Document:

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                                                                    EXHIBIT 10.2

                               ADVISORY AGREEMENT

                           DIVIDEND CAPITAL TRUST INC.

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                                TABLE OF CONTENTS

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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. FIDELITY BOND............................................................16

13. REIMBURSEMENT TO THE ADVISOR.............................................16

14. OTHER ACTIVITIES OF THE ADVISOR..........................................16

15. RELATIONSHIP OF ADVISOR AND COMPANY......................................17

16. TERM; TERMINATION OF AGREEMENT...........................................17

17. TERMINATION BY EITHER PARTY..............................................17

18. ASSIGNMENT TO AN AFFILIATE...............................................17

19. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION.......................18

20. INDEMNIFICATION BY THE COMPANY...........................................18

21. INDEMNIFICATION BY ADVISOR...............................................18

22. NOTICES..................................................................19

23. MODIFICATION.............................................................19

24. SEVERABILITY.............................................................19
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25. CONSTRUCTION.............................................................19

26. ENTIRE AGREEMENT.........................................................19

27. INDULGENCES, NOT WAIVERS.................................................19

28. GENDER...................................................................20

29. TITLES NOT TO AFFECT INTERPRETATION......................................20

30. EXECUTION IN COUNTERPARTS................................................20

31. INITIAL INVESTMENT.......................................................20
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                               ADVISORY AGREEMENT

         THIS ADVISORY AGREEMENT, dated as of July 11, 2002, as amended
effective July 26, 2002, is between Dividend Capital Trust Inc., a Maryland
corporation (the "Company"), and Dividend Capital Advisors LLC, a Colorado
limited liability company (the "Advisor").

                                   WITNESSETH

         WHEREAS, the Company has filed with the Securities and Exchange
Commission a Registration Statement on Form S-11 covering a public offering of
shares of its common stock ("Shares") and the Company may subsequently issue
securities other than such Shares ("Securities") or otherwise raise additional
capital;

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

         WHEREAS, the Company desires to avail itself 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; and

         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;

         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 Advisor, or any Affiliate of either in
connection with the selection or acquisition of any 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, and title insurance.

         Acquisition Fees. Any and all fees and commissions, exclusive of
Acquisition Expenses, paid by any person or entity to any other person or entity
(including any fees or commissions paid by or to any Affiliate of the Company or
the Advisor) in connection with making or investing in mortgage loans and the
selection or acquisition of any Property, including, without limitation, real
estate commissions, acquisition fees, finder's fees, selection fees,
nonrecurring management fees, consulting fees, loan fees, points, or any other
fees or commissions of a similar nature.

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

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         Affiliate or Affiliated. As to any individual, corporation,
partnership, trust or other association, (i) any Person or entity, directly or
indirectly, through one or more intermediaries controlling, controlled by, or
under common control with such other person or entity; (ii) any Person or
entity, directly or indirectly owning or controlling ten percent (10%) or more
of the outstanding voting securities of such other person or entity; (iii) any
officer, director, partner, or trustee of such other person or entity; (iv) any
Person ten percent (10%) or more of whose outstanding voting securities are
directly or indirectly owned, controlled, or held, with power to vote, by such
other person; and (v) if such other person or entity is an officer, director,
partner, or trustee of a Person or entity, the Person or entity for which such
Person or entity acts in any such capacity.

         Appraised Value. Value according to an appraisal made by an Independent
Appraiser.

         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 Properties and loans made by the Company which are secured by
real estate before reserves for depreciation or bad debts or other similar
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.

         Cash from Financings. Net cash proceeds realized by the Company from
the financing of Company Property or from the refinancing of any Company
indebtedness.

         Cash from Sales. Net cash proceeds realized by the Company from the
sale, exchange or other disposition of any of its assets after deduction of all
expenses incurred in connection therewith. Cash from Sales shall not include
Cash from Financings.

         Cash from Sales and Financings. The total sum of Cash from Sales and
Cash from Financings.

         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, breach of this Agreement, a default by the Sponsor under
the guarantee by the Sponsor to the Company or the bankruptcy of the Sponsor.

         Change of Control. A change of control of the Company of such a nature
that would be required to be reported in response to the disclosure requirements
of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act
of 1934, as amended, as enacted and in force on the date hereof (the "Exchange
Act"), whether or not the Company is then subject to such reporting
requirements; provided, however, that, without limitation, a change of control
shall be deemed to have occurred if: (i) any "person" (within the meaning of
Section 13(d) of the

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Exchange Act) is or becomes the "beneficial owner" (as that term is defined in
Rule 13d-3, as enacted and in force on the date hereof, under the Exchange Act)
of securities of the Company representing 8.5% or more of the combined voting
power of the Company's securities then outstanding; (ii) there occurs a merger,
consolidation or other reorganization of the Company which is not approved by
the Board of Directors of the Company; (iii) there occurs a sale, exchange,
transfer or other disposition of substantially all of the assets of the Company
to another entity, which disposition is not approved by the Board of Directors
of the Company; or (iv) there occurs a contested proxy solicitation of the
Stockholders of the Company that results in the contesting party electing
candidates to a majority of the Board of Directors' positions next up for
election.

         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. Dividend Capital Trust Inc., a corporation organized under the
laws of the State of Maryland.

         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. The
total of all real estate commissions paid by the Company to all Persons
(including the Subordinated Disposition Fee payable to the Advisor) in
connection with any Sale of one or more of the Company's Properties shall not
exceed the lesser of (i) a Competitive Real Estate Commission or (ii) six
percent of the gross sales price of the Property or Properties.

         Contract Purchase Price. The amount actually paid or allocated (as of
the date of purchase) to the purchase, development, construction or improvement
of 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.

         Cumulative Return. For the period for which the calculation is being
made, the percentage resulting from dividing (A) the total Distributions paid on
each Distribution date during such period (without regard to Distributions paid
out of Cash from Sales and Financings), by (B) the product of (i) the average
Invested Capital for such period (calculated on a daily basis), and (ii) the
number of years (including fractions thereof) elapsed during such period.

         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.

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         Dealer Manager Fee. Up to 2.5% of Gross Proceeds payable to the Dealer
Manager for serving as the dealer manager of the Offering.

         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.

         Equity Interest. The stock of or other interests in, or warrants or
other rights to purchase the stock of or other interests in, any entity that has
borrowed money from the Company or that is a tenant of the Company or that is a
parent or controlling Person of any such borrower or tenant.

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

         Final Closing Date. The last date on which purchasers of Shares offered
pursuant to the Prospectus are issued such Shares.

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

         Gross Proceeds. The aggregate purchase price of all Shares sold for the
account of the Company through the Offering, without deduction for Selling
Commissions, volume discounts, the marketing support and due diligence expense
reimbursement fee or Organization and Offering Expenses. For the purpose of
computing Gross Proceeds, the purchase price of any Share for which reduced
Selling 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 $10.00.

         Independent Appraiser. A qualified appraiser of real estate as
determined by the Board. Membership in a nationally recognized appraisal society
such as the American Institute of Real Estate Appraisers ("M.A.I.") or the
Society of Real Estate Appraisers ("S.R.E.A.") shall be conclusive evidence of
such qualification.

         Independent Director. A Director who is not and within the last two
years has not been directly or indirectly associated with the Advisor by virtue
of (i) ownership of an interest in the Advisor or its Affiliates, (ii)
employment by the Advisor or its Affiliates, (iii) service as an officer or
director of the Advisor or its Affiliates, (iv) performance of services, other
than as a Director, for the Company, (v) service as a director or trustee of
more than three real estate investment trusts advised by the Advisor, or (vi)
maintenance of a material business or professional relationship with the Advisor
or any of its Affiliates. A business or professional relationship is considered
material if the gross revenue derived by the Director from the Advisor and
Affiliates exceeds 5% of either the Director's annual gross revenue during
either of the last two years or the Director's net worth on a fair market value
basis. An indirect relationship shall include circumstances in which a
Director's spouse, parents, children, siblings, mothers- or

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fathers-in-law, sons- or daughters-in-law, or brothers- or sisters-in-law is or
has been associated with the Advisor, any of its Affiliates, or the Company.

         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.

         Invested Capital. The amount calculated by multiplying the total number
of Shares purchased by stockholders by the issue price, reduced by the portion
of any Distribution that is attributable to Net Sales Proceeds and by any
amounts paid by the Company to repurchase Shares pursuant to the Company's plan
for redemption of Shares.

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

         Listing. The listing of the Shares of the Company on a national
securities exchange or over-the-counter market.

         Net Income. For any period, the total revenues applicable to such
period, less the total expenses applicable to such period excluding additions to
reserves for depreciation, bad debts or other similar non-cash reserves;
provided, however, Net Income for purposes of calculating total allowable
Operating Expenses (as defined herein) shall exclude the gain from the sale of
the Company's assets.

         Net Sales Proceeds. In the case of a transaction described in clause
(A) of the definition of Sale, the proceeds of any such transaction less the
amount of all real estate commissions and closing costs paid by the Operating
Partnership. In the case of a transaction described in clause (B) of such
definition, Net Sales Proceeds means the proceeds of any such transaction less
the amount of any legal and other selling expenses incurred by the Operating
Partnership in connection with such transaction. In the case of a transaction
described in clause (C) of such definition, Net Sales Proceeds means the
proceeds of any such transaction actually distributed to the Operating
Partnership from the Joint Venture less any expenses incurred by the Operating
Partnership in connection with such transaction. In the case of a transaction
described in clause (D) of the definition of Sale, Net Sales Proceeds means the
proceeds of such transaction or series of transactions less the amount of all
commissions and closing costs paid by the Operating Partnership. In the case of
transactions described in clause (E) of such definition, Net Sales Proceeds
means the proceeds of any such transaction less the amount of all selling costs
and other expenses incurred by the Operating Partnership in connection with such
transaction. Net Sales Proceeds shall also include, in the case of any lease of
a Property consisting of a building only, any amounts that the Company
determines, in its discretion, to be economically equivalent to proceeds of a
Sale. Net Sales Proceeds shall not include any amounts used to repay outstanding
indebtedness secured by the asset disposed of in the sale.

         Offering. The initial public offering of Shares pursuant to the
Prospectus.

         Operating Expenses. All costs and expenses incurred by the Company, as
determined under generally accepted accounting principles, which in any way are
related to the operation of

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the Company or to Company business, including advisory fees, but excluding (i)
the expenses of raising capital such as Organizational and Offering Expenses,
the Dealer Manager Fee, Selling Commissions, 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 of the Shares, (ii) interest
payments, (iii) taxes, (iv) non-cash expenditures such as depreciation,
amortization and bad loan reserves, (v) the Property Management Fee and (vi)
Acquisition Fees and Acquisition Expenses, real estate commissions on the sale
of property, and other expenses connected with the acquisition, and ownership of
real estate interests, mortgage loans or other property (such as the costs of
foreclosure, insurance premiums, legal services, maintenance, repair and
improvement of property).

         Operating Partnership. Dividend Capital Operating Partnership LP, the
limited partnership through which the Company will own the Properties.

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

         Organizational and Offering Expenses. Any and all costs and expenses,
other than Selling Commissions and the 2.5% Dealer Manager Fee and due diligence
expense reimbursement 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); legal, accounting and escrow fees;
printing, amending, supplementing, mailing and distribution costs; salaries of
employees while engaged in registering, marketing and wholesaling the Shares;
filing, registration and qualification fees and taxes; telegraph and telephone
costs; and all advertising and marketing expenses, including the costs related
to investor and broker-dealer sales meetings. The Organizational and Offering
Expenses paid by the Company in connection with formation of the Company will
not exceed 3% of the Gross Proceeds raised in connection with such Offering.

         Permitted Affiliate. Any Affiliate of the Advisor other than an
Affiliate that is a property management company engaged to manage any
Properties or other assets owned directly or indirectly by the Company.

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

         Property or Properties. (i) The real properties, including the
buildings located thereon, or (ii) the real properties only, or (iii) the
buildings only, which are acquired by the Company or the

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Operating Partnership, either directly or through joint venture arrangements or
other partnerships.

         Property Management Fee. Fees paid to a property management company
(which may be an Affiliate of the Advisor) in consideration for the management
and leasing of Properties.

         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 Property, exclusive of
Acquisition Fees and Acquisition Expenses.

         Registration Statement. The Registration Statement filed on Form S-11
with respect to the Offering, of which the Prospectus is a part.

         REIT. A "real estate investment trust" under Sections 856 through 860
of the Code.

         Sale or Sales. Any transaction or series of transactions whereby: (A)
the Operating Partnership sells, grants, transfers, conveys, or relinquishes its
ownership of any Property or portion thereof, including the lease of any
Property consisting of the building only, and including any event with respect
to any Property which gives rise to a significant amount of insurance proceeds
or condemnation awards; (B) the Operating Partnership sells, grants, transfers,
conveys, or relinquishes its ownership of all or substantially all of the
interest of the Operating Partnership in any Joint Venture in which it is a
co-venturer or partner; (C) any Joint Venture in which the Operating Partnership
is a co-venturer or partner sells, grants, transfers, conveys, or relinquishes
its ownership of any Property or portion thereof, including any event with
respect to any Property which gives rise to insurance claims or condemnation
awards; (D) the Operating Partnership sells, grants, conveys, or relinquishes
its interest in any asset, or portion thereof, including any event with respect
to any asset which gives rise to a significant amount of insurance proceeds or
similar awards; or (E) the Operating Partnership sells or otherwise disposes of
or distributes all of its assets in liquidation of the Operating Partnership.

         Securities. Any Equity Shares, Excess Shares, as such term is defined
in the Company's Articles of Incorporation, 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.

         Selling Commissions. Up to 7% of Gross Proceeds payable to the Dealer
Manager or Soliciting Dealers with respect to Securities sold by them.

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

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         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(c).

         Sponsor. Any Person directly or indirectly instrumental in organizing,
wholly or in part, the Company or any Person who will control, manage or
participate in the management of the Company, and any Affiliate of such Person.
Not included is any Person whose only relationship with the Company is that of
an independent property manager of Company assets, and whose only compensation
is as such. 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.

         Stockholders' 7% Return. As of each date, an aggregate amount equal to
a 7% cumulative, noncompounded, annual return on Invested Capital.

         Termination Date. The date of termination of the 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 other than
for Cause.

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

         2%/25% Guidelines. 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.

         Valuation. An estimate of value of the assets of the Company as
determined by an Independent Expert.

         2.       APPOINTMENT. The Company hereby appoints the Advisor to serve
as its 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 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

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Registration Statement, Articles of Incorporation and Bylaws of the Company, the
Advisor shall, either directly or by engaging a Permitted Affiliate:

                  a. serve as the Company'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 of the Company and perform and
supervise the various administrative functions reasonably necessary for the
management of the Company;

                  c. investigate, select, and, on behalf of the Company, 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, 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 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;

                  e. subject to the provisions of Paragraphs 3(g) and 4 hereof,
(i) locate, analyze and select potential investments in Properties, (ii)
structure and negotiate the terms and conditions of transactions pursuant to
which investment in Properties will be made; (iii) make investments in
Properties on behalf of the Company 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 the investments in, Property;
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. provide the Directors with periodic reports regarding
prospective investments in Properties;

                  g. obtain the prior approval of the Directors (including a
majority of all Independent Directors) for any and all investments in
Properties;

                  h. negotiate on behalf of the Company with banks or lenders
for loans to be made to the Company, and negotiate on behalf of the Company with
investment banking firms and broker-dealers or negotiate private sales of Shares
and Securities or obtain loans for the Company, 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;

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                  i. obtain reports (which may be prepared by the Advisor or its
Affiliates), where appropriate, concerning the value of investments or
contemplated investments of the Company in Properties;

                  j. 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 under this Agreement;

                  k. provide the Company with all necessary cash management
services;

                  l. do all things necessary to assure its ability to render the
services described in this Agreement;

                  m. deliver to or maintain on behalf of the Company copies of
all appraisals obtained in connection with the investments in Properties; and

                  n. notify the Board of all proposed material transactions
before they are completed.

         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 or
acquired for the Company, (3) acquire Properties in compliance with the
investment objectives and policies of the Company, (4) arrange for financing or
refinancing Property, (5) enter into leases and service contracts for the
Company's Property, (6) oversee Affiliated and non-Affiliated property managers
who perform services for the Company; and (7) manage accounting and other
record-keeping functions for the Company.

                  b. Notwithstanding the foregoing, any investment in
Properties, including any acquisition of Property by the Company (as well as any
financing acquired by the Company in connection with such acquisition), will
require the prior approval of the Directors (including a majority of the
Independent Directors).

                  c. If a transaction requires approval by the Independent
Directors, the Advisor will deliver to the Independent Directors all documents
required by them to properly evaluate the proposed investment in the Property.

         The prior approval of a majority of the Independent Directors and a
majority of the Directors not otherwise interested in the transaction will be
required for each transaction which is proposed for the Company by the Advisor
or its Affiliates. 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 Property as thereafter
require prior approval, provided however, that such

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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.

         5.       BANK ACCOUNTS. The Advisor may establish and maintain one or
more bank accounts in its own name for the account of the Company or in the name
of the Company 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, 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.

         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, or directors,
officers or stockholders of any director, officer or corporate parent 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.

         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

                                       11
<PAGE>

or exchange) of Property an Acquisition Fee payable by the Company. The
Acquisition Fees shall be reduced to the extent that, and, if necessary to
limit, the total compensation paid to all persons involved in the acquisition of
any Property to the amount customarily charged in arm's-length transactions by
other persons or entities rendering similar services as an ongoing public
activity in the same geographical location and for comparable types of
Properties and to the extent that other acquisition fees, finder's fees, real
estate commissions, or other similar fees or commissions are paid by any person
in connection with the transaction. The total Acquisition Fees paid to the
Advisor or its Affiliates shall not exceed 3% of the Contract Purchase Price of
all Properties acquired by the Company. Acquisition Fees shall be payable on the
acquisition of a specific property or the acquisition of a portfolio of
properties through a purchase of assets, merger or similar transaction. However,
the total of all Acquisition Fees and Acquisition Expenses payable with respect
to any Property shall not exceed 6% of the Contract Purchase Price of such
Property 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. Subordinated Disposition Fee. If the Advisor or an
Affiliate provides a substantial amount of the services (as determined by a
majority of the Independent Directors) in connection with the Sale of one or
more Properties, the Advisor or an Affiliate shall receive a Subordinated
Disposition Fee equal to the lesser of (i) one-half of a Competitive Real Estate
Commission or (ii) 3% of the sales price of such Property or Properties. The
Subordinated Disposition Fee will be paid only if Stockholders have received
total Distributions in an amount equal to the sum of their aggregate Invested
Capital and their aggregate Stockholders' 7% Return. To the extent that
Subordinated Disposition Fees are not paid by the Company on a current basis due
to the foregoing limitation, the unpaid fees will be accrued and paid at such
time as the subordination conditions have been satisfied. The Subordinated
Disposition Fee 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 shall not exceed an amount equal to the lesser of (i) 6%
of the Contract Sales Price of a Property or (ii) the Competitive Real Estate
Commission. In the event this Agreement is terminated prior to such time as the
Stockholders have received total Distributions in an amount equal to 100% of
Invested Capital plus an amount sufficient to pay the Stockholders' 7% Return
through the Termination Date, an appraisal of the Properties then owned by the
Company shall be made and the Subordinated Disposition Fee on Properties
previously sold will be deemed earned if the Appraised Value of the Properties
then owned by the Company plus total Distributions received prior to the
Termination Date equals 100% of Invested Capital plus an amount sufficient to
pay the Stockholders' 7% Return through the Termination Date. Upon Listing, if
the Advisor has accrued but not been paid such Subordinated Disposition Fee,
then for purposes of determining whether the subordination conditions have been
satisfied, Stockholders will be deemed to have received a Distribution in the
amount equal to the product of the total number of Shares outstanding and the
average closing price of the Shares over a period, beginning 180 days after
Listing, of 30 days during which the Shares are traded.

                  c. Operating Partnership Interests. The Advisor will make 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").

                                       12
<PAGE>

The holder of the Special OP Units will be entitled to distributions from the
Operating Partnership in an amount equal to 15% of the Net Sales Proceeds after
the holders of regular partnership interests have received cumulative
distributions from the Operating Partnership from operating income, sales
proceeds or other sources equal to their capital contributions to the Operating
Partnership plus a 7% cumulative, noncompounded annualized return thereon. Upon
the earliest to occur of the termination of this Agreement for Cause, a
Termination Event or the Listing, all of the Special OP Units shall be redeemed
by the Operation Partnership. In the case of redemption upon a Termination Event
or the Listing, the Special OP Units shall be redeemed for an aggregate amount
equal to the Net Sales Proceeds that would have been distributed to the holders
of Special OP Units in accordance with the preceding sentence if a transaction
within the meaning of clause (E) of the definition of Sale had occurred on such
date, all assets of the Operating Partnership had been sold for their fair
market value and all liabilities of the Operating Partnership had been satisfied
in full according to their terms. In determining the fair market value of the
assets of the Operating Partnership, (i) in connection with a Termination Event,
the Company shall obtain an appraisal of the properties of the Operating
Partnership and (ii) in connection with the Listing, the Company shall make such
determination taking into account the market value of the Company's listed
Shares based upon the average closing price, or average of bid and asked prices,
as the case may be, during a period of 30 days during which such Shares are
traded beginning 180 days after the Listing. If the Agreement is terminated or
not renewed by the Company for Cause, the Special OP Units shall be redeemed by
the Operating Partnership for $1. The Operating Partnership will redeem the
Special OP Units for cash. There shall be a corresponding allocation of profits
of the Operating Partnership made to the holder of the Special OP Units in
connection with the amounts payable hereunder and such amounts will be payable
only out of profits of the Operating Partnership.

                  d. Loans from Affiliates. If any loans are made to the Company
by an Affiliate of the Advisor, the maximum amount of interest that may be
charged by such Affiliate 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 and (ii) the rate that would be charged to the Company by unrelated
lending institutions on comparable loans for the same purpose. The terms of any
such loans shall be no less favorable than the terms available between
non-Affiliated Persons for similar commercial loans.

                  e. Changes to Fee Structure. In the event of Listing, the
Company and the Advisor shall negotiate in good faith to establish a fee
structure appropriate for a perpetual-life entity. A majority of the Independent
Directors must approve the new fee structure negotiated with the Advisor. In
negotiating a new fee structure, the Independent Directors shall consider all

                                       13
<PAGE>

of the factors they deem relevant, including, but not limited to: (i) the amount
of the advisory fee in relation to the asset value, composition and
profitability of the Company's portfolio; (ii) the success of the Advisor in
generating opportunities that meet the investment objectives of the Company;
(iii) the rates charged to other REITs and to investors other than REITs by
advisors performing the same or similar services; (iv) additional revenues
realized by the Advisor and its Affiliates through their relationship with the
Company, including loan administration, underwriting or broker commissions,
servicing, engineering, inspection and other fees, whether paid by the REIT or
by others with whom the REIT does business; (v) the quality and extent of
service and advice furnished by the Advisor; (vi) the performance of the
investment portfolio of the REIT, including income, conversion or appreciation
of capital, and number and frequency of problem investments; and (vii) the
quality of the Property portfolio of the Company in relationship to the
investments generated by the Advisor for its own account. The new fee structure
can be no more favorable to the Advisor than the current fee structure.

                  f. Exclusion of Certain Transactions. In the event the Company
shall propose to enter into any transaction in which an officer or director of
the Company, the Advisor, or any Affiliate of the Company 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 remuneration received by any such persons
in connection with such transaction shall be deducted from the fees payable
under this Agreement.

         10.      EXPENSES.

                  a. In addition to the compensation paid to the Advisor
pursuant to Paragraph 9 hereof, the Company 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 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 3%
of the Gross Proceeds 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 3% of the
Gross Proceeds;

                           ii. Acquisition Expenses incurred in connection with
the selection and acquisition of Properties at the lesser of the actual cost or
90% of the competitive rate charged by unaffiliated persons providing similar
goods and services in the same geographic location;

                           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 securities;

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

                                       14
<PAGE>

                           v. taxes and assessments on income of the Company or
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 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 Listing 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;

                           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 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 during each quarter, and shall deliver such statement to
the Company 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
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.

                                       15
<PAGE>

         12.      FIDELITY BOND. The Advisor shall maintain a fidelity bond for
the benefit of the Company which bond shall insure the Company from losses of up
to $200,000 per occurrence and shall be of the type customarily purchased by
entities performing services similar to those provided to the Company by the
Advisor.

         13.      REIMBURSEMENT TO THE ADVISOR. The Company shall not reimburse
the Advisor at the end of any fiscal quarter 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 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, the Excess Amount
may be carried over and included in Operating Expenses in subsequent Expense
Years, and reimbursed to the Advisor in one or more of such years, provided that
Operating Expenses in any Expense Year, including any Excess Amount to be paid
to the Advisor, shall not exceed the 2%/25% Guidelines. Within 60 days after the
end of any fiscal quarter of the Company for which total Operating Expenses for
the Expense Year exceed the 2%/25% Guidelines, 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.

         14.      OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained
shall prevent the Advisor from engaging in other activities, including, without
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 any other business or to render services of any kind to any other
partnership, corporation, firm, individual, trust or association. 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. 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 Sponsor, 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 adopt the method
set forth in the Registration Statement or another reasonable method by which
properties are to be allocated to the competing investment entities and to use
their best efforts to apply such method fairly to the Company.

                                       16
<PAGE>

         The Advisor shall be required to use its best efforts to present a
continuing and suitable investment program to the Company which is consistent
with the investment policies and objectives of the Company, but neither the
Advisor nor any Affiliate of the Advisor shall be obligated generally to present
any particular investment opportunity to the Company even if the opportunity is
of character which, if presented to the Company, could be taken by the Company.

         The Advisor or its Affiliates may make such an investment in a property
only after (i) such investment has been offered to the Company 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, such partnerships and investment
entities.

         In the event that the Advisor or its Affiliates is presented with a
potential investment which might be made by the Company and by another
investment entity which the Advisor or its Affiliates 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 based on the criteria set forth above, then the
investment opportunity shall be offered to the Company. The Advisor may consider
the property for its own investment only if such property is deemed
inappropriate for any investment entity which is advised or managed by the
Advisor, including the Company.
         15.      RELATIONSHIP OF ADVISOR AND COMPANY. The Company and the
Advisor are not partners or joint venturers with each other, and nothing in this
Agreement shall be construed to make them such partners or joint venturers or
impose any liability as such on either of them.

         16.      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.

         17.      TERMINATION BY EITHER PARTY. This Agreement may be terminated
upon 60 days written notice with or without Cause and without penalty, by either
party (by a majority of the Independent Directors of the Company or a majority
of the Board of Directors of the Advisor, as the case may be).

         18.      ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by
the Advisor to a Permitted 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 without
obtaining the approval of the Directors. This Agreement shall not be assigned by
the Company without the consent of the Advisor, except in the case of an

                                       17
<PAGE>

assignment by the Company to a corporation or other organization which is a
successor to all of the assets, rights and obligations of the Company, in which
case such successor organization shall be bound hereunder and by the terms of
said assignment in the same manner as the Company is bound by this Agreement.

         19.      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 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 all money collected and
held for the account of the Company 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
Properties, and documents of the Company then in the custody of the Advisor; and

                           iv. cooperate with the Company to provide an orderly
management transition.

         20.      INDEMNIFICATION BY THE COMPANY. The Company 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 Advisor shall not be entitled to indemnification or be held
harmless pursuant to this paragraph 20 for any activity which the Advisor shall
be required to indemnify or hold harmless the Company pursuant to paragraph 21.
Any indemnification of the Advisor may be made only out of the net assets of the
Company and not from Stockholders. Notwithstanding the foregoing, the Company
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.6. of the REIT Guidelines
adopted by the North American Securities Administrators Association (the
"Indemnification Guideline"). A copy of the Indemnification Guideline is
attached hereto as Exhibit A and is incorporated herein by reference.

         21.      INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and
hold harmless the Company 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, misconduct, negligence or reckless

                                       18
<PAGE>
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.

         22.      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 Trust Inc.
                                           518 17th Street
                                           Suite 1700
                                           Denver, CO 80202
         To the Advisor:
                                           Dividend Capital Advisors LLC
                                           518 17th Street
                                           Suite 1700
                                           Denver, CO 80202

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

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

         24.      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.

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

         26.      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.

         27.      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

                                       19
<PAGE>

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.

         28.      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.

         29.      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.

         30.      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.

         31.      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.

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

                                   DIVIDEND CAPITAL TRUST INC.

                                   By: /s/ EVAN H. ZUCKER
                                      ----------------------------------
                                   Name: Evan H. Zucker
                                   Title: President

                                   DIVIDEND CAPITAL ADVISORS LLC

                                   By: /s/ JOHN A. BLUMBERG
                                      ----------------------------------
                                   Name: John A. Blumberg
                                   Title: Member

                                       20

<PAGE>

                                    EXHIBIT A

                            INDEMNIFICATION GUIDELINE

G.       Liability and Indemnification

                  1. The REIT shall not provide for indemnification of the
         TRUSTEES, ADVISORS or AFFILIATES for any liability or loss suffered by
         the TRUSTEES, ADVISORS or AFFILIATES, nor shall it provide that the
         TRUSTEES, ADVISORS or AFFILIATES be held harmless for any loss or
         liability suffered by the REIT, unless all of the following conditions
         are met:

                  a. The TRUSTEES, ADVISORS or AFFILIATES have determined, in
                  good faith, that the course of conduct which caused the loss
                  or liability was in the best interests of the REIT.

                  b. The TRUSTEES, ADVISORS or AFFILIATES were acting on behalf
                  of or performing services for the REIT.

                  c. Such liability or loss was not the result of:

                           (i) negligence or misconduct by the TRUSTEES,
                           excluding the INDEPENDENT TRUSTEES, ADVISORS or
                           AFFILIATES; OR

                           (ii) gross negligence or willful misconduct by the
                           INDEPENDENT TRUSTEES.

                  d. Such indemnification or agreement to hold harmless is
                  recoverable only out of REIT net assets and not from
                  SHAREHOLDERS.

                  2. Notwithstanding anything to the contrary contained in
         Section II.G.1, the TRUSTEES, ADVISORS or AFFILIATES and any persons
         acting as a broker-dealer shall not be indemnified by the REIT for any
         losses, liabilities or expenses 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:

                  a. There has been a successful adjudication on the merits of
                  each count involving alleged securities law violations as to
                  the particular indemnitee.

                  b. Such claims have been dismissed with prejudice on the
                  merits by a court of competent jurisdiction as to the
                  particular Indemnitee.

                  c. A court of competent jurisdiction approves a settlement of
                  the claims against a particular 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

                                       1

<PAGE>

                  Securities and Exchange Commission and of the published
                  position of any state securities regulatory authority in which
                  securities of the REIT were offered or sold as to
                  indemnification for violations of securities laws.

                  3. The advancement of REIT funds to the TRUSTEES, ADVISORS or
         AFFILIATES 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
                  REIT.

                  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.

                  c. The TRUSTEES, ADVISORS and AFFILIATES undertake to repay
                  the advanced funds to the REIT, together with the applicable
                  legal rate of interest thereon, in cases in which such
                  TRUSTEES, ADVISORS or AFFILIATES are found not to be entitled
                  to indemnification.

                                       2<PAGE>
                                                                    EXHIBIT 10.5

                          LIMITED PARTNERSHIP AGREEMENT

                                       OF

                    DIVIDEND CAPITAL OPERATING PARTNERSHIP LP

                         A DELAWARE LIMITED PARTNERSHIP

                                  MAY 30, 2002

<PAGE>

                                TABLE OF CONTENTS

<Table>
<S>                                                                                                             <C>
RECITALS..........................................................................................................1

Article 1 DEFINED TERMS...........................................................................................2

Article 2 PARTNERSHIP FORMATION AND IDENTIFICATION...............................................................10
         2.1      Formation......................................................................................10
         2.2      Name, Office and Registered Agent..............................................................10
         2.3      Partners.......................................................................................10
         2.4      Term and Dissolution...........................................................................11
         2.5      Filing of Certificate and Perfection of Limited Partnership....................................11
         2.6      Certificates Describing Partnership Units and Special Partnership Units........................11

Article 3 BUSINESS OF THE PARTNERSHIP............................................................................12

Article 4 CAPITAL CONTRIBUTIONS AND ACCOUNTS.....................................................................12
         4.1      Capital Contributions..........................................................................12
         4.2      Additional Capital Contributions and Issuances of Additional Partnership Interests.............12
         4.3      Additional Funding.............................................................................14
         4.4      Capital Accounts...............................................................................15
         4.5      Percentage Interests...........................................................................15
         4.6      No Interest On Contributions...................................................................15
         4.7      Return Of Capital Contributions................................................................15
         4.8      No Third Party Beneficiary.....................................................................16

Article 5 PROFITS AND LOSSES; DISTRIBUTIONS......................................................................16
         5.1      Allocation of Profit and Loss..................................................................16
         5.2      Distribution of Cash...........................................................................18
         5.3      REIT Distribution Requirements.................................................................20
         5.4      No Right to Distributions in Kind..............................................................20
         5.5      Limitations on Return of Capital Contributions.................................................20
         5.6      Distributions Upon Liquidation.................................................................20
         5.7      Substantial Economic Effect....................................................................21

Article 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER..................................................21
         6.1      Management of the Partnership..................................................................21
         6.2      Delegation of Authority........................................................................24
         6.3      Indemnification and Exculpation of Indemnitees.................................................24
         6.4      Liability of the General Partner...............................................................25
         6.5      Reimbursement of General Partner...............................................................26
         6.6      Outside Activities.............................................................................26
         6.7      Employment or Retention of Affiliates..........................................................27
         6.8      General Partner Participation..................................................................27
         6.9      Title to Partnership Assets....................................................................27
         6.10     Miscellaneous..................................................................................28
</Table>

                                       i

<PAGE>

<Table>
<S>                                                                                                             <C>
Article 7 CHANGES IN GENERAL PARTNER.............................................................................28
         7.1      Transfer of the General Partner's Partnership Interest.........................................28
         7.2      Admission of a Substitute or Additional General Partner........................................30
         7.3      Effect of Bankruptcy, Withdrawal, Death or Dissolution  of a General Partner...................30
         7.4      Removal of a General Partner...................................................................31

Article 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS.........................................................32
         8.1      Management of the Partnership..................................................................32
         8.2      Power of Attorney..............................................................................32
         8.3      Limitation on Liability of Limited Partners....................................................32
         8.4      Ownership by Limited Partner of Corporate General Partner or Affiliate.........................32
         8.5      Exchange Right.................................................................................33
         8.6      Registration...................................................................................35
         8.7      Redemption of Special Partnership Units........................................................36

Article 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS.............................................................36
         9.1      Purchase for Investment........................................................................36
         9.2      Restrictions on Transfer of Limited Partnership Interests......................................36
         9.3      Admission of Substitute Limited Partner........................................................38
         9.4      Rights of Assignees of Partnership Interests...................................................39
         9.5      Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner..................39
         9.6      Joint Ownership of Interests...................................................................39

Article 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS............................................................40
         10.1     Books and Records..............................................................................40
         10.2     Custody of Partnership Funds; Bank Accounts....................................................40
         10.3     Fiscal and Taxable Year........................................................................40
         10.4     Annual Tax Information and Report..............................................................40
         10.5     Tax Matters Partner; Tax Elections; Special Basis Adjustments..................................41
         10.6     Reports to Limited Partners....................................................................41

Article 11 AMENDMENT OF AGREEMENT; MERGER........................................................................42

Article 12 GENERAL PROVISIONS....................................................................................42
         12.1     Notices........................................................................................42
         12.2     Survival of Rights.............................................................................42
         12.3     Additional Documents...........................................................................42
         12.4     Severability...................................................................................42
         12.5     Entire Agreement...............................................................................43
         12.6     Pronouns and Plurals...........................................................................43
         12.7     Headings.......................................................................................43
         12.8     Counterparts...................................................................................43
         12.9     Governing Law..................................................................................43
</Table>

                                       ii
<PAGE>

                                    EXHIBITS

EXHIBIT A - Partners, Capital Contributions and Percentage Interests or Special
            Percentage Interests

EXHIBIT B - Notice of Exercise of Exchange Right

                                      iii

<PAGE>

                          LIMITED PARTNERSHIP AGREEMENT
                                       OF
                    DIVIDEND CAPITAL OPERATING PARTNERSHIP LP

                                    RECITALS

                  This Agreement of Limited Partnership (this "Agreement") is
entered into this 30th day of May, 2002, as amended effective July 26, 2002,
between Dividend Capital Trust Inc., a Maryland corporation (the "General
Partner") and the Limited Partners set forth on Exhibit A hereto. Capitalized
terms used herein but not otherwise defined shall have the meanings given them
in Article 1.

                                    AGREEMENT

                  WHEREAS, the General Partner intends to qualify as a real
estate investment trust under the Internal Revenue Code of 1986, as amended;

                  WHEREAS, Dividend Capital Operating Partnership, LP (the
"Partnership"), was formed on April 24, 2002 as a limited partnership under the
laws of the State of Delaware, pursuant to a Certificate of Limited Partnership
filed with the Office of the Secretary of State of the State of Delaware on
April 24, 2002;

                  WHEREAS, the General Partner desires to conduct its current
and future business through the Partnership;

                  WHEREAS, in furtherance of the foregoing, the General Partner
desires to contribute certain assets to the Partnership from time to time;

                  WHEREAS, in exchange for the General Partner's contribution of
assets, the parties desire that the Partnership issue Partnership Units to the
General Partner in accordance with the terms of this Agreement;

                  WHEREAS, the Limited Partners will contribute certain of their
property to the Partnership in exchange for Partnership Units or Special
Partnership Units in accordance with the terms of this Agreement;

                  WHEREAS, in furtherance of the Partnership's business, the
Partnership will acquire Properties and other assets from time to time by means
of the contribution of such Properties or other assets to the Partnership by the
owners thereof in exchange for Partnership Units; and

                  WHEREAS, the parties hereto wish to establish herein their
respective rights and obligations in connection with all of the foregoing and
certain other matters;

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

<PAGE>

                                    ARTICLE 1
                                  DEFINED TERMS

         The following defined terms used in this Agreement shall have the
meanings specified below:

         "ACT" means the Delaware Revised Uniform Limited Partnership Act, as it
may be amended from time to time.

         "ADDITIONAL FUNDS" has the meaning set forth in Section 4.3 hereof.

         "ADDITIONAL SECURITIES" means any additional REIT Shares (other than
REIT Shares issued in connection with an exchange pursuant to Section 8.5 hereof
or REIT Shares issued pursuant to a dividend reinvestment plan of the General
Partner) or rights, options, warrants or convertible or exchangeable securities
containing the right to subscribe for or purchase REIT Shares, as set forth in
Section 4.2(a)(ii).

         "ADMINISTRATIVE EXPENSES" means (i) all administrative and operating
costs and expenses incurred by the Partnership, (ii) those administrative costs
and expenses of the General Partner, including any salaries or other payments to
directors, officers or employees of the General Partner, and any accounting and
legal expenses of the General Partner, which expenses, the Partners have agreed,
are expenses of the Partnership and not the General Partner, and (iii) to the
extent not included in clause (ii) above, REIT Expenses; provided, however, that
Administrative Expenses shall not include any administrative costs and expenses
incurred by the General Partner that are attributable to Properties or
partnership interests in a Subsidiary Partnership that are owned by the General
Partner directly.

         "ADVISOR" or "ADVISORS" means the Person or Persons, if any, appointed,
employed or contracted with by the General Partner and responsible for directing
or performing the day-to-day business affairs of the General Partner, including
any Person to whom the Advisor subcontracts substantially all of such functions.

         "ADVISORY AGREEMENT" means the agreement between the General Partner
and the Advisor pursuant to which the Advisor will direct or perform the
day-to-day business affairs of the General Partner.

         "AFFILIATE" means, (i) any Person that, directly or indirectly,
controls or is controlled by or is under common control with such Person, (ii)
any other Person that owns, beneficially, directly or indirectly, 10% or more of
the outstanding capital stock, shares or equity interests of such Person, or
(iii) any officer, director, employee, partner or trustee of such Person or any
Person controlling, controlled by or under common control with such Person
(excluding trustees and persons serving in similar capacities who are not
otherwise an Affiliate of such Person). For the purposes of this definition,
"control" (including the correlative meanings of the terms "controlled by" and
"under common control with"), as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, through the ownership
of voting securities or partnership interests or otherwise.

                                       2
<PAGE>

         "AGREED VALUE" means the fair market value of a Partner's non-cash
Capital Contribution as of the date of contribution as agreed to by such Partner
and the General Partner. The names and addresses of the Partners, number of
Partnership Units or Special Partnership Units issued to each Partner, and the
Agreed Value of non-cash Capital Contributions as of the date of contribution is
set forth on Exhibit A.

         "AGREEMENT" means this Agreement of Limited Partnership, as amended,
modified supplemented or restated from time to time, as the context requires.

         "ARTICLES OF INCORPORATION" means the Articles of Incorporation of the
General Partner filed with the Maryland State Department of Assessments and
Taxation, as amended or restated from time to time.

         "CAPITAL ACCOUNT" has the meaning provided in Section 4.4 hereof.

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

         "CARRYING VALUE" means, with respect to any asset of the Partnership,
the asset's adjusted net basis for federal income tax purposes or, in the case
of any asset contributed to the Partnership, the fair market value of such asset
at the time of contribution, reduced by any amounts attributable to the
inclusion of liabilities in basis pursuant to Section 752 of the Code, except
that the Carrying Values of all assets may, at the discretion of the General
Partner, be adjusted to equal their respective fair market values (as determined
by the General Partner), in accordance with the rules set forth in Regulations
Section 1.704-1(b)(2)(iv)(f), as provided for in Section 4.4. In the case of any
asset of the Partnership that has a Carrying Value that differs from its
adjusted tax basis, the Carrying Value shall be adjusted by the amount of
depreciation, depletion and amortization calculated for purposes of the
definition of Profit and Loss rather than the amount of depreciation, depletion
and amortization determined for federal income tax purposes.

         "CASH AMOUNT" means an amount of cash per Partnership Unit equal to the
Value of the REIT Shares Amount on the date of receipt by the General Partner of
a Notice of Exchange.

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

                                       3
<PAGE>

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

         "COMMISSION" means the U.S. Securities and Exchange Commission.

         "CONVERSION FACTOR" means 1.0, provided that in the event that the
General Partner (i) declares or pays a dividend on its outstanding REIT Shares
in REIT Shares or makes a distribution to all holders of its outstanding REIT
Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares, or (iii)
combines its outstanding REIT Shares into a smaller number of REIT Shares, the
Conversion Factor shall be adjusted by multiplying the Conversion Factor by a
fraction, the numerator of which shall be the number of REIT Shares issued and
outstanding on the record date for such dividend, distribution, subdivision or
combination (assuming for such purposes that such dividend, distribution,
subdivision or combination has occurred as of such time), and the denominator of
which shall be the actual number of REIT Shares (determined without the above
assumption) issued and outstanding on such date and, provided further, that in
the event that an entity other than an Affiliate of the General Partner shall
become General Partner pursuant to any merger, consolidation or combination of
the General Partner with or into another entity (the "Successor Entity"), the
Conversion Factor shall be adjusted by multiplying the Conversion Factor by the
number of shares of the Successor Entity into which one REIT Share is converted
pursuant to such merger, consolidation or combination, determined as of the date
of such merger, consolidation or combination. Any adjustment to the Conversion
Factor shall become effective immediately after the effective date of such event
retroactive to the record date, if any, for such event; provided, however, that
if the General Partner receives a Notice of Exchange after the record date, but
prior to the effective date of such dividend, distribution, subdivision or
combination, the Conversion Factor shall be determined as if the General Partner
had received the Notice of Exchange immediately prior to the record date for
such dividend, distribution, subdivision or combination.

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

         "EXCHANGE AMOUNT" means either the Cash Amount or the REIT Shares
Amount, as selected by the General Partner in its sole and absolute discretion
pursuant to Section 8.5(b) hereof.

         "EXCHANGE RIGHT" has the meaning provided in Section 8.5(a) hereof.

                                       4
<PAGE>

         "EXCHANGING PARTNER" has the meaning provided in Section 8.5(a) hereof.

         "GENERAL PARTNER" means Dividend Capital Trust Inc., a Maryland
corporation, and any Person who becomes a substitute or additional General
Partner as provided herein, and any of their successors as General Partner.

         "GENERAL PARTNERSHIP INTEREST" means a Partnership Interest held by the
General Partner that is a general partnership interest.

         "INDEMNITEE" means (i) any Person made a party to a proceeding by
reason of its status as the General Partner or a director, officer or employee
of the General Partner or the Partnership, and (ii) such other Persons
(including Affiliates of the General Partner or the Partnership) as the General
Partner may designate from time to time, in its sole and absolute discretion.

         "INDEPENDENT DIRECTOR" means a director of the General Partner who is
not an officer or employee of the General Partner, any Affiliate of an officer
or employee or any Affiliate of (i) any lessee of any property of the General
Partner or any Subsidiary of the General Partner, (ii) any Subsidiary of the
General Partner, or (iii) any partnership that is an Affiliate of the General
Partner.

         "LIMITED PARTNER" means any Person named as a Limited Partner on
Exhibit A attached hereto, and any Person who becomes a Substitute Limited
Partner, in such Person's capacity as a Limited Partner in the Partnership.

         "LIMITED PARTNERSHIP INTEREST" means the ownership interest of a
Limited Partner in the Partnership at any particular time, including the right
of such Limited Partner to any and all benefits to which such Limited Partner
may be entitled as provided in this Agreement and in the Act, together with the
obligations of such Limited Partner to comply with all the provisions of this
Agreement and of such Act.

         "LISTING" means the listing of the shares of the General Partner's
stock, previously issued by the General Partner pursuant to an effective
registration statement and such shares currently registered with the Commission
pursuant to an effective registration statement, on a national securities
exchange or over-the-counter market.

         "LOSS" has the meaning provided in Section 5.1(h) hereof.

         "NET SALES PROCEEDS" means (i) in the case of a transaction described
in clause (i) of the definition of Sale, the proceeds of any such transaction
less the amount of all real estate commissions and closing costs paid by the
Partnership; (ii) in the case of a transaction described in clause (ii) of the
definition of Sale, the proceeds of any such transaction less the amount of any
legal and other selling expenses incurred by the Partnership in connection with
such

                                       5
<PAGE>

transaction; (iii) in the case of a transaction described in clause (iii) of the
definition of Sale, the proceeds of any such transaction actually distributed to
the Partnership from the joint venture or general partnership arrangement less
any expenses incurred by the Partnership in connection with such transaction;
(iv) in the case of a transaction described in clause (iv) of the definition of
Sale, the proceeds of any such transaction or series of transactions less the
amount of all commissions and closing costs paid by the Partnership; (v) in the
case of a transaction described in clause (v) of the definition of Sale, the
proceeds of such transaction less the amount of all selling costs and other
expenses incurred by the Partnership in connection with such transaction; and
(vi) in the case of any lease of a Real Property consisting of a building only,
any amounts from tenants, borrowers or lessees that the General Partner
determines, in its discretion, to be economically equivalent to the proceeds of
a Sale. Net Sales Proceeds shall not include any amounts used to repay
outstanding indebtedness secured by the asset disposed of in the Sale.

         "NOTICE OF EXCHANGE" means the Notice of Exercise of Exchange Right
substantially in the form attached as Exhibit B hereto.

         "NYSE" means the New York Stock Exchange.

         "OFFER" has the meaning set forth in Section 7.1(c) hereof.

         "OFFERING" means the initial offer and sale of REIT Shares to the
public.

         "OP UNITHOLDERS" means all holders of Partnership Interests other than
the Special OP Unitholders.

         "ORIGINAL LIMITED PARTNER" means the Limited Partners designated as
"Original Limited Partners" on Exhibit A hereto.

         "PARTNER" means any General Partner or Limited Partner.

         "PARTNER NONRECOURSE DEBT MINIMUM GAIN" has the meaning set forth in
Regulations Section 1.704-2(i). A Partner's share of Partner Nonrecourse Debt
Minimum Gain shall be determined in accordance with Regulations Section
1.704-2(i)(5).

         "PARTNERSHIP" means Dividend Capital Operating Partnership LP, a
Delaware limited partnership.

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

         "PARTNERSHIP MINIMUM GAIN" has the meaning set forth in Regulations
Section 1.704-2(d). In accordance with Regulations Section 1.704-2(d), the
amount of Partnership Minimum Gain is determined by first computing, for each
Partnership nonrecourse liability, any gain the Partnership would realize if it
disposed of the property subject to that liability for no consideration other
than full satisfaction of the liability, and then aggregating the

                                       6
<PAGE>

separately computed gains. A Partner's share of Partnership Minimum Gain shall
be determined in accordance with Regulations Section 1.704-2(g)(1).

         "PARTNERSHIP RECORD DATE" means the record date established by the
General Partner for the distribution of cash pursuant to Section 5.2 hereof,
which record date shall be the same as the record date established by the
General Partner for a distribution to its shareholders of some or all of its
portion of such distribution.

         "PARTNERSHIP UNIT" means a fractional, undivided share of the
Partnership Interests of all Partners issued hereunder excluding the Partnership
Interests represented by Special Partnership Units. The allocation of
Partnership Units among the Partners shall be as set forth on Exhibit A, as such
Exhibit may be amended from time to time.

         "PERCENTAGE INTEREST" means the percentage ownership interest in the
Partnership of each Partner, as determined by dividing the Partnership Units
owned by a Partner by the total number of Partnership Units then outstanding.
The Percentage Interest of each Partner shall be as set forth on Exhibit A, as
such Exhibit may be amended from time to time.

         "PERSON" means any individual, partnership, limited liability company,
corporation, joint venture, trust or other entity.

         "PROFIT" has the meaning provided in Section 5.1(h) hereof.

         "PROPERTY" means any office or industrial property or other investment
in which the Partnership holds an ownership interest.

         "PROSPECTUS" means the final prospectus delivered to purchasers of REIT
Shares in the Offering.

         "REAL PROPERTIES" means (i) the real properties, including the
buildings located thereon, or (ii) the real properties only, or (iii) the
buildings only, which are acquired by the Partnership, either directly or
through joint venture arrangements or other partnerships.

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

         "REGULATORY ALLOCATIONS" has the meaning set forth in Section 5.1(i)
hereof.

         "REIT" means a real estate investment trust under Sections 856 through
860 of the Code.

         "REIT EXPENSES" means (i) costs and expenses relating to the formation
and continuity of existence and operation of the General Partner and any
Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included
within the definition of General Partner), including taxes, fees and assessments
associated therewith, any and all costs, expenses or fees payable to any
director, officer, or employee of the General Partner, (ii) costs and expenses
relating to any public offering and registration of securities by the General
Partner and all

                                       7
<PAGE>

statements, reports, fees and expenses incidental thereto, including, without
limitation, underwriting discounts and selling commissions applicable to any
such offering of securities, and any costs and expenses associated with any
claims made by any holders of such securities or any underwriters or placement
agents thereof, (iii) costs and expenses associated with any repurchase of any
securities by the General Partner, (iv) costs and expenses associated with the
preparation and filing of any periodic or other reports and communications by
the General Partner under federal, state or local laws or regulations, including
filings with the Commission, (v) costs and expenses associated with compliance
by the General Partner with laws, rules and regulations promulgated by any
regulatory body, including the Commission and any securities exchange, (vi)
costs and expenses associated with any 401(k) plan, incentive plan, bonus plan
or other plan providing for compensation for the employees of the General
Partner, (vii) costs and expenses incurred by the General Partner relating to
any issuing or redemption of Partnership Interests, and (viii) all other
operating or administrative costs of the General Partner incurred in the
ordinary course of its business on behalf of or in connection with the
Partnership.

         "REIT SHARE" means a common share of beneficial interest in the General
Partner (or successor entity, as the case may be).

         "REIT SHARES AMOUNT" means a number of REIT Shares equal to the product
of the number of Partnership Units offered for exchange by an Exchanging
Partner, multiplied by the Conversion Factor as adjusted to and including the
Specified Exchange Date; provided that in the event the General Partner issues
to all holders of REIT Shares rights, options, warrants or convertible or
exchangeable securities entitling the shareholders to subscribe for or purchase
REIT Shares, or any other securities or property (collectively, the "rights"),
and the rights have not expired at the Specified Exchange Date, then the REIT
Shares Amount shall also include the rights issuable to a holder of the REIT
Shares Amount of REIT Shares on the record date fixed for purposes of
determining the holders of REIT Shares entitled to rights.

          "SALE" means any transaction or series of transactions whereby: (i)
the Partnership sells, grants, transfers, conveys, or relinquishes its ownership
of any Real Property or portion thereof, including the lease of any Real
Property consisting of the 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; (ii) the Partnership sells, grants, transfers,
conveys, or relinquishes its ownership of all or substantially all of the
interest of the Partnership in any joint venture or general partnership
arrangement in which the Partnership is a co-venturer or general partner which
are established to acquire Real Properties; (iii) any joint venture or general
partnership arrangement in which the Partnership is a co-venturer or general
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; (iv) the
Partnership sells, grants, conveys or relinquishes its interest in any asset, or
portion thereof, including any event with respect to any asset which gives rise
to a significant amount of insurance proceeds or similar awards; or (v) the
Partnership sells or otherwise disposes of or distributes all of its assets in
liquidation of the Partnership.

         "SECURITIES ACT" means the Securities Act of 1933, as amended and the
rules and regulations promulgated thereunder.

                                       8
<PAGE>

         "SERVICE" means the United States Internal Revenue Service.

         "SPECIAL OP UNITHOLDERS" means the holders of Special Partnership
Units.

         "SPECIAL PARTNERSHIP UNIT" means a unit of a series of Partnership
Interests, designated as Special Partnership Units, issued pursuant to Section
4.1. The number of Special Partnership Units outstanding and the Special
Percentage Interests in the Partnership represented by such Special Partnership
Units are set forth on Exhibit A, as such Exhibit may be amended from time to
time. A holder of a Special Partnership Unit shall have the same rights and
preferences as a holder of a Partnership Unit under this Agreement that is a
Limited Partner except as set forth in Sections 5.1(c), 5.2(b), 7.1(c), 8.5, 8.6
and 8.7.

         "SPECIAL PERCENTAGE INTEREST" shall mean the percentage ownership
interest in the Partnership of each Special OP Unitholder, as determined by
dividing the Special Partnership Units owned by each Special OP Unitholder by
the total number of Special Partnership Units then outstanding. The Special
Percentage Interest of each Partner shall be as set forth on Exhibit A, as such
Exhibit may be amended from time to time.

         "SPECIFIED EXCHANGE DATE" means the first business day of the month
that is at least 60 business days after the receipt by the General Partner of
the Notice of Exchange.

         "SUBSIDIARY" means, with respect to any Person, any corporation or
other entity of which a majority of (i) the voting power of the voting equity
securities or (ii) the outstanding equity interests is owned, directly or
indirectly, by such Person.

         "SUBSIDIARY PARTNERSHIP" means any partnership of which the partnership
interests therein are owned by the General Partner or a direct or indirect
subsidiary of the General Partner.

         "SUBSTITUTE LIMITED PARTNER" means any Person admitted to the
Partnership as a Limited Partner pursuant to Section 9.3 hereof.

         "SUCCESSOR ENTITY" has the meaning provided in the definition of
"Conversion Factor" contained herein.

         "SURVIVOR " has the meaning set forth in Section 7.1(d) hereof.

         "TERMINATION EVENT" means the termination or nonrenewal of the Advisory
Agreement (i) in connection with a merger, sale of assets or transaction
involving the General Partner pursuant to which a majority of the directors of
the General Partner then in office are replaced or removed, (ii) by the Advisor
for "good reason" (as defined in the Advisory Agreement) or (iii) by the General
Partner other than for "cause" (as defined in the Advisory Agreement).

         "TRANSACTION" has the meaning set forth in Section 7.1(c) hereof.

         "TRANSFER" has the meaning set forth in Section 9.2(a) hereof.

                                       9
<PAGE>

         "VALUE" means, with respect to any security, the average of the daily
market price of such security for the ten consecutive trading days immediately
preceding the date of such valuation. The market price for each such trading day
shall be: (i) if the security is listed or admitted to trading on any securities
exchange or the NYSE, the sale price, regular way, on such day, or if no such
sale takes place on such day, the average of the closing bid and asked prices,
regular way, on such day, (ii) if the security is not listed or admitted to
trading on any securities exchange or the NYSE, the last reported sale price on
such day or, if no sale takes place on such day, the average of the closing bid
and asked prices on such day, as reported by a reliable quotation source
designated by the General Partner, or (iii) if the security is not listed or
admitted to trading on any securities exchange or the NYSE and no such last
reported sale price or closing bid and asked prices are available, the average
of the reported high bid and low asked prices on such day, as reported by a
reliable quotation source designated by the General Partner, or if there shall
be no bid and asked prices on such day, the average of the high bid and low
asked prices, as so reported, on the most recent day (not more than ten days
prior to the date in question) for which prices have been so reported; provided
that if there are no bid and asked prices reported during the ten days prior to
the date in question, the value of the security shall be determined by the
General Partner acting in good faith on the basis of such quotations and other
information as it considers, in its reasonable judgment, appropriate. In the
event the security includes any additional rights, then the value of such rights
shall be determined by the General Partner acting in good faith on the basis of
such quotations and other information as it considers, in its reasonable
judgment, appropriate.

                                    ARTICLE 2
                    PARTNERSHIP FORMATION AND IDENTIFICATION

                  2.1 FORMATION. The Partnership was formed as a limited
partnership pursuant to the Act and all other pertinent laws of the State of
Delaware, for the purposes and upon the terms and conditions set forth in this
Agreement.

                  2.2 NAME, OFFICE AND REGISTERED AGENT. The name of the
Partnership is Dividend Capital Operating Partnership, LP. The specified office
and place of business of the Partnership shall be 518 17th Street, 17th Floor,
Denver, Colorado 80202. The General Partner may at any time change the location
of such office, provided the General Partner gives notice to the Partners of any
such change. The name and address of the Partnership's registered agent is The
Corporation Trust Company, Corporation Trust Center, 1209 Orange Street,
Wilmington, New Castle County, Delaware 19801. The sole duty of the registered
agent as such is to forward to the Partnership any notice that is served on him
as registered agent.

                  2.3 PARTNERS.

                           (a) The General Partner of the Partnership is
Dividend Capital Trust Inc., a Maryland corporation. Its principal place of
business is the same as that of the Partnership.

                           (b) The Limited Partners are those Persons identified
as Limited Partners on Exhibit A hereto, as amended from time to time.

                                       10
<PAGE>

                  2.4 TERM AND DISSOLUTION.

                           (a) The term of the Partnership shall continue in
full force and effect until December 31, 2032, except that the Partnership shall
be dissolved upon the first to occur of any of the following events:

                                    (i) The occurrence of an Event of Bankruptcy
as to a General Partner or the dissolution, death, removal or withdrawal of a
General Partner unless the business of the Partnership is continued pursuant to
Section 7.3(b) hereof; provided that if a General Partner is on the date of such
occurrence a partnership, the dissolution of such General Partner as a result of
the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner
in such partnership shall not be an event of dissolution of the Partnership if
the business of such General Partner is continued by the remaining partner or
partners, either alone or with additional partners, and such General Partner and
such partners comply with any other applicable requirements of this Agreement;

                                    (ii) The passage of 90 days after the sale
or other disposition of all or substantially all of the assets of the
Partnership (provided that if the Partnership receives an installment obligation
as consideration for such sale or other disposition, the Partnership shall
continue, unless sooner dissolved under the provisions of this Agreement, until
such time as such note or notes are paid in full);

                                    (iii) The exchange of all Limited
Partnership Interests (other than any of such interests held by the General
Partner or Affiliates of the General Partner) for REIT Shares or the securities
of any other entity; or

                                    (iv) The election by the General Partner
that the Partnership should be dissolved.

                           (b) Upon dissolution of the Partnership (unless the
business of the Partnership is continued pursuant to Section 7.3(b) hereof), the
General Partner (or its trustee, receiver, successor or legal representative)
shall amend or cancel the Certificate and liquidate the Partnership's assets and
apply and distribute the proceeds thereof in accordance with Section 5.6 hereof.
Notwithstanding the foregoing, the liquidating General Partner may either (i)
defer liquidation of, or withhold from distribution for a reasonable time, any
assets of the Partnership (including those necessary to satisfy the
Partnership's debts and obligations), or (ii) distribute the assets to the
Partners in kind.

                  2.5 FILING OF CERTIFICATE AND PERFECTION OF LIMITED
PARTNERSHIP. The General Partner shall execute, acknowledge, record and file at
the expense of the Partnership, any and all amendments to the Certificate and
all requisite fictitious name statements and notices in such places and
jurisdictions as may be necessary to cause the Partnership to be treated as a
limited partnership under, and otherwise to comply with, the laws of each state
or other jurisdiction in which the Partnership conducts business.

                  2.6 CERTIFICATES DESCRIBING PARTNERSHIP UNITS AND SPECIAL
PARTNERSHIP UNITS. At the request of a Limited Partner, the General Partner, at
its option, may issue a certificate summarizing the terms of such Limited
Partner's interest in the Partnership, including

                                       11
<PAGE>

the number of Partnership Units and Special Partnership Units owned and the
Percentage Interest and Special Percentage Interest represented by such
Partnership Units and Special Partnership Units as of the date of such
certificate. Any such certificate (i) shall be in form and substance as approved
by the General Partner, (ii) shall not be negotiable and (iii) shall bear a
legend to the following effect:

         This certificate is not negotiable. The Partnership Units and Special
Partnership Units represented by this certificate are governed by and
transferable only in accordance with the provisions of the Agreement of Limited
Partnership of Dividend Capital Operating Partnership, LP, as amended from time
to time.

                                    ARTICLE 3
                           BUSINESS OF THE PARTNERSHIP

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

                                    ARTICLE 4
                       CAPITAL CONTRIBUTIONS AND ACCOUNTS

                  4.1 CAPITAL CONTRIBUTIONS. The General Partner and the initial
Limited Partners have made capital contributions to the Partnership in exchange
for the Partnership Interests set forth opposite their names on Exhibit A, as
such Exhibit may be amended from time to time.

                  4.2 ADDITIONAL CAPITAL CONTRIBUTIONS AND ISSUANCES OF
ADDITIONAL PARTNERSHIP INTERESTS. Except as provided in this Section 4.2 or in
Section 4.3, the Partners shall have no right or obligation to make any
additional Capital Contributions or loans to the Partnership. The General
Partner may contribute additional capital to the Partnership, from time to time,
and receive additional Partnership Interests in respect thereof, in the manner
contemplated in this Section 4.2.

                                       12
<PAGE>

                           (a) Issuances of Additional Partnership Interests.

                                    (i) General. The General Partner is hereby
authorized to cause the Partnership to issue such additional Partnership
Interests in the form of Partnership Units for any Partnership purpose at any
time or from time to time, to the Partners (including the General Partner) or to
other Persons for such consideration and on such terms and conditions as shall
be established by the General Partner in its sole and absolute discretion, all
without the approval of any Limited Partners. Any additional Partnership
Interests issued thereby may be issued in one or more classes, or one or more
series of any of such classes, with such designations, preferences and relative,
participating, optional or other special rights, powers and duties, including
rights, powers and duties senior to Limited Partnership Interests, all as shall
be determined by the General Partner in its sole and absolute discretion and
without the approval of any Limited Partner, subject to Delaware law, including,
without limitation, (i) the allocations of items of Partnership income, gain,
loss, deduction and credit to each such class or series of Partnership
Interests; (ii) the right of each such class or series of Partnership Interests
to share in Partnership distributions; and (iii) the rights of each such class
or series of Partnership Interests upon dissolution and liquidation of the
Partnership; provided, however, that no additional Partnership Interests shall
be issued to the General Partner unless:

                                             (1) (A) the additional Partnership
Interests are issued in connection with an issuance of REIT Shares of or other
interests in the General Partner, which shares or interests have designations,
preferences and other rights, all such that the economic interests are
substantially similar to the designations, preferences and other rights of the
additional Partnership Interests issued to the General Partner by the
Partnership in accordance with this Section 4.2 and (B) the General Partner
shall make a Capital Contribution to the Partnership in an amount equal to the
proceeds raised in connection with the issuance of such shares of stock of or
other interests in the General Partner;

                                             (2) the additional Partnership
Interests are issued in exchange for property owned by the General Partner with
a fair market value, as determined by the General Partner, in good faith, equal
to the value of the Partnership Interests; or

                                             (3) the additional Partnership
Interests are issued to all Partners holding Partnership Units in proportion to
their respective Percentage Interests.

Without limiting the foregoing, the General Partner is expressly authorized to
cause the Partnership to issue Partnership Units for less than fair market
value, so long as the General Partner concludes in good faith that such issuance
is in the best interests of the General Partner and the Partnership.

                                    (ii) Upon Issuance of Additional Securities.
The General Partner shall not issue any Additional Securities other than to all
holders of REIT Shares, unless (A) the General Partner shall cause the
Partnership to issue to the General Partner, as the General Partner may
designate, Partnership Interests or rights, options, warrants or convertible or
exchangeable securities of the Partnership having designations, preferences and
other rights, all such that the economic interests are substantially similar to
those of the Additional Securities, and (B) the General Partner contributes the
proceeds from the issuance of such Additional

                                       13
<PAGE>

Securities and from any exercise of rights contained in such Additional
Securities, directly and through the General Partner, to the Partnership;
provided, however, that the General Partner is allowed to issue Additional
Securities in connection with an acquisition of a property to be held directly
by the General Partner, but if and only if, such direct acquisition and issuance
of Additional Securities have been approved and determined to be in the best
interests of the General Partner and the Partnership by a majority of the
Independent Directors (as defined in the General Partner's Articles of
Incorporation). Without limiting the foregoing, the General Partner is expressly
authorized to issue Additional Securities for less than fair market value, and
to cause the Partnership to issue to the General Partner corresponding
Partnership Interests, so long as (x) the General Partner concludes in good
faith that such issuance is in the best interests of the General Partner and the
Partnership, including without limitation, the issuance of REIT Shares and
corresponding Partnership Units pursuant to an employee share purchase plan
providing for employee purchases of REIT Shares at a discount from fair market
value or employee stock options that have an exercise price that is less than
the fair market value of the REIT Shares, either at the time of issuance or at
the time of exercise, and (y) the General Partner contributes all proceeds from
such issuance to the Partnership. For example, in the event the General Partner
issues REIT Shares for a cash purchase price and contributes all of the proceeds
of such issuance to the Partnership as required hereunder, the General Partner
shall be issued a number of additional Partnership Units equal to the product of
(A) the number of such REIT Shares issued by the General Partner, the proceeds
of which were so contributed, multiplied by (B) a fraction, the numerator of
which is 100%, and the denominator of which is the Conversion Factor in effect
on the date of such contribution.

                           (b) Certain Deemed Contributions of Proceeds of
Issuance of REIT Shares. In connection with any and all issuances of REIT
Shares, the General Partner shall make Capital Contributions to the Partnership
of the proceeds therefrom, provided that if the proceeds actually received and
contributed by the General Partner are less than the gross proceeds of such
issuance as a result of any underwriter's discount or other expenses paid or
incurred in connection with such issuance, then the General Partner shall be
deemed to have made Capital Contributions to the Partnership in the aggregate
amount of the gross proceeds of such issuance and the Partnership shall be
deemed simultaneously to have paid such offering expenses in accordance with
Section 6.5 hereof and in connection with the required issuance of additional
Partnership Units to the General Partner for such Capital Contributions pursuant
to Section 4.2(a) hereof.

                  4.3 ADDITIONAL FUNDING. If the General Partner determines that
it is in the best interests of the Partnership to provide for additional
Partnership funds ("Additional Funds") for any Partnership purpose, the General
Partner may (i) cause the Partnership to obtain such

                                       14
<PAGE>

funds from outside borrowings, or (ii) elect to have the General Partner or any
of its Affiliates provide such Additional Funds to the Partnership through loans
or otherwise.

                  4.4 CAPITAL ACCOUNTS. A separate capital account (a "Capital
Account") shall be established and maintained for each Partner in accordance
with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner
acquires an additional Partnership Interest in exchange for more than a de
minimis Capital Contribution, (ii) the Partnership distributes to a Partner more
than a de minimis amount of Partnership property or money as consideration for a
Partnership Interest, or (iii) the Partnership is liquidated within the meaning
of Regulation Section 1.704-1(b)(2)(ii)(g), the General Partner shall revalue
the property of the Partnership to its fair market value (as determined by the
General Partner, in its sole and absolute discretion, and taking into account
Section 7701(g) of the Code) in accordance with Regulations Section
1.704-1(b)(2)(iv)(f). When the Partnership's property is revalued by the General
Partner, the Capital Accounts of the Partners shall be adjusted in accordance
with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require
such Capital Accounts to be adjusted to reflect the manner in which the
unrealized gain or loss inherent in such property (that has not been reflected
in the Capital Accounts previously) would be allocated among the Partners
pursuant to Section 5.1 if there were a taxable disposition of such property for
its fair market value (as determined by the General Partner, in its sole and
absolute discretion, and taking into account Section 7701(g) of the Code) on the
date of the revaluation.

                  4.5 PERCENTAGE INTERESTS. If the number of outstanding
Partnership Units increases or decreases during a taxable year, each Partner's
Percentage Interest shall be adjusted by the General Partner effective as of the
effective date of each such increase or decrease to a percentage equal to the
number of Partnership Units held by such Partner divided by the aggregate number
of Partnership Units outstanding after giving effect to such increase or
decrease. If the Partners' Percentage Interests are adjusted pursuant to this
Section 4.5, the Profits and Losses for the taxable year in which the adjustment
occurs shall be allocated between the part of the year ending on the day when
the Partnership's property is revalued by the General Partner and the part of
the year beginning on the following day either (i) as if the taxable year had
ended on the date of the adjustment or (ii) based on the number of days in each
part. The General Partner, in its sole and absolute discretion, shall determine
which method shall be used to allocate Profits and Losses for the taxable year
in which the adjustment occurs. The allocation of Profits and Losses for the
earlier part of the year shall be based on the Percentage Interests before
adjustment, and the allocation of Profits and Losses for the later part shall be
based on the adjusted Percentage Interests.

                  4.6 NO INTEREST ON CONTRIBUTIONS. No Partner shall be entitled
to interest on its Capital Contribution.

                  4.7 RETURN OF CAPITAL CONTRIBUTIONS. No Partner shall be
entitled to withdraw any part of its Capital Contribution or its Capital Account
or to receive any distribution from the Partnership, except as specifically
provided in this Agreement. Except as otherwise provided herein, there shall be
no obligation to return to any Partner or withdrawn Partner any part of such
Partner's Capital Contribution for so long as the Partnership continues in
existence.

                                       15
<PAGE>

                  4.8 NO THIRD PARTY BENEFICIARY. No creditor or other third
party having dealings with the Partnership shall have the right to enforce the
right or obligation of any Partner to make Capital Contributions or loans or to
pursue any other right or remedy hereunder or at law or in equity, it being
understood and agreed that the provisions of this Agreement shall be solely for
the benefit of, and may be enforced solely by, the parties hereto and their
respective successors and assigns. None of the rights or obligations of the
Partners herein set forth to make Capital Contributions or loans to the
Partnership shall be deemed an asset of the Partnership for any purpose by any
creditor or other third party, nor may such rights or obligations be sold,
transferred or assigned by the Partnership or pledged or encumbered by the
Partnership to secure any debt or other obligation of the Partnership or of any
of the Partners. In addition, it is the intent of the parties hereto that no
distribution to any Limited Partner shall be deemed a return of money or other
property in violation of the Act. However, if any court of competent
jurisdiction holds that, notwithstanding the provisions of this Agreement, any
Limited Partner is obligated to return such money or property, such obligation
shall be the obligation of such Limited Partner and not of the General Partner.
Without limiting the generality of the foregoing, a deficit Capital Account of a
Partner shall not be deemed to be a liability of such Partner nor an asset or
property of the Partnership.

                                    ARTICLE 5
                        PROFITS AND LOSSES; DISTRIBUTIONS

                  5.1 ALLOCATION OF PROFIT AND LOSS.

                           (a) General. Profit and Loss (or items thereof) of
the Partnership for each fiscal year or other applicable period of the
Partnership shall be allocated among the OP Unitholders in accordance with their
respective Percentage Interests.

                           (b) General Partner Gross Income Allocation. There
shall be specially allocated to the General Partner an amount of (i) first,
items of Partnership income and (ii) second, items of Partnership gain during
each fiscal year or other applicable period, before any other allocations are
made hereunder, in an amount equal to the excess, if any, of the cumulative
distributions made to the General Partner under Section 6.5(b) over the
cumulative allocations of Partnership income and gain to the General Partner
under this Section 5.1(b).

                           (c) Special Allocation with Respect to Sales. The
items of Profit and Loss of the Partnership for each fiscal year or other
applicable period from Sales, other than any such items allocated under Section
5.1(b), shall be allocated among the Partners in a manner that will, as nearly
as possible (after giving effect to the allocations under Section 5.1(a), 5.1(b)
and 5.1(d), cause the Capital Account balance of each Partner at the end of such
fiscal year or other applicable period to equal (i) the amount of the
hypothetical distribution that such Partner would receive if the Partnership
were liquidated on the last day of such period and all assets of the
Partnership, including cash, were sold for cash equal to their Carrying Value,
taking into account any adjustments thereto for such period, all liabilities of
the Partnership were satisfied in full in cash according to their terms (limited
with respect to each nonrecourse liability to the Carrying Value of the assets
securing such liability) and Net Sales Proceeds (after satisfaction of such
liabilities) were distributed in full pursuant to Section 5.2(b)(i), minus (ii)
the sum of such Partner's share of Partnership Minimum Gain and Partner
Nonrecourse Debt Minimum Gain and

                                       16
<PAGE>

the amount, if any and without duplication, that the Partner would be obligated
to contribute to the capital of the Partnership, all computed as of the date of
the hypothetical sale of assets.

                           (d) Nonrecourse Deductions; Minimum Gain Chargeback.
Notwithstanding any provision to the contrary, (i) any expense of the
Partnership that is a "nonrecourse deduction" within the meaning of Regulations
Section 1.704-2(b)(1) shall be allocated in accordance with the Partners'
respective Percentage Interests, (ii) any expense of the Partnership that is a
"partner nonrecourse deduction" within the meaning of Regulations Section
1.704-2(i)(2) shall be allocated to the Partner that bears the "economic risk of
loss" with respect to the liability to which such deductions are attributable in
accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a net
decrease in Partnership Minimum Gain within the meaning of Regulations Section
1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions
set forth in Regulations Section 1.704-2(f)(2),(3), (4) and (5), items of gain
and income shall be allocated among the Partners in accordance with Regulations
Section 1.704-2(f) and the ordering rules contained in Regulations Section
1.704-2(j), and (iv) if there is a net decrease in Partner Nonrecourse Debt
Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for any
Partnership taxable year, then, subject to the exceptions set forth in
Regulations Section 1.704-(2)(g), items of gain and income shall be allocated
among the Partners in accordance with Regulations Section 1.704-2(i)(4) and the
ordering rules contained in Regulations Section 1.704-2(j). A Partner's
"interest in partnership profits" for purposes of determining its share of the
excess nonrecourse liabilities of the Partnership within the meaning of
Regulations Section 1.752-3(a)(3) shall be such Partner's Percentage Interest.

                           (e) Qualified Income Offset. If a Partner
unexpectedly receives in any taxable year an adjustment, allocation, or
distribution described in subparagraphs (4), (5), or (6) of Regulations Section
1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such
Partner's Capital Account that exceeds the sum of such Partner's shares of
Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as
determined in accordance with Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5), such Partner shall be allocated specially for such taxable year
(and, if necessary, later taxable years) items of income and gain in an amount
and manner sufficient to eliminate such deficit Capital Account balance as
quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d).
This Section 5.1(e) is intended to constitute a "qualified income offset" under
Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted
consistently therewith. After the occurrence of an allocation of income or gain
to a Partner in accordance with this Section 5.1(e), to the extent permitted by
Regulations Section 1.704-1(b), items of expense or loss shall be allocated to
such Partner in an amount necessary to offset the income or gain previously
allocated to such Partner under this Section 5.1(e).

                           (f) Capital Account Deficits. Loss (or items of Loss)
shall not be allocated to a Limited Partner to the extent that such allocation
would cause or increase a deficit in such Partner's Capital Account at the end
of any fiscal year (after reduction to reflect the items described in
Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to exceed the sum of
such Partner's shares of Partnership Minimum Gain and Partner Nonrecourse Debt
Minimum Gain, as determined in accordance with Regulations Sections
1.704-2(g)(1) and 1.704-2(i)(5). Any Loss in excess of that limitation shall be
allocated to the General Partner. After the occurrence of an allocation of Loss
to the General Partner in accordance with this Section 5.1(d), to the extent

                                       17
<PAGE>

permitted by Regulations Section 1.704-1(b), Profit shall be allocated to such
Partner in an amount necessary to offset the Loss previously allocated to such
Partner under this Section 5.1(f).

                           (g) Allocations Between Transferor and Transferee. If
a Partner transfers any part or all of its Partnership Interest, the
distributive shares of the various items of Profit and Loss allocable among the
Partners during such fiscal year of the Partnership shall be allocated between
the transferor and the transferee Partner either (i) as if the Partnership's
fiscal year had ended on the date of the transfer, or (ii) based on the number
of days of such fiscal year that each was a Partner without regard to the
results of Partnership activities in the respective portions of such fiscal year
in which the transferor and the transferee were Partners. The General Partner,
in its sole and absolute discretion, shall determine which method shall be used
to allocate the distributive shares of the various items of Profit and Loss
between the transferor and the transferee Partner.

                           (h) Definition of Profit and Loss. "Profit" and
"Loss" and any items of income, gain, expense, or loss referred to in this
Agreement shall be determined in accordance with federal income tax accounting
principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that
Profit and Loss shall not include items of income, gain and expense that are
specially allocated pursuant to Sections 5.1(b), 5.1(c), 5.1(d), 5.1(e) or
5.1(f). All allocations of Profit and Loss (and all items contained therein) for
federal income tax purposes shall be identical to all allocations of such items
set forth in this Section 5.1, except as otherwise required by Section 704(c) of
the Code and Regulations Section 1.704-1(b)(4). The General Partner shall have
the authority to elect the method to be used by the Partnership for allocating
items of income, gain, and expense as required by Section 704(c) of the Code
including a method that may result in a Partner receiving a disproportionately
larger share of the Partnership tax depreciation deductions, and such election
shall be binding on all Partners.

                           (i) Curative Allocations. The allocations set forth
in Section 5.1(d), (e) and (f) of this Agreement (the "Regulatory Allocations")
are intended to comply with certain requirements of the Regulations. The General
Partner is authorized to offset all Regulatory Allocations either with other
Regulatory Allocations or with special allocations of other items of Partnership
income, gain, loss or deduction pursuant to this Section 5.1(i). Therefore,
notwithstanding any other provision of this Section 5.1 (other than the
Regulatory Allocations), the General Partner shall make such offsetting special
allocations of Partnership income, gain, loss or deduction in whatever manner it
deems appropriate so that, after such offsetting allocations are made, each
Partner's Capital Account is, to the extent possible, equal to the Capital
Account balance such Partner would have had if the Regulatory Allocations were
not part of this Agreement and all Partnership items were allocated pursuant to
Section 5.1(a), (b), (c) and (g).

                  5.2 DISTRIBUTION OF CASH.

                           (a) The Partnership shall distribute cash on a
quarterly (or, at the election of the General Partner, more frequent) basis, in
an amount determined by the General Partner in its sole and absolute discretion,
to the Partners who are Partners on the Partnership Record Date with respect to
such quarter (or other distribution period) in accordance with

                                       18
<PAGE>

Section 5.2(b); provided, however, that if a new or existing Partner acquires an
additional Partnership Interest in exchange for a Capital Contribution on any
date other than a Partnership Record Date, the cash distribution attributable to
such additional Partnership Interest relating to the Partnership Record Date
next following the issuance of such additional Partnership Interest shall be
reduced in the proportion equal to one minus (i) the number of days that such
additional Partnership Interest is held by such Partner bears to (ii) the number
of days between such Partnership Record Date and the immediately preceding
Partnership Record Date.

                           (b) Except for distributions pursuant to Section 5.6
of this Agreement in connection with the dissolution and liquidation of the
Partnership and subject to the provisions of Section 5.2(c), 5.2(d), 5.3 and 5.5
of this Agreement, distributions shall be made in accordance with the following
provisions:

                                    (i) all distributions of Net Sales Proceeds
shall be made: (A) first, 100% to the OP Unitholders in accordance with their
respective Percentage Interests on the Partnership Record Date until the OP
Unitholders have received cumulative distributions under this Section 5.2(b)
equal to the aggregate Capital Contributions made by the OP Unitholders to the
Partnership plus a cumulative, noncompounded rate of return thereon of 7% per
annum, determined by taking into account the dates on which all such Capital
Contributions and distributions were made and (B) second, (1) 85% to the OP
Unitholders in accordance with their respective Percentage Interests on the
Partnership Record Date and (2) 15% to the Special OP Unitholders in accordance
with their respective Special Percentage Interests on the Partnership Record
Date; and

                                    (ii) all distributions of cash other than
Net Sales Proceeds shall be made to the OP Unitholders in accordance with their
respective Percentage Interests on the Partnership Record Date.

                           (c) Notwithstanding any other provision of this
Agreement, the General Partner is authorized to take any action that it
determines to be necessary or appropriate to cause the Partnership to comply
with any withholding requirements established under the Code or any other
federal, state or local law including, without limitation, pursuant to Sections
1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is
required to withhold and pay over to any taxing authority any amount resulting
from the allocation or distribution of income to any Partner or assignee
(including by reason of Section 1446 of the Code), either (i) if the actual
amount to be distributed to the Partner equals or exceeds the amount required to
be withheld by the Partnership, the amount withheld shall be treated as a
distribution of cash in the amount of such withholding to such Partner, or (ii)
if the actual amount to be distributed to the Partner is less than the amount
required to be withheld by the Partnership, the actual amount shall be treated
as a distribution of cash in the amount of such withholding and the additional
amount required to be withheld shall be treated as a loan (a "Partnership Loan")
from the Partnership to the Partner on the day the Partnership pays over such
amount to a taxing authority. A Partnership Loan shall be repaid through
withholding by the Partnership with respect to subsequent distributions to the
applicable Partner or assignee. In the event that a Limited Partner (a
"Defaulting Limited Partner") fails to pay any amount owed to the Partnership
with respect to the Partnership Loan within 15 days after demand for payment
thereof is made by the Partnership on the Limited Partner, the General Partner,
in its sole and absolute discretion,

                                       19
<PAGE>

may elect to make the payment to the Partnership on behalf of such Defaulting
Limited Partner. In such event, on the date of payment, the General Partner
shall be deemed to have extended a loan (a "General Partner Loan") to the
Defaulting Limited Partner in the amount of the payment made by the General
Partner and shall succeed to all rights and remedies of the Partnership against
the Defaulting Limited Partner as to that amount. Without limitation, the
General Partner shall have the right to receive any distributions that otherwise
would be made by the Partnership to the Defaulting Limited Partner until such
time as the General Partner Loan has been paid in full, and any such
distributions so received by the General Partner shall be treated as having been
received by the Defaulting Limited Partner and immediately paid to the General
Partner.

         Any amounts treated as a Partnership Loan or a General Partner Loan
pursuant to this Section 5.2(c) shall bear interest at the lesser of (i) the
base rate on corporate loans at large United States money center commercial
banks, as published from time to time in The Wall Street Journal, or (ii) the
maximum lawful rate of interest on such obligation, such interest to accrue from
the date the Partnership or the General Partner, as applicable, is deemed to
extend the loan until such loan is repaid in full.

                           (d) In no event may a Partner receive a distribution
of cash with respect to a Partnership Unit if such Partner is entitled to
receive a cash distribution as the holder of record of a REIT Share for which
all or part of such Partnership Unit has been or will be exchanged.

                  5.3 REIT DISTRIBUTION REQUIREMENTS. The General Partner shall
use its commercially reasonable efforts to cause the Partnership to distribute
amounts sufficient to enable the General Partner to make shareholder
distributions that will allow the General Partner to (i) meet its distribution
requirement for qualification as a REIT as set forth in Section 857 of the Code
and (ii) avoid any federal income or excise tax liability imposed by the Code.

                  5.4 NO RIGHT TO DISTRIBUTIONS IN KIND. No Partner shall be
entitled to demand property other than cash in connection with any distributions
by the Partnership.

                  5.5 LIMITATIONS ON RETURN OF CAPITAL CONTRIBUTIONS.
Notwithstanding any of the provisions of this Article 5, no Partner shall have
the right to receive and the General Partner shall not have the right to make, a
distribution that includes a return of all or part of a Partner's Capital
Contributions, unless after giving effect to the return of a Capital
Contribution, the sum of all Partnership liabilities, other than the liabilities
to a Partner for the return of his Capital Contribution, does not exceed the
fair market value of the Partnership's assets.

                  5.6 DISTRIBUTIONS UPON LIQUIDATION. Upon liquidation of the
Partnership, after payment of, or adequate provision for, debts and obligations
of the Partnership, including any Partner loans, any remaining assets of the
Partnership shall be distributed to all Partners in accordance with Section
5.2(b), but only to the extent of the positive balance of the Capital Account of
each Partner. For purposes of the preceding sentence, the Capital Account of
each Partner shall be determined after all adjustments have been made in
accordance with Sections 4.4, 5.1 and 5.2 resulting from Partnership operations
and from all sales and dispositions of all or any part of the Partnership's
assets. Notwithstanding any other provision of this Agreement, the amount by
which the value, as determined in good faith by the General Partner, of any
property

                                       20
<PAGE>

other than cash to be distributed in kind to the Partners exceeds or is less
than the Carrying Value of such property shall, to the extent not otherwise
recognized by the Partnership, be taken into account in computing Profit and
Loss of the Partnership for purposes of crediting or charging the Capital
Accounts of, and distributing proceeds to, the Partners, pursuant to this
Agreement. To the extent deemed advisable by the General Partner, appropriate
arrangements (including the use of a liquidating trust) may be made to assure
that adequate funds are available to pay any contingent debts or obligations.

                  5.7 SUBSTANTIAL ECONOMIC EFFECT. It is the intent of the
Partners that the allocations of Profit and Loss under this Agreement have
substantial economic effect (or be consistent with the Partners' interests in
the Partnership in the case of the allocation of losses attributable to
nonrecourse debt) within the meaning of Section 704(b) of the Code as
interpreted by the Regulations promulgated pursuant thereto. Article 5 and other
relevant provisions of this Agreement shall be interpreted in a manner
consistent with such intent.

                                    ARTICLE 6
                             RIGHTS, OBLIGATIONS AND
                          POWERS OF THE GENERAL PARTNER

                  6.1 MANAGEMENT OF THE PARTNERSHIP.

                           (a) Except as otherwise expressly provided in this
Agreement, the General Partner shall have full, complete and exclusive
discretion to manage and control the business of the Partnership for the
purposes herein stated, and shall make all decisions affecting the business and
assets of the Partnership. Subject to the restrictions specifically contained in
this Agreement, the powers of the General Partner shall include, without
limitation, the authority to take the following actions on behalf of the
Partnership:

                                    (i) to acquire, purchase, own, operate,
lease and dispose of any real property and any other property or assets
including, but not limited to notes and mortgages, that the General Partner
determines are necessary or appropriate or in the best interests of the business
of the Partnership;

                                    (ii) to construct buildings and make other
improvements on the properties owned or leased by the Partnership;

                                    (iii) to authorize, issue, sell, redeem or
otherwise purchase any Partnership Interests or any securities (including
secured and unsecured debt obligations of the Partnership, debt obligations of
the Partnership convertible into any class or series of Partnership Interests,
or options, rights, warrants or appreciation rights relating to any Partnership
Interests) of the Partnership;

                                    (iv) to borrow or lend money for the
Partnership, issue or receive evidences of indebtedness in connection therewith,
refinance, increase the amount of, modify, amend or change the terms of, or
extend the time for the payment of, any such indebtedness, and secure such
indebtedness by mortgage, deed of trust, pledge or other lien on the
Partnership's assets;

                                       21
<PAGE>

                                    (v) to pay, either directly or by
reimbursement, for all operating costs and general administrative expenses of
the Partnership to third parties or to the General Partner or its Affiliates as
set forth in this Agreement;

                                    (vi) to guarantee or become a co-maker of
indebtedness of the General Partner or any Subsidiary thereof, refinance,
increase the amount of, modify, amend or change the terms of, or extend the time
for the payment of, any such guarantee or indebtedness, and secure such
guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on
the Partnership's assets;

                                    (vii) to use assets of the Partnership
(including, without limitation, cash on hand) for any purpose consistent with
this Agreement, including, without limitation, payment, either directly or by
reimbursement, of all operating costs and general administrative expenses of the
General Partner, the Partnership or any Subsidiary of either, to third parties
or to the General Partner as set forth in this Agreement;

                                    (viii) to lease all or any portion of any of
the Partnership's assets, whether or not the terms of such leases extend beyond
the termination date of the Partnership and whether or not any portion of the
Partnership's assets so leased are to be occupied by the lessee, or, in turn,
subleased in whole or in part to others, for such consideration and on such
terms as the General Partner may determine;

                                    (ix) to prosecute, defend, arbitrate, or
compromise any and all claims or liabilities in favor of or against the
Partnership, on such terms and in such manner as the General Partner may
reasonably determine, and similarly to prosecute, settle or defend litigation
with respect to the Partners, the Partnership, or the Partnership's assets;
provided, however, that the General Partner may not, without the consent of all
of the Partners, confess a judgment against the Partnership that is in excess of
$20,000 or is not covered by insurance;

                                    (x) to file applications, communicate, and
otherwise deal with any and all governmental agencies having jurisdiction over,
or in any way affecting, the Partnership's assets or any other aspect of the
Partnership business;

                                    (xi) to make or revoke any election
permitted or required of the Partnership by any taxing authority;

                                    (xii) to maintain such insurance coverage
for public liability, fire and casualty, and any and all other insurance for the
protection of the Partnership, for the conservation of Partnership assets, or
for any other purpose convenient or beneficial to the Partnership, in such
amounts and such types, as it shall determine from time to time;

                                    (xiii) to determine whether or not to apply
any insurance proceeds for any property to the restoration of such property or
to distribute the same;

                                    (xiv) to establish one or more divisions of
the Partnership, to hire and dismiss employees of the Partnership or any
division of the Partnership, and to retain legal counsel, accountants,
consultants, real estate brokers, and such other persons, as the General Partner
may deem necessary or appropriate in connection with the Partnership business
and to

                                       22
<PAGE>

pay therefor such reasonable remuneration as the General Partner may deem
reasonable and proper;

                                    (xv) to retain other services of any kind or
nature in connection with the Partnership business, and to pay therefor such
remuneration as the General Partner may deem reasonable and proper;

                                    (xvi) to negotiate and conclude agreements
on behalf of the Partnership with respect to any of the rights, powers and
authority conferred upon the General Partner;

                                    (xvii) to maintain accurate accounting
records and to file promptly all federal, state and local income tax returns on
behalf of the Partnership;

                                    (xviii) to distribute Partnership cash or
other Partnership assets in accordance with this Agreement;

                                    (xix) to form or acquire an interest in, and
contribute property to, any further limited or general partnerships, joint
ventures or other relationships that it deems desirable (including, without
limitation, the acquisition of interests in, and the contributions of property
to, its Subsidiaries and any other Person in which it has an equity interest
from time to time);

                                    (xx) to establish Partnership reserves for
working capital, capital expenditures, contingent liabilities, or any other
valid Partnership purpose;

                                    (xxi) to merge, consolidate or combine the
Partnership with or into another Person;

                                    (xxii) to do any and all acts and things
necessary or prudent to ensure that the Partnership will not be classified as a
"publicly traded partnership" for purposes of Section 7704 of the Code; and

                                    (xxiii) to take such other action, execute,
acknowledge, swear to or deliver such other documents and instruments, and
perform any and all other acts that the General Partner deems necessary or
appropriate for the formation, continuation and conduct of the business and
affairs of the Partnership (including, without limitation, all actions
consistent with allowing the General Partner at all times to qualify as a REIT
unless the General Partner voluntarily terminates its REIT status) and to
possess and enjoy all of the rights and powers of a general partner as provided
by the Act.

                           (b) Except as otherwise provided herein, to the
extent the duties of the General Partner require expenditures of funds to be
paid to third parties, the General Partner shall not have any obligations
hereunder except to the extent that partnership funds are reasonably available
to it for the performance of such duties, and nothing herein contained shall be
deemed to authorize or require the General Partner, in its capacity as such, to
expend its individual funds for payment to third parties or to undertake any
individual liability or obligation on behalf of the Partnership.

                                       23
<PAGE>

                  6.2 DELEGATION OF AUTHORITY. The General Partner may delegate
any or all of its powers, rights and obligations hereunder, and may appoint,
employ, contract or otherwise deal with any Person for the transaction of the
business of the Partnership, which Person may, under supervision of the General
Partner, perform any acts or services for the Partnership as the General Partner
may approve.

                  6.3 INDEMNIFICATION AND EXCULPATION OF INDEMNITEES.

                           (a) The Partnership shall indemnify an Indemnitee
from and against any and all losses, claims, damages, liabilities, joint or
several, expenses (including reasonable legal fees and expenses), judgments,
fines, settlements, and other amounts arising from any and all claims, demands,
actions, suits or proceedings, civil, criminal, administrative or investigative,
that relate to the operations of the Partnership as set forth in this Agreement
in which any Indemnitee may be involved, or is threatened to be involved, as a
party or otherwise, unless it is established that: (i) the act or omission of
the Indemnitee was material to the matter giving rise to the proceeding and
either was committed in bad faith or was the result of active and deliberate
dishonesty; (ii) the Indemnitee actually received an improper personal benefit
in money, property or services; or (iii) in the case of any criminal proceeding,
the Indemnitee had reasonable cause to believe that the act or omission was
unlawful. The termination of any proceeding by judgment, order or settlement
does not create a presumption that the Indemnitee did not meet the requisite
standard of conduct set forth in this Section 6.3(a). The termination of any
proceeding by conviction or upon a plea of nolo contendere or its equivalent, or
an entry of an order of probation prior to judgment, creates a rebuttable
presumption that the Indemnitee acted in a manner contrary to that specified in
this Section 6.3(a). Any indemnification pursuant to this Section 6.3 shall be
made only out of the assets of the Partnership.

                           (b) The Partnership shall reimburse an Indemnitee for
reasonable expenses incurred by an Indemnitee who is a party to a proceeding in
advance of the final disposition of the proceeding upon receipt by the
Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee's
good faith belief that the standard of conduct necessary for indemnification by
the Partnership as authorized in this Section 6.3 has been met, and (ii) a
written undertaking by or on behalf of the Indemnitee to repay the amount if it
shall ultimately be determined that the standard of conduct has not been met.

                           (c) The indemnification provided by this Section 6.3
shall be in addition to any other rights to which an Indemnitee or any other
Person may be entitled under any agreement, pursuant to any vote of the
Partners, as a matter of law or otherwise, and shall continue as to an
Indemnitee who has ceased to serve in such capacity.

                           (d) The Partnership may purchase and maintain
insurance, on behalf of the Indemnitees and such other Persons as the General
Partner shall determine, against any liability that may be asserted against or
expenses that may be incurred by such Person in connection with the
Partnership's activities, regardless of whether the Partnership would have the
power to indemnify such Person against such liability under the provisions of
this Agreement.

                           (e) For purposes of this Section 6.3, the Partnership
shall be deemed to have requested an Indemnitee to serve as fiduciary of an
employee benefit plan whenever the

                                       24
<PAGE>

performance by it of its duties to the Partnership also imposes duties on, or
otherwise involves services by, it to the plan or participants or beneficiaries
of the plan; excise taxes assessed on an Indemnitee with respect to an employee
benefit plan pursuant to applicable law shall constitute fines within the
meaning of this Section 6.3; and actions taken or omitted by the Indemnitee with
respect to an employee benefit plan in the performance of its duties for a
purpose reasonably believed by it to be in the interest of the participants and
beneficiaries of the plan shall be deemed to be for a purpose which is not
opposed to the best interests of the Partnership.

                           (f) In no event may an Indemnitee subject the Limited
Partners to personal liability by reason of the indemnification provisions set
forth in this Agreement.

                           (g) An Indemnitee shall not be denied indemnification
in whole or in part under this Section 6.3 because the Indemnitee had an
interest in the transaction with respect to which the indemnification applies if
the transaction was otherwise permitted by the terms of this Agreement.

                           (h) The provisions of this Section 6.3 are for the
benefit of the Indemnitees, their heirs, successors, assigns and administrators
and shall not be deemed to create any rights for the benefit of any other
Persons.

                           (i) Notwithstanding the foregoing, the Partnership
may not indemnify or hold harmless an Indemnitee in any manner that would be
inconsistent with the REIT Guidelines adopted by the North American Securities
Administrators Association (the "Indemnification Guideline"). A copy of the
Indemnification Guideline is attached hereto as Exhibit C and is incorporated
herein by reference.

                  6.4 LIABILITY OF THE GENERAL PARTNER.

                           (a) Notwithstanding anything to the contrary set
forth in this Agreement, the General Partner shall not be liable for monetary
damages to the Partnership or any Partners for losses sustained or liabilities
incurred as a result of errors in judgment or of any act or omission if the
General Partner acted in good faith. The General Partner shall not be in breach
of any duty that the General Partner may owe to the Limited Partners or the
Partnership or any other Persons under this Agreement or of any duty stated or
implied by law or equity provided the General Partner, acting in good faith,
abides by the terms of this Agreement.

                           (b) The Limited Partners expressly acknowledge that
the General Partner is acting on behalf of the Partnership, itself and its
shareholders collectively, that the General Partner is under no obligation to
consider the separate interests of the Limited Partners (including, without
limitation, the tax consequences to Limited Partners or the tax consequences of
some, but not all, of the Limited Partners) in deciding whether to cause the
Partnership to take (or decline to take) any actions. In the event of a conflict
between the interests of its shareholders on one hand and the Limited Partners
on the other, the General Partner shall endeavor in good faith to resolve the
conflict in a manner not adverse to either its shareholders or the Limited
Partners; provided, however, that for so long as the General Partner directly
owns a controlling interest in the Partnership, any such conflict that the
General Partner, in its sole and absolute discretion, determines cannot be
resolved in a manner not adverse to either its shareholders or the Limited
Partner shall be resolved in favor of the shareholders. The General Partner
shall not be liable for monetary damages for losses sustained, liabilities
incurred, or benefits not derived by Limited Partners in connection with such
decisions, provided that the General Partner has acted in good faith.

                                       25
<PAGE>

                           (c) Subject to its obligations and duties as General
Partner set forth in Section 6.1 hereof, the General Partner may exercise any of
the powers granted to it under this Agreement and perform any of the duties
imposed upon it hereunder either directly or by or through its agents. The
General Partner shall not be responsible for any misconduct or negligence on the
part of any such agent appointed by it in good faith.

                           (d) Notwithstanding any other provisions of this
Agreement or the Act, any action of the General Partner on behalf of the
Partnership or any decision of the General Partner to refrain from acting on
behalf of the Partnership, undertaken in the good faith belief that such action
or omission is necessary or advisable in order (i) to protect the ability of the
General Partner to continue to qualify as a REIT or (ii) to prevent the General
Partner from incurring any taxes under Section 857, Section 4981, or any other
provision of the Code, is expressly authorized under this Agreement and is
deemed approved by all of the Limited Partners.

                           (e) Any amendment, modification or repeal of this
Section 6.4 or any provision hereof shall be prospective only and shall not in
any way affect the limitations on the General Partner's liability to the
Partnership and the Limited Partners under this Section 6.4 as in effect
immediately prior to such amendment, modification or repeal with respect to
matters occurring, in whole or in part, prior to such amendment, modification or
repeal, regardless of when claims relating to such matters may arise or be
asserted.

                  6.5 REIMBURSEMENT OF GENERAL PARTNER.

                           (a) Except as provided in this Section 6.5 and
elsewhere in this Agreement (including the provisions of Articles 5 and 6
regarding distributions, payments, and allocations to which it may be entitled),
the General Partner shall not be compensated for its services as general partner
of the Partnership.

                           (b) The General Partner shall be reimbursed on a
monthly basis, or such other basis as the General Partner may determine in its
sole and absolute discretion, for all Administrative Expenses incurred by the
General Partner.

                  6.6 OUTSIDE ACTIVITIES. Subject to Section 6.8 hereof, the
Articles of Incorporation of the General Partner and any agreements entered into
by the General Partner or its Affiliates with the Partnership or a Subsidiary,
any officer, director, employee, agent, trustee, Affiliate or shareholder of the
General Partner, the General Partner shall be entitled to and may have business
interests and engage in business activities in addition to those relating to the
Partnership, including business interests and activities substantially similar
or identical to those of the Partnership. Neither the Partnership nor any of the
Limited Partners shall have any rights by virtue of this Agreement in any such
business ventures, interest or activities. None of the Limited Partners nor any
other Person shall have any rights by virtue of this Agreement or the
partnership relationship established hereby in any such business ventures,
interests or activities, and the General Partner shall have no obligation
pursuant to this Agreement to offer any interest in any such business ventures,
interests and activities to the Partnership or any Limited Partner, even if such
opportunity is of a character which, if presented to the Partnership or any
Limited Partner, could be taken by such Person.

                                       26
<PAGE>

                  6.7 EMPLOYMENT OR RETENTION OF AFFILIATES.

                           (a) Any Affiliate of the General Partner may be
employed or retained by the Partnership and may otherwise deal with the
Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or
services, broker, agent, lender or otherwise) and may receive from the
Partnership any compensation, price, or other payment therefor which the General
Partner determines to be fair and reasonable.

                           (b) The Partnership may lend or contribute to its
Subsidiaries or other Persons in which it has an equity investment, and such
Persons may borrow funds from the Partnership, on terms and conditions
established in the sole and absolute discretion of the General Partner. The
foregoing authority shall not create any right or benefit in favor of any
Subsidiary or any other Person.

                           (c) The Partnership may transfer assets to joint
ventures, other partnerships, corporations or other business entities in which
it is or thereby becomes a participant upon such terms and subject to such
conditions as the General Partner deems are consistent with this Agreement,
applicable law and the REIT status of the General Partner.

                           (d) Except as expressly permitted by this Agreement,
neither the General Partner nor any of its Affiliates shall sell, transfer or
convey any property to, or purchase any property from, the Partnership, directly
or indirectly, except pursuant to transactions that are on terms that are fair
and reasonable to the Partnership.

                  6.8 GENERAL PARTNER PARTICIPATION. The General Partner agrees
that all business activities of the General Partner, including activities
pertaining to the acquisition, development or ownership of office or industrial
property or other property, shall be conducted through the Partnership or one or
more Subsidiary Partnerships; provided, however, that the General Partner is
allowed to make a direct acquisition, but if and only if, such acquisition is
made in connection with the issuance of Additional Securities, which direct
acquisition and issuance have been approved and determined to be in the best
interests of the General Partner and the Partnership by a majority of the
Independent Directors.

                  6.9 TITLE TO PARTNERSHIP ASSETS. Title to Partnership assets,
whether real, personal or mixed and whether tangible or intangible, shall be
deemed to be owned by the Partnership as an entity, and no Partner, individually
or collectively, shall have any ownership interest in such Partnership assets or
any portion thereof. Title to any or all of the Partnership assets may be held
in the name of the Partnership, the General Partner or one or more nominees, as
the General Partner may determine, including Affiliates of the General Partner.
The General Partner hereby declares and warrants that any Partnership assets for
which legal title is held in the name of the General Partner or any nominee or
Affiliate of the General Partner shall be held by the General Partner for the
use and benefit of the Partnership in accordance with the provisions of this
Agreement; provided, however, that the General Partner shall use its best
efforts to cause beneficial and record title to such assets to be vested in the
Partnership as soon as reasonably practicable. All Partnership assets shall be
recorded as the property of the Partnership in its books and records,
irrespective of the name in which legal title to such Partnership assets is
held.

                                       27
<PAGE>

                  6.10 MISCELLANEOUS. In the event the General Partner redeems
any REIT Shares (other than REIT Shares redeemed in accordance with the share
redemption program of the General Partner through proceeds received from the
General Partner's dividend reinvestment plan), then the General Partner shall
cause the Partnership to purchase from the General Partner a number of
Partnership Units as determined based on the application of the Conversion
Factor on the same terms that the General Partner exchanged such REIT Shares.
Moreover, if the General Partner makes a cash tender offer or other offer to
acquire REIT Shares, then the General Partner shall cause the Partnership to
make a corresponding offer to the General Partner to acquire an equal number of
Partnership Units held by the General Partner. In the event any REIT Shares are
exchanged by the General Partner pursuant to such offer, the Partnership shall
redeem an equivalent number of the General Partner's Partnership Units for an
equivalent purchase price based on the application of the Conversion Factor.

                                    ARTICLE 7
                           CHANGES IN GENERAL PARTNER

                  7.1 TRANSFER OF THE GENERAL PARTNER'S PARTNERSHIP INTEREST.

                           (a) The General Partner shall not transfer all or any
portion of its General Partnership Interest or withdraw as General Partner
except as provided in or in connection with a transaction contemplated by
Section 7.1(c), (d) or (e).

                           (b) The General Partner agrees that the Percentage
Interest for it will at all times be in the aggregate, at least 1%.

                           (c) Except as otherwise provided in Section 6.4(b) or
Section 7.1(d) or (e) hereof, the General Partner shall not engage in any
merger, consolidation or other combination with or into another Person or sale
of all or substantially all of its assets, (other than in connection with a
change in the General Partner's state of incorporation or organizational form)
in each case which results in a change of control of the General Partner (a
"Transaction"), unless:

                                    (i) the consent of Limited Partners holding
more than 50% of the Percentage Interests and more than 50% of the Special
Percentage Interests of the Limited Partners is obtained;

                                    (ii) as a result of such Transaction all
Limited Partners will receive (A) for each Partnership Unit an amount of cash,
securities, or other property equal to the product of the Conversion Factor and
the greatest amount of cash, securities or other property paid in the
Transaction to a holder of one REIT Share in consideration of one REIT Share,
provided that if, in connection with the Transaction, a purchase, tender or
exchange offer ("Offer") shall have been made to and accepted by the holders of
more than 50% of the outstanding REIT Shares, each holder of Partnership Units
shall be given the option to exchange its Partnership Units for the greatest
amount of cash, securities, or other property which a Limited Partner holding
Partnership Units would have received had it (1) exercised its Exchange Right
and (2) sold, tendered or exchanged pursuant to the Offer the REIT Shares
received upon exercise of the Exchange Right immediately prior to the expiration
of the Offer and (B) for each

                                       28
<PAGE>

Special Partnership Unit an amount of cash, securities or other property (as
applicable based upon the type of consideration and the proportions thereof paid
to holders of REIT Shares in the Transaction) equal to the fair market value of
such Special Partnership Unit at such time as determined in good faith by the
General Partner by reference to the value paid for the REIT Shares; or

                                    (iii) the General Partner is the surviving
entity in the Transaction and either (A) the holders of REIT Shares do not
receive cash, securities, or other property in the Transaction or (B) all
Limited Partners (other than the General Partner or any Subsidiary) receive (1)
in exchange for their Partnership Units, an amount of cash, securities, or other
property (expressed as an amount per REIT Share) that is no less than the
product of the Conversion Factor and the greatest amount of cash, securities, or
other property (expressed as an amount per REIT Share) received in the
Transaction by any holder of REIT Shares and (2) in exchange for their Special
Partnership Units, an amount of cash, securities or other property (as
applicable based upon the type of consideration and the proportions thereof paid
to holders of REIT Shares in the Transaction) equal to the fair market value of
such Special Partnership Units at such time as determined in good faith by the
General Partner by reference to the value paid for the REIT Shares.

                           (d) Notwithstanding Section 7.1(c), the General
Partner may merge with or into or consolidate with another entity if immediately
after such merger or consolidation (i) substantially all of the assets of the
successor or surviving entity (the "Survivor"), other than Partnership Units
held by the General Partner, are contributed, directly or indirectly, to the
Partnership as a Capital Contribution in exchange for Partnership Units with a
fair market value equal to the value of the assets so contributed as determined
by the Survivor in good faith and (ii) the Survivor expressly agrees to assume
all obligations of the General Partner, as appropriate, hereunder. Upon such
contribution and assumption, the Survivor shall have the right and duty to amend
this Agreement as set forth in this Section 7.1(d). The Survivor shall in good
faith arrive at a new method for the calculation of the Cash Amount, the REIT
Shares Amount and Conversion Factor for a Partnership Unit after any such merger
or consolidation so as to approximate the existing method for such calculation
as closely as reasonably possible. Such calculation shall take into account,
among other things, the kind and amount of securities, cash and other property
that was receivable upon such merger or consolidation by a holder of REIT Shares
or options, warrants or other rights relating thereto, and which a holder of
Partnership Units could have acquired had such Partnership Units been exchanged
immediately prior to such merger or consolidation. Such amendment to this
Agreement shall provide for adjustment to such method of calculation, which
shall be as nearly equivalent as may be practicable to the adjustments provided
for with respect to the Conversion Factor. The Survivor also shall in good faith
modify the definition of REIT Shares and make such amendments to Sections 8.5
and 8.7 hereof so as to approximate the existing rights and obligations set
forth in Sections 8.5 and 8.7 as closely as reasonably possible. The above
provisions of this Section 7.1(d) shall similarly apply to successive mergers or
consolidations permitted hereunder.

         In respect of any transaction described in the preceding paragraph, the
General Partner is required to use its commercially reasonable efforts to
structure such transaction to avoid causing the Limited Partners to recognize a
gain for federal income tax purposes by virtue of the occurrence of or their
participation in such transaction, provided such efforts are consistent with

                                       29
<PAGE>

the exercise of the Board of Directors' fiduciary duties to the shareholders of
the General Partner under applicable law.

                           (e) Notwithstanding Section 7.1(c),

                                    (i) a General Partner may transfer all or
any portion of its General Partnership Interest to (A) a wholly-owned Subsidiary
of such General Partner or (B) the owner of all of the ownership interests of
such General Partner, and following a transfer of all of its General Partnership
Interest, may withdraw as General Partner; and

                                    (ii) the General Partner may engage in a
transaction not required by law or by the rules of any national securities
exchange on which the REIT Shares are listed to be submitted to the vote of the
holders of the REIT Shares.

                  7.2 ADMISSION OF A SUBSTITUTE OR ADDITIONAL GENERAL PARTNER. A
Person shall be admitted as a substitute or additional General Partner of the
Partnership only if the following terms and conditions are satisfied:

                           (a) the Person to be admitted as a substitute or
additional General Partner shall have accepted and agreed to be bound by all the
terms and provisions of this Agreement by executing a counterpart thereof and
such other documents or instruments as may be required or appropriate in order
to effect the admission of such Person as a General Partner, and a certificate
evidencing the admission of such Person as a General Partner shall have been
filed for recordation and all other actions required by Section 2.5 hereof in
connection with such admission shall have been performed;

                           (b) if the Person to be admitted as a substitute or
additional General Partner is a corporation or a partnership it shall have
provided the Partnership with evidence satisfactory to counsel for the
Partnership of such Person's authority to become a General Partner and to be
bound by the terms and provisions of this Agreement; and

                           (c) counsel for the Partnership shall have rendered
an opinion (relying on such opinions from other counsel and the state or any
other jurisdiction as may be necessary) that the admission of the person to be
admitted as a substitute or additional General Partner is in conformity with the
Act, that none of the actions taken in connection with the admission of such
Person as a substitute or additional General Partner will cause (i) the
Partnership to be classified other than as a partnership for federal tax
purposes, or (ii) the loss of any Limited Partner's limited liability.

                  7.3 EFFECT OF BANKRUPTCY, WITHDRAWAL, DEATH OR DISSOLUTION OF
A GENERAL PARTNER.

                           (a) Upon the occurrence of an Event of Bankruptcy as
to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the
death, withdrawal, removal or dissolution of a General Partner (except that, if
a General Partner is on the date of such occurrence a partnership, the
withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a
partner in, such partnership shall be deemed not to be a dissolution of such
General Partner if the business of such General Partner is continued by the
remaining partner or partners),

                                       30
<PAGE>

the Partnership shall be dissolved and terminated unless the Partnership is
continued pursuant to Section 7.3(b) hereof. The merger of the General Partner
with or into any entity that is admitted as a substitute or successor General
Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal,
dissolution or removal of the General Partner.

                           (b) Following the occurrence of an Event of
Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a)
hereof) or the death, withdrawal, removal or dissolution of a General Partner
(except that, if a General Partner is on the date of such occurrence a
partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or
removal of a partner in, such partnership shall be deemed not to be a
dissolution of such General Partner if the business of such General Partner is
continued by the remaining partner or partners), the Limited Partners, within 90
days after such occurrence, may elect to continue the business of the
Partnership for the balance of the term specified in Section 2.4 hereof by
selecting, subject to Section 7.2 hereof and any other provisions of this
Agreement, a substitute General Partner by consent of a majority in interest of
the Limited Partners. If the Limited Partners elect to continue the business of
the Partnership and admit a substitute General Partner, the relationship with
the Partners and of any Person who has acquired an interest of a Partner in the
Partnership shall be governed by this Agreement.

                  7.4 REMOVAL OF A GENERAL PARTNER.

                           (a) Upon the occurrence of an Event of Bankruptcy as
to, or the dissolution of, a General Partner, such General Partner shall be
deemed to be removed automatically; provided, however, that if a General Partner
is on the date of such occurrence a partnership, the withdrawal, death,
dissolution, Event of Bankruptcy as to or removal of a partner in such
partnership shall be deemed not to be a dissolution of the General Partner if
the business of such General Partner is continued by the remaining partner or
partners. The Limited Partners may not remove the General Partner, with or
without cause.

                           (b) If a General Partner has been removed pursuant to
this Section 7.4 and the Partnership is continued pursuant to Section 7.3
hereof, such General Partner shall promptly transfer and assign its General
Partnership Interest in the Partnership to the substitute General Partner
approved by a majority in interest of the Limited Partners in accordance with
Section 7.3(b) hereof and otherwise admitted to the Partnership in accordance
with Section 7.2 hereof. At the time of assignment, the removed General Partner
shall be entitled to receive from the substitute General Partner the fair market
value of the General Partnership Interest of such removed General Partner as
reduced by any damages caused to the Partnership by such General Partner. Such
fair market value shall be determined by an appraiser mutually agreed upon by
the General Partner and a majority in interest of the Limited Partners within 10
days following the removal of the General Partner. In the event that the parties
are unable to agree upon an appraiser, the removed General Partner and a
majority in interest of the Limited Partners each shall select an appraiser.
Each such appraiser shall complete an appraisal of the fair market value of the
removed General Partner's General Partnership Interest within 30 days of the
General Partner's removal, and the fair market value of the removed General
Partner's General Partnership Interest shall be the average of the two
appraisals; provided, however, that if the higher appraisal exceeds the lower
appraisal by more than 20% of the amount of the lower appraisal, the two
appraisers, no later than 40 days after the removal of the General Partner,
shall

                                       31
<PAGE>

select a third appraiser who shall complete an appraisal of the fair market
value of the removed General Partner's General Partnership Interest no later
than 60 days after the removal of the General Partner. In such case, the fair
market value of the removed General Partner's General Partnership Interest shall
be the average of the two appraisals closest in value.

                           (c) The General Partnership Interest of a removed
General Partner, during the time after default until transfer under Section
7.4(b), shall be converted to that of a special Limited Partner; provided,
however, such removed General Partner shall not have any rights to participate
in the management and affairs of the Partnership, and shall not be entitled to
any portion of the income, expense, profit, gain or loss allocations or cash
distributions allocable or payable, as the case may be, to the Limited Partners.
Instead, such removed General Partner shall receive and be entitled only to
retain distributions or allocations of such items that it would have been
entitled to receive in its capacity as General Partner, until the transfer is
effective pursuant to Section 7.4(b).

                           (d) All Partners shall have given and hereby do give
such consents, shall take such actions and shall execute such documents as shall
be legally necessary and sufficient to effect all the foregoing provisions of
this Section.

                                    ARTICLE 8
                 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS

                  8.1 MANAGEMENT OF THE PARTNERSHIP. The Limited Partners shall
not participate in the management or control of Partnership business nor shall
they transact any business for the Partnership, nor shall they have the power to
sign for or bind the Partnership, such powers being vested solely and
exclusively in the General Partner.

                  8.2 POWER OF ATTORNEY. Each Limited Partner hereby irrevocably
appoints the General Partner its true and lawful attorney-in-fact, who may act
for each Limited Partner and in its name, place and stead, and for its use and
benefit, to sign, acknowledge, swear to, deliver, file or record, at the
appropriate public offices, any and all documents, certificates, and instruments
as may be deemed necessary or desirable by the General Partner to carry out
fully the provisions of this Agreement and the Act in accordance with their
terms, which power of attorney is coupled with an interest and shall survive the
death, dissolution or legal incapacity of the Limited Partner, or the transfer
by the Limited Partner of any part or all of its Partnership Interest.

                  8.3 LIMITATION ON LIABILITY OF LIMITED PARTNERS. No Limited
Partner shall be liable for any debts, liabilities, contracts or obligations of
the Partnership. A Limited Partner shall be liable to the Partnership only to
make payments of its Capital Contribution, if any, as and when due hereunder.
After its Capital Contribution is fully paid, no Limited Partner shall, except
as otherwise required by the Act, be required to make any further Capital
Contributions or other payments or lend any funds to the Partnership.

                  8.4 OWNERSHIP BY LIMITED PARTNER OF CORPORATE GENERAL PARTNER
OR AFFILIATE. No Limited Partner shall at any time, either directly or
indirectly, own any stock or other interest in the General Partner or in any
Affiliate thereof, if such ownership by itself or in

                                       32
<PAGE>

conjunction with other stock or other interests owned by other Limited Partners
would, in the opinion of counsel for the Partnership, jeopardize the
classification of the Partnership as a partnership for federal tax purposes. The
General Partner shall be entitled to make such reasonable inquiry of the Limited
Partners as is required to establish compliance by the Limited Partners with the
provisions of this Section.

                  8.5 EXCHANGE RIGHT.

                           (a) Subject to Sections 8.5(b), 8.5(c), 8.5(d) and
8.5(e) and the provisions of any agreements between the Partnership and one or
more Limited Partners with respect to Partnership Units held by them, each
Limited Partner, other than the General Partner, shall have the right (the
"Exchange Right") to require the Partnership to redeem on a Specified Exchange
Date all or a portion of the Partnership Units held by such Limited Partner at
an exchange price equal to and in the form of the Cash Amount to be paid by the
Partnership, provided that such Partnership Units shall have been outstanding
for at least one year. The Exchange Right shall be exercised pursuant to a
Notice of Exchange delivered to the Partnership (with a copy to the General
Partner) by the Limited Partner who is exercising the Exchange Right (the
"Exchanging Partner"); provided, however, that the Partnership shall not be
obligated to satisfy such Exchange Right if the General Partner elects to
purchase the Partnership Units subject to the Notice of Exchange pursuant to
Section 8.5(b); and provided, further, that no Limited Partner may deliver more
than two Notices of Exchange during each calendar year. A Limited Partner may
not exercise the Exchange Right for less than 1,000 Partnership Units or, if
such Limited Partner holds less than 1,000 Partnership Units, all of the
Partnership Units held by such Partner. The Exchanging Partner shall have no
right, with respect to any Partnership Units so exchanged, to receive any
distribution paid with respect to Partnership Units if the record date for such
distribution is on or after the Specified Exchange Date.

                           (b) Notwithstanding the provisions of Section 8.5(a),
a Limited Partner that exercises the Exchange Right shall be deemed to have
offered to sell the Partnership Units described in the Notice of Exchange to the
General Partner, and the General Partner may, in its sole and absolute
discretion, elect to purchase directly and acquire such Partnership Units by
paying to the Exchanging Partner either the Cash Amount or the REIT Shares
Amount, as elected by the General Partner (in its sole and absolute discretion),
on the Specified Exchange Date, whereupon the General Partner shall acquire the
Partnership Units offered for exchange by the exchanging Partner and shall be
treated for all purposes of this Agreement as the owner of such Partnership
Units. If the General Partner shall elect to exercise its right to purchase
Partnership Units under this Section 8.5(b) with respect to a Notice of
Exchange, it shall so notify the Exchanging Partner within five Business Days
after the receipt by the General Partner of such Notice of Exchange. Unless the
General Partner (in its sole and absolute discretion) shall exercise its right
to purchase Partnership Units from the Exchanging Partner pursuant to this
Section 8.5(b), the General Partner shall have no obligation to the Exchanging
Partner or the Partnership with respect to the Exchanging Partner's exercise of
the Exchange Right. In the event the General Partner shall exercise its right to
purchase Partnership Units with respect to the exercise of a Exchange Right in
the manner described in the first sentence of this Section 8.5(b), the
Partnership shall have no obligation to pay any amount to the Exchanging Partner
with respect to such Exchanging Partner's exercise of such Exchange Right, and
each of the Exchanging Partner, the Partnership, and the General Partner, as the
case may be, shall treat the

                                       33
<PAGE>

transaction between the General Partner, and the Exchanging Partner for federal
income tax purposes as a sale of the Exchanging Partner's Partnership Units to
the General Partner. Each Exchanging Partner agrees to execute such documents as
the General Partner may reasonably require in connection with the issuance of
REIT Shares upon exercise of the Exchange Right.

                           (c) Notwithstanding the provisions of Section 8.5(a)
and 8.5(b), a Limited Partner shall not be entitled to exercise the Exchange
Right if the delivery of REIT Shares to such Partner on the Specified Exchange
Date by the General Partner pursuant to Section 8.5(b) (regardless of whether or
not the General Partner would in fact exercise its rights under Section 8.5(b))
would (i) result in such Partner or any other person owning, directly or
indirectly, shares of the General Partner in excess of the Ownership Limit (as
defined in the Articles of Incorporation and calculated in accordance
therewith), except as provided in the Articles of Incorporation, (ii) result in
shares of the General Partner being owned by fewer than 100 Persons (determined
without reference to any rules of attribution and under the definition of
"Person" in the Articles of Incorporation), except as provided in the Articles
of Incorporation, (iii) result in the General Partner being "closely held"
within the meaning of Section 856(h) of the Code, (iv) cause the General Partner
to own, directly or constructively, 9.9% or more of the ownership interests in a
tenant of the General Partner's, the Partnership's, or any direct or indirect
subsidiary (including, without limitation, partnerships, joint ventures and
limited liability companies) of the General Partner's or the Partnership's real
property, within the meaning of Section 856(d)(2)(B) of the Code, (v) otherwise,
directly or indirectly, cause the General Partner to fail to qualify as a REIT
or (vi) cause the acquisition of REIT Shares by such Partner to be "integrated"
with any other distribution of REIT Shares for purposes of complying with the
registration provisions of the Securities Act. The General Partner, in its sole
and absolute discretion, may waive the restriction on exchange set forth in this
Section 8.5(c); provided, however, that in the event such restriction is waived,
the Exchanging Partner shall be paid the Cash Amount.

                           (d) Any Cash Amount to be paid to an Exchanging
Partner pursuant to this Section 8.5 shall be paid on the Specified Exchange
Date; provided, however, that the General Partner may elect to cause the
Specified Exchange Date to be delayed for up to an additional 180 days to the
extent required for the General Partner to cause additional REIT Shares to be
issued to provide financing to be used to make such payment of the Cash Amount.
Notwithstanding the foregoing, the General Partner agrees to use its best
efforts to cause the closing of the acquisition of exchanged Partnership Units
hereunder to occur as quickly as reasonably possible.

                           (e) Notwithstanding any other provision of this
Agreement, the General Partner shall place appropriate restrictions on the
ability of the Limited Partners to exercise their Exchange Rights as and if
deemed necessary to ensure that the Partnership does not constitute a "publicly
traded partnership" under section 7704 of the Code. If and when the General
Partner determines that imposing such restrictions is necessary, the General
Partner shall give prompt written notice thereof (a "Restriction Notice") to
each of the Limited Partners holding Partnership Units, which notice shall be
accompanied by a copy of an opinion of counsel to the Partnership which states
that, in the opinion of such counsel, restrictions are necessary in order to
avoid having the Partnership be treated as a "publicly traded partnership" under
section 7704 of the Code.

                                       34
<PAGE>

                  8.6 REGISTRATION. Subject to the terms of any agreement
between the General Partner and one or more Limited Partners with respect to
Partnership Units held by them:

                           (a) Shelf Registration of the Common Stock. Within
two weeks prior or subsequent to the first date upon which the Partnership Units
owned by any Limited Partner may be exchanged (or such later date as may be
required under applicable provisions of the Securities Act), the General Partner
agrees to file with the Commission, a shelf registration statement on Form S-3
(if the General Partner is eligible to use such form) under Rule 415 of the
Securities Act (a "Registration Statement"), or any similar rule that may be
adopted by the Commission, with respect to all of the REIT Shares that may be
issued upon exchange of such Partnership Units pursuant to Section 8.5 hereof
("Exchange Shares"). The General Partner will use its best efforts to have the
Registration Statement declared effective under the Securities Act. The General
Partner need not file a separate Registration Statement, but may file one
Registration Statement covering Exchange Shares issuable to more than one
Limited Partner. The General Partner further agrees to supplement or make
amendments to each Registration Statement, if required by the rules, regulations
or instructions applicable to the registration form utilized by the General
Partner or by the Securities Act or rules and regulations thereunder for such
Registration Statement.

                           (b) If a Registration Statement under subsection (a)
above is not available under the securities laws or the rules of the Commission,
or if required to permit the resale of Exchange Shares by "Affiliates" (as
defined in the Securities Act), upon the written request of any Limited Partner
holding at least 20,000 Partnership Units, the General Partner agrees to file
with the Commission a Registration Statement covering the resale of Exchange
Shares by Affiliates or others whose Exchange Shares are not covered by a
Registration Statement filed pursuant to subsection (a) above. The General
Partner will use its best efforts to have the Registration Statement declared
effective under the Securities Act. The General Partner need not file a separate
Registration Statement, but may file one Registration Statement covering
Exchange Shares issuable to more than one Limited Partner. The General Partner
further agrees to supplement or make amendments to each Registration Statement,
if required by the rules, regulations or instructions applicable to the
registration form utilized by the General Partner or by the Securities Act or
rules and regulations thereunder for such Registration Statement.

                           (c) Listing on Securities Exchange. If the General
Partner shall list or maintain the listing of any REIT Shares on any securities
exchange or national market system, it will at its expense and as necessary to
permit the registration and sale of the Exchange Shares hereunder, list thereon,
maintain and, when necessary, increase such listing to include such Exchange
Shares.

                           (d) Registration Not Required. Notwithstanding the
foregoing, the General Partner shall not be required to file or maintain the
effectiveness of a registration statement relating to Exchange Shares after the
first date upon which, in the opinion of counsel to the General Partner, all of
the Exchange Shares covered thereby could be sold by the holders thereof in any
period of three months pursuant to Rule 144 under the Securities Act, or any
successor rule thereto.

                                       35
<PAGE>

                  8.7 REDEMPTION OF SPECIAL PARTNERSHIP UNITS. Upon the earliest
to occur of (a) the termination or nonrenewal of the Advisory Agreement for
"cause" (as defined in the Advisory Agreement), (b) a Termination Event or (c)
the Listing, the Special Partnership Units will be redeemed for cash.

                           (a) Redemption of Special Partnership Units Upon
Termination or Nonrenewal of the Advisory Agreement for Cause. If the Advisory
Agreement is terminated or not renewed by the General Partner for "cause" (as
defined in the Advisory Agreement) all of the Special Partnership Units shall be
redeemed by the Partnership, within 30 days after the termination or nonrenewal
of the Advisory Agreement, for an aggregate amount equal to $1.

                           (b) Redemption of Special Partnership Units upon a
Termination Event or the Listing. Upon the occurrence of a Termination Event or
the Listing, all of the Special Partnership Units shall be redeemed by the
Partnership for an aggregate amount equal to the Net Sales Proceeds that would
have been distributed to the Special OP Unitholders under Section
5.2(b)(i)(B)(2) if a transaction within the meaning of clause (v) of the
definition of Sale had occurred on such date, all assets of the Partnership had
been sold for their fair market value and all liabilities of the Partnership had
been satisfied in full according to their terms. Such redemption shall occur no
later than 30 days after the date of a Termination Event and no later than 210
days after the Listing. In determining the fair market value of the assets of
the Partnership, (i) in connection with a Termination Event, the General Partner
shall obtain an appraisal of the Properties of the Partnership and (ii) in
connection with the Listing, the General Partner shall make such determination
taking into account the market value of the General Partner's listed shares
based upon the average closing price, or average of bid and asked prices, as the
case may be, during a period of 30 days during which such shares are traded
beginning 180 days after the Listing.

                                    ARTICLE 9
                   TRANSFERS OF LIMITED PARTNERSHIP INTERESTS

                  9.1 PURCHASE FOR INVESTMENT.

                           (a) Each Limited Partner hereby represents and
warrants to the General Partner and to the Partnership that the acquisition of
his Partnership Interests is made as a principal for his account for investment
purposes only and not with a view to the resale or distribution of such
Partnership Interest.

                           (b) Each Limited Partner agrees that he will not
sell, assign or otherwise transfer his Partnership Interest or any fraction
thereof, whether voluntarily or by operation of law or at judicial sale or
otherwise, to any Person who does not make the representations and warranties to
the General Partner set forth in Section 9.1(a) above and similarly agree not to
sell, assign or transfer such Partnership Interest or fraction thereof to any
Person who does not similarly represent, warrant and agree.

                  9.2 RESTRICTIONS ON TRANSFER OF LIMITED PARTNERSHIP INTERESTS.

                           (a) Subject to the provisions of 9.2(b), (c) and (d),
no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise
transfer all or any portion of his Limited

                                       36
<PAGE>

Partnership Interest, or any of such Limited Partner's economic rights as a
Limited Partner, whether voluntarily or by operation of law or at judicial sale
or otherwise (collectively, a "Transfer") without the consent of the General
Partner, which consent may be granted or withheld in its sole and absolute
discretion. Any such purported transfer undertaken without such consent shall be
considered to be null and void ab initio and shall not be given effect. The
General Partner may require, as a condition of any Transfer to which it
consents, that the transferor assume all costs incurred by the Partnership in
connection therewith.

                           (b) No Limited Partner may withdraw from the
Partnership other than as a result of a permitted Transfer (i.e., a Transfer
consented to as contemplated by clause (a) above or clause (c) below or a
Transfer pursuant to Section 9.5 below) of all of its Partnership Interest
pursuant to this Article 9 or pursuant to an exchange of all of its Partnership
Units pursuant to Section 8.5 or pursuant to the redemption of the Limited
Partner's Special Partnership Units pursuant to Section 8.7. Upon the permitted
Transfer or redemption of all of a Limited Partner's Partnership Interest, such
Limited Partner shall cease to be a Limited Partner.

                           (c) Subject to 9.2(d), (e) and (f) below, a Limited
Partner may Transfer, with the consent of the General Partner, all or a portion
of its Partnership Interest to (i) a parent or parent's spouse, natural or
adopted descendant or descendants, spouse of such descendant, or brother or
sister, or a trust created by such Limited Partner for the benefit of such
Limited Partner and/or any such person(s), of which trust such Limited Partner
or any such person(s) is a trustee, (ii) a corporation controlled by a Person or
Persons named in (i) above, or (iii) if the Limited Partner is an entity, its
beneficial owners.

                           (d) No Limited Partner may effect a Transfer of its
Limited Partnership Interest, in whole or in part, if, in the opinion of legal
counsel for the Partnership, such proposed Transfer would require the
registration of the Limited Partnership Interest under the Securities Act or
would otherwise violate any applicable federal or state securities or blue sky
law (including investment suitability standards).

                           (e) No Transfer by a Limited Partner of its
Partnership Interest, in whole or in part, may be made to any Person if (i) in
the opinion of legal counsel for the Partnership, the transfer would result in
the Partnership's being treated as an association taxable as a corporation
(other than a qualified REIT subsidiary within the meaning of Section 856(i) of
the Code), (ii) in the opinion of legal counsel for the Partnership, it would
adversely affect the ability of the General Partner to continue to qualify as a
REIT or subject the General Partner to any additional taxes under Section 857 or
Section 4981 of the Code, or (iii) such transfer is effectuated through an
"established securities market" or a "secondary market (or the substantial
equivalent thereof)" within the meaning of Section 7704 of the Code.

                           (f) No transfer by a Limited Partner of any
Partnership Interest may be made to a lender to the Partnership or any Person
who is related (within the meaning of Regulations Section 1.752-4(b)) to any
lender to the Partnership whose loan constitutes a nonrecourse liability (within
the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the
General Partner, which may be withheld in its sole and absolute discretion,
provided that as a condition to such consent the lender will be required to
enter into an arrangement with the Partnership and the General Partner to
exchange or redeem for the Cash

                                       37
<PAGE>

Amount any Partnership Units in which a security interest is held simultaneously
with the time at which such lender would be deemed to be a Partner in the
Partnership for purposes of allocating liabilities to such lender under Section
752 of the Code.

                           (g) Any Transfer in contravention of any of the
provisions of this Article 9 shall be void and ineffectual and shall not be
binding upon, or recognized by, the Partnership.

                           (h) Prior to the consummation of any Transfer under
this Article 9, the transferor and/or the transferee shall deliver to the
General Partner such opinions, certificates and other documents as the General
Partner shall request in connection with such Transfer.

                  9.3 ADMISSION OF SUBSTITUTE LIMITED PARTNER.

                           (a) Subject to the other provisions of this Article
9, an assignee of the Limited Partnership Interest of a Limited Partner (which
shall be understood to include any purchaser, transferee, donee, or other
recipient of any disposition of such Limited Partnership Interest) shall be
deemed admitted as a Limited Partner of the Partnership only with the consent of
the General Partner and upon the satisfactory completion of the following:

                                    (i) The assignee shall have accepted and
agreed to be bound by the terms and provisions of this Agreement by executing a
counterpart or an amendment thereof, including a revised Exhibit A, and such
other documents or instruments as the General Partner may require in order to
effect the admission of such Person as a Limited Partner.

                                    (ii) To the extent required, an amended
Certificate evidencing the admission of such Person as a Limited Partner shall
have been signed, acknowledged and filed for record in accordance with the Act.

                                    (iii) The assignee shall have delivered a
letter containing the representation set forth in Section 9.1(a) hereof and the
agreement set forth in Section 9.1(b) hereof.

                                    (iv) If the assignee is a corporation,
partnership or trust, the assignee shall have provided the General Partner with
evidence satisfactory to counsel for the Partnership of the assignee's authority
to become a Limited Partner under the terms and provisions of this Agreement.

                                    (v) The assignee shall have executed a power
of attorney containing the terms and provisions set forth in Section 8.2 hereof.

                                    (vi) The assignee shall have paid all legal
fees and other expenses of the Partnership and the General Partner and filing
and publication costs in connection with its substitution as a Limited Partner.

                                    (vii) The assignee has obtained the prior
written consent of the General Partner to its admission as a Substitute Limited
Partner, which consent may be given or denied in the exercise of the General
Partner's sole and absolute discretion.

                                       38
<PAGE>

                           (b) For the purpose of allocating Profits and Losses
and distributing cash received by the Partnership, a Substitute Limited Partner
shall be treated as having become, and appearing in the records of the
Partnership as, a Partner upon the filing of the Certificate described in
Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the
date specified in the transfer documents or the date on which the General
Partner has received all necessary instruments of transfer and substitution.

                           (c) The General Partner shall cooperate with the
Person seeking to become a Substitute Limited Partner by preparing the
documentation required by this Section and making all official filings and
publications. The Partnership shall take all such action as promptly as
practicable after the satisfaction of the conditions in this Article 9 to the
admission of such Person as a Limited Partner of the Partnership.

                  9.4 RIGHTS OF ASSIGNEES OF PARTNERSHIP INTERESTS.

                           (a) Subject to the provisions of Sections 9.1 and 9.2
hereof, except as required by operation of law, the Partnership shall not be
obligated for any purposes whatsoever to recognize the assignment by any Limited
Partner of its Partnership Interest until the Partnership has received notice
thereof.

                           (b) Any Person who is the assignee of all or any
portion of a Limited Partner's Limited Partnership Interest, but does not become
a Substitute Limited Partner and desires to make a further assignment of such
Limited Partnership Interest, shall be subject to all the provisions of this
Article 9 to the same extent and in the same manner as any Limited Partner
desiring to make an assignment of its Limited Partnership Interest.

                  9.5 EFFECT OF BANKRUPTCY, DEATH, INCOMPETENCE OR TERMINATION
OF A LIMITED PARTNER. The occurrence of an Event of Bankruptcy as to a Limited
Partner, the death of a Limited Partner or a final adjudication that a Limited
Partner is incompetent (which term shall include, but not be limited to,
insanity) shall not cause the termination or dissolution of the Partnership, and
the business of the Partnership shall continue if an order for relief in a
bankruptcy proceeding is entered against a Limited Partner, the trustee or
receiver of his estate or, if he dies, his executor, administrator or trustee,
or, if he is finally adjudicated incompetent, his committee, guardian or
conservator, shall have the rights of such Limited Partner for the purpose of
settling or managing his estate property and such power as the bankrupt,
deceased or incompetent Limited Partner possessed to assign all or any part of
his Partnership Interest and to join with the assignee in satisfying conditions
precedent to the admission of the assignee as a Substitute Limited Partner.

                  9.6 JOINT OWNERSHIP OF INTERESTS. A Partnership Interest may
be acquired by two individuals as joint tenants with right of survivorship,
provided that such individuals either are married or are related and share the
same home as tenants in common. The written consent or vote of both owners of
any such jointly held Partnership Interest shall be required to constitute the
action of the owners of such Partnership Interest; provided, however, that the
written consent of only one joint owner will be required if the Partnership has
been provided with evidence satisfactory to the counsel for the Partnership that
the actions of a single joint owner can bind both owners under the applicable
laws of the state of residence of such joint owners. Upon the

                                       39
<PAGE>

death of one owner of a Partnership Interest held in a joint tenancy with a
right of survivorship, the Partnership Interest shall become owned solely by the
survivor as a Limited Partner and not as an assignee. The Partnership need not
recognize the death of one of the owners of a jointly-held Partnership Interest
until it shall have received notice of such death. Upon notice to the General
Partner from either owner, the General Partner shall cause the Partnership
Interest to be divided into two equal Partnership Interests, which shall
thereafter be owned separately by each of the former owners.

                                   ARTICLE 10
                   BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS

                  10.1 BOOKS AND RECORDS. At all times during the continuance of
the Partnership, the Partners shall keep or cause to be kept at the
Partnership's specified office true and complete books of account in accordance
with generally accepted accounting principles, including: (a) a current list of
the full name and last known business address of each Partner, (b) a copy of the
Certificate of Limited Partnership and all certificates of amendment thereto,
(c) copies of the Partnership's federal, state and local income tax returns and
reports, (d) copies of this Agreement and amendments thereto and any financial
statements of the Partnership for the three most recent years and (e) all
documents and information required under the Act. Any Partner or its duly
authorized representative, upon paying the costs of collection, duplication and
mailing, shall be entitled to inspect or copy such records during ordinary
business hours.

                  10.2 CUSTODY OF PARTNERSHIP FUNDS; BANK ACCOUNTS.

                           (a) All funds of the Partnership not otherwise
invested shall be deposited in one or more accounts maintained in such banking
or brokerage institutions as the General Partner shall determine, and
withdrawals shall be made only on such signature or signatures as the General
Partner may, from time to time, determine.

                           (b) All deposits and other funds not needed in the
operation of the business of the Partnership may be invested by the General
Partner in investment grade instruments (or investment companies whose portfolio
consists primarily thereof), government obligations, certificates of deposit,
bankers' acceptances and municipal notes and bonds. The funds of the Partnership
shall not be commingled with the funds of any other Person except for such
commingling as may necessarily result from an investment in those investment
companies permitted by this Section 10.2(b).

                  10.3 FISCAL AND TAXABLE YEAR. The fiscal and taxable year of
the Partnership shall be the calendar year.

                  10.4 ANNUAL TAX INFORMATION AND REPORT. Within 75 days after
the end of each fiscal year of the Partnership, the General Partner shall
furnish to each person who was a Limited Partner at any time during such year
the tax information necessary to file such Limited Partner's individual tax
returns as shall be reasonably required by law.

                                       40
<PAGE>

                  10.5 TAX MATTERS PARTNER; TAX ELECTIONS; SPECIAL BASIS
ADJUSTMENTS.

                           (a) The General Partner shall be the Tax Matters
Partner of the Partnership within the meaning of Section 6231(a)(7) of the Code.
As Tax Matters Partner, the General Partner shall have the right and obligation
to take all actions authorized and required, respectively, by the Code for the
Tax Matters Partner. The General Partner shall have the right to retain
professional assistance in respect of any audit of the Partnership by the
Service and all out-of-pocket expenses and fees incurred by the General Partner
on behalf of the Partnership as Tax Matters Partner shall constitute Partnership
expenses. In the event the General Partner receives notice of a final
Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner
shall either (i) file a court petition for judicial review of such final
adjustment within the period provided under Section 6226(a) of the Code, a copy
of which petition shall be mailed to all Limited Partners on the date such
petition is filed, or (ii) mail a written notice to all Limited Partners, within
such period, that describes the General Partner's reasons for determining not to
file such a petition.

                           (b) All elections required or permitted to be made by
the Partnership under the Code or any applicable state or local tax law shall be
made by the General Partner in its sole and absolute discretion.

                           (c) In the event of a transfer of all or any part of
the Partnership Interest of any Partner, the Partnership, at the option of the
General Partner, may elect pursuant to Section 754 of the Code to adjust the
basis of the Partnership's assets. Notwithstanding anything contained in Article
5 of this Agreement, any adjustments made pursuant to Section 754 of the Code
shall affect only the successor in interest to the transferring Partner and in
no event shall be taken into account in establishing, maintaining or computing
Capital Accounts for the other Partners for any purpose under this Agreement.
Each Partner will furnish the Partnership with all information necessary to give
effect to such election.

                  10.6 REPORTS TO LIMITED PARTNERS.

                           (a) As soon as practicable after the close of each
fiscal quarter (other than the last quarter of the fiscal year), the General
Partner shall cause to be mailed to each Limited Partner a quarterly report
containing financial statements of the Partnership, or of the General Partner if
such statements are prepared solely on a consolidated basis with the General
Partner, for such fiscal quarter, presented in accordance with generally
accepted accounting principles. As soon as practicable after the close of each
fiscal year, the General Partner shall cause to be mailed to each Limited
Partner an annual report containing financial statements of the Partnership, or
of the General Partner if such statements are prepared solely on a consolidated
basis with the General Partner, for such fiscal year, presented in accordance
with generally accepted accounting principles. The annual financial statements
shall be audited by accountants selected by the General Partner.

                           (b) Any Partner shall further have the right to a
private audit of the books and records of the Partnership at the expense of such
Partner, provided such audit is made for Partnership purposes and is made during
normal business hours.

                                       41
<PAGE>

                                   ARTICLE 11
                         AMENDMENT OF AGREEMENT; MERGER

         The General Partner's consent shall be required for any amendment to
this Agreement. The General Partner, without the consent of the Limited
Partners, may amend this Agreement in any respect or merge or consolidate the
Partnership with or into any other partnership or business entity (as defined in
Section 17-211 of the Act) in a transaction pursuant to Section 7.1(c), (d) or
(e) hereof; provided, however, that the following amendments and any other
merger or consolidation of the Partnership shall require (i) the consent of
Limited Partners holding more than 50% of the Percentage Interests of the
Limited Partners and (ii) in the case of any of the following (b), (c) or (d),
the consent of Limited Partners holding more than 50% of the Special Percentage
Interests of the Limited Partners:

                           (a) any amendment affecting the operation of the
Conversion Factor or the Exchange Right (except as provided in Section 8.5(d) or
7.1(d) hereof) in a manner adverse to the Limited Partners;

                           (b) any amendment that would adversely affect the
rights of the Limited Partners to receive the distributions payable to them
hereunder, other than with respect to the issuance of additional Partnership
Units pursuant to Section 4.2 hereof;

                           (c) any amendment that would alter the Partnership's
allocations of Profit and Loss to the Limited Partners, other than with respect
to the issuance of additional Partnership Units pursuant to Section 4.2 hereof;
or

                           (d) any amendment that would impose on the Limited
Partners any obligation to make additional Capital Contributions to the
Partnership.

                                   ARTICLE 12
                               GENERAL PROVISIONS

                  12.1 NOTICES. All communications required or permitted under
this Agreement shall be in writing and shall be deemed to have been given when
delivered personally or upon deposit in the United States mail, registered,
postage prepaid return receipt requested, to the Partners at the addresses set
forth in Exhibit A attached hereto; provided, however, that any Partner may
specify a different address by notifying the General Partner in writing of such
different address. Notices to the Partnership shall be delivered at or mailed to
its specified office.

                  12.2 SURVIVAL OF RIGHTS. Subject to the provisions hereof
limiting transfers, this Agreement shall be binding upon and inure to the
benefit of the Partners and the Partnership and their respective legal
representatives, successors, transferees and assigns.

                  12.3 ADDITIONAL DOCUMENTS. Each Partner agrees to perform all
further acts and execute, swear to, acknowledge and deliver all further
documents which may be reasonable, necessary, appropriate or desirable to carry
out the provisions of this Agreement or the Act.

                  12.4 SEVERABILITY. If any provision of this Agreement shall be
declared illegal, invalid, or unenforceable in any jurisdiction, then such
provision shall be deemed to be severable

                                       42
<PAGE>

from this Agreement (to the extent permitted by law) and in any event such
illegality, invalidity or unenforceability shall not affect the remainder
hereof.

                  12.5 ENTIRE AGREEMENT. This Agreement and exhibits attached
hereto constitute the entire Agreement of the Partners and supersede all prior
written agreements and prior and contemporaneous oral agreements, understandings
and negotiations with respect to the subject matter hereof.

                  12.6 PRONOUNS AND PLURALS. When the context in which words are
used in the Agreement indicates that such is the intent, words in the singular
number shall include the plural and the masculine gender shall include the
neuter or female gender as the context may require.

                  12.7 HEADINGS. The Article headings or sections in this
Agreement are for convenience only and shall not be used in construing the scope
of this Agreement or any particular Article.

                  12.8 COUNTERPARTS. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original copy and all of
which together shall constitute one and the same instrument binding on all
parties hereto, notwithstanding that all parties shall not have signed the same
counterpart.

                  12.9 GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware.

                                       43
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have hereunder affixed their
signatures to this Agreement of Limited Partnership, all as of the 30th day of
May, 2002.

                        GENERAL PARTNER:

                        DIVIDEND CAPITAL TRUST INC.

                        By: /s/ EVAN ZUCKER
                           ---------------------------------
                           Name:  Evan Zucker
                           Title: President

<PAGE>

                        LIMITED PARTNERS:

                        DIVIDEND CAPITAL ADVISORS LLC

                        By:  Dividend Capital Advisors Group LLC,
                                Its Sole Member

                              By: Franklin Street Investors LLC,
                                  Manager of the Sole Member

                              By: /s/ EVAN ZUCKER
                                 ---------------------------------
                                 Evan Zucker, Member

                        DIVIDEND CAPITAL ADVISORS GROUP LLC

                        By:  Franklin Street Investors LLC,
                             Its Manager

                              By: /s/ EVAN ZUCKER
                                 ---------------------------------
                                 Evan Zucker, Member

                                       2

<PAGE>

                                    EXHIBIT A

<Table>
<Caption>
                                                        Agreed Value                    Special                       Special
                                            Cash         of Capital    Partnership    Partnership    Percentage     Percentage
               Partner                  Contribution    Contribution      Units          Units        Interest       Interest
--------------------------------------  ------------  ---------------  ------------  -------------  ------------   ------------
<S>                                     <C>           <C>              <C>           <C>            <C>            <C>
GENERAL PARTNER:

--------------------------------------  ------------  ---------------  ------------  -------------  ------------   ------------
Dividend Capital Trust Inc.             $      2,000                            200                            1%
518 17th Street, 17th Floor
Denver, CO 80202

--------------------------------------  ------------  ---------------  ------------  -------------  ------------   ------------
ORIGINAL LIMITED PARTNERS:

--------------------------------------  ------------  ---------------  ------------  -------------  ------------   ------------
Dividend Capital Advisors LLC           $    200,000                         20,000                           99%
518 17th Street, 17th Floor
Denver, CO 80202

--------------------------------------  ------------  ---------------  ------------  -------------  ------------   ------------
Dividend Capital Advisors Group LLC     $      1,000                                        10,000                          100%
518 17th Street, 17th Floor
Denver, CO 80202

--------------------------------------  ------------  ---------------  ------------  -------------  ------------   ------------
Totals                                  $    203,000  $             0        20,200         10,000           100%           100%
--------------------------------------  ------------  ---------------  ------------  -------------  ------------   ------------
</Table>

<PAGE>

                                    EXHIBIT B

                      NOTICE OF EXERCISE OF EXCHANGE RIGHT

         In accordance with Section 8.5 of the Agreement of Limited Partnership
(the "Agreement") of Dividend Capital Operating Partnership LP, the undersigned
hereby irrevocably (i) presents for exchange ________ Partnership Units in
Dividend Capital Operating Partnership LP in accordance with the terms of the
Agreement and the Exchange Right referred to in Section 8.5 thereof, (ii)
surrenders such Partnership Units and all right, title and interest therein, and
(iii) directs that the Cash Amount or REIT Shares Amount (as defined in the
Agreement) as determined by the General Partner deliverable upon exercise of the
Exchange Right be delivered to the address specified below, and if REIT Shares
(as defined in the Agreement) are to be delivered, such REIT Shares be
registered or placed in the name(s) and at the address(es) specified below.

Dated:           ,
      -------- --  -----                    ------------------------------
                                            (Name of Limited Partner)

                                            ------------------------------
                                            (Signature of Limited Partner)

                                            ------------------------------
                                            (Mailing Address)

                                            ------------------------------
                                            (City)    (State)   (Zip Code)

                                            Signature Guaranteed by:

                                            ------------------------------

If REIT Shares are to be issued, issue to:

Name:
     ---------------------------------

Social Security
or Tax I.D. Number:
                   -------------------

<PAGE>

                                    EXHIBIT C

                            INDEMNIFICATION GUIDELINE

G.       Liability and Indemnification

         1. The REIT shall not provide for indemnification of the TRUSTEES,
ADVISORS or AFFILIATES for any liability or loss suffered by the TRUSTEES,
ADVISORS or AFFILIATES, nor shall it provide that the TRUSTEES, ADVISORS or
AFFILIATES be held harmless for any loss or liability suffered by the REIT,
unless all of the following conditions are met:

                  a. The TRUSTEES, ADVISORS or AFFILIATES have determined, in
                  good faith, that the course of conduct which caused the loss
                  or liability was in the best interests of the REIT.

                  b. The TRUSTEES, ADVISORS or AFFILIATES were acting on behalf
                  of or performing services for the REIT.

                  c. Such liability or loss was not the result of:

                           (i) negligence or misconduct by the TRUSTEES,
                           excluding the INDEPENDENT TRUSTEES, ADVISORS or
                           AFFILIATES; OR

                           (ii) gross negligence or willful misconduct by the
                           INDEPENDENT TRUSTEES.

                  d. Such indemnification or agreement to hold harmless is
                  recoverable only out of REIT net assets and not from
                  SHAREHOLDERS.

         2. Notwithstanding anything to the contrary contained in Section
II.G.1, the TRUSTEES, ADVISORS or AFFILIATES and any persons acting as a
broker-dealer shall not be indemnified by the REIT for any losses, liabilities
or expenses 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:

                  a. There has been a successful adjudication on the merits of
                  each count involving alleged securities law violations as to
                  the particular indemnitee.

                  b. Such claims have been dismissed with prejudice on the
                  merits by a court of competent jurisdiction as to the
                  particular Indemnitee.

                  c. A court of competent jurisdiction approves a settlement of
                  the claims against a particular 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

                                       1
<PAGE>

                  Securities and Exchange Commission and of the published
                  position of any state securities regulatory authority in which
                  securities of the REIT were offered or sold as to
                  indemnification for violations of securities laws.

         3. The advancement of REIT funds to the TRUSTEES, ADVISORS or
AFFILIATES 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
                  REIT.

                  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.

                  c. The TRUSTEES, ADVISORS and AFFILIATES undertake to repay
                  the advanced funds to the REIT, together with the applicable
                  legal rate of interest thereon, in cases in which such
                  TRUSTEES, ADVISORS or AFFILIATES are found not to be entitled
                  to indemnification.

                                       2

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