Document:

Amended and Restated Distribution Reinvestment Plan

 Exhibit 4.2 
 AMENDED AND RESTATED 
 DISTRIBUTION REINVESTMENT PLAN 
 This AMENDED & RESTATED DISTRIBUTION REINVESTMENT PLAN (“Plan”) is adopted by the Dividend Capital Total Realty Trust Inc., a
Maryland corporation (the “Company”), pursuant to its Charter (the “Charter”). Unless otherwise defined herein, capitalized terms shall have the same meaning as set forth in the Charter. 
 1. Distribution Reinvestment. As agent for the stockholders (“Stockholders”) of the Company who (i) purchase shares of the
Company’s common stock (“Shares”) pursuant to the Company’s initial public offering (the “Initial Offering”), or (ii) purchase Shares pursuant to any future offering of the Company (“Future Offering”),
and who elect to participate in the Plan, the Company will apply all dividends and other distributions declared and paid in respect of the Shares held by each participating Stockholder (the “Dividends”), including Dividends paid with
respect to any full or fractional Shares acquired under the Plan, to the purchase of Shares for such participating Stockholders directly, if permitted under state securities laws and, if not, through the Dealer Manager or Soliciting Dealers
registered in the participating Stockholder’s state of residence. 
 Additionally, as agent for the holders of limited partnership
interests (the “OP Interests”) of Dividend Capital Total Realty Operating Partnership LP (the “Partnership”) who acquire such OP Interests as a result of any transaction of the Partnership, and who elect to participate in the
Plan (together with the participating Stockholders, the “Participants”), the Partnership will apply all distributions declared and paid in respect of the OP Interests held by each Participant (the “Distributions”), including
Distributions paid with respect to any full or fractional OP Interests acquired, to the purchase of Shares for such Participant directly, if permitted under state securities laws and, if not, through the Dealer Manager or Soliciting Dealers
registered in the Participant’s state of residence. 
 2. Effective Date. The effective date of this Plan shall be the date that
the minimum offering requirements (as defined in the prospectus relating to the Initial Offering) are met in connection with the Initial Offering. 
 3. Procedure for Participation. Any Stockholder or holder of OP Interests who has received a prospectus, as contained in the Company’s registration statement filed with the Securities and Exchange Commission (the
“Commission”), may elect to become a Participant by completing and executing the subscription agreement, an enrollment form or any other appropriate authorization form as may be available from the Company, the Partnership, the Dealer
Manager or Soliciting Dealer. Participation in the Plan will begin with the next Dividend or Distribution payable after acceptance of a Participant’s subscription, enrollment or authorization. Shares will be purchased under the Plan on the date
that Dividends or Distributions are paid by the Company or the Partnership, as the case may be. The Company intends to pay Dividends and, on behalf of the Partnership, Distributions on a quarterly basis. Each Participant agrees that if, at any time
prior to the listing of the Shares on a national stock exchange or inclusion of the Shares for quotation on Nasdaq, he or she fails to meet the suitability requirements for making an investment in the Company or cannot make the other representations
or warranties set forth in the subscription agreement, he or she will promptly so notify the Company in writing. 
 4. Purchase of
Shares. Participants will acquire Shares from the Company under the Plan (the “Plan Shares”) at a price equal to $9.50 per share until the earliest of (i) all the Plan Shares registered in the Initial Offering are issued,
(ii) the Initial Offering and any future offering of Plan Shares terminate and the Company elects to deregister with the Commission the unsold Plan Shares, or (iii) there is more than a de minimis amount of trading in our Shares, at
which time any registered Plan Shares then available under the Plan will be sold at a price equal to the fair market value of the Shares, as determined by the Company’s Board by reference to the applicable sales price in respect to the most
recent trades occurring on or prior to the relevant distribution date. Participants in the Plan may also purchase fractional Shares so that 100% of the Dividends or Distributions will be used to acquire Shares. However, a Participant will not be
able to acquire Plan Shares to the extent that any such purchase would cause such Participant to exceed the Aggregate Share Ownership Limit or the Common Share Ownership Limit as set forth in the Charter or otherwise would cause a violation of the
share ownership restrictions set forth in the Charter. 
 Shares to be distributed by the Company in connection with the Plan may (but are
not required to) be supplied from: (a) the Plan Shares which will be registered with the Commission in connection with the Company’s Initial Offering, (b) Shares to be registered with the Commission in a Future Offering for use in the
Plan (a “Future Registration”), or (c) Shares of the Company’s common stock purchased by the Company for the Plan in a secondary market (if available) or on a stock exchange or Nasdaq (if listed) (collectively, the
“Secondary Market”). 

 Shares purchased in any Secondary Market will be purchased at the then-prevailing market price, which
price will be utilized for purposes of issuing Shares in the Plan. Shares acquired by the Company in any Secondary Market or registered in a Future Registration for use in the Plan may be at prices lower or higher than the Share price which will be
paid for the Plan Shares pursuant to the Initial Offering. 
 If the Company acquires Shares in any Secondary Market for use in the Plan, the
Company shall use its reasonable efforts to acquire Shares at the lowest price then reasonably available. However, the Company does not in any respect guarantee or warrant that the Shares so acquired and purchased by the Participant in the Plan will
be at the lowest possible price. Further, irrespective of the Company’s ability to acquire Shares in any Secondary Market or to make a Future Offering for Shares to be used in the Plan, the Company is in no way obligated to do either, in its
sole discretion. 
 5. Taxes. IT IS UNDERSTOOD THAT REINVESTMENT OF DIVIDENDS AND DISTRIBUTIONS DOES NOT RELIEVE A PARTICIPANT OF ANY
INCOME TAX LIABILITY WHICH MAY BE PAYABLE ON THE DIVIDENDS AND DISTRIBUTIONS. 
 6. Share Certificates. The ownership of the Shares
purchased through the Plan will be in book-entry form unless and until the Company issues certificates for its outstanding common stock. 
 7. Reports. Within 90 days after the end of the Company’s fiscal year, the Company shall provide each Stockholder with an individualized report on his or her investment, including the purchase date(s), purchase price and
number of Shares owned, as well as the dates of Dividend and/or Distribution payments and amounts of Dividends and/or Distributions paid during the prior fiscal year. In addition, the Company shall provide to each Participant an individualized
quarterly report at the time of each Dividend and/or Distribution payment showing the number of Shares owned prior to the current Dividend and/or Distribution, the amount of the current Dividend and/or Distribution and the number of Shares owned
after the current Dividend and/or Distribution. 
 8. Servicing Fee. In connection with Plan Shares, the Company will pay to the
Dealer Manager a servicing fee of 1.0% of the primary offering price. 
 9. Termination by Participant. A Participant may terminate
participation in the Plan at any time, without penalty by delivering to the Company a written notice. Prior to listing of the Shares on a national stock exchange or Nasdaq, any transfer of Shares by a Participant to a non-Participant will terminate
participation in the Plan with respect to the transferred Shares. If a Participant terminates Plan participation, the Company will ensure that the terminating Participant’s account will reflect the whole number of shares in his account and
provide a check for the cash value of any fractional share in such account. Upon termination of Plan participation for any reason, Dividends and/or Distributions will be distributed to the Stockholder or holder of OP Interests in cash. 

10. Amendment or Termination of Plan by the Company. The Board of the Company may by majority vote (including a majority of the Independent
Directors) amend or terminate the Plan for any reason upon 10 days’ written notice to the Participants. 
 11. Liability of the
Company. The Company shall not be liable for any act done in good faith, or for any good faith omission to act, including, without limitation, any claims or liability (a) arising out of failure to terminate a Participant’s account upon
such Participant’s death prior to receipt of notice in writing of such death; or (b) with respect to the time and the prices at which Shares are purchased or sold for a Participant’s account. To the extent that indemnification may
apply to liabilities arising under the Securities Act or the securities laws of a particular state, the Company has been advised that, in the opinion of the Commission and certain state securities commissioners, such indemnification is contrary to
public policy and, therefore, unenforceable. 
 12. Limitations. Notwithstanding anything to the contrary contained herein,
(a) the Company shall not provide for indemnification of or hold harmless a Director, the Advisor or any Affiliate of the Advisor (the “Indemnitee”) for any liability or loss suffered by any of them, unless all of the following
conditions are met: (i) the 
  

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

 3Third Amended and Restated Advisory Agreement

 Exhibit 10.2 
 THIRD AMENDED AND RESTATED ADVISORY AGREEMENT 
 among 
 DIVIDEND CAPITAL TOTAL REALTY TRUST INC., 
 DIVIDEND CAPITAL TOTAL REALTY OPERATING PARTNERSHIP LP 
 and 
 DIVIDEND CAPITAL TOTAL ADVISORS LLC 
  

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	1.	  	DEFINITIONS	  	1
	2.	  	APPOINTMENT	  	7
	3.	  	DUTIES OF THE ADVISOR	  	7
	4.	  	AUTHORITY OF ADVISOR	  	9
	5.	  	BANK ACCOUNTS	  	9
	6.	  	RECORDS; ACCESS	  	10
	7.	  	LIMITATIONS ON ACTIVITIES	  	10
	8.	  	RELATIONSHIP WITH DIRECTORS	  	10
	9.	  	FEES	  	10
	10.	  	EXPENSES	  	12
	11.	  	OTHER SERVICES	  	13
	12.	  	REIMBURSEMENT TO THE ADVISOR	  	13
	13.	  	OTHER ACTIVITIES OF THE ADVISOR	  	14
	14.	  	TERM; TERMINATION OF AGREEMENT	  	14
	15.	  	TERMINATION BY THE PARTIES	  	15
	16.	  	ASSIGNMENT TO AN AFFILIATE	  	15
	17.	  	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION	  	15
	18.	  	INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP	  	15
	19.	  	INDEMNIFICATION BY ADVISOR	  	17
	20.	  	NOTICES	  	17
	21.	  	MODIFICATION	  	17
	22.	  	SEVERABILITY	  	18
	23.	  	CONSTRUCTION	  	18
	24.	  	ENTIRE AGREEMENT	  	18
	25.	  	INDULGENCES, NOT WAIVERS	  	18
	26.	  	GENDER	  	18
	27.	  	TITLES NOT TO AFFECT INTERPRETATION	  	18
	28.	  	EXECUTION IN COUNTERPARTS	  	18
	29.	  	INITIAL INVESTMENT	  	18

  

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 THIRD AMENDED AND RESTATED ADVISORY AGREEMENT 
 THIS THIRD AMENDED AND RESTATED ADVISORY AGREEMENT, dated as of March 30th, 2006, is among Dividend Capital Total Realty Trust Inc., a Maryland
corporation (the “Company”), Dividend Capital Total Realty Operating Partnership LP, a Delaware limited partnership, and Dividend Capital Total Advisors LLC, a Delaware limited liability company. 
 W I T N E S S E T H 
 WHEREAS, the
Company intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Company is the general partner of the Operating Partnership and intends to conduct all its business and make all investments in Real
Properties and Real Estate Related Securities through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire
to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the
supervision, of the Board of Directors of the Company all as provided herein; 
 WHEREAS, the Advisor is willing to undertake to render such
services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth; and 
 WHEREAS, the
parties hereto are party to an Advisory Agreement, dated as of January 9, 2006. 
 NOW, THEREFORE, in consideration of the foregoing and
of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 1. DEFINITIONS. As used in this Advisory
Agreement (the “Agreement”), the following terms have the definitions hereinafter indicated: 
 Acquisition Expenses. Any and
all expenses, exclusive of Acquisition Fees, incurred by the Company, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition or development of any Real Property, whether or not acquired,
including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums, and the costs of
performing due diligence. 
 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person
to any other Person (including any fees or commissions paid by or to any Affiliate of the Company, the Operating Partnership or the Advisor) in connection with making or investing in mortgages or the purchase, development or construction of a Real
Property, including real estate commissions, selection fees, development fees, construction fees, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to
any Person not affiliated with the Sponsor in connection with the actual development and construction of a project. 
 Advisor.
Dividend Capital Total Advisors LLC, a Delaware limited liability company, any successor advisor to the Company, the Operating Partnership or any person or entity to which Dividend Capital Total Advisors LLC or any successor advisor subcontracts
substantially all of its functions. Notwithstanding the forgoing, a Person hired or retained by Dividend Capital Total Advisors LLC to 
  

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 perform property and securities management and related services for the Company or the Operating Partnership that is not
hired or retained to perform substantially all of the functions of Dividend Capital Total Advisors LLC with respect to the Company or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
 Advisor Asset Management Fee. For Real Properties, the sum of (i) a monthly fee equal to one-twelfth of 0.5% of the aggregate cost (before
non-cash reserves and depreciation) of all Real Property, (ii) a monthly fee equal to 8.0% of the aggregate monthly Net Operating Income derived from all Real Property under management and (iii) a fee of 1.0% of the sales price of each
individual Real Property upon disposition. For Real Estate Related Securities, a monthly fee equal to one-twelfth of 1.0% of the value of the Real Estate Related Securities under management. With the exception of any portion of the Advisor Asset
Management Fee related to the disposition of Real Properties, which shall be payable at the time of such disposition, the Advisor Asset Management Fee shall be payable on the 1st of each month, and shall be based upon (i) the aggregate cost
(before non-cash reserves and depreciation) of all Real Property as of close of business on the last day of the prior month, (ii) the Net Operating Income derived from all Real Property during the prior month, and (iii) the value of the
Real Estate Related Securities as of the close of business on the last day of the prior month. 
 Affiliate or Affiliated. With
respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent
(10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common
control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

 Articles of Incorporation. The Articles of Incorporation of the Company, as amended from time to time. 
 Average Invested Assets. For a specified period, the average of the aggregate book value of the assets of the Company invested, directly or
indirectly, in Real Estate Related Securities and Real Properties, before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
 Board of Directors or Board. The persons holding such office, as of any particular time, under the Articles of Incorporation of the Company,
whether they be the Directors named therein or additional or successor Directors. 
 Bylaws. The bylaws of the Company, as the same
are in effect from time to time. 
 Cause. With respect to the termination of this Agreement, fraud, criminal conduct, willful
misconduct or willful or negligent breach of fiduciary duty by the Advisor, or a material breach of this Agreement by the Advisor. 
 Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any
successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
 Company. Company shall
have the meaning set forth in the preamble of this Agreement. 
  

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 Company Property. Any and all property, real, personal or otherwise, tangible or intangible, which
is transferred or conveyed to the Company (including all rents, income, profits and gains therefrom), and which is owned or held by, or for the account of, the Company. 
 Competitive Real Estate Commission. A real estate or brokerage commission for the purchase or sale of property which is reasonable, customary, and competitive in light of the size, type, and location of the
property. 
 Contract Purchase Price. The amount actually paid or allocated (as of the date of purchase) to the purchase or
improvement of Real Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 Contract Sales Price. The total consideration
received by the Company for the sale of a Company Property. 
 Dealer Manager. Dividend Capital Securities LLC, an Affiliate of the
Advisor, or such other Person or entity selected by the Board of Directors to act as the dealer manager for the Offering. Dividend Capital Securities LLC is a member of the National Association of Securities Dealers, Inc. 
 Dealer Manager Fee. Up to: (a) 2.5% of Gross Proceeds from the sale of primary shares in the Offering (not including Shares sold pursuant to
the Company’s dividend reinvestment plan) payable to the Dealer Manager for serving as the dealer manager of the Offering. 
 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 Shares. Transferable shares of beneficial interest of the Company of any class or series, including common shares or preferred shares. 
 GAAP. Generally accepted accounting principles as in effect in the United States of America from time to time. 
 Good Reason. With respect to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any successor to the Company and/or the Operating Partnership to assume and agree to
perform the Company’s and/or the Operating Partnership’s obligations under this Agreement; or (ii) any material breach of this Agreement of any nature whatsoever by the Company and/or the Operating Partnership. 
 Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the Company through all Offerings, without deduction for Sales
Commissions, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Sales Commissions are
paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Company are not reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction. 

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

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 Independent Expert. A person or entity with no material current or prior business or personal
relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company. 
 Joint Ventures. The joint venture or partnership arrangements (other than with Dividend Capital Total Realty Operating Partnership LP) in which
the Company or any of its subsidiaries is a co-venturer or general partner which are established to acquire Real Properties. 
 Listing. The listing of the Shares on a national securities exchange or the quotation of the Shares on the Nasdaq National Market (“Nasdaq”) or the receipt by the Company’s stockholders of securities that are
listed on a national securities exchange or the Nasdaq in exchange for the Company’s common stock. Upon such Listing, the Shares shall be deemed Listed. 
 Net Income. For any period, the Company’s total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other
similar non-cash reserves and excluding any gain from the sale of the Company’s assets. 
 Net Operating Income. Equal to
(i) revenues from Real Properties, less deferred rents receivable, calculated, in each case, in accordance with GAAP, plus (ii) payments received pursuant to master lease agreements with sellers of Real Properties, less (iii) the
costs of maintaining the Real Properties, including, without limitation, taxes, insurance, repairs and maintenance, but excluding depreciation, amortization, principal and interest payments, and capital expenditures, calculated, in each case, in
accordance with GAAP. 
 Offering. The public offering of Shares pursuant to a Prospectus. 
 Operating Partnership. Operating Partnership shall have the meaning set forth in the preamble of this Agreement. 
 Operating Partnership Agreement. The Operating Partnership Agreement among the Company, the Advisor, and Dividend Capital Total Advisors Group
LLC. 
 OP Unit. Units of limited partnership interest in the Operating Partnership. 
 Organizational and Offering Expenses. Any and all costs and expenses, other than the Sales Commission, the Dealer Manager Fee and the Servicing
Fee, incurred by the Advisor or any Affiliate in connection with the formation, qualification and registration of the Company and the marketing and distribution of Shares, including, without limitation, the following: total underwriting and
brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses for printing, engraving, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications
costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow holders, depositories, experts, fees, expenses and taxes related to
the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees. Organizational and Offering Expenses paid by the Company in connection with its formation will
not exceed 1.5% of Gross Proceeds from the sale of primary shares (not including Shares sold pursuant to the Company’s dividend reinvestment plan). 
 Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other entity. 
  

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 Prospectus. “Prospectus” has the meaning set forth in Section 2(10) of the
Securities Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an offering circular as described in Rule 256 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate
offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public. 
 Real Estate
Asset Value. The amount actually paid or allocated to the purchase, development, construction or improvement of a Real Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Estate Related Securities. The real estate related securities investments, or such investments the Board of Directors and the Advisor
mutually designate as Real Estate Related Securities to the extent such investments could be classified as either Real Estate Related Securities or Real Property, which are owned from time to time by the Company or the Operating Partnership.

 Real Property. (i) Land, including the buildings located thereon, or (ii) land only, or (iii) the buildings only,
which are owned from time to time by the Company or the Operating Partnership, either directly or through joint venture arrangements or other partnerships, or (iv) such investments the Board of Directors and the Advisor mutually designate as
Real Property to the extent such investments could be classified as either Real Property or Real Estate Related Securities. 
 REIT. A
“real estate investment trust” under Sections 856 through 860 of the Code or as may be amended. 
 Sale or Sales. Any
transaction or series of transactions whereby: (A) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of
any Real Property or portion thereof, including the lease of any Real Property consisting of a building only, and including any event with respect to any Real Property which gives rise to a significant amount of insurance proceeds or condemnation
awards; (B) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the
interest of the Corporation or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the
Company or the Operating Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, including any event with respect to any Real Property which gives rise to
insurance claims or condemnation awards; or (D) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any mortgage or
portion thereof (including with respect to any mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such mortgage and any event which gives rise to a significant
amount of insurance proceeds or similar awards; or (E) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its
ownership of any other asset not previously described in this definition or any portion thereof, but (ii) not including any transaction or series of transactions specified in clause (A) through (E) above in which the proceeds of such
transaction or series of transactions are reinvested by the Company in one or more assets within 180 days thereafter. 
 Sales
Commission. Up to 6.0% of Gross Proceeds from the sale of primary shares in the Offering (not including Shares sold pursuant to the Company’s dividend reinvestment plan) payable to the Dealer Manager and reallowable to Soliciting Dealers
with respect to Shares sold by them. 
  

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 Servicing Fee. Up to 1.0% of the undiscounted selling price of the Shares offered pursuant the
Company’s distribution reinvestment plan payable to the Dealer Manager. 
 Securities. Any Equity Shares, any other stock, shares
or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments
commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of
the foregoing. 
 Shares. The shares of the common stock of the Company sold in the Offering. 
 Soliciting Dealers. Broker-dealers who are members of the National Association of Securities Dealers, Inc., or that are exempt from broker-dealer
registration, and who, in either case, have executed participating broker or other agreements with the Dealer Manager to sell Shares. 
 Special OP Units. The separate series of limited partnership interests to be issued in accordance with Paragraph 9(d). 
 Sponsor. Any Person which (i) is directly or indirectly instrumental in organizing, wholly or in part, the Company, (ii) will control, manage or participate in the management of the Company, and any Affiliate of any such
Person, (iii) takes the initiative, directly or indirectly, in founding or organizing the Company, either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the Company in connection with the
founding or organizing of the business of the Company, in consideration of services or property, or both services and property, (v) has a substantial number of relationships and contacts with the Company, (vi) possesses significant rights
to control Real Properties, (vii) receives fees for providing services to the Company which are paid on a basis that is not customary in the industry, or (viii) provides goods or services to the Company on a basis which was not negotiated
at arm’s-length with the Company. “Sponsor” does not include wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional services. 
 Stockholders. The registered holders of the Company’s Shares. 
 Termination Date. The date of termination of this Agreement. 
 Termination Event. The
termination or nonrenewal of this Agreement (i) in connection with a merger, sale of assets or transaction involving the Company pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for
Good Reason or (iii) by the Company and the Operating Partnership other than for Cause. 
 Total Development Cost. With regard to
any Company Real Property acquired prior to or during the development or acquisition stages, all costs and expenses paid or incurred by the Company that are in any way related to the development of such Real Property, including, but not limited to,
land and construction costs. 
 Total Operating Expenses. All costs and expenses paid or incurred by the Company, as determined under
generally accepted accounting principles, that are in any way related to the operation of the Company or to corporate business, including asset management fees and other fees paid to Advisors, but excluding (i) the expenses of raising capital
such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer,
registration and Listing, (ii) interest 
  

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 payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves,
(v) incentive fees paid in compliance with the NASAA REIT Guidelines; (vi) Acquisition Fees and Acquisition Expenses, (vii) real estate commissions on the Sale of Real Property, and (viii) other fees and expenses connected with
the acquisition, disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The
definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the
definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 
 Total Property Cost. With regard to any Company Property, an amount equal to the sum of the Real Estate Asset Value of such Real Property plus the
Acquisition Fees and Acquisition Expenses paid in connection with such Real Property. 
 2%/25% Guidelines. For any year in which the
Company qualifies as a REIT, the requirement pursuant to the guidelines of the North American Securities Administrators Association, Inc. that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Company’s
Average Invested Assets during such 12 month period or 25% of the Company’s Net Income over the same 12 month period. 
 2. APPOINTMENT.
The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 3. DUTIES OF THE ADVISOR. The Advisor undertakes to use its best efforts to present to the Company and the Operating Partnership potential investment
opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Directors. In performance of this undertaking, subject
to the supervision of the Directors and consistent with the provisions of the Articles of Incorporation and Bylaws of the Company and the Operating Partnership Agreement, the Advisor shall, either directly or by engaging an Affiliate: 
 (a) serve as the Company’s and the Operating Partnership’s investment and financial advisor and provide research and economic and statistical
data in connection with the Company’s assets and investment policies; 
 (b) provide the daily management for the Company and the
Operating Partnership and perform and supervise the various administrative functions reasonably necessary for the management of the Company and the Operating Partnership; 
 (c) investigate, select, and, on behalf of the Company and the Operating Partnership, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations
hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers,
insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of
the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the Company and the
Operating Partnership with any of the foregoing; 
  

 7 

 (d) consult with the officers and Directors of the Company and assist the Directors in the formulation
and implementation of the Company’s financial policies, and, as necessary, furnish the Directors with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and
in connection with any borrowings proposed to be undertaken by the Company and/or the Operating Partnership; 
 (e) subject to the provisions
of Paragraphs 3(g) and 4 hereof, (i) locate, analyze and select potential investments, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make investments on behalf
of the Company and the Operating Partnership in compliance with the investment objectives and policies of the Company; (iv) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of,
reinvest the proceeds from the sale of, or otherwise deal with, investments; and (v) enter into leases and service contracts for Company Property and, to the extent necessary, perform all other operational functions for the maintenance and
administration of such Company Property; 
 (f) upon request provide the Directors with periodic reports regarding prospective investments;

 (g) obtain the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may
be, for any and all investments in and dispositions of Real Properties; 
 (h) make investments in and dispositions of Real Estate Related
Securities within the discretionary limits and authority as granted by the Board; 
 (i) negotiate on behalf of the Company and the Operating
Partnership with banks or lenders for loans to be made to the Company and the Operating Partnership, and negotiate on behalf of the Company and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of
Shares and Securities or obtain loans for the Company and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third
parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company or the Operating Partnership; 
 (j) obtain reports (which may but are not required to be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Company and/or the Operating Partnership in Real
Properties or Real Estate Related Securities; 
 (k) from time to time, or at any time reasonably requested by the Directors, make reports to
the Directors of its performance of services to the Company and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its affiliates; 
 (l) provide the Company and the Operating Partnership with all necessary cash management services; 
 (m) do all things necessary to assure its ability to render the services described in this Agreement; 
 (n) deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in Real Properties and all
valuations of Real Estate Related Securities as may be required to be obtained by the Board; 
  

 8 

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

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

 Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any Person so long as the Advisor or any Affiliate
remains responsible for the performance of the duties set forth in this Paragraph 3. 
 4. AUTHORITY OF ADVISOR. 
 (a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to the continuing
and exclusive authority of the Directors over the management of the Company, the Directors hereby delegate to the Advisor the authority to (1) locate, analyze and select investment opportunities, (2) structure the terms and conditions of
transactions pursuant to which investments will be made, acquired or disposed of for the Company and the Operating Partnership, (3) acquire and dispose of investments in compliance with the investment objectives and policies of the Company,
(4) arrange for financing or refinancing Real Property or Real Estate Related Securities, (5) enter into leases and service contracts for Company Property, (6) oversee Affiliated and non-Affiliated property managers who perform
services for the Company or the Operating Partnership, (7) oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required to be performed under this Agreement, and (7) manage
accounting and other record-keeping functions for the Company and the Operating Partnership. 
 (b) Notwithstanding the foregoing, any
investment in Real Properties, including any acquisition of Real Property by the Company or the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Board, any particular Directors specified by
the Board or any committee of the Board, as the case may be. 
 (c) If a transaction requires approval by the Independent Directors, the
Advisor will deliver to the Independent Directors all documents and other information required by them to properly evaluate the proposed transaction. 
 The prior approval of a majority of the Independent Directors not otherwise interested in the transaction and a majority of the Directors not otherwise interested in the transaction will be required for each
transaction to which the Advisor or its Affiliates is a party. The Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the extent the Directors so modify or
revoke the authority contained herein, the Advisor shall henceforth submit to the Directors for prior approval such proposed transactions involving investments in Real Property or Real Estate Related Securities as thereafter require prior approval,
provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor
of such notification. 
 5. BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in its own name for the account
of the Company and/or the Operating Partnership or in the name of the Company and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the
Company and/or the Operating Partnership, under such terms and conditions as the Directors may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings
of such collections and payments to the Directors and to the auditors of the Company. 
  

 9 

 6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and
make such records available for inspection by the Directors and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the
books and records of the Company and the Operating Partnership. 
 7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the
contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the
Investment Company Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its Securities, or otherwise not be permitted by
the Articles of Incorporation or Bylaws of the Company, except if such action shall be ordered by the Directors, in which case the Advisor shall notify promptly the Directors of the Advisor’s judgment of the potential impact of such action and
shall refrain from taking such action until it receives further clarification or instructions from the Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Directors so given.
Notwithstanding the foregoing, the Advisor, its directors, officers, employees and stockholders, and stockholders, directors and officers of the Advisor’s Affiliates shall not be liable to the Company or to the Directors or stockholders for any
act or omission by the Advisor, its directors, officers or employees, or stockholders, directors or officers of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided in
Paragraphs 20 and 21 of this Agreement. 
 8. RELATIONSHIP WITH DIRECTORS. Subject to Paragraph 7 of this Agreement and to restrictions
advisable with respect to the qualification of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a Director and as officers of the Company,
except that no director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or officer other than reasonable reimbursement
for travel and related expenses incurred in attending meetings of the Directors and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Articles of Incorporation.

 9. FEES. 
 (a) Acquisition
Fees. The Advisor shall receive as compensation for services rendered in connection with the investigation, selection and acquisition (by purchase, investment or exchange) of Real Property an Acquisition Fee payable by the Company. The total
Acquisition Fees paid to the Advisor or its Affiliates shall not exceed (i) 2.0% of the Contract Purchase Price of Real Properties acquired directly or indirectly by the Company for the first $500,000,000 of Real Properties acquired, and 1.0%
thereafter, and (ii) 4.0% of the Total Development Cost of Real Properties developed by or on behalf of the Company for services provided by the Advisor, its Affiliates, or sub-contractors thereof. Acquisition Fees shall be payable on the
acquisition of a specific Real Property, on the acquisition of a portfolio of Real Properties through a purchase of assets, merger or similar transaction, or on the completion of development of a Real Property or Real Properties for the Company.
However, the total of all Acquisition Fees and Acquisition Expenses payable with respect to any Real Property or Real Properties shall not exceed 6% of the Contract Purchase Price or the Total Development Cost (as applicable) of such Real Property
or Real Properties unless fees in excess of such amount are approved by a majority of the Directors not interested in such transaction and by a majority of the Independent Directors not interested in such transaction. 
  

 10 

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

 (c) Advisor Asset Management Fee. The Advisor shall receive as compensation for services rendered in connection with the management
of the Company’s assets the Advisor Asset Management Fee. The Advisor Asset Management Fee shall be payable by the Company in cash or in Shares at the option of the Advisor, and may be deferred, in whole or in part, from time to time, by the
Advisor (without interest). The Advisor Asset Management Fee shall be calculated monthly and includes, for Real Properties: (i) a monthly fee not to exceed one-twelfth of 0.5% of the aggregate cost (before non-cash reserves and depreciation) of
Real Properties; (ii) a monthly fee not to exceed 8.0% of the aggregate monthly Net Operating Income derived from all Real Properties; and (iii) a fee not to exceed 1.0% of the Contract Sales Price of each Real Property sold upon its
disposition. For Real Estate Related Securities, the Advisor Asset Management Fee will consist of a monthly fee not to exceed one-twelfth of 1.0% of the value of the Real Estate Related Securities. With the exception of any portion of the Advisor
Asset Management Fee related to the disposition of Real Properties, which shall be payable at the time of such disposition, the Advisor Asset Management Fee shall be payable on the 1st of each month, and shall be based upon (i) the aggregate
cost (before non-cash reserves and depreciation) of all Real Property as of close of business on the last day of the prior month, (ii) the Net Operating Income derived from all Real Property during the prior month, and (iii) the value of
the Real Estate Related Securities as of the close of business on the last day of the prior month. 
 (d) Operating Partnership
Interests. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units. An affiliate of the Advisor also will be issued OP Units constituting a separate series of limited partnership interests
(the “Special OP Units”). Upon the earliest to occur of the termination of this Agreement for Cause, a Termination Event or a Listing, all of the Special OP Units shall be redeemed by the Operating Partnership in accordance with the terms
of the Operating Partnership Agreement. 
 (e) Loans from Affiliates. If any loans are made to the Company or the Operating
Partnership by the Advisor or any Affiliate, the maximum amount of interest that may be charged shall be the lesser of (i) 1% above the prime rate of interest charged from time to time by the principal bank then used by the Company or the
Operating Partnership and (ii) the rate that would be charged to the Company or the Operating Partnership by unrelated lending institutions on comparable loans for the same purpose. The Advisor or any Affiliate thereof may not make any loan to
the Company or the Operating Partnership unless a majority of the Directors (including a majority of the Independent Directors) not otherwise interested in such loan approve the loan as being fair, competitive, and commercially reasonable and no
less favorable to the Company or the Operating Partnership than loans between unaffiliated parties under the same circumstances. 
 (f)
Exclusion of Certain Transactions. In the event the Company or the Operating Partnership shall propose to enter into any transaction in which an officer or director of the Company, and the Operating Partnership, the Advisor, or any Affiliate
of the Company, the Operating Partnership or the 
  

 11 

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

10. EXPENSES. 
 (a) In addition to the
compensation paid to the Advisor pursuant to Paragraph 9 hereof, the Company or the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides
to the Company and the Operating Partnership pursuant to this Agreement, including, but not limited to: 
 (i) the Company’s
Organizational and Offering Expenses; provided, however, that within 60 days after the end of the month in which the Offering terminates, the Advisor shall reimburse the Company for any Organizational and Offering Expenses reimbursement received by
the Advisor pursuant to this Paragraph 10, to the extent that such reimbursement exceeds the maximum amount permitted or, at the option of the Company, such excess shall be subtracted from the next reimbursement of expense to be made by the Company
pursuant to this Paragraph 10. The Advisor shall be responsible for the payment of all the Company’s Organizational and Offering Expenses in excess of the maximum amount permitted; 
 (ii) Acquisition Expenses incurred in connection with the selection and acquisition of Real Properties; 
 (iii) the actual cost of goods and services used by the Company and obtained from entities not affiliated with the Advisor, other than Acquisition
Expenses, including brokerage fees paid in connection with the purchase and sale of Real Estate Related Securities; 
 (iv) interest and
other costs for borrowed money, including discounts, points and other similar fees; 
 (v) taxes and assessments on income of the Company or
Real Properties; 
 (vi) costs associated with insurance required in connection with the business of the Company or by the Directors;

 (vii) expenses of managing and operating Real Properties owned by the Company, whether payable to an Affiliate of the Company or a
non-affiliated Person. 
 (viii) all expenses in connection with payments to the Directors and meetings of the Directors and Stockholders;

  

 12 

 (ix) expenses associated with a Listing, if applicable, or with the issuance and distribution of Shares
and Securities, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees, and other Organization and Offering Expenses; 
 (x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Company to the Stockholders; 
 (xi) expenses of organizing, revising, amending, converting, modifying, or terminating the Company or the Articles of Incorporation; 
 (xii) expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other
Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii) administrative service expenses
(including personnel costs; provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the Advisor receives a separate fee); and 
 (xiv) audit, accounting and legal fees. 
 (b) Expenses incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Paragraph 10 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting
the expenses of the Company and the Operating Partnership and the calculation of the Advisor Asset Management Fee during each quarter, and shall deliver such statement to the Company and the Operating Partnership within 45 days after the end of each
quarter. 
 11. OTHER SERVICES. Should the Directors request that the Advisor or any director, officer or employee thereof render services
for the Company and the Operating Partnership other than set forth in Paragraph 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Company, subject to
the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 
 12. REIMBURSEMENT TO THE ADVISOR. For any year in which the Company qualifies as a REIT, the Company shall not reimburse the Advisor at the end of any fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters
then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a
fiscal quarter shall be repaid to the Company or, at the option of the Company, subtracted from the Total Operating Expenses reimbursed during the subsequent fiscal quarter. If there is an Excess Amount in any Expense Year and the Independent
Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then (i) the Excess Amount may be carried over and included in Total Operating Expenses in subsequent Expense Years and
reimbursed to the Advisor in one or more of such years, provided that Total Operating Expenses in any Expense Year, including any Excess Amount to be paid to the Advisor, shall not exceed the 2%/25% Guidelines or (ii) the Excess Amount may be
paid in the Expense Year and within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining
that such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Company will not reimburse the Advisor or its Affiliates for services for which the Advisor or its
Affiliates are entitled to compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 
  

 13 

 13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or any of its
Affiliates from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or
its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other
partnership, corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other
participant therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the
agreements governing such joint ventures or arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service. 
 The Advisor shall report to the Directors the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which
creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. The Advisor or its Affiliates
shall promptly disclose to the Directors knowledge of such condition or circumstance. If the Advisor, Director or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds available at
the same time as the Company, it shall be the duty of the Directors (including the Independent Directors) to ensure that the Advisor and its Affiliates adopt the method approved by the Independent Directors, by which investments are to be allocated
to the competing investment entities and to use their best efforts to ensure that such method is applied fairly to the Company. 
 The
Advisor may make such an investment only after (i) such investment has been offered to the Company, the Operating Partnership and all public partnerships and other investment entities Affiliated with the Company with funds available for such
investment and (ii) such investment is found to be unsuitable for investment by the Company, the Operating Partnership, such partnerships and investment entities. The Advisor’s Affiliates may make such an investment subject to the method
approved by the Independent Directors, by which investments are to be allocated to the competing investment entities. 
 In the event that
the Advisor is presented with a potential investment which might be made by the Company or the Operating Partnership and by another investment entity which the Advisor advises or manages, the Advisor shall consider the investment portfolio of each
entity; cash flow of each entity; the effect of the acquisition on the diversification of each entity’s portfolio; rental payments during any renewal period; the estimated income tax effects of the purchase on each entity, the policies of each
entity relating to leverage; the funds of each entity available for investment and the length of time such funds have been available for investment. In the event that an investment opportunity becomes available which the Advisor determines is
suitable for the Company or the Operating Partnership based on the criteria set forth above, then the investment opportunity shall be offered to the Company or the Operating Partnership, consistent with the method approved by the Independent
Directors. The Advisor may consider the investment for its own investment only if such investment is deemed inappropriate for any investment entity which is advised or managed by the Advisor, including the Company and the Operating Partnership.

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

 14 

 15. TERMINATION BY THE PARTIES. This Agreement may be terminated (i) immediately by the Company
and/or the Operating Partnership for Cause or upon the bankruptcy of the Advisor, (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors of the Company or (iii) upon 60 days written
notice with Good Reason by the Advisor. 
 16. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate with
the approval of a majority of the Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the approval of the Directors.
This Agreement shall not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation, limited partnership or other
organization which is a successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as
the Company and the Operating Partnership are bound by this Agreement. 
 17. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. Payments to
the Advisor of unpaid expense reimbursements pursuant to this Section 19 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company or the Operating Partnership within 30 days after the effective date of
such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. 
 (b) The Advisor shall promptly upon termination: 
 (i) pay over to the Company and the Operating Partnership
all money collected and held for the account of the Company and the Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it,
covering the period following the date of the last accounting furnished to the Directors; 
 (iii) deliver to the Directors all assets,
including Real Properties and Real Estate Related Securities, and documents of the Company and the Operating Partnership then in the custody of the Advisor; and 
 (iv) cooperate with the Company and the Operating Partnership to provide an orderly management transition. 
 18. INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, partners and
employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related
expenses are not fully 
  

 15 

 reimbursed by insurance, subject to any limitations imposed by the laws of the State of Maryland or the Articles of
Incorporation of the Company. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification of the Advisor and its Affiliates, including their respective officers, directors, partners and employees,
for any loss or liability suffered by the Advisor and its Affiliates, including their respective officers, directors, partners and employees, nor shall they provide that the Advisor and its Affiliates, including their respective officers, directors,
partners and employees, be held harmless for any loss or liability suffered by the Company and the Operating Partnership, unless all of the following conditions are met: 
 (a) The Advisor has determined, in good faith, that the course of conduct which caused the loss or liability was in the best interest of the Company and the Operating Partnership; 
 (b) The Advisor was acting on behalf of or performing services for the Company and the Operating Partnership; 
 (c) Such liability or loss was not the result of negligence or misconduct by the Advisor; and 
 (d) Such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from its shareholders.

 Notwithstanding the foregoing, the Advisor and its Affiliates, including their respective officers, directors, partners and employees,
shall not be indemnified by the Company and the Operating Partnership for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by the Advisor and its Affiliates, including their
respective officers, directors, partners and employees, unless one or more of the following conditions are met: 
 (a) There has been a
successful adjudication on the merits of each count involving alleged securities law violations as to the Advisor; 
 (b) Such claims have
been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Advisor; or 
 (c) A court of competent
jurisdiction approves a settlement of the claims against the Advisor and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of
the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company and the Operating Partnership were offered or sold as to indemnification for violation of securities
laws. 
 In addition, the advancement of the Company’s or the Operating Partnership’s funds to the Advisor and its Affiliates,
including their respective officers, directors, partners and employees, for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought is permissible only if all of the following conditions are
satisfied: 
 (a) The legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company
or the Operating Partnership; 
  

 16 

 (b) The legal action is initiated by a third party who is not a shareholder or the legal action is
initiated by a shareholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and 
 (c) The Advisor undertakes to repay the advanced funds to the Company or the Operating Partnership, together with the applicable legal rate of interest thereon, in cases in which the Advisor is found not to be entitled to indemnification.

 19. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from contract or
other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by
reason of the Advisor’s bad faith, fraud, willful misfeasance, gross misconduct, gross negligence or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or
declining to follow any advice or recommendation given by the Advisor. Notwithstanding the foregoing, the Company and the Operating Partnership may not indemnify or hold harmless the Advisor, its Affiliates, or any of their respective officers,
directors, partners or employees in any manner that would be inconsistent with the provisions of Section II.G of the REIT Guidelines adopted by the North American Securities Administrators Association. 
 20. NOTICES. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving
such notice, report or other communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service
to the addresses set forth herein: 
  

			
	To the Directors and to the Company:	  	 Dividend Capital Total Realty Trust Inc.
 518
17th Street
 17th Floor
 Denver, CO 80202

		
	To the Operating Partnership:	  	 Dividend Capital Total Realty Operating
 Partnership
LP
 518 17th
Street
 17th
Floor
 Denver, CO 80202

		
	To the Advisor:	  	 Dividend Capital Total Advisors LLC
 518 17th Street
 17th Floor
 Denver, CO
80202

 Any party may at any time give notice in writing to the other parties of a change in its address
for the purposes of this Paragraph 22. 
 21. MODIFICATION. This Agreement shall not be changed, modified, terminated, or discharged, in
whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 
  

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

24. ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control
and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
 25. INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver
of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by
the party asserted to have granted such waiver. 
 26. GENDER. Words used herein regardless of the number and gender specifically used, shall
be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 27. TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the
construction or interpretation hereof. 
 28. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof,
individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 29. INITIAL
INVESTMENT. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units. The Advisor may not sell any of the OP Units while the Advisor acts in such advisory capacity to the Company, provided, that
such OP Units may be transferred to Affiliates of the Advisor. The restrictions included above shall not apply to any other Securities acquired by the Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter
acquires, in any vote for the election of Directors or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates. 
  

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

			
	DIVIDEND CAPITAL TOTAL REALTY TRUST INC.
		
	By:	 	 /s/ MARC J. WARREN

	Name:	 	Marc J. Warren
	Title:	 	President
	
	DIVIDEND CAPITAL TOTAL REALTY OPERATING PARTNERSHIP LP
		
	By:	 	 /s/ MARC J. WARREN

	Name:	 	Marc J. Warren
	Title:	 	President
	
	DIVIDEND CAPITAL TOTAL ADVISORS LLC
	
	By: Dividend Capital Total Advisors Group LLC, its Sole Member
		
	By:	 	 /s/ EVAN H. ZUCKER

	Name:	 	Evan H. Zucker
	Title:	 	Manager

  

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