Document:

Exhibit 4.2

 

SECOND
AMENDED AND RESTATED

DISTRIBUTION
REINVESTMENT PLAN

 

This SECOND AMENDED &
RESTATED DISTRIBUTION REINVESTMENT PLAN (“Plan”) is adopted by the Dividend
Capital Total Realty Trust Inc., a Maryland corporation (the “Company”),
pursuant to its Charter (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 (“Stockholders”)
of the Company who (i) purchase shares of the Company’s common stock (“Shares”)
pursuant to the Company’s initial public offering (the “Initial Offering”), or (ii) purchase
Shares pursuant to any future offering of the Company (“Future Offering”), and
who elect to participate in the Plan, the Company will apply all dividends and
other distributions declared and paid in respect of the Shares held by each
participating Stockholder (the “Dividends”), including Dividends paid with
respect to any full or fractional Shares acquired under the Plan, to the
purchase of Shares for such participating Stockholders directly, if permitted
under state securities laws and, if not, through the Dealer Manager or
Soliciting Dealers registered in the participating Stockholder’s state of
residence.

 

Additionally, as agent for the
holders of limited partnership interests (the “OP Interests”) of Dividend
Capital Total Realty Operating Partnership LP (the “Partnership”) who acquire
such OP Interests as a result of any transaction of the Partnership, and who
elect to participate in the Plan (together with the participating Stockholders,
the “Participants”), the Partnership will apply all distributions declared and
paid in respect of the OP Interests held by each Participant (the “Distributions”),
including Distributions paid with respect to any full or fractional OP
Interests acquired, to the purchase of Shares for such Participant directly, if
permitted under state securities laws and, if not, through the Dealer Manager
or Soliciting Dealers registered in the Participant’s state of residence.

 

2.             Effective Date. The effective date of this Plan shall be the
date that the registration statement relating to any future offering is
declared effective.

 

3.             Procedure for Participation. Any Stockholder or holder of OP Interests who has
received a prospectus, as contained in the Company’s registration statement
filed with the Securities and Exchange Commission (the “Commission”), may elect
to become a Participant by completing and executing the subscription agreement,
an enrollment form or any other appropriate authorization form as may be
available from the Company, the Partnership, the Dealer Manager or Soliciting
Dealer. Participation in the Plan will begin with the next Dividend or
Distribution payable after acceptance of a Participant’s subscription,
enrollment or authorization. Shares will be purchased under the Plan on the
date that Dividends or Distributions are paid by the Company or the
Partnership, as the case may be. The Company intends to pay Dividends and, on
behalf of the Partnership, Distributions on a quarterly basis. Each Participant
agrees that if, at any time prior to the listing of the Shares on a national
stock exchange, he or she fails to meet the suitability requirements for making
an investment in the Company or cannot make the other representations or
warranties set forth in the subscription agreement, he or she will promptly so
notify the Company in writing.

 

4.             Purchase of Shares. Participants will acquire Shares from the
Company under the Plan (the “Plan Shares”) at a price equal to $9.50 per share
until the earliest of (i) all the Plan Shares registered in the Initial
Offering are issued, (ii) the Initial Offering and any future offering of
Plan Shares terminate and the Company elects to deregister with the Commission
the unsold Plan Shares, or (iii) there is more than a de minimis amount of trading in our
Shares, at which time any registered Plan Shares then available under the Plan
will be sold at a price equal to the fair market value of the Shares, as determined
by the Company’s Board by reference to the applicable sales price in respect to
the most recent trades occurring on or prior to the relevant distribution date.
Participants in the Plan may also purchase fractional Shares so that 100% of
the Dividends or Distributions will be used to acquire Shares. However, a
Participant will not be able to acquire Plan Shares to the extent that any such
purchase would cause such Participant to exceed the Aggregate Share Ownership
Limit or the Common Share Ownership Limit as set forth in the Charter or
otherwise would cause a violation of the share ownership restrictions set forth
in the Charter.

 

Shares to be distributed by the
Company in connection with the Plan may (but are not required to) be supplied
from: (a) the Plan Shares which will be registered with the Commission in
connection with the Company’s Initial Offering, (b) Shares to be
registered with the Commission in a Future Offering for use in the Plan (a “Future

 

 

Registration”), or (c) Shares of the Company’s
common stock purchased by the Company for the Plan in a secondary market (if
available) or on a stock exchange or Nasdaq (if listed) (collectively, the “Secondary
Market”).

 

Shares purchased in any Secondary
Market will be purchased at the then-prevailing market price, which price will
be utilized for purposes of issuing Shares in the Plan. Shares acquired by the
Company in any Secondary Market or registered in a Future Registration for use
in the Plan may be at prices lower or higher than the Share price which will be
paid for the Plan Shares pursuant to the Initial Offering.

 

If the Company acquires Shares in
any Secondary Market for use in the Plan, the Company shall use its reasonable
efforts to acquire Shares at the lowest price then reasonably available.
However, the Company does not in any respect guarantee or warrant that the
Shares so acquired and purchased by the Participant in the Plan will be at the
lowest possible price. Further, irrespective of the Company’s ability to
acquire Shares in any Secondary Market or to make a Future Offering for Shares
to be used in the Plan, the Company is in no way obligated to do either, in its
sole discretion.

 

5.             Taxes. IT IS UNDERSTOOD THAT REINVESTMENT OF DIVIDENDS
AND DISTRIBUTIONS DOES NOT RELIEVE A PARTICIPANT OF ANY INCOME TAX LIABILITY
WHICH MAY BE PAYABLE ON THE DIVIDENDS AND DISTRIBUTIONS.

 

6.             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 common stock.

 

7.             Reports. Within 90 days after the end of the Company’s
fiscal year, the Company shall provide each Stockholder with an individualized
report on his or her investment, including the purchase date(s), purchase price
and number of Shares owned, as well as the dates of Dividend and/or
Distribution payments and amounts of Dividends and/or Distributions paid during
the prior fiscal year. In addition, the Company shall provide to each
Participant an individualized quarterly report at the time of each Dividend
and/or Distribution payment showing the number of Shares owned prior to the
current Dividend and/or Distribution, the amount of the current Dividend and/or
Distribution and the number of Shares owned after the current Dividend and/or
Distribution.

 

8.             Servicing Fee. N/A.

 

9.             Termination by Participant. A Participant may terminate participation in the
Plan at any time, without penalty by delivering to the Company a written
notice. Prior to listing of the Shares on a national stock exchange or Nasdaq,
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 terminates Plan participation, the Company will ensure that the
terminating Participant’s account will reflect the whole number of shares in
his account and provide a check for the cash value of any fractional share in
such account. Upon termination of Plan participation for any reason, Dividends
and/or Distributions will be distributed to the Stockholder or holder of OP
Interests in cash.

 

10.          Amendment or Termination of Plan by
the Company. The Board of
the Company may by majority vote (including a majority of the Independent
Directors) amend or terminate the Plan for any reason upon 10 days’
written notice to the Participants.

 

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 (a) arising out of failure to
terminate a Participant’s account upon such Participant’s death prior to
receipt of notice in writing of such death; or (b) 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 Commission and certain
state securities commissioners, such indemnification is contrary to public
policy and, therefore, unenforceable.

 

12.          Limitations. 
Notwithstanding anything to the contrary contained herein, (a) the
Company shall not provide for indemnification of or hold harmless a Director,
the Advisor or any Affiliate of the Advisor (the “Indemnitee”) for any
liability or loss suffered by any of them, unless all of the following
conditions are met:  (i) the
Indemnitee has determined, in good faith, that the course of conduct that
caused the loss or liability was in the best 

 

2

 

interests of the Company; (ii) the Indemnitee
was acting on behalf of or performing services for the Company; (iii) such
liability or loss was not the result of (A) negligence or misconduct, in
the case that the Indemnitee is a Director (other than an Independent
Director), the Advisor or an Affiliate of the Advisor or (B) gross
negligence or willful misconduct, in the case that the Indemnitee is an
Independent Director; and (iv) such indemnification or agreement to hold
harmless is recoverable only out of Net Assets and not from the Stockholders;
and (b) the Company shall not provide indemnification for any loss,
liability or expense arising from or out of an alleged violation of federal or
state securities laws by such party unless one or more of the following
conditions are met:  (i) there has
been a successful adjudication on the merits of each count involving alleged
material securities law violations as to the Indemnitee; (ii) such claims
have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the Indemnitee; or (iii) a court of competent
jurisdiction approves a settlement of the claims against the Indemnitee and
finds that indemnification of the settlement and the related costs should be
made, and the court considering the request for indemnification has been
advised of the position of the Securities and Exchange Commission and of the
published position of any state securities regulatory authority in which Securities
were offered or sold as to indemnification for violations of securities laws.

 

3Exhibit
10.1

 

 

FIFTH AMENDED AND RESTATED
ADVISORY AGREEMENT

 

among

 

DIVIDEND CAPITAL TOTAL REALTY TRUST INC.,

 

DIVIDEND CAPITAL TOTAL REALTY OPERATING PARTNERSHIP
LP

 

and

 

DIVIDEND CAPITAL TOTAL ADVISORS LLC

 

1

 

	
  1.

  	
  DEFINITIONS

  	
  1

  
	
   

  	
   

  	
   

  
	
  2.

  	
  APPOINTMENT

  	
  8

  
	
   

  	
   

  	
   

  
	
  3.

  	
  DUTIES OF THE ADVISOR

  	
  8

  
	
   

  	
   

  	
   

  
	
  4.

  	
  AUTHORITY OF ADVISOR

  	
  10

  
	
   

  	
   

  	
   

  
	
  5.

  	
  BANK ACCOUNTS

  	
  11

  
	
   

  	
   

  	
   

  
	
  6.

  	
  RECORDS; ACCESS

  	
  11

  
	
   

  	
   

  	
   

  
	
  7.

  	
  LIMITATIONS ON ACTIVITIES

  	
  11

  
	
   

  	
   

  	
   

  
	
  8.

  	
  RELATIONSHIP WITH DIRECTORS

  	
  11

  
	
   

  	
   

  	
   

  
	
  9.

  	
  FEES

  	
  11

  
	
   

  	
   

  	
   

  
	
  10.

  	
  EXPENSES

  	
  14

  
	
   

  	
   

  	
   

  
	
  11.

  	
  OTHER SERVICES

  	
  15

  
	
   

  	
   

  	
   

  
	
  12.

  	
  REIMBURSEMENT TO THE ADVISOR

  	
  15

  
	
   

  	
   

  	
   

  
	
  13.

  	
  OTHER ACTIVITIES OF THE ADVISOR

  	
  15

  
	
   

  	
   

  	
   

  
	
  14.

  	
  TERM; TERMINATION OF AGREEMENT

  	
  16

  
	
   

  	
   

  	
   

  
	
  15.

  	
  TERMINATION BY THE PARTIES

  	
  16

  
	
   

  	
   

  	
   

  
	
  16.

  	
  ASSIGNMENT TO AN AFFILIATE

  	
  17

  
	
   

  	
   

  	
   

  
	
  17.

  	
  PAYMENTS TO AND DUTIES OF ADVISOR UPON
  TERMINATION

  	
  17

  
	
   

  	
   

  	
   

  
	
  18.

  	
  INDEMNIFICATION BY THE COMPANY AND THE
  OPERATING PARTNERSHIP

  	
  17

  
	
   

  	
   

  	
   

  
	
  19.

  	
  INDEMNIFICATION BY ADVISOR

  	
  19

  
	
   

  	
   

  	
   

  
	
  20.

  	
  NOTICES

  	
  19

  
	
   

  	
   

  	
   

  
	
  21.

  	
  MODIFICATION

  	
  19

  
	
   

  	
   

  	
   

  
	
  22.

  	
  SEVERABILITY

  	
  19

  
	
   

  	
   

  	
   

  
	
  23.

  	
  CONSTRUCTION

  	
  20

  
	
   

  	
   

  	
   

  
	
  24.

  	
  ENTIRE AGREEMENT

  	
  20

  
	
   

  	
   

  	
   

  
	
  25.

  	
  INDULGENCES, NOT WAIVERS

  	
  20

  
	
   

  	
   

  	
   

  
	
  26.

  	
  GENDER

  	
  20

  
	
   

  	
   

  	
   

  
	
  27.

  	
  TITLES NOT TO AFFECT INTERPRETATION

  	
  20

  
	
   

  	
   

  	
   

  
	
  28.

  	
  EXECUTION IN COUNTERPARTS

  	
  20

  
	
   

  	
   

  	
   

  
	
  29.

  	
  INITIAL INVESTMENT

  	
  20

  

 

i

 

FIFTH AMENDED AND RESTATED ADVISORY AGREEMENT

 

THIS FIFTH AMENDED AND
RESTATED ADVISORY AGREEMENT, dated as of March 19, 2008, is among Dividend
Capital Total Realty Trust Inc., a Maryland corporation (the “Company”),
Dividend Capital Total Realty Operating Partnership LP, a Delaware limited
partnership, and Dividend Capital Total Advisors LLC, a Delaware limited
liability company.

 

W I T N E S S E T H

 

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

 

WHEREAS, the Company is the
general partner of the Operating Partnership and intends to conduct all its
business and make all investments in Real Properties and Real Estate Related
Securities through the Operating Partnership;

 

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

 

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

 

WHEREAS, the parties hereto
are party to an Advisory Agreement, dated as of January 9, 2006, as
amended.

 

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

 

1.               DEFINITIONS.  As used in this Advisory Agreement (the “Agreement”),
the following terms have the definitions hereinafter indicated:

 

Acquisition Expenses. Any and all
expenses, exclusive of Acquisition Fees, incurred by the Company, the Operating
Partnership, the Advisor, or any of their Affiliates in connection with the
selection, acquisition or development of any Real Property, whether or not
acquired, including, without limitation, legal fees and expenses, travel and
communications expenses, costs of appraisals, nonrefundable option payments on
property not acquired, accounting fees and expenses, title insurance premiums,
and the costs of performing due diligence.

 

Acquisition Fees. Any and all
fees and commissions, exclusive of Acquisition Expenses, paid by any Person to
any other Person (including any fees or commissions paid by or to any Affiliate
of the Company, the Operating Partnership or the Advisor) in connection with
making or investing in mortgages or the purchase, development or construction
of a Real Property, including real estate commissions, selection fees,
development fees, construction fees, nonrecurring management fees, loan fees,
points or any other fees of a similar nature. 
Excluded shall be development fees and construction fees paid to any
Person not affiliated with the Sponsor in connection with the actual
development and construction of a project.

 

Advisor. Dividend
Capital Total Advisors LLC, a Delaware limited liability company, any successor
advisor to the Company, the Operating Partnership or any person or entity to
which Dividend Capital Total Advisors LLC or any successor advisor subcontracts
substantially all of its functions. 

 

1

 

Notwithstanding
the forgoing, a Person hired or retained by Dividend Capital Total Advisors LLC
to perform property and securities management and related services  for the Company or the Operating
Partnership that is not hired or retained to perform substantially all of the
functions of Dividend Capital Total Advisors LLC with respect to the Company or
the Operating Partnership as a whole  shall
not be deemed to be an Advisor.

 

Advisor Asset Management Fee. For Real
Properties: 1) Before the Dividend Coverage
Ratio Date: (a) For Direct Real Properties: (i) a monthly
fee not to exceed one-twelfth of 0.50% of the aggregate cost (before non-cash
reserves and depreciation) of Direct Real Properties; (ii) a monthly fee
not to exceed 6% of the aggregate monthly Net Operating Income derived from all
Direct Real Properties; provided, however,
that the aggregate monthly fee to be paid to the Advisor pursuant to these
subclauses (i) and (ii) in aggregate shall not exceed one-twelfth of
0.75% of the aggregate cost (before non-cash reserves and depreciation) of all
Direct Real Properties; and (iii) a fee not to exceed 1.0% of the Contract
Sales Price of each Direct Real Property sold upon its disposition; and (b) For
Product Specialist Real Properties: (i) a monthly fee not to exceed
one-twelfth of 0.50% of the aggregate cost (before non-cash reserves and
depreciation) of Product Specialist Real Properties; (ii) a monthly fee
not to exceed 6% of the aggregate monthly Net Operating Income derived from all
Product Specialist Real Properties; provided,
however, that in the event that the aggregate monthly amount of such
fee reallocated to Product Specialists by the Advisor exceeds 6% of the
aggregate monthly Net Operating Income derived from all Product Specialist Real
Properties, then the monthly fee to be paid to the Advisor pursuant to this
subclause (ii) shall be increased by the amount of such excess; provided further, however, that the
monthly fee to be paid to the Advisor pursuant to this subclause (ii) shall
not exceed 8% of the aggregate monthly Net Operating Income derived from all
Product Specialist Real Properties; and (iii) a fee not to exceed 1.0% of
the Contract Sales Price of each Product Specialist Real Property sold upon its
disposition;  2) After the Dividend Coverage Ratio Date:
For all Real Properties: (i) a monthly fee not to exceed one-twelfth of
0.50% of the aggregate cost (before non-cash reserves and depreciation) of all
Real Properties; (ii) a monthly fee not to exceed 8.0% of the aggregate
monthly Net Operating Income derived from all Real Properties; and (iii) a
fee not to exceed 1.0% of the Contract Sales Price of each Real Property sold
upon its disposition.  For Real Estate
Related Securities: the Advisor Asset Management Fee will consist of a monthly
fee not to exceed one-twelfth of 1.0% of the value of the Real Estate Related
Securities.  With the exception of any
portion of the Advisor Asset Management Fee related to the disposition of Real
Properties, which shall be payable at the time of such disposition, the Advisor
Asset Management Fee shall be payable on the 1st of each month, and shall be
based upon (i) the aggregate cost (before non-cash reserves and
depreciation) of all Real Property as of close of business on the last day of
the prior month, (ii) the Net Operating Income derived from all Real
Property during the prior month, and (iii) the value of the Real Estate
Related Securities as of the close of business on the last day of the prior
month.

 

Affiliate or Affiliated. With respect
to any Person, (i) any Person directly or indirectly owning, controlling
or holding, with the power to vote, ten percent (10%) or more of the
outstanding voting securities of such other Person; (ii) any Person ten
percent (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; (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.

 

Articles of Incorporation. The Articles
of Incorporation of the Company, as amended from time to time.

 

Average Invested Assets. For a
specified period, the average of the aggregate book value of the assets of the
Company invested, directly or indirectly, in Real Estate Related Securities and
Real Properties, 

 

2

 

before
deducting depreciation, bad debts or other non-cash reserves, computed by
taking the average of such values at the end of each month during such period.

 

Board of Directors or Board. The persons
holding such office, as of any particular time, under the Articles of
Incorporation of the Company, whether they be the Directors named therein or
additional or successor Directors.

 

Bylaws. The bylaws of
the Company, as the same are in effect from time to time.

 

Cause. With respect
to the termination of this Agreement, fraud, criminal conduct, willful
misconduct or willful or negligent breach of fiduciary duty by the Advisor, or
a material breach of this Agreement by the Advisor.

 

Code. Internal
Revenue Code of 1986, as amended from time to time, or any successor statute
thereto. Reference to any provision of the Code 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.

 

Company. Company shall
have the meaning set forth in the preamble of this Agreement.

 

Company Property. Any and all
property, real, personal or otherwise, tangible or intangible, which is
transferred or conveyed to the Company (including all rents, income, profits
and gains therefrom), and which is owned or held by, or for the account of, the
Company.

 

Competitive Real Estate
Commission. A real estate or brokerage commission for the
purchase or sale of property which is reasonable, customary, and competitive in
light of the size, type, and location of the property.

 

Contract Purchase Price. The amount
actually paid or allocated (as of the date of purchase) to the purchase or
improvement of Real Property, exclusive of Acquisition Fees and Acquisition
Expenses.

 

Contract Sales Price. The total
consideration received by the Company for the sale of a Company Property.

 

Dealer Manager.  Dividend Capital Securities LLC, an Affiliate
of the Advisor, or such other Person or entity selected by the Board of
Directors to act as the dealer manager for the Offering.  Dividend Capital Securities LLC is a member
of the National Association of Securities Dealers, Inc.

 

Dealer Manager Fee.  Up to: (a) 2.5% of Gross Proceeds from
the sale of primary shares in the Offering (not including Shares sold pursuant
to the Company’s dividend reinvestment plan) payable to the Dealer Manager for
serving as the dealer manager of the Offering.

 

Debt Investments Advisory
Fee. Any and all fees and commissions paid by any Person to any other
Person (including any fees or commissions paid by or to any Affiliate of the
Company, the Operating Partnership or the Advisor) in connection with (i) the
origination of any type of debt investment including, but not limited to, the
origination of mortgage loans, B-notes, mezzanine debt, participating debt
(including with equity-like features), non-traded preferred equity, convertible
debt, hybrid instruments, equity instruments and other related investments, and
(ii) the acquisition of any type of non-securitized debt investment
including, but not limited to, acquisitions or participations in mortgage
loans, B-notes, mezzanine debt, participating debt (including with equity-like
features), non-traded preferred equity, convertible debt, hybrid instruments,
equity instruments and other related investments.

 

3

 

Direct Real Properties: shall mean
those Real Properties acquired directly by the Company without the advice or
participation of a Product Specialist engaged by the Advisor as described in
the Company’s Prospectus.

 

Director. A member of
the Board of Directors of the Company.

 

Distributions. Any
distributions of money or other property by the Company to owners of Shares,
including distributions that may constitute a return of capital for federal
income tax purposes.

 

Dividend Coverage Ratio: shall mean,
as to any given fiscal quarter of the Company, the total amount of
Distributions to be made by the Company with respect to that fiscal quarter
divided by the aggregate Funds From Operations for that fiscal quarter.

 

Dividend Coverage Ratio
Date: shall be the date on which the Dividend Coverage Ratio has been less
than or equal to 1.00 for two consecutive fiscal quarters of the Company.

 

Equity Shares. Transferable
shares of beneficial interest of the Company of any class or series, including
common shares or preferred shares.

 

Funds From Operations: shall have the
meaning assigned to it in the Company’s financial statements, from time to
time.

 

GAAP. Generally
accepted accounting principles as in effect in the United States of America
from time to time.

 

Good Reason. With respect
to the termination of this Agreement, (i) any failure to obtain a
satisfactory agreement from any successor to the Company and/or the Operating
Partnership to assume and agree to perform the Company’s and/or the Operating
Partnership’s obligations under this Agreement; or (ii) any material
breach of this Agreement of any nature whatsoever by the Company and/or the
Operating Partnership.

 

Gross Proceeds. The aggregate
purchase price of all Shares sold for the account of the Company through all
Offerings, without deduction for Sales Commissions, volume discounts, any
marketing support and due diligence expense reimbursement or Organization and
Offering Expenses.  For the purpose of
computing Gross Proceeds, the purchase price of any Share for which reduced
Sales Commissions are paid to the Dealer Manager or a Soliciting Dealer (where
net proceeds to the Company are not reduced) shall be deemed to be the full
amount of the offering price per Share pursuant to the Prospectus for such
Offering without reduction.

 

Independent Director. Independent
Director shall have the meaning set forth in the Articles of Incorporation.

 

Independent Expert. A person or
entity with no material current or prior business or personal relationship with
the Advisor or the Directors and who is engaged to a substantial extent in the
business of rendering opinions regarding the value of assets of the type held
by the Company.

 

Joint Ventures. The joint
venture or partnership arrangements (other than with Dividend Capital Total
Realty Operating Partnership LP) in which the Company or any of its
subsidiaries is a co-venturer or general partner which are established to
acquire Real Properties.

 

4

 

Listing. The listing
of the Shares on a national securities exchange or the quotation of the Shares
on the Nasdaq National Market (“Nasdaq”) or the receipt by the Company’s
stockholders of securities that are listed on a national securities
exchange or the Nasdaq in exchange for the Company’s common stock.  Upon such Listing, the Shares shall be deemed
Listed.

 

Net Income. For any
period, the Company’s total revenues applicable to such period, less the total
expenses applicable to such period other than additions to reserves for
depreciation, bad debts or other similar non-cash reserves and excluding any
gain from the sale of the Company’s assets.

 

Net Operating Income.  Equal to (i) revenues from Real
Properties, less deferred rents receivable, calculated, in each case, in
accordance with GAAP, plus (ii) payments received pursuant to master lease
agreements with sellers of Real Properties, less (iii) the costs of
maintaining the Real Properties, including, without limitation, taxes,
insurance, repairs and maintenance, but excluding depreciation, amortization,
principal and interest payments, and capital expenditures, calculated, in each
case, in accordance with GAAP.

 

Offering. The public
offering of Shares pursuant to a Prospectus.

 

Operating Partnership.  Operating Partnership shall have the meaning
set forth in the preamble of this Agreement.

 

Operating Partnership
Agreement.  The
Operating Partnership Agreement among the Company, the Advisor, and Dividend
Capital Total Advisors Group LLC.

 

OP Unit.  Units of limited partnership interest in the
Operating Partnership.

 

Organizational and Offering
Expenses.  Any and all
costs and expenses, other than the Sales Commission, the Dealer Manager Fee and
the Servicing Fee, incurred by the Advisor or any Affiliate in connection with
the formation, qualification and registration of the Company and the marketing
and distribution of Shares, including, without limitation, the following: total
underwriting and brokerage discounts and commissions (including fees of the
underwriters’ attorneys), expenses for printing, engraving, mailing and
distributing costs, salaries of employees while engaged in sales activity,
telephone and other telecommunications costs, all advertising and marketing
expenses (including the costs related to investor and broker-dealer sales
meetings), charges of transfer agents, registrars, trustees, escrow holders,
depositories, experts, fees, expenses and taxes related to the filing,
registration and qualification of the sale of the Shares under federal and
state laws, including accountants’ and attorneys’ fees. Organizational
and Offering Expenses paid by the Company in connection with its formation will
not exceed 1.5% of Gross Proceeds from the sale of primary shares (not
including Shares sold pursuant to the Company’s dividend reinvestment plan).

 

Person. An
individual, corporation, partnership, trust, joint venture, limited liability
company or other entity.

 

Product Specialist: Persons that
have specialized expertise and dedicated resources in specific areas of real
property or real estate securities investments and that assist the Advisor in
connection with one or more of the following: identifying, evaluating and/or
recommending potential investments, performing due diligence, negotiating
purchases and/or managing the Company’s assets on a day-to-day basis, as
described in the Company’s Prospectus.

 

5

 

Product Specialist Real
Properties: shall mean those Real Properties acquired by the
Company pursuant to the advice or participation of a Product Specialist engaged
by the Advisor pursuant to a contractual arrangement as described in the
Company’s Prospectus.

 

Prospectus: “Prospectus”
has the meaning set forth in Section 2(10) of the Securities Act of
1933, as amended (the “Securities Act”), including a preliminary Prospectus, an
offering circular as described in Rule 256 of the General Rules and
Regulations under the Securities Act or, in the case of an intrastate offering,
any document by whatever name known, utilized for the purpose of offering and
selling securities to the public.

 

Real Estate Asset Value. The amount
actually paid or allocated to the purchase, development, construction or
improvement of a Real Property, exclusive of Acquisition Fees and Acquisition
Expenses.

 

Real Estate Related
Securities.  The real
estate related securities investments, or such investments the Board of
Directors and the Advisor mutually designate as Real Estate Related Securities
to the extent such investments could be classified as either Real Estate
Related Securities or Real Property, which are owned from time to time by the
Company or the Operating Partnership.

 

Real Property. (i) Land,
including the buildings located thereon, or (ii) land only, or (iii) the
buildings only, which are owned from time to time by the Company or the
Operating Partnership, either directly or through subsidiaries, joint venture
arrangements or other partnerships, or (iv) such investments the Board of
Directors and the Advisor mutually designate as Real Property to the extent
such investments could be classified as either Real Property or Real Estate
Related Securities.  Properties sold by
the Company or any Affiliate to tenancy-in-common investors shall be deemed
Real Property for the purposes of this definition so long as (i) such
properties are being leased by the Company or any Affiliate from the
tenancy-in-common investors, and (ii) such properties are reflected as
assets of the Company in accordance with GAAP.

 

REIT. A “real
estate investment trust” under Sections 856 through 860 of the Code or as may
be amended.

 

Sale or Sales.  Any transaction or series of transactions
whereby: (A) the Company or the Operating Partnership directly or
indirectly (except as described in other subsections of this definition) sells,
grants, transfers, conveys, or relinquishes its ownership of any Real Property
or portion thereof, including the lease of any Real Property consisting of a
building only, and including any event with respect to any Real Property which
gives rise to a significant amount of insurance proceeds or condemnation awards;
(B) the Company or the Operating Partnership directly or indirectly
(except as described in other subsections of this definition) sells, grants,
transfers, conveys, or relinquishes its ownership of all or substantially all
of the interest of the Corporation or the Operating Partnership in any Joint
Venture in which it is a co-venturer or partner; (C) any Joint Venture
directly or indirectly (except as described in other subsections of this
definition) in which the Company or the Operating Partnership as a co-venturer
or partner sells, grants, transfers, conveys, or relinquishes its ownership of
any Real Property or portion thereof, including any event with respect to any
Real Property which gives rise to insurance claims or condemnation awards; or (D) the
Company or the Operating Partnership directly or indirectly (except as
described in other subsections of this definition) sells, grants, conveys or
relinquishes its interest in any mortgage or portion thereof (including with
respect to any mortgage, all payments thereunder or in satisfaction thereof
other than regularly scheduled interest payments) of amounts owed pursuant to
such mortgage and any event which gives rise to a significant amount of
insurance proceeds or similar awards; or (E) the Company or the Operating
Partnership directly or indirectly (except as described in other subsections of
this definition) sells, grants, transfers, conveys, or relinquishes its
ownership of any other asset not previously described in this definition or any
portion thereof, but (ii) not including any transaction or series of
transactions specified 

 

6

 

in
clause (A) through (E) above in which the proceeds of such
transaction or series of transactions are reinvested by the Company in one or
more assets within 180 days thereafter.

 

Sales Commission.  Up to 6.0% of Gross Proceeds from the sale of
primary shares in the Offering (not including Shares sold pursuant to the
Company’s dividend reinvestment plan) payable to the Dealer Manager and
reallowable to Soliciting Dealers with respect to Shares sold by them.

 

Servicing Fee.  Up to 1.0% of the undiscounted selling price
of the Shares offered pursuant the Company’s distribution reinvestment plan
payable to the Dealer Manager.

 

Securities. Any Equity
Shares, any other stock, shares or other evidences of equity or beneficial or
other interests, voting trust certificates, bonds, debentures, notes or other
evidences of indebtedness, secured or unsecured, convertible, subordinated or
otherwise, or in general any instruments commonly known as “securities” or any
certificates of interest, shares or participations in, temporary or interim
certificates for, receipts for, guarantees of, or warrants, options or rights
to subscribe to, purchase or acquire, any of the foregoing.

 

Shares. The shares of
the common stock of the Company sold in the Offering.

 

Soliciting Dealers.
Broker-dealers who are members of the National Association of Securities
Dealers, Inc., or that are exempt from broker-dealer registration, and
who, in either case, have executed participating broker or other agreements
with the Dealer Manager to sell Shares.

 

Special OP Units.  The separate series of limited partnership
interests to be issued in accordance with Paragraph 9(d).

 

Sponsor. Any Person
which (i) is directly or indirectly instrumental in organizing, wholly or
in part, the Company, (ii) will control, manage or participate in the
management of the Company, and any Affiliate of any such Person, (iii) takes
the initiative, directly or indirectly, in founding or organizing the Company,
either alone or in conjunction with one or more other Persons, (iv) receives
a material participation in the Company in connection with the founding or
organizing of the business of the Company, in consideration of services or
property, or both services and property, (v) has a substantial number of
relationships and contacts with the Company, (vi) possesses significant
rights to control Real Properties, (vii) receives fees for providing services
to the Company which are paid on a basis that is not customary in the industry,
or (viii) provides goods or services to the Company on a basis which was
not negotiated at arm’s-length with the Company.  “Sponsor” does not include wholly independent
third parties such as attorneys, accountants and underwriters whose only
compensation is for professional services.

 

Stockholders. The
registered holders of the Company’s Shares.

 

Termination Date. The date of
termination of this Agreement.

 

Termination Event.  The termination or nonrenewal of this
Agreement (i) in connection with a merger, sale of assets or transaction
involving the Company pursuant to which a majority of the Directors then in
office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by
the Company and the Operating Partnership other than for Cause.

 

Total Development Cost. With regard
to any Company Real Property acquired prior to or during the development or
acquisition stages, all costs and expenses paid or incurred by the Company that
are in any way related to the development of such Real Property, including, but
not limited to, land and construction costs.

 

7

 

Total Operating Expenses. All costs and
expenses paid or incurred by the Company, as determined under generally
accepted accounting principles, that are in any way related to the operation of
the Company or to corporate business, including asset management fees and other
fees paid to Advisors, but excluding (i) the expenses of raising capital
such as Organization and Offering Expenses, legal, audit, accounting,
underwriting, brokerage, listing, registration, and other fees, printing and
other such expenses and tax incurred in connection with the issuance, distribution,
transfer, registration and Listing, (ii) interest payments, (iii) taxes,
(iv) non-cash expenditures such as depreciation, amortization and bad debt
reserves, (v) incentive fees paid in compliance with the NASAA REIT
Guidelines; (vi) Acquisition Fees and Acquisition Expenses, (vii) real
estate commissions on the Sale of Real Property, and (viii) other fees and
expenses connected with the acquisition, disposition, management and ownership
of real estate interests, mortgage loans or other property (including the costs
of foreclosure, insurance premiums, legal services, maintenance, repair, and
improvement of property).  The definition
of “Total Operating Expenses” set forth above is intended to encompass only
those expenses which are required to be treated as Total Operating Expenses
under the NASAA REIT Guidelines.  As a
result, and notwithstanding the definition set forth above, any expense of the
Company which is not part of Total Operating Expenses under the NASAA REIT
Guidelines shall not be treated as part of Total Operating Expenses for
purposes hereof.

 

Total Property Cost. With regard
to any Company Property, an amount equal to the sum of the Real Estate Asset
Value of such Real Property plus the Acquisition Fees and Acquisition Expenses
paid in connection with such Real Property.

 

2%/25% Guidelines. For any year
in which the Company qualifies as a REIT, the requirement pursuant to the
guidelines of the North American Securities Administrators Association, Inc.
that, in any 12 month period, Total Operating Expenses not exceed the greater
of 2% of the Company’s Average Invested Assets during such 12 month period or
25% of the Company’s Net Income over the same 12 month period.

 

2.               APPOINTMENT. The Company and
the Operating Partnership hereby appoint the Advisor to serve as their advisor
on the terms and conditions set forth in this Agreement, and the Advisor hereby
accepts such appointment.

 

3.               DUTIES OF THE ADVISOR. The
Advisor undertakes to use its best efforts to present to the Company and the
Operating Partnership potential investment opportunities and to provide a
continuing and suitable investment program consistent with the investment
objectives and policies of the Company as determined and adopted from time to
time by the Directors. In performance of this undertaking, subject to the
supervision of the Directors and consistent with the provisions of the Articles
of Incorporation and Bylaws of the Company and the Operating Partnership
Agreement, the Advisor shall, either directly or by engaging an Affiliate:

 

(a)          serve as the
Company’s and the Operating Partnership’s investment and financial advisor and
provide research and economic and statistical data in connection with the
Company’s assets and investment policies;

 

(b)         provide the
daily management for the Company and the Operating Partnership and perform and
supervise the various administrative functions reasonably necessary for the
management of the Company and the Operating Partnership;

 

(c)          investigate,
select, and, on behalf of the Company and the Operating Partnership, engage and
conduct business with such Persons as the Advisor deems necessary to the proper
performance of its obligations hereunder, including but not limited to
consultants, accountants, correspondents, lenders, technical advisors,
attorneys, brokers, underwriters, corporate fiduciaries, escrow agents,
depositaries, custodians, agents for collection, insurers, insurance agents,
banks, builders, developers, property owners, 

 

8

 

real
estate management companies, real estate operating companies, securities
investment advisors, mortgagors, and any and all agents for any of the
foregoing, including Affiliates of the Advisor, and Persons acting in any other
capacity deemed by the Advisor necessary or desirable for the performance of
any of the foregoing services, including but not limited to entering into
contracts in the name of the Company and the Operating Partnership with any of
the foregoing;

 

(d)         consult with
the officers and Directors of the Company and assist the Directors in the
formulation and implementation of the Company’s financial policies, and, as
necessary, furnish the Directors with advice and recommendations with respect
to the making of investments consistent with the investment objectives and
policies of the Company and in connection with any borrowings proposed to be
undertaken by the Company and/or the Operating Partnership;

 

(e)          subject to the
provisions of Paragraphs 3(g) and 4 hereof, (i) locate, analyze and
select potential investments, (ii) structure and negotiate the terms and
conditions of transactions pursuant to which investments will be made; (iii) make
investments on behalf of the Company and the Operating Partnership in
compliance with the investment objectives and policies of the Company; (iv) arrange
for financing and refinancing and make other changes in the asset or capital
structure of, and dispose of, reinvest the proceeds from the sale of, or
otherwise deal with, investments; and (v) enter into leases and service
contracts for Company Property and, to the extent necessary, perform all other
operational functions for the maintenance and administration of such Company
Property;

 

(f)            upon request
provide the Directors with periodic reports regarding prospective investments;

 

(g)         obtain the
prior approval of the Board, any particular Directors specified by the Board or
any committee of the Board, as the case may be, for any and all investments in
and dispositions of Real Properties;

 

(h)         make
investments in and dispositions of Real Estate Related Securities within the
discretionary limits and authority as granted by the Board;

 

(i)             negotiate on
behalf of the Company and the Operating Partnership with banks or lenders for
loans to be made to the Company and the Operating Partnership, and negotiate on
behalf of the Company and the Operating Partnership with investment banking
firms and broker-dealers or negotiate private sales of Shares and Securities or
obtain loans for the Company and the Operating Partnership, but in no event in
such a way so that the Advisor shall be acting as broker-dealer or underwriter;
and provided, further, that any fees and costs payable to third parties
incurred by the Advisor in connection with the foregoing shall be the
responsibility of the Company or the Operating Partnership;

 

(j)             obtain reports
(which may but are not required to be prepared by the Advisor or its
Affiliates), where appropriate, concerning the value of investments or
contemplated investments of the Company and/or the Operating Partnership in
Real Properties or Real Estate Related Securities;

 

(k)          from time to
time, or at any time reasonably requested by the Directors, make reports to the
Directors of its performance of services to the Company and the Operating
Partnership under this Agreement, including reports with respect to potential
conflicts of interest involving the Advisor or any of its affiliates;

 

(l)             provide the
Company and the Operating Partnership with all necessary cash management
services;

 

9

 

(m)       do all things necessary to
assure its ability to render the services described in this Agreement;

 

(n)         deliver to or
maintain on behalf of the Company copies of all appraisals obtained in
connection with the investments in Real Properties and all valuations of Real
Estate Related Securities as may be required to be obtained by the Board;

 

(o)         notify the Board of all
proposed transactions above $25 million before they are completed; and

 

(p)         effect any private placement
of OP Units, tenancy-in-common or other interests in Real Properties as may be
approved by the Board.

 

Notwithstanding the
foregoing, the Advisor may delegate any of the foregoing duties to any Person
so long as the Advisor or any Affiliate remains responsible for the performance
of the duties set forth in this Paragraph 3.

 

4.               AUTHORITY OF
ADVISOR.

 

(a)          Pursuant to the
terms of this Agreement (including the restrictions included in this Paragraph
4 and in Paragraph 7), and subject to the continuing and exclusive authority of
the Directors over the management of the Company, the Directors hereby delegate
to the Advisor the authority to (1) locate, analyze and select investment
opportunities, (2) structure the terms and conditions of transactions
pursuant to which investments will be made, acquired or disposed of for the
Company and the Operating Partnership, (3) acquire and dispose of
investments in compliance with the investment objectives and policies of the
Company, (4) arrange for financing or refinancing Real Property or Real
Estate Related Securities, (5) enter into leases and service contracts for
Company Property, (6) oversee Affiliated and non-Affiliated property
managers who perform services for the Company or the Operating Partnership, (7) oversee
Affiliated and non-Affiliated Persons with whom the Advisor contracts to
perform certain of the services required to be performed under this Agreement,
and (7) manage accounting and other record-keeping functions for the
Company and the Operating Partnership.

 

(b)         Notwithstanding
the foregoing, any investment in Real Properties, including any acquisition of
Real Property by the Company or the Operating Partnership (including any
financing of such acquisition), will require the prior approval of the Board,
any particular Directors specified by the Board or any committee of the Board,
as the case may be.

 

(c)          If a
transaction requires approval by the Independent Directors, the Advisor will
deliver to the Independent Directors all documents and other information
required by them to properly evaluate the proposed transaction.

 

The prior approval of a
majority of the Independent Directors not otherwise interested in the
transaction and a majority of the Directors not otherwise interested in the
transaction will be required for each transaction to which the Advisor or its
Affiliates is a party. The Directors may, at any time upon the giving of notice
to the Advisor, modify or revoke the authority set forth in this Paragraph 4.
If and to the extent the Directors so modify or revoke the authority contained
herein, the Advisor shall henceforth submit to the Directors for prior approval
such proposed transactions involving investments in Real Property or Real
Estate Related Securities as thereafter require prior approval, provided
however, that such modification or revocation shall be effective upon receipt
by the Advisor and shall not be applicable to investment transactions to which
the Advisor has committed the Company prior to the date of receipt by the
Advisor of such notification.

 

10

 

5.     BANK ACCOUNTS.  The Advisor may establish and maintain one or
more bank accounts in its own name for the account of the Company and/or the
Operating Partnership or in the name of the Company and the Operating Partnership
and may collect and deposit into any such account or accounts, and disburse
from any such account or accounts, any money on behalf of the Company and/or
the Operating Partnership, under such terms and conditions as the Directors may
approve, provided that no funds shall be commingled with the funds of the
Advisor; and the Advisor shall from time to time render appropriate accountings
of such collections and payments to the Directors and to the auditors of the
Company.

 

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

 

7.     LIMITATIONS ON
ACTIVITIES.  Anything else in this
Agreement to the contrary notwithstanding, the Advisor shall refrain from
taking any action which, in its sole judgment made in good faith, would (a) adversely
affect the status of the Company as a REIT, (b) subject the Company to
regulation under the Investment Company Act of 1940, as amended, or (c) violate
any law, rule, regulation or statement of policy of any governmental body or
agency having jurisdiction over the Company, its Shares or its Securities, or
otherwise not be permitted by the Articles of Incorporation or Bylaws of the
Company, except if such action shall be ordered by the Directors, in which case
the Advisor shall notify promptly the Directors of the Advisor’s judgment of
the potential impact of such action and shall refrain from taking such action
until it receives further clarification or instructions from the Directors. In
such event the Advisor shall have no liability for acting in accordance with
the specific instructions of the Directors so given. Notwithstanding the
foregoing, the Advisor, its directors, officers, employees and stockholders,
and stockholders, directors and officers of the Advisor’s Affiliates shall not
be liable to the Company or to the Directors or stockholders for any act or
omission by the Advisor, its directors, officers or employees, or stockholders,
directors or officers of the Advisor’s Affiliates taken or omitted to be taken
in the performance of their duties under this Agreement except as provided in
Paragraphs 20 and 21 of this Agreement.

 

8.     RELATIONSHIP WITH
DIRECTORS.  Subject to Paragraph 7 of
this Agreement and to restrictions advisable with respect to the qualification
of the Company as a REIT, directors, officers and employees of the Advisor or
an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve
as a Director and as officers of the Company, except that no director, officer
or employee of the Advisor or its Affiliates who also is a Director or officer
of the Company shall receive any compensation from the Company for serving as a
Director or officer other than reasonable reimbursement for travel and related
expenses incurred in attending meetings of the Directors and no such Director
shall be deemed an Independent Director for purposes of satisfying the Director
independence requirement set forth in the Articles of Incorporation.

 

9.     FEES.

 

(a)   Acquisition Fees.  The Advisor shall receive as compensation for
services rendered in connection with the investigation, selection and
acquisition (by purchase, investment or exchange) of Real Property an
Acquisition Fee payable by the Company. 
The total Acquisition Fees paid to the Advisor or its Affiliates shall
not exceed (i) 2.0% of the Contract Purchase Price of Real Properties
acquired directly or indirectly by the Company for the first $500,000,000 of
Real Properties acquired, and 1.0% thereafter, and (ii) 4.0% of the Total
Development Cost of Real Properties developed by or on behalf of the Company
for services provided by the Advisor, its Affiliates, or sub-contractors
thereof.  Acquisition Fees shall be
payable on the acquisition of a specific Real Property, on the acquisition of a
portfolio of Real Properties 

 

11

 

through
a purchase of assets, merger or similar transaction, or on the completion of
development of a Real Property or Real Properties for the Company.  However, the total of all Acquisition Fees
and Acquisition Expenses payable with respect to any Real Property or Real
Properties shall not exceed 6% of the Contract Purchase Price or the Total
Development Cost (as applicable) of such Real Property or Real Properties
unless fees in excess of such amount are approved by a majority of the
Directors not interested in such transaction and by a majority of the
Independent Directors not interested in such transaction.

 

(b)   Debt Investments Advisory
Fee.  The Advisor shall receive as
compensation for services rendered in connection with (i) the
investigation, selection and origination of any type of debt investment and (ii) the
investigation, selection and acquisition of any type of non-securitized debt
investment a Debt Investments Advisory Fee payable by the Company.  The total Debt Investments Advisory Fees paid
to the Advisor or its Affiliates shall not exceed 1.0% of the total amount of
the relevant debt investment made directly or indirectly by the Company.  The Debt Investments Advisory Fee shall be
payable on the closing date of the relevant debt investment.

 

(c)   Real Estate Sales
Commissions. If the Advisor or an Affiliate provides a substantial amount
of the services in connection with the Sale of one or more Real Properties, the
Advisor or an Affiliate shall receive a real estate sales commission equal to
the lesser of (i) one-half of a Competitive Real Estate Commission or (ii) 1%
of the Contract Sales Price of such Real Property or Real Properties. The Real
Estate Commission may be paid in addition to real estate commissions paid to
non-Affiliates, provided that the total real estate commissions paid to all
Persons by the Company with respect to the sale of such Real Property or Real
Properties shall not exceed an amount equal to the lesser of (i) 6% of the
Contract Sales Price of the Real Property or Real Properties or (ii) the
Competitive Real Estate Commission.

 

(d)   Advisor Asset Management
Fee. The Advisor shall receive as compensation for services rendered in
connection with the management of the Company’s assets the Advisor Asset
Management Fee.  The Advisor Asset
Management Fee shall be payable by the Company in cash or in Shares at the
option of the Advisor, and may be deferred, in whole or in part, from time to time,
by the Advisor (without interest).  The
Advisor Asset Management Fee shall be calculated monthly and includes the
following for Real Properties and Real Estate Related Securities, respectively:

 

A)  For Real Properties:

 

1)              Before
the Dividend Coverage Ratio Date:

 

a)              For Direct Real
Properties: (i) a monthly fee not to exceed one-twelfth of 0.50% of the
aggregate cost (before non-cash reserves and depreciation) of Direct Real
Properties; (ii) a monthly fee not to exceed 6% of the aggregate monthly
Net Operating Income derived from all Direct Real Properties; provided, however, that the aggregate
monthly fee to be paid to the Advisor pursuant to these subclauses (i) and
(ii) in aggregate shall not exceed one-twelfth of  0.75% of the aggregate cost (before non-cash
reserves and depreciation) of all Direct Real Properties; and (iii) a fee
not to exceed 1.0% of the Contract Sales Price of each Direct Real Property
sold upon its disposition;

 

b)             For Product
Specialist Real Properties: (i) a monthly fee not to exceed one-twelfth of
0.50% of the aggregate cost (before non-cash reserves and depreciation) of
Product Specialist Real Properties; (ii) a monthly fee not to exceed 6% of
the aggregate monthly Net Operating Income derived from all Product Specialist
Real Properties; provided, however,
that in the event that the aggregate monthly amount of such fee reallocated to
Product Specialists by the Advisor exceeds 6% of the 

 

12

 

aggregate
monthly Net Operating Income derived from all Product Specialist Real
Properties, then the monthly fee to be paid to the Advisor pursuant to this
subclause (ii) shall be increased by the amount of such excess; provided further, however, that the
monthly fee to be paid to the Advisor pursuant to this subclause (ii) shall
not exceed 8% of the aggregate monthly Net Operating Income derived from all
Product Specialist Real Properties; and (iii) a fee not to exceed 1.0% of
the Contract Sales Price of each Product Specialist Real Property sold upon its
disposition;

 

2)              After the
Dividend Coverage Ratio Date:

 

a)              For all Real
Properties: (i) a monthly fee not to exceed one-twelfth of 0.50% of the
aggregate cost (before non-cash reserves and depreciation) of all Real
Properties; (ii) a monthly fee not to exceed 8.0% of the aggregate monthly
Net Operating Income derived from all Real Properties; and (iii) a fee not
to exceed 1.0% of the Contract Sales Price of each Real Property sold upon its
disposition.

 

B)
 For Real Estate Related Securities: the
Advisor Asset Management Fee will consist of a monthly fee not to exceed
one-twelfth of 1.0% of the value of the Real Estate Related Securities.

 

With the exception of any
portion of the Advisor Asset Management Fee related to the disposition of Real
Properties, which shall be payable at the time of such disposition, the Advisor
Asset Management Fee shall be payable on the 1st of each month, and shall be
based upon (i) the aggregate cost (before non-cash reserves and
depreciation) of all Real Property as of close of business on the last day of
the prior month, (ii) the Net Operating Income derived from all Real
Property during the prior month, and (iii) the value of the Real Estate
Related Securities as of the close of business on the last day of the prior
month.

 

(e)   Operating Partnership
Interests.  The Advisor has made a
capital contribution of $200,000 to the Operating Partnership in exchange for
OP Units.  An affiliate of the Advisor
also will be issued OP Units constituting a separate series of limited partnership
interests (the “Special OP Units”).  Upon
the earliest to occur of the termination of this Agreement for Cause, a
Termination  Event or a Listing, all of
the Special OP Units shall be redeemed by the Operating Partnership in
accordance with the terms of the Operating Partnership Agreement.

 

(f)    Loans from Affiliates.
If any loans are made to the Company or the Operating Partnership by the
Advisor or any Affiliate, the maximum amount of interest that may be charged
shall be the lesser of (i) 1% above the prime rate of interest charged
from time to time by the principal bank then used by the Company or the
Operating Partnership and (ii) the rate that would be charged to the
Company or the Operating Partnership by unrelated lending institutions on
comparable loans for the same purpose. The Advisor or any Affiliate thereof may
not make any loan to the Company or the Operating Partnership unless a majority
of the Directors (including a majority of the Independent Directors) not
otherwise interested in such loan approve the loan as being fair, competitive,
and commercially reasonable and no less favorable to the Company or the
Operating Partnership than loans between unaffiliated parties under the same
circumstances.

 

(g)   Exclusion of Certain
Transactions.  In the event the
Company or the Operating Partnership shall propose to enter into any
transaction in which an officer or director of the Company, and the Operating
Partnership, the Advisor, or any Affiliate of the Company, the Operating
Partnership or the Advisor has a direct or indirect interest, then (i) such
transaction shall be approved by a majority of the Board of Directors and also
by a majority of the Independent Directors and (ii) any commissions or 

 

13

 

remuneration
received by any such persons in connection with such transaction shall be
deducted from the fees payable under this Agreement.

 

(h)   Product Specialists.  In the event the Advisor enters into
strategic alliances with product specialists with respect to investments in
real properties or real estate related securities on behalf of the Company or
the Operating Partnership as provided for in the Company’s prospectus, and the
product specialists perform services that entitle them to Acquisition Fees,
Debt Investments Advisory Fees and/or Asset Management Fees, any such fees will
be paid by the Advisor (and not by the Company or the Operating Partnership)
out of the Acquisition Fees, Debt Investments Advisory Fees and/or Asset
Management Fees the Advisor receives from the Company or the Operating
Partnership.

 

10.   EXPENSES.

 

(a)   In addition to the
compensation paid to the Advisor pursuant to Paragraph 9 hereof, the Company or
the Operating Partnership shall pay directly or reimburse the Advisor for all
of the expenses paid or incurred by the Advisor in connection with the services
it provides to the Company and the Operating Partnership pursuant to this
Agreement, including, but not limited to:

 

(i)            the Company’s
Organizational and Offering Expenses; provided, however, that within 60 days
after the end of the month in which the Offering terminates, the Advisor shall
reimburse the Company for any Organizational and Offering Expenses
reimbursement received by the Advisor pursuant to this Paragraph 10, to the
extent that such reimbursement exceeds the maximum amount permitted or, at the
option of the Company, such excess shall be subtracted from the next
reimbursement of expense to be made by the Company pursuant to this Paragraph
10.  The Advisor shall be responsible for
the payment of all the Company’s Organizational and Offering Expenses in excess
of the maximum amount permitted;

 

(ii)           Acquisition
Expenses incurred in connection with the selection and acquisition of Real
Properties;

 

(iii)          the actual cost of
goods and services used by the Company and obtained from entities not
affiliated with the Advisor, other than Acquisition Expenses, including
brokerage fees paid in connection with the purchase and sale of Real Estate
Related Securities;

 

(iv)          interest and other
costs for borrowed money, including discounts, points and other similar fees;

 

(v)           taxes and
assessments on income of the Company or Real Properties;

 

(vi)          costs associated
with insurance required in connection with the business of the Company or by
the Directors;

 

(vii)         expenses of managing
and operating Real Properties owned by the Company, whether payable to an
Affiliate of the Company or a non-affiliated Person.

 

(viii)        all expenses in
connection with payments to the Directors and meetings of the Directors and
Stockholders;

 

(ix)           expenses associated
with a Listing, if applicable, or with the issuance and distribution of Shares
and Securities, such as selling commissions and fees, advertising expenses,
taxes, legal and accounting fees, listing and registration fees, and other
Organization and Offering Expenses;

 

14

 

(x)            expenses connected
with payments of Distributions in cash or otherwise made or caused to be made
by the Company to the Stockholders;

 

(xi)           expenses of
organizing, revising, amending, converting, modifying, or terminating the
Company or the Articles of Incorporation;

 

(xii)          expenses of
maintaining communications with Stockholders, including the cost of
preparation, printing, and mailing annual reports and other Stockholder
reports, proxy statements and other reports required by governmental entities;

 

(xiii)         administrative
service expenses (including personnel costs; provided, however, that no
reimbursement shall be made for costs of personnel to the extent that such
personnel perform services in transactions for which the Advisor receives a
separate fee); and

 

(xiv)        audit, accounting and
legal fees.

 

(b)   Expenses incurred by the
Advisor on behalf of the Company and the Operating Partnership and payable
pursuant to this Paragraph 10 shall be reimbursed no less than monthly to the
Advisor. The Advisor shall prepare a statement documenting the expenses of the
Company and the Operating Partnership and the calculation of the Advisor Asset Management
Fee during each quarter, and shall deliver such statement to the Company and
the Operating Partnership within 45 days after the end of each quarter.

 

11.   OTHER SERVICES.  Should the Directors request that the Advisor
or any director, officer or employee thereof render services for the Company
and the Operating Partnership other than set forth in Paragraph 3, such
services shall be separately compensated at such rates and in such amounts as
are agreed by the Advisor and the Independent Directors of the Company, subject
to the limitations contained in the Articles of Incorporation, and shall not be
deemed to be services pursuant to the terms of this Agreement.

 

12.   REIMBURSEMENT TO THE
ADVISOR.  For any year in which the
Company qualifies as a REIT, the Company shall not reimburse the Advisor at the
end of any fiscal quarter Total Operating Expenses that, in the four
consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess
Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the
“2%/25% Guidelines”) for such year.  Any
Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to
the Company or, at the option of the Company, subtracted from the Total
Operating Expenses reimbursed during the subsequent fiscal quarter.  If there is an Excess Amount in any Expense
Year and the Independent Directors determine that such excess was justified
based on unusual and nonrecurring factors which they deem sufficient, then (i) the
Excess Amount may be carried over and included in Total Operating Expenses in
subsequent Expense Years and reimbursed to the Advisor in one or more of such
years, provided that Total Operating Expenses in any Expense Year, including
any Excess Amount to be paid to the Advisor, shall not exceed the 2%/25%
Guidelines or (ii) the Excess Amount may be paid in the Expense Year and
within 60 days after the end of such Expense Year there shall be sent to the
stockholders a written disclosure of such fact, together with an explanation of
the factors the Independent Directors considered in determining that such
excess expenses were justified.  Such
determination shall be reflected in the minutes of the meetings of the Board of
Directors.  The Company will not
reimburse the Advisor or its Affiliates for services for which the Advisor or
its Affiliates are entitled to compensation in the form of a separate fee.  All figures used in the foregoing computation
shall be determined in accordance with generally accepted accounting principles
applied on a consistent basis.

 

13.   OTHER ACTIVITIES OF THE
ADVISOR.  Nothing herein contained shall
prevent the Advisor or any of its Affiliates from engaging in or earning fees
from other activities, including, without 

 

15

 

limitation,
the rendering of advice to other Persons (including other REITs) and the
management of other programs advised, sponsored or organized by the Advisor or
its Affiliates; nor shall this Agreement limit or restrict the right of any
director, officer, employee, or stockholder of the Advisor or its Affiliates to
engage in or earn fees from any other business or to render services of any
kind to any other partnership, corporation, firm, individual, trust or
association and earn fees for rendering such services. The Advisor may, with
respect to any investment in which the Company is a participant, also render
advice and service to each and every other participant therein, and earn fees
for rendering such advice and service. Specifically, it is contemplated that
the Company may enter into joint ventures or other similar co-investment
arrangements with certain Persons, and pursuant to the agreements governing
such joint ventures or arrangements, the Advisor may be engaged to provide
advice and service to such Persons, in which case the Advisor will earn fees
for rendering such advice and service.

 

The Advisor shall report to
the Directors the existence of any condition or circumstance, existing or
anticipated, of which it has knowledge, which creates or could create a
conflict of interest between the Advisor’s obligations to the Company and its
obligations to or its interest in any other partnership, corporation, firm,
individual, trust or association. The Advisor or its Affiliates shall promptly
disclose to the Directors knowledge of such condition or circumstance. If the
Advisor, Director or Affiliates thereof have sponsored other investment
programs with similar investment objectives which have investment funds
available at the same time as the Company, it shall be the duty of the
Directors (including the Independent Directors) to ensure that the Advisor and
its Affiliates adopt the method approved by the Independent Directors, by which
investments are to be allocated to the competing investment entities and to use
their best efforts to ensure that such method is applied fairly to the Company.

 

The Advisor may make such an
investment only after (i) such investment has been offered to the Company,
the Operating Partnership and all public partnerships and other investment
entities Affiliated with the Company with funds available for such investment
and (ii) such investment is found to be unsuitable for investment by the
Company, the Operating Partnership, such partnerships and investment
entities.  The Advisor’s Affiliates may
make such an investment subject to the method approved by the Independent
Directors, by which investments are to be allocated to the competing investment
entities.

 

In the event that the
Advisor is presented with a potential investment which might be made by the
Company or the Operating Partnership and by another investment entity which the
Advisor advises or manages, the Advisor shall consider the investment portfolio
of each entity; cash flow of each entity; the effect of the acquisition on the
diversification of each entity’s portfolio; rental payments during any renewal
period; the estimated income tax effects of the purchase on each entity, the
policies of each entity relating to leverage; the funds of each entity
available for investment and the length of time such funds have been available
for investment. In the event that an investment opportunity becomes available
which the Advisor determines is suitable for the Company or the Operating
Partnership based on the criteria set forth above, then the investment
opportunity shall be offered to the Company or the Operating Partnership,
consistent with the method approved by the Independent Directors.  The Advisor may consider the investment for
its own investment only if such investment is deemed inappropriate for any
investment entity which is advised or managed by the Advisor, including the
Company and the Operating Partnership.

 

14.   TERM; TERMINATION OF
AGREEMENT.  This Agreement shall continue
in force for a period of one year from the date hereof, subject to an unlimited
number of successive one-year renewals upon mutual consent of the parties. It
is the duty of the Directors to evaluate the performance of the Advisor
annually before renewing the Agreement, and each such renewal shall be for a
term of no more than one year.

 

15.   TERMINATION BY THE
PARTIES.  This Agreement may be
terminated (i) immediately by the Company and/or the Operating Partnership
for Cause or upon the bankruptcy of the Advisor, (ii) upon 

 

16

 

60
days written notice without Cause and without penalty by a majority of the
Independent Directors of the Company or (iii) upon 60 days written notice
with Good Reason by the Advisor.

 

16.   ASSIGNMENT TO AN
AFFILIATE.  This Agreement may be
assigned by the Advisor to an Affiliate with the approval of a majority of the
Directors (including a majority of the Independent Directors). The Advisor may
assign any rights to receive fees or other payments under this Agreement to any
Person without obtaining the approval of the Directors. This Agreement shall
not be assigned by the Company or the Operating Partnership without the consent
of the Advisor, except in the case of an assignment by the Company or the
Operating Partnership to a corporation, limited partnership or other
organization which is a successor to all of the assets, rights and obligations
of the Company or the Operating Partnership, in which case such successor
organization shall be bound hereunder and by the terms of said assignment in
the same manner as the Company and the Operating Partnership are bound by this
Agreement.

 

17.   PAYMENTS TO AND DUTIES OF
ADVISOR UPON TERMINATION.  Payments to
the Advisor of unpaid expense reimbursements pursuant to this Section 19
shall be subject to the 2%/25% Guidelines to the extent applicable.

 

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

 

(b)   The Advisor shall promptly
upon termination:

 

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

 

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

 

(iii)          deliver to the
Directors all assets, including Real Properties and Real Estate Related
Securities, and documents of the Company and the Operating Partnership then in
the custody of the Advisor; and

 

(iv)          cooperate with the
Company and the Operating Partnership to provide an orderly management
transition.

 

18.   INDEMNIFICATION BY THE
COMPANY AND THE OPERATING PARTNERSHIP. The Company and the Operating
Partnership shall indemnify and hold harmless the Advisor and its Affiliates,
including their respective officers, directors, partners and employees, from
all liability, claims, damages or losses arising in the performance of their
duties hereunder, and related expenses, including reasonable attorneys’ fees,
to the extent such liability, claims, damages or losses and related expenses
are not fully reimbursed by insurance, subject to any limitations imposed by
the laws of the State of Maryland or the Articles of Incorporation of the
Company.  Notwithstanding the foregoing,
the Company and the Operating Partnership shall not provide for indemnification
of the Advisor and its Affiliates, including their respective officers,
directors, partners and employees, for any loss or liability suffered by the
Advisor and its Affiliates, including their respective officers, directors,
partners and employees, nor shall they provide that 

 

17

 

the
Advisor and its Affiliates, including their respective officers, directors,
partners and employees, be held harmless for any loss or liability suffered by
the Company and the Operating Partnership, unless all of the following
conditions are met:

 

(a)   The Advisor has determined,
in good faith, that the course of conduct which caused the loss or liability
was in the best interest of the Company and the Operating Partnership;

 

(b)   The Advisor was acting on
behalf of or performing services for the Company and the Operating Partnership;

 

(c)   Such liability or loss was
not the result of negligence or misconduct by the Advisor; and

 

(d)   Such indemnification or
agreement to hold harmless is recoverable only out of the Company’s net assets
and not from its shareholders.

 

Notwithstanding the
foregoing, the Advisor and its Affiliates, including their respective officers,
directors, partners and employees, shall not be indemnified by the Company and
the Operating Partnership for any losses, liabilities or expenses arising from
or out of an alleged violation of federal or state securities laws by the
Advisor and its Affiliates, including their respective officers, directors,
partners and employees, unless one or more of the following conditions are met:

 

(a) 
There has been a successful adjudication on the merits of each count involving
alleged securities law violations as to the Advisor;

 

(b) Such
claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the Advisor; or

 

(c) A
court of competent jurisdiction approves a settlement of the claims against the
Advisor and finds that indemnification of the settlement and the related costs
should be made, and the court considering the request for indemnification has
been advised of the position of the Securities and Exchange Commission and of
the published position of any state securities regulatory authority in which
securities of the Company and the Operating Partnership were offered or sold as
to indemnification for violation of securities laws.

 

In addition, the advancement of the Company’s or the Operating
Partnership’s funds to the Advisor and its Affiliates, including their
respective officers, directors, partners and employees, for legal expenses and
other costs incurred as a result of any legal action for which indemnification
is being sought is permissible only if all of the following conditions are
satisfied:

 

(a) The
legal action relates to acts or omissions with respect to the performance of
duties or services on behalf of the Company or the Operating Partnership;

 

(b) The
legal action is initiated by a third party who is not a shareholder or the
legal action is initiated by a shareholder acting in his or her capacity as
such and a court of competent jurisdiction specifically approves such
advancement; and

 

18

 

(c) The
Advisor undertakes to repay the advanced funds to the Company or the Operating
Partnership, together with the applicable legal rate of interest thereon, in
cases in which the Advisor is found not to be entitled to indemnification.

 

19.   INDEMNIFICATION BY
ADVISOR.  The Advisor shall indemnify and
hold harmless the Company and the Operating Partnership from contract or other
liability, claims, damages, taxes or losses and related expenses including
attorneys’ fees, to the extent that such liability, claims, damages, taxes or
losses and related expenses are not fully reimbursed by insurance and are
incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance,
gross misconduct, gross negligence or reckless disregard of its duties, but the
Advisor shall not be held responsible for any action of the Board of Directors
in following or declining to follow any advice or recommendation given by the
Advisor.  Notwithstanding the foregoing,
the Company and the Operating Partnership may not indemnify or hold harmless
the Advisor, its Affiliates, or any of their respective officers, directors,
partners or employees in any manner that would be inconsistent with the
provisions of Section II.G of the REIT Guidelines adopted by the North
American Securities Administrators Association.

 

20.   NOTICES.  Any notice, report or other communication
required or permitted to be given hereunder shall be in writing unless some
other method of giving such notice, report or other communication is required
by the Articles of Incorporation, the Bylaws, or accepted by the party to whom
it is given, and shall be given by being delivered by hand or by overnight mail
or other overnight delivery service to the addresses set forth herein:

 

	
  To
  the Directors and to the Company:

  	
   

  	
  Dividend
  Capital Total Realty Trust Inc. 

  518 17th Street 

  17th Floor 

  Denver, CO 80202

  
	
   

  	
   

  	
   

  
	
  To
  the Operating Partnership:

  	
   

  	
  Dividend
  Capital Total Realty Operating 

  Partnership LP 

  518 17th Street 

  17th Floor 

  Denver, CO 80202

  
	
   

  	
   

  	
   

  
	
  To
  the Advisor:

  	
   

  	
  Dividend
  Capital Total Advisors LLC 

  518 17th Street 

  17th Floor 

  Denver, CO 80202

  

 

Any party may at any time
give notice in writing to the other parties of a change in its address for the
purposes of this Paragraph 22.

 

21.   MODIFICATION.  This Agreement shall not be changed,
modified, terminated, or discharged, in whole or in part, except by an
instrument in writing signed by the parties hereto, or their respective
successors or assignees.

 

22.   SEVERABILITY.  The provisions of this Agreement are
independent of and severable from each other, and no provision shall be
affected or rendered invalid or unenforceable by virtue of the fact that for
any reason any other or others of them may be invalid or unenforceable in whole
or in part.

 

19

 

23.   CONSTRUCTION.  The provisions of this Agreement shall be
construed and interpreted in accordance with the laws of the State of Colorado.

 

24.   ENTIRE AGREEMENT.  This Agreement contains the entire agreement
and understanding among the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements,
understandings, inducements and conditions, express or implied, oral or
written, of any nature whatsoever with respect to the subject matter hereof.
The express terms hereof control and supersede any course of performance and/or
usage of the trade inconsistent with any of the terms hereof. This Agreement
may not be modified or amended other than by an agreement in writing.

 

25.   INDULGENCES, NOT
WAIVERS.  Neither the failure nor any
delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to
any occurrence be construed as a waiver of such right, remedy, power or
privilege with respect to any other occurrence. No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted
such waiver.

 

26.   GENDER.  Words used herein regardless of the number
and gender specifically used, shall be deemed and construed to include any
other number, singular or plural, and any other gender, masculine, feminine or
neuter, as the context requires.

 

27.   TITLES NOT TO AFFECT
INTERPRETATION.  The titles of paragraphs
and subparagraphs contained in this Agreement are for convenience only, and
they neither form a part of this Agreement nor are they to be used in the
construction or interpretation hereof.

 

28.   EXECUTION IN
COUNTERPARTS.  This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an
original as against any party whose signature appears thereon, and all of which
shall together constitute one and the same instrument. This Agreement shall
become binding when one or more counterparts hereof, individually or taken
together, shall bear the signatures of all of the parties reflected hereon as
the signatories.

 

29.   INITIAL INVESTMENT.  The Advisor has made a capital contribution
of $200,000 to the Operating Partnership in exchange for OP Units. The Advisor
may not sell any of the OP Units while the Advisor acts in such advisory
capacity to the Company, provided, that such OP Units may be transferred to
Affiliates of the Advisor. The restrictions included above shall not apply to
any other Securities acquired by the Advisor or its Affiliates. The Advisor
shall not vote any Shares it now owns, or hereafter acquires, in any vote for
the election of Directors or any vote regarding the approval or termination of
any contract with the Advisor or any of its Affiliates.

 

20

 

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

 

 

	
   

  	
  DIVIDEND CAPITAL TOTAL REALTY TRUST INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Guy M. Arnold

  
	
   

  	
  Name: 

  	
  Guy M. Arnold

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
  DIVIDEND CAPITAL TOTAL REALTY OPERATING
  PARTNERSHIP LP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Dividend Capital Total Realty Trust Inc., its

  
	
   

  	
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Guy M. Arnold

  
	
   

  	
  Name: 

  	
  Guy M. Arnold

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
  DIVIDEND CAPITAL TOTAL ADVISORS LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:   Dividend Capital Total Advisors Group LLC,
  its

  Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Evan H. Zucker

  
	
   

  	
  Name:

  	
  Evan H. Zucker

  
	
   

  	
  Title:

  	
  Manager

  
						

 

21

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