# EDGAR Filing Document

**Accession Number:** 0001713407
**File Stem:** 0001193125-23-069155
**Filing Date:** 2023-3
**Character Count:** 33632
**Document Hash:** 1d0b92b5ec4de2af32b03f91e6346736
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-069155.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001193125-23-069155

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230307

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BROOKFIELD REAL ESTATE INCOME TRUST INC.
- **CENTRAL INDEX KEY:** 0001713407
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 822365593
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56428
- **FILM NUMBER:** 23727985

**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="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(D)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): March 7, 2023

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## BROOKFIELD REAL ESTATE INCOME TRUST INC.

#### (Exact Name of Registrant as Specified in Its Charter)

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| | | |
|:---|:---|:---|
| **Maryland** | **000-56428** | **82-2365593** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

#### 250 Vesey Street, 15th Floor

#### New York, New York

#### 10281

#### (Zip code)

#### (Address of principal executive offices)
(212) 417-7000

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

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

☐ Written communications pursuant to Rule 425 under the Securities Act

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

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

---

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

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

Emerging growth company ☒

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

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| | |
|:---|:---|
| **Item 8.01** | **Other Events**  |

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*Amended Distribution Reinvestment Plan* 

On March 7, 2023, the board of directors of Brookfield Real Estate Income Trust Inc. (the "Company") approved a new distribution reinvestment plan (the "Distribution Reinvestment Plan"), which will become effective on March 31, 2023. Under the new Distribution Reinvestment Plan, a participating stockholder who seeks the repurchase by the Company of a portion of, but fewer than all, his or her shares will continue to participate in the Distribution Reinvestment Plan with respect to any shares not repurchased. A stockholder's participation in the Distribution Reinvestment Plan will automatically terminate if he or she seeks the repurchase by the Company of all his or her shares and any distributions paid following such repurchase request will be paid in cash.

The foregoing description of the Distribution Reinvestment Plan does not purport to be complete and is qualified in its entirety by reference to the full text of the Distribution Reinvestment Plan, which is filed as Exhibit 4.1 to this Current Report and incorporated by reference herein.

*Amended Independent Director Compensation Policy* 

On March 7, 2023, the board approved certain amendments to the Company's Independent Director Compensation Policy (as so amended, the "Policy") to provide that the annual grant of restricted Class E shares to the Company's independent directors will occur on the first business day of the second quarter of each fiscal year (or, if the person becomes an independent director after such date, the first business day following the effective date on which the person becomes an independent director), rather than on the last business day of the first quarter of each fiscal year.

The foregoing description of the Policy does not purport to be complete and is qualified in its entirety by reference to the full text of the Policy, which is filed as Exhibit 4.2 to this Current Report and incorporated by reference herein.

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#### Item 9.01. Financial Statements and Exhibits.
*(d) Exhibits.* 

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| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Description** |
| 4.1 | [Distribution Reinvestment Plan](d474056dex41.htm) |
| 4.2 | [Independent Director Compensation Policy](d474056dex42.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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

Date: March 13, 2023

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| | |
|:---|:---|
| **BROOKFIELD REAL ESTATE INCOME TRUST INC.** | **BROOKFIELD REAL ESTATE INCOME TRUST INC.** |
| By: | /s/ Michelle L. Campbell |
| Name: | Michelle L. Campbell |
| Title: | Secretary |

---

## Exhibit 4.1

**Exhibit 4.1** 

**DISTRIBUTION REINVESTMENT PLAN** 

This Distribution Reinvestment Plan (the "Plan") is adopted by Brookfield Real Estate Income Trust Inc. (the "Company") pursuant to its Articles of Amendment and Restatement (as amended, restated or otherwise modified from time to time, the "Charter"). Unless otherwise defined herein, capitalized terms shall have the same meaning as set forth in the Charter.

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

2. **Effective Date**. The effective date of this Plan shall be March 31, 2023.

3. **Procedure for Participation**. Any Stockholder who has (i) received the Company's prospectus (the "Prospectus") and purchased Shares pursuant to the Public Offering (unless such Stockholder is a resident of Alabama, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Texas, Vermont or Washington or is a client of a participating broker-dealer that does not permit automatic enrollment in the Plan) or (ii) purchased Shares pursuant to a Private Offering, will automatically become a Participant unless they elect not to become a Participant by noting such election on their subscription agreement. Any Stockholder who has received a Prospectus and purchased Shares pursuant to the Public Offering and who is a resident of Alabama, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Texas, Vermont or Washington or is a client of a participating broker-dealer that does not permit automatic enrollment in the Plan will become a Participant only if they elect to become a Participant by noting such election on their subscription agreement. If any Stockholder initially elects not to be a Participant, they may later become a Participant by subsequently completing and executing an enrollment form or any appropriate authorization form as may be available from the Company, the Company's transfer agent, the dealer manager for the Public Offering or any soliciting dealer participating in the distribution of Shares for the Public Offering. Participation in the Plan will begin with the next Distribution payable after acceptance of a Participant's subscription, enrollment or authorization. Shares will be purchased under the Plan on the date that Distributions are paid by the Company.

4. **Suitability**. Each Participant is requested to promptly notify the Company in writing if the Participant experiences a material change in his or her financial condition, including the failure to meet the income, net worth, investment concentration, status as an "accredited investor" as defined by Regulation D of the Securities Act (solely with respect to purchasers in a Private Offering), or other investment suitability standards imposed by such Participant's state of residence or the Company and set forth in the Company's most recent Prospectus or the private placement memorandum with respect to a Private Offering, as applicable. For the avoidance of doubt, this request in no way shifts to the Participant the responsibility of the Company's sponsor, or any other person selling Shares on behalf of the Company to the Participant, to make every reasonable effort to determine that the purchase of Shares by stockholders who purchased Shares in the Public Offering is a suitable and appropriate investment based on information provided by such Participant.

------

5. **Purchase of Shares**.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Shares to be distributed by the Company in connection with the Plan may (but are not required to) be supplied
from: (i) the Shares registered with the Securities and Exchange Commission (the "SEC") in connection with the Public Offering, (ii) Class E shares issued by the Company pursuant to an applicable exemption from registration
under the Securities Act, or (iii) Shares to be registered with the SEC in a Future Public Offering for use in the Plan.

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

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

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

9. **Termination by Participant**. A Participant may terminate participation in the Plan at any time, without penalty, by delivering 10 days' prior written notice to the Company. This notice must be received by the Company prior to the last day of a month in order for a Participant's termination to be effective for such month (*i.e*., a timely termination notice will be effective as of the last day of a month in which it is timely received and will not affect participation in the Plan for any prior month). Any transfer of Shares by a Participant to a non-Participant will terminate participation in the Plan with respect to the transferred Shares. If a Participant requests that the Company repurchase a portion of, but fewer than all, the Participant's Shares, the Participant will continue to participate in the Plan with respect to the Participant's Shares for which repurchase was requested but that were not repurchased. If a Participant requests that the Company repurchase all the Participant's Shares, the Participant's participation in the Plan will automatically terminate and any distributions paid following such repurchase request will be paid in cash.

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If a Participant terminates Plan participation, the Company may, at its option, ensure that the terminating Participant's account will reflect the whole number of Shares in such Participant's account and provide a check for the cash value of any fractional Share in such account. Upon termination of Plan participation for any reason, future Distributions will be distributed to the Stockholder in cash.

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

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

## Exhibit 4.2

**Exhibit 4.2**![LOGO](g474056page8.jpg)

**BROOKFIELD REAL ESTATE INCOME TRUST INC.** 

**INDEPENDENT DIRECTOR COMPENSATION POLICY** 

**Effective Date** 

On November 2, 2021, the Board of Directors (the "Board") of Brookfield Real Estate Income Trust Inc. (the "Company") adopted this Independent Director Compensation Policy (the "Plan"), to be effective as November 2, 2021. Amendments to the Plan were approved on March 21, 2022 to provide that the annual grant of Class E shares of restricted stock shall occur on the last business day of the first quarter of each year and that the Class E shares of restricted stock granted hereunder shall immediately vest in the event that the Company fails to renominate an independent director to the Board. The Plan was further amended on March 7, 2023 to provide that the annual grant of Class E shares of restricted stock shall occur on the first business day of the second quarter of each year. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in Brookfield Real Estate Income Trust Inc. Independent Director Restricted Stock Award Agreement (the "Award Agreement") in substantially the form attached hereto as <u>Exhibit A</u>.

**Eligibility** 

This policy shall apply to directors of the Company who meet the requirements set forth for an "independent director" in the Company's Charter.

**Compensation** 

The following shall remain in effect until changed by the Board (collectively, the "Compensation"):

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| | |
|:---|:---|
|  Annual Retainer: | $125000.0 |
|  Audit Committee Chair Annual Retainer: | $20000.0 |

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**Payment Timing and Form** 

Fifty percent (50%) of the Independent Director's applicable Compensation shall be paid quarterly in cash in arrears, taking into account any required proration as described below, as soon as possible following the end of the calendar quarter to which the Compensation relates, and fifty percent (50%) of the Independent Director's applicable Compensation shall be paid in the form of restricted shares of Class E common stock of the Company ("Restricted Stock").

*Terms and Conditions of Restricted Stock*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restricted Stock shall be granted subject to the terms and conditions of the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Restricted Stock shall be granted on the first business day of the second quarter of each fiscal year (or, if
the person becomes an Independent Director after such date, the first business day following the effective date on which the person becomes an Independent Director) (in either case, a "Grant Date"). The number of shares of Restricted Stock
granted shall be determined by (A) dividing fifty percent (50%) of the Independent Director's applicable Compensation, taking into account any required proration as described below, by the NAV for the month immediately preceding the month
in which the Grant Date occurs, and (B) rounding to the nearest whole number.

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| | |
|:---|:---|
| **Brookfield Real Estate Income Trust Inc.** | *Independent Director Compensation Plan* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless and until provided otherwise by the Board, the Restricted Stock granted pursuant to this Policy shall vest
and become non-forfeitable on the one-year anniversary of the Grant Date, provided that the Independent Director is providing services to the Company as a director on
such vesting date. Notwithstanding the foregoing vesting schedule, the shares of Restricted Stock shall become fully vested on the earlier occurrence of: (i) the termination of the Independent Director's service as a director of the
Company due to his or her death, Disability or the Company's failure to renominate the Independent Director to the Board; or (ii) a Change in Control. If the Independent Director's service as a director of the Company
terminates other than as described in clause (i) of the foregoing sentence, then the Independent Director shall forfeit all of his or her right, title and interest in and to any unvested shares of Restricted Stock as of the date of such
termination from the Board and such Restricted Stock shall be reconveyed to the Company without further consideration or any act or action by the Independent Director.

*Proration* 

If an Independent Director becomes an Independent Director subsequent to the first quarter of the year, then his or her Compensation shall be prorated based on the number of calendar quarters remaining for the Independent Director to serve on the Board during the twelve-month period following the date of the most recently held Annual Meeting.

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**<u>Exhibit A</u>**

<u>RESTRICTED STOCK AWARD AGREEMENT</u> 

THIS AGREEMENT (the "<u>Agreement</u>"), is made effective as of the [ ] day of [ ], 20[ ], (the "<u>Date of Grant</u>"), between Brookfield Real Estate Income Trust Inc. a Maryland corporation (the "<u>Company</u>"), and [ ] (the "<u>Participant</u>"):

<u>R E C I T A L S</u>:

WHEREAS, the Board has determined that it would be in the best interests of the Company and its shareholders to grant the restricted stock award provided for herein (the "<u>Restricted Stock Award</u>") to the Participant pursuant to the terms set forth herein.

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. The following definitions shall be applicable throughout the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Affiliate</u>" means any Person that directly or indirectly controls, is controlled by or is under common control with the Company. The term "control" (including, with correlative meaning, the terms "controlled by" and "under common control with"), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Board</u>" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Change in Control</u>" shall mean the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person or Group, other than a Permitted Holder, is or becomes the "beneficial owner" (as defined
in rules 13d-3 and 13d-5 under the Exchange Act) directly or indirectly of more than 30% of the total voting power of the voting stock of the Company (or any entity
which controls the Company) within a 12-month period, including by way of merger, consolidation, tender or exchange offer, or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a reorganization, recapitalization, merger or consolidation (a "Corporate Transaction") involving the
Company, unless securities representing 70% or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company or the corporation resulting from such Corporate
Transaction (or the parent of such corporation) are held subsequent to such transaction by the Person or Persons who were the "beneficial owners" of the outstanding voting securities entitled to vote generally in the election of directors
of the Company immediately prior to such Corporate Transaction, in substantially the same proportions as their ownership immediately prior to such Corporate Transaction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the sale or disposition, in one or a series of related transactions, of all or substantially all, of the assets
of the Company to any Person or Group other than the Permitted Holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) during any period of 12 months, individuals who at the beginning of such period constituted the Board (together
with any new directors whose election by such Board or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in office, who were either directors at the
beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board, then in office.

For the avoidance of doubt, if the Permitted Holder remains the majority owner of the total voting power of the voting stock of the Company, then there shall not be a Change in Control for purposes of this Restricted Stock Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Code</u>" means the Internal Revenue Code of 1986, as amended, and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Disability</u>" shall have the meaning of such term as set forth in Section 409A of the Code. The Disability determination shall be in the sole discretion of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Group</u>" shall mean "group," as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Permitted Holder</u>" means any of the following: (i) the Company, Brookfield Asset Management Inc. or any of their respective Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities or (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Person</u>" means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Shares</u>" means shares of the Company's Class E common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Grant of the Restricted Shares</u>. Subject to the terms and conditions set forth in this Agreement, the Company hereby grants to the Participant a Restricted Stock Award consisting of Shares (hereinafter called the "Restricted Shares"). The Restricted Shares shall vest and become nonforfeitable in accordance with Section 3 hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Vesting</u>*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the Participant's continued service on the board of directors of the Company ("Board Service"), the Restricted Shares shall vest and become non-forfeitable with respect to 100% of the Restricted Shares on [ ] [ ], 20[ ]. Notwithstanding the foregoing, in the event the Participant's Board Service ends due to (i) the Participant's death or Disability or (ii) the Company's failure to renominate an independent director to the Board, then the Restricted Shares shall be deemed to fully vest on the date of such death or Disability, or, in the case of clause (ii), the date of the applicable shareholders meeting, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Participant's Board Service with the Company ends for any reason other than the reasons set forth in 3(a) above, the Restricted Shares, to the extent not previously vested, shall be forfeited by the Participant without consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Agreement to the contrary, in the event of a Change in Control, the Restricted Shares shall, to the extent not then vested and not previously forfeited, immediately become fully vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Book Entry Ownership</u>. The Company shall recognize the Participant's ownership of the Restricted Shares through uncertificated book entry. To the extent required by the Company, the Participant shall deliver to the Company a stock power, duly endorsed in blank, relating to the Restricted Shares that have not previously vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Rights as a Shareholder</u>. The Participant shall be the record owner of the Restricted Shares until or unless such Restricted Shares are forfeited pursuant to Section 3 hereof, and as record owner shall be entitled to all rights of a common shareholder of the Company, including, without limitation, voting and dividend rights with respect to the Restricted Shares; provided that the Restricted Shares that have not previously vested shall be subject to the limitations on transfer and encumbrance set forth in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Notations</u>. To the extent applicable, all book entries representing the vested Restricted Shares shall be subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Restricted Shares are listed, and any applicable Federal or state laws, and the Board may cause notations to be made next to the book entries to make appropriate reference to such restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>No Right to Continued Board Service</u>. The granting of the Restricted Shares evidenced by this Agreement shall impose no obligation on the Company or any Affiliate to continue the Board Service of the Participant and shall not lessen or affect the Company's or its Affiliate's right to terminate the Board Service of such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Transferability</u>. The Restricted Shares may not, at any time prior to becoming vested pursuant to Section 3, be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Taxes</u>. The Participant may be required to pay to the Company or any Affiliate and the Company shall have the right and is hereby authorized to withhold, any applicable withholding taxes in respect of the Restricted Shares, their grant or vesting or any payment or transfer with respect to the Restricted Shares and to take such action as may be necessary in the opinion of the Board to satisfy all obligations for the payment of such withholding taxes. Upon issuance of the Restricted Shares hereunder, the Participant may make an election to be taxed upon such award under Section 83(b) of the Code (an "(83(b) Election"). To effect such 83(b) Election, the Participant may file an appropriate election with Internal Revenue Service within 30 days after award of the Restricted Shares and otherwise in accordance with applicable Treasury Regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Securities Laws</u>. Upon the vesting of any Restricted Shares, the Participant will make or enter into such written representations, warranties and agreements as the Board may reasonably request in order to comply with applicable securities laws or with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. Any notice necessary under this Agreement shall be addressed to the Company in care of its Secretary at the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Choice of Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the state of Maryland without regard to conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Signature in Counterparts</u>. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

*[Signatures on next page.]* 

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IN WITNESS WHEREOF, the parties have caused this Agreement to be effective as of the day and year first above written.

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|:---|
| BROOKFIELD REAL ESTATE INCOME |
| TRUST INC. |
| Name: |
| Title: |
| PARTICIPANT |

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