned, or in any combination of cash and units valued on the same basis. If the Adviser elects to receive any portion of the Company Management Fee or Company Performance Fee in Class I Common Shares or Class E Common Shares, the Adviser may elect at a later date to have the Company repurchase from the Adviser such Class I Common Shares or Class E Common Shares at a per share price equal to the then-current Transaction Price for a Class I Common Share or Class E Common Share, as the case may be, subject to the terms of any policy adopted by the Board with respect to Shares held by the Adviser. Class I Common Shares and or Class E Common Shares obtained by the Adviser will not be subject to the repurchase limits of the Company's share repurchase plan or any reduction or penalty for an early repurchase. If the Adviser elects to receive any portion of the OP Management Fee or OP Performance Fee in Class I-1 or Class E units of the Operating Partnership, the Adviser may elect at a later date to have the Operating Partnership repurchase such units for cash unless the Board determines that any such repurchase for cash would be prohibited by applicable law or the Charter, in which case such Operating Partnership units will be repurchased for the Company's Class I Common Shares or Class E Common Shares, as they relate to the class of Operating Partnership units being repurchased, with an equivalent aggregate NAV."

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Effectiveness of Amendment*. This Amendment shall be effective as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Counterparts; Signature*. This Amendment may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Governing Law*. This Amendment shall be governed by and construed in accordance with Section 22(d) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Continued Effect*. Except as specifically set forth herein, all other terms and conditions of the Agreement shall remain unmodified and in full force and effect, the same being confirmed and republished hereby. In the event of any conflict between the terms of the Agreement and the terms of this Amendment, the terms of this Amendment shall control.

[*Signatures on following page.*]

LEGAL02/47548133v6

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date and year first above written.

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| | |
|:---|:---|
| Brookfield Real Estate Income Trust Inc. | Brookfield Real Estate Income Trust Inc. |
| By: | *"Theodore C. Hanno"* |
|  | Name: Theodore C. Hanno |
|  | Title: Chief Financial Officer |
| Brookfield REIT Operating Partnership L.P. | Brookfield REIT Operating Partnership L.P. |
| By: | Brookfield REIT OP GP LLC, its general partner |
| By: | Brookfield Real Estate Income Trust Inc., its sole member |
| By: | *"Theodore C. Hanno"* |
|  | Name: Theodore C. Hanno |
|  | Title: Chief Financial Officer |
| Brookfield REIT Adviser LLC | Brookfield REIT Adviser LLC |
| By: | *"Melissa Lang"* |
|  | Name: Melissa Lang |
|  | Title: Managing Director |

---

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

[*Signature Page to Amendment No. 1 to Third Amended and Restated Advisory Agreement*]

## Exhibit 31.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 31.1**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Brian W. Kingston, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q (the "report") of Brookfield Real Estate Income Trust Inc. (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 12, 2025

---

| |
|:---|
| /s/ Brian W. Kingston |
| Brian W. Kingston |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Theodore C. Hanno, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q (the "report") of Brookfield Real Estate Income Trust Inc. (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 12, 2025

---

| |
|:---|
| /s/ Theodore C. Hanno |
| Theodore C. Hanno |
| Chief Financial Officer |
| (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Brookfield Real Estate Income Trust Inc. (the "Company") on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Brian W. Kingston, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 1 The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 2 The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Brian W. Kingston |
| Brian W. Kingston |
| Chief Executive Officer |
| (Principal Executive Officer) |
| November 12, 2025 |

---

*This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.*

*A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.*

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Brookfield Real Estate Income Trust Inc. (the "Company") on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Theodore C. Hanno, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 1 The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 2 The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Theodore C. Hanno |
| Theodore C. Hanno |
| Chief Financial Officer |
| (Principal Financial and Accounting Officer) |
| November 12, 2025 |

---

*This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.*

*A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.*

<br>