Document:

Exhibit
4.1

 

[FRONT OF CERTIFICATE]

 

Temporary
Certificate-Exchangeable For Definitive Engraved Certificate

When Available for Delivery

 

	
  [Graphic
  which contains: Number

  	
  HRPT PROPERTIES TRUST

  	
  [Graphic
  which contains: SHARES
              ]

  
	
  HRC
                ]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  A MARYLAND REAL ESTATE INVESTMENT TRUST

  
	
   

  	
   

  	
   

  
	
  7
  1/8% SERIES C CUMULATIVE

  	
   

  	
  7
  1/8% SERIES C CUMULATIVE

  
	
  REDEEMABLE
  PREFERRED SHARES

  	
   

  	
  REDEEMABLE
  PREFERRED SHARES

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CUSIP
  40426W 40 8

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SEE REVERSE FOR IMPORTANT
  NOTICE ON TRANSFER RESTRICTIONS AND OTHER
  INFORMATION 

  

 

THIS CERTIFIES THAT

 

is the registered holder of

 

FULLY PAID AND NONASSESSABLE 7 1/8% SERIES C CUMULATIVE
REDEEMABLE PREFERRED SHARES, $.01 PAR VALUE PER SHARE, OF BENEFICIAL INTEREST
IN

 

[Superimposed
over the following paragraph are the words “Preferred Shares”]

 

HRPT
Properties Trust (the “Trust”), a Maryland Real Estate Investment Trust
established by Declaration of Trust made as of October 9, 1986, as amended from
time to time, a copy of which, together with all amendments thereto (the
“Declaration”), is on file with the State Department of Assessments and
Taxation of Maryland. The provisions of the Declaration and the Bylaws of the
Trust, and all amendments thereto, are hereby incorporated in and made a part
of this certificate as fully as if set forth herein in their entirety, to all
of which provisions the holder and every transferee or assignee hereof by
accepting or holding the same agrees to be bound. See reverse for existence of
Trustees’ authority to determine preferences and other rights of subsequent
series of shares, and of restriction on transfer provisions governing the
shares evidenced by this certificate. This certificate and the shares evidenced
hereby are negotiable and transferable on the books of the Trust by the
registered holder hereof in person or by its duly authorized agent upon
surrender of this certificate properly endorsed or assigned to the same extent
as a stock certificate and the shares of a Maryland corporation. This
certificate is not valid until countersigned by the Transfer Agent and
registered by the Registrar.

 

Witness
the facsimile seal of the Trust and the facsimile signatures of its duly
authorized officers.

 

Dated:

 

[Seal of Trust]

 

 

 

	
  /s/
  John C. Popeo

  	
   

  	
  /s/
  John A. Mannix

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TREASURER

  	
   

  	
  PRESIDENT
  AND CHIEF OPERATING OFFICER

  

 

THE DECLARATION OF TRUST PROVIDES THAT THE NAME “HRPT
PROPERTIES TRUST” REFERS TO THE TRUSTEES UNDER THE DECLARATION OF TRUST,
COLLECTIVELY AS TRUSTEES, BUT NOT INDIVIDUALLY OR PERSONALLY, AND NO TRUSTEE,
SHAREHOLDER, EMPLOYEE OR AGENT OF THE TRUST SHALL BE HELD TO ANY PERSONAL
LIABILITY, JOINTLY OR SEVERALLY, IN CONNECTION WITH THIS INSTRUMENT. ALL
PERSONS DEALING WITH THE TRUST IN ANY WAY SHALL LOOK ONLY TO THE ASSETS OF THE
TRUST FOR PAYMENT OF ANY SUM OR PERFORMANCE OF ANY OBLIGATION.

 

COUNTERSIGNED
AND REGISTERED:

WELLS FARGO BANK, N. A.

TRANSFER
AGENT AND REGISTRAR

 

 

BY

	
  /s/
  L M Kaufman

  	
   

  	
   

  	
   

  

AUTHORIZED
SIGNATURE

 

 

[REVERSE OF CERTIFICATE]

 

HRPT PROPERTIES TRUST

 

 

IMPORTANT NOTICE

 

 

THE
TRUST WILL FURNISH TO ANY SHAREHOLDER, ON REQUEST AND WITHOUT CHARGE, A FULL
STATEMENT OF THE INFORMATION REQUIRED BY SECTION 8-203(d) OF THE CORPORATIONS
AND ASSOCIATIONS ARTICLE OF THE ANNOTATED CODE OF MARYLAND WITH RESPECT TO THE
DESIGNATIONS AND ANY PREFERENCES, CONVERSION AND OTHER RIGHTS, VOTING POWERS,
RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS AND OTHER DISTRIBUTIONS,
QUALIFICATIONS, AND TERMS AND CONDITIONS OF REDEMPTION OF THE SHARES OF EACH
CLASS OF BENEFICIAL INTEREST WHICH THE TRUST HAS AUTHORITY TO ISSUE AND, IF THE
TRUST IS AUTHORIZED TO ISSUE ANY PREFERRED OR SPECIAL CLASS IN SERIES, (i) THE
DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES BETWEEN THE SHARES OF EACH
SERIES TO THE EXTENT SET, AND (ii) THE AUTHORITY OF THE BOARD OF TRUSTEES TO
SET SUCH RIGHTS AND PREFERENCES OF SUBSEQUENT SERIES. THE FOREGOING SUMMARY
DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO AND QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO THE DECLARATION OF TRUST OF THE TRUST, A COPY OF WHICH WILL BE
SENT WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS. SUCH REQUEST MUST BE
MADE TO THE SECRETARY OF THE TRUST AT ITS PRINCIPAL OFFICE OR TO THE TRANSFER
AGENT.

 

IF
NECESSARY TO EFFECT COMPLIANCE BY THE TRUST WITH REQUIREMENTS OF THE INTERNAL
REVENUE CODE RELATING TO REAL ESTATE INVESTMENT TRUSTS, THE SHARES EVIDENCED BY
THIS CERTIFICATE MAY BE REDEEMED BY THE TRUST AND/OR THE TRANSFER THEREOF MAY
BE PROHIBITED ALL UPON THE TERMS AND CONDITIONS SET FORTH IN THE DECLARATION OF
TRUST. THE TRUST WILL FURNISH A COPY OF SUCH TERMS AND CONDITIONS TO THE
REGISTERED HOLDER OF THIS CERTIFICATE UPON REQUEST AND WITHOUT CHARGE.

 

The
following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

	
  TEN
  COM -

  	
   

  	
  as
  tenants in common

  	
   

  	
  UNIF
  GIFT MIN ACT- 

  	
   

  	
  Custodian

  	
   

  
	
  TEN
  ENT -

  	
   

  	
  as
  tenants by the entireties

  	
   

  	
   

  	
  (Cust)

  	
   

  	
  (Minor)

  
	
  JT
  TEN -

  	
   

  	
  as
  joint tenants with right

  	
   

  	
   

  	
  under
  Uniform Gifts to Minors

  	
   

  
	
   

  	
   

  	
  or
  survivorship and not as

  	
   

  	
   

  	
  Act

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  tenants
  in common

  	
   

  	
   

  	
   

  	
  (State)

  	
   

  	
   

  
										

 

 

 

Additional
abbreviations may also be used though not in the above list.

 

	
  For
  value received

  	
   

  	
  hereby
  sell, assign and transfer unto

  

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING
NUMBER OF NEW OWNER

 

	
  [BOX] 

  	
   

  

 

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF
ASSIGNEE.

 

Preferred
Shares of Beneficial Interest represented by the within Certificate, and do
hereby irrevocably constitute and appoint

	
   

  	
  Attorney
  

  

to
transfer the said shares on the books of the within-named Trust with full power
of substitution in the premises.

 

 

	
  Dated,
  

  	
   

  

 

	
  (Sign
  here)

  	
   

  
	
   

  	
  NOTICE:
  THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN
  UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR
  ENLARGEMENT, OR ANY CHANGE WHATEVER.

  

 

	
  Signature(s) Guaranteed:

  	
   

  
	
   

  	
  The
  signature(s) must be guaranteed by an eligible guarantor institution (Banks,
  Stockbrokers, Savings and Loan Associations and Credit Unions with membership
  in an approved signature guarantee Medallion Program), pursuant to S.E.C.
  Rule 17Ad-15.Exhibit
4.1

 

BOSTON
CAPITAL REAL ESTATE INVESTMENT TRUST, INC.

 

ARTICLES
SUPPLEMENTARY

 

12.0% Series A
Cumulative Non-Voting Preferred Stock

 

Boston Capital
Real Estate Investment Trust, Inc., a Maryland corporation (the  “Corporation”), hereby certifies to the State
Department of Assessments and Taxation of Maryland that:

 

FIRST:  Pursuant to the authority expressly vested in
the Board of Directors of the Corporation (the “Board”) pursuant to Section 7.3
of the Articles of Incorporation of the Corporation (the “Charter”) and Section 2-105
of the Maryland General Corporation Law, the Board, by duly adopted
resolutions, classified and designated 250 shares of the authorized but
unissued Preferred Stock of the Corporation as 12.0% Series A Cumulative
Non-Voting Preferred Stock, par value $0.01 per share, with the
preferences, rights, voting powers, restrictions, limitations as to dividends
and other distributions, qualifications, and terms and conditions of redemption
set forth in these Articles Supplementary, which, upon any restatement of the
Charter, shall become part of Article VII of the Charter, with any
necessary or appropriate renumbering or relettering of the sections or
subsections hereof.

 

Series A
Preferred Stock

 

(1)           Designation
and Number.  A series of Preferred Stock, designated the “12.0%
Series A Cumulative Non-Voting Preferred Stock” (the “Series A
Preferred Stock”), is hereby established. 
The number of shares of Series A Preferred Stock the Corporation
has authority to issue is 250.

 

(2)           Rank.  The Series A
Preferred Stock shall, with respect to dividend rights and rights upon
liquidation, dissolution or winding up of the Corporation, rank senior to all
classes or series of shares of the Common Stock of the Corporation and to all other
equity securities issued by the Corporation. 
The term “equity securities” shall not include convertible debt
securities.

 

(3)           Dividends.

 

(a)                                  Holders of the
then outstanding shares of Series A Preferred Stock shall be entitled to
receive, when and as authorized and declared by the Board, out of funds legally
available for the payment of dividends, cumulative preferential cash dividends
at the annual rate of 12.0% of the total of $500.00 liquidation preference per
share plus all accrued and unpaid dividends thereon.  Such dividends shall accrue on each
outstanding share of Series A Preferred Stock on a daily basis and shall
be cumulative from the first date on which such share is issued, which date (the
“Original Issue Date”) shall be contemporaneous with the receipt by the
Corporation of payment in full of the purchase price for such share, and shall
be payable semi-annually in arrears on or before June 30 and December 31
of each year or, if not a business day, the next succeeding business day (each,
a “Dividend Payment Date”).  Any dividend
payable on the Series A Preferred Stock for any partial dividend period
will be computed on the basis of a 360-day year consisting of twelve 30-day
months (it

 

1

 

being
understood that the dividend payable on June 30, 2006 will be for less
than the full dividend period).  A “dividend
period” shall mean, with respect to the first “dividend period,” the period
from and including the Original Issue Date to and including the first Dividend
Payment Date, and with respect to each subsequent “dividend period,” the period
from but excluding a Dividend Payment Date to and including the next succeeding
Dividend Payment Date or other date as of which accrued dividends are to be
calculated.  Dividends will be payable to
holders of record as they appear in the stock records of the Corporation at the
close of business on the applicable record date, which shall be the fifteenth
day of the calendar month in which the applicable Dividend Payment Date falls
or on such other date designated by the Board for the payment of dividends that
is not more than 30 nor less than 10 days prior to such Dividend Payment Date
(each, a “Dividend Record Date”).

 

(b)                                 No dividends on
shares of Series A Preferred Stock shall be declared by the Corporation or
paid or set apart for payment by the Corporation at such time as the terms and
provisions of any agreement of the Corporation, including any agreement
relating to its indebtedness, prohibit such declaration, payment or setting
apart for payment or provide that such declaration, payment or setting apart
for payment would constitute a breach thereof or a default thereunder, or if
such declaration or payment shall be restricted or prohibited by law.

 

(c)                                  Notwithstanding
the foregoing, dividends on the Series A Preferred Stock shall accrue
whether or not the terms and provisions set forth in Section 3(b) hereof
at any time prohibit the current payment of dividends, whether or not the
Corporation has earnings, whether or not there are funds legally available for
the payment of such dividends and whether or not such dividends are authorized
or declared.  Dividends will be declared
and paid when due in all events to the fullest extent permitted by law, subject
to the limitations set forth in Section 3(b).  Accrued but unpaid dividends on the Series A
Preferred Stock will accumulate as of the Dividend Payment Date on which they
first become payable.

 

(d)                                 Except as
provided in this Section 3(d) or in Section 3(e) below,
unless the full amount of accrued dividends on the Series A Preferred
Stock have been or contemporaneously are declared and paid or a sum sufficient
for the payment thereof is set apart for payment for all past dividend periods
and the then current dividend period, no dividends (other than in shares of Common
Stock or in shares of any series of Preferred Stock ranking junior to the Series A
Preferred Stock as to dividends and upon liquidation) shall be declared or paid
or set aside for payment nor shall any other distribution be declared or made
upon the Common Stock, or any Preferred Stock of the Corporation ranking junior
to the Series A Preferred Stock as to dividends or upon liquidation, nor
shall any shares of Common Stock, or any shares of Preferred Stock of the Corporation
ranking junior to the Series A Preferred Stock as to dividends or upon
liquidation be redeemed, purchased or otherwise acquired for any consideration
(or any moneys be paid to or made available for a sinking fund for the
redemption of any such shares) by the Corporation (except by

 

2

 

conversion
into or exchange for other shares of capital stock of the Corporation ranking
junior to the Series A Preferred Stock as to dividends and upon
liquidation and except for redemptions or transfers made pursuant to the
provisions of Article VII of the Charter).

 

(e)                                  Notwithstanding
Section 3(d), the Corporation may declare and pay dividends to holders of
Common Stock and redeem Common Stock without first having paid the full amount
of accrued dividends on the outstanding Series A Preferred Stock for all
past dividend periods and the then current dividend period or setting such amount
apart for payment if (i) the amount of such accrued dividends on any
outstanding share of Series A Preferred Stock at such time is less than $62.50,
and (ii) after giving effect to the payment of such dividends or such
redemption, the Corporation projects that the cash available for distribution
to stockholders as of the next Dividend Payment Date would be sufficient to
fund the full payment of the accrued dividends at such time on the Series A
Preferred Stock.

 

(f)                                    When dividends
are not paid in full on the Series A Preferred Stock, all dividends paid
upon the Series A Preferred Stock shall be distributed pro rata among the
holders of the Series A Preferred Stock on the basis of the number of
shares held by each.

 

(g)                                 Any dividend
payment made on shares of the Series A Preferred Stock shall first be
credited against the earliest accrued but unpaid dividend due with respect to
such shares which remains payable. 
Holders of the Series A Preferred Stock shall not be entitled to
any dividend, whether payable in cash, property or shares in excess of full
cumulative dividends on the Series A Preferred Stock as described in this Section 3.

 

(4)           Liquidation
Preference.

 

(a)                                  Upon any
voluntary or involuntary liquidation, dissolution or winding up of the affairs
of the Corporation, the holders of shares of Series A Preferred Stock then
outstanding are entitled to be paid, out of the assets of the Corporation
legally available for distribution to its stockholders, a liquidation
preference of $500 per share, plus an amount equal to any accrued and unpaid
dividends thereon to the date of payment, before any distribution of assets is
made to holders of Common Stock or any series of Preferred Stock of the
Corporation that ranks junior to the Series A Preferred Stock as to
liquidation rights.

 

(b)                                 In the event
that, upon any such voluntary or involuntary liquidation, dissolution or
winding up, the available assets of the Corporation are insufficient to pay the
amount of the liquidating distributions on all outstanding shares of Series A
Preferred Stock, then the holders of the Series A Preferred Stock shall
share ratably in any such distribution of assets in proportion to the full
liquidating distributions to which they would otherwise be respectively
entitled.

 

3

 

(c)                                  After payment
of the full amount of the liquidating distributions to which they are entitled,
the holders of Series A Preferred Stock will have no right or claim to any
of the remaining assets of the Corporation.

 

(d)                                 The
consolidation or merger of the Corporation with or into any other corporation,
Corporation or entity or of any other entity with or into the Corporation, or
the sale, lease or conveyance of all or substantially all of the assets or
business of the Corporation, shall not be deemed to constitute a liquidation,
dissolution or winding up of the Corporation.

 

(5)           Redemption.

 

(a)                                  Right of
Optional Redemption.  The
Corporation, at its option and upon not less than 15 nor more than 60 days’
written notice, may redeem shares of the Series A Preferred Stock, in
whole or in part, at any date which is at least one year following the sale of
such Series A Preferred Stock, for cash at a redemption price of $500.00
per share, plus all accrued and unpaid dividends thereon to and including the
date fixed for redemption (except as provided in Section 5(c) below).  If less than all of the outstanding Series A
Preferred Stock is to be redeemed, the shares of Series A Preferred Stock
to be redeemed shall be selected by any equitable method determined by the
Corporation.

 

(b)                                 Limitations on
Redemption.  Unless full
cumulative dividends on all shares of Series A Preferred Stock shall have
been, or contemporaneously are, declared and paid or declared and a sum
sufficient for the payment thereof is set apart for payment for all past
dividend periods and the then current dividend period, no shares of Series A
Preferred Stock shall be redeemed unless all outstanding shares of Series A
Preferred Stock are simultaneously redeemed, and the Corporation shall not
purchase or otherwise acquire directly or indirectly any shares of Series A
Preferred Stock (except by exchange for shares of the Corporation’s capital
stock ranking junior to the Series A Preferred Stock as to dividends and
upon liquidation); provided, however, that the foregoing shall not prevent the
purchase by the Corporation of (i) shares of Capital Stock transferred to
a Trust pursuant to Article VII of the Charter in order to maintain the
Corporation’s qualification as a REIT or (ii) shares of Series A
Preferred Stock pursuant to a purchase or exchange offer made on the same terms
to holders of all outstanding shares of Series A Preferred Stock.

 

(c)                                  Rights to
Dividends on Shares Called for Redemption.  Immediately prior to or upon any redemption
of Series A Preferred Stock, the Corporation shall pay, in cash, any accrued
and unpaid dividends to and including the redemption date, unless a redemption
date falls after a Dividend Record Date and prior to the corresponding Dividend
Payment Date, in which case each holder of Series A Preferred Stock at the
close of business on such Dividend Record Date shall be entitled to the
dividend payable on such shares on the corresponding Dividend Payment Date
notwithstanding the redemption of such shares before such Dividend Payment
Date.

 

4

 

(d)                                 Status of
Redeemed Shares.  Any shares
of Series A Preferred Stock that shall at any time have been redeemed or
otherwise acquired by the Corporation shall, after such redemption or
acquisition, have the status of authorized but unissued Preferred Stock,
without designation as to series until such shares are once more classified and
designated as part of a particular series by the Board.

 

(6)           Procedures
for Redemption.

 

(a)                                  Notice of
redemption will be sent by or on behalf of the Corporation by mail, commercial
carrier or other delivery service, postage or freight prepaid, addressed to the
respective holders of record of the Series A Preferred Stock to be
redeemed at their respective addresses as they appear on the stock transfer records
of the Corporation.  No failure to give
such notice or any defect therein or in the sending thereof shall affect the
validity of the proceedings for the redemption of any shares of Series A
Preferred Stock except as to the holder to whom notice was defective or not
given.  If notice of redemption states
the number of shares of Series A Preferred Stock to be redeemed and the redemption
price and is accompanied by a check of the Corporation or a check or money
order issued by a bank or trust company, in the amount of the liquidation
preference, and any accrued and unpaid dividends, then dividends will cease to
accrue on the shares of Series A Preferred Stock described in the notice
and such shares of Series A Preferred Stock shall no longer be deemed outstanding
and all rights of the holders of such shares will terminate, except the right
to receive the redemption price, upon the sending of such notice.

 

(b)                                 In lieu of enclosing
payment for the shares of Series A Preferred Stock to be redeemed with
notice of redemption, the Corporation may send a notice of redemption which
states (i) the redemption date, (ii) the redemption price, (iii) the
number of shares of Series A Preferred Stock to be redeemed, (iv) the
place or places where shares of Series A Preferred Stock are to so
surrendered (if so required in the notice) for payment of the redemption price,
and (v) that the dividends on the shares to be redeemed will cease to
accrue on such redemption date.  If
notice of redemption is not accompanied by check or other form of payment for
the redemption price, it shall be given not less than five (5) nor
more than sixty (60) days prior to the redemption date.  If less than all of the Series A
Preferred Stock held by any holder is to be redeemed, the notice mailed to such
holder shall also specify the number of shares of Series A Preferred Stock
held by such holder to be redeemed.

 

(c)                                  If notice of
redemption of any shares of Series A Preferred Stock has been given and payment
has not been included with the notice of redemption, but the funds necessary
for such redemption have been set aside by the Corporation for the benefit of
the holders of any shares of Series A Preferred Stock so called for
redemption, then, from and after the redemption date, dividends will cease to
accrue on such shares of Series A Preferred Stock, such shares of Series A
Preferred Stock shall no longer

 

5

 

be
deemed outstanding and all rights of the holders of such shares will terminate.

 

(d)                                 The deposit of
funds with a bank or trust corporation for the purpose of redeeming Series A
Preferred Stock shall be irrevocable except that:

 

(i)            the Corporation shall be entitled to receive
from such bank or trust corporation the interest or other earnings, if any,
earned on any money so deposited in trust, and the holders of any shares
redeemed shall have no claim to such interest or other earnings; and

 

(ii)           any
balance of monies so deposited by the Corporation and unclaimed by the holders
of the Series A Preferred Stock entitled thereto at the expiration of two
years from the applicable redemption dates shall be repaid, together with any
interest or other earnings thereon, to the Corporation, and after any such
repayment, the holders of the shares entitled to the funds so repaid to the
Corporation shall look only to the Corporation for payment without interest or
other earnings.

 

(7)           Application
of Article VII.  The shares of Series A Preferred Stock
are subject to the provisions of Article VII of the Charter, including,
without limitation, the provision for the redemption of shares transferred to a
Trust for the benefit of a Beneficiary.

 

(8)           Voting
Rights.  Except (a) as
provided in this Section or (b) where a vote by class is required by
law, the holders of the Series A Preferred Stock shall not be entitled to
vote on any matter submitted to stockholders for a vote.  Notwithstanding the foregoing, the consent of
the holders of a majority of the outstanding Series A Preferred Stock
(excluding any shares owned by any holder controlling, controlled by, or under common
control with, the Corporation), voting as a separate class, shall be required
for (a) authorization or issuance of any equity security senior to or on a
parity with the Series A Preferred Stock, (b) any amendment to the
Corporation’s Charter which has a material adverse effect on the rights and
preferences of the Series A Preferred Stock, or (c) any
reclassification of the Series A Preferred Stock.

 

(9)           Dissenter’s
Rights.  Holders of the Series A
Preferred Stock shall have dissenters’ rights to the extent granted under
Sections 2-602 and 3-202 of the Maryland General Corporation Law with respect
to any amendment to these Articles Supplementary that materially and adversely
affects the holders’ rights in respect to the Series A Preferred Stock.

 

(10)         Conversion.  The Series A
Preferred Stock are not convertible into or exchangeable for any other property
or securities of the Corporation.

 

(11)         Legend.  In the event the
Board determines that the shares of Series A Preferred Stock shall be
certificated, the Board shall include on such certificates any legends that it
determines are necessary or appropriate, including a legend substantially in
the form set forth in Section 7.6 of the Charter.

 

(12)         Definitions.  Capitalized terms
used herein without definition shall have the same meanings given to such terms
in the Charter.

 

SECOND:  The Series A Preferred Stock have been
classified and designated by the Board under the authority contained in the
Charter.

 

6

 

THIRD:  These Articles Supplementary have been
approved by the Board in the manner and by the vote required by law.

 

FOURTH:  The undersigned President of the Corporation
acknowledges these Articles Supplementary to be the act of the Corporation and,
as to all matters or facts required to be verified under oath, the undersigned
President acknowledges that, to the best of his knowledge, information and
belief, these matters and facts are true in all material respects and that this
statement is made under the penalties of perjury.

 

[SIGNATURE
PAGE FOLLOWS]

 

7

 

IN WITNESS
WHEREOF, the Corporation has caused these Articles Supplementary to be signed in its name and on its behalf by its
President and attested to by its Secretary on this 20th day of December 2005.

 

	
  ATTEST:

  	
  Boston Capital Real Estate
  Investment Trust,

  Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Marc N. Teal

  	
   

  	
  By:

  	
  /s/ Jeffrey H. Goldstein

  	
  (SEAL)

  
	
  Name:

  	
  Marc N. Teal

  	
  Name:

  	
  Jeffrey H. Goldstein

  	
   

  
	
  Title:

  	
  Senior Vice President,
  Chief

  	
  Title:

  	
  President, Chief Operating
  Officer

  
	
   

  	
  Financial Officer,
  Treasurer and

  	
   

  	
  and Director

  
	
   

  	
  Secretary

  	
   

  
								

 

8

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