Document:

EX-10.2

 Exhibit 10.2 
  

					
	

	  		  	CLIFFORD CHANCE US LLP

 ARIS Operating Partnership L.P. 

a Delaware Limited Partnership 

[    ], 2022 
  

 
 LIMITED
PARTNERSHIP AGREEMENT 
  
  

 TABLE OF CONTENTS 

 

							
			
	 	 	 	  	Page	 
	ARTICLE I DEFINED TERMS	  	 	1	 
			
	 Section 1.1.
	 	Definitions	  	 	1	 
			
	 Section 1.2.
	 	Interpretation	  	 	10	 
		
	ARTICLE II PARTNERSHIP FORMATION AND IDENTIFICATION	  	 	10	 
			
	 Section 2.1.
	 	Formation	  	 	10	 
			
	 Section 2.2.
	 	Name, Office and Registered Agent	  	 	10	 
			
	 Section 2.3.
	 	Partners	  	 	11	 
			
	 Section 2.4.
	 	Term and Dissolution	  	 	11	 
			
	 Section 2.5.
	 	Filing of Certificate and Perfection of Limited Partnership	  	 	12	 
			
	 Section 2.6.
	 	Certificates Representing Partnership Units	  	 	12	 
		
	ARTICLE III BUSINESS OF THE PARTNERSHIP	  	 	12	 
		
	ARTICLE IV CAPITAL CONTRIBUTIONS AND ACCOUNTS	  	 	13	 
			
	 Section 4.1.
	 	Capital Contributions	  	 	13	 
			
	 Section 4.2.
	 	Class S Units, Class D Units, Class I Units, Class F-S Units, Class F-D Units,
Class F-I Units and Class E Units	  	 	13	 
			
	 Section 4.3.
	 	Additional Capital Contributions and Issuances of Additional Partnership Interests	  	 	13	 
			
	 Section 4.4.
	 	Additional Funding	  	 	15	 
			
	 Section 4.5.
	 	Capital Accounts	  	 	16	 
			
	 Section 4.6.
	 	Percentage Interests	  	 	16	 
			
	 Section 4.7.
	 	No Interest on Contributions	  	 	16	 
			
	 Section 4.8.
	 	Return of Capital Contributions	  	 	17	 
			
	 Section 4.9.
	 	No Third Party Beneficiary	  	 	17	 
		
	ARTICLE V PROFITS AND LOSSES; DISTRIBUTIONS	  	 	17	 
			
	 Section 5.1.
	 	Allocation of Profit and Loss	  	 	17	 
			
	 Section 5.2.
	 	Distribution of Cash	  	 	21	 
			
	 Section 5.3.
	 	REIT Distribution Requirements	  	 	23	 
			
	 Section 5.4.
	 	No Right to Distributions in Kind	  	 	23	 
			
	 Section 5.5.
	 	Limitations on Return of Capital Contributions	  	 	23	 
			
	 Section 5.6.
	 	Distributions Upon Liquidation	  	 	24	 

  
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	 Section 5.7.
	 	Substantial Economic Effect	  	 	24	 
		
	ARTICLE VI RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	  	 	24	 
			
	 Section 6.1.
	 	Management of the Partnership	  	 	24	 
			
	 Section 6.2.
	 	Delegation of Authority	  	 	27	 
			
	 Section 6.3.
	 	Indemnification and Exculpation of Indemnitees	  	 	27	 
			
	 Section 6.4.
	 	Liability and Obligations of the General Partner	  	 	28	 
			
	 Section 6.5.
	 	Reimbursement of General Partner	  	 	29	 
			
	 Section 6.6.
	 	Outside Activities	  	 	29	 
			
	 Section 6.7.
	 	Transactions With Affiliates	  	 	30	 
			
	 Section 6.8.
	 	Title to Partnership Assets	  	 	31	 
			
	 Section 6.9.
	 	Repurchases and Exchanges of REIT Shares	  	 	31	 
			
	 Section 6.10.
	 	No Duplication of Fees or Expenses	  	 	31	 
		
	ARTICLE VII CHANGES IN GENERAL PARTNER	  	 	31	 
			
	 Section 7.1.
	 	Transfer of the General Partner’s Partnership Interest	  	 	31	 
			
	 Section 7.2.
	 	Admission of a Substitute or Additional General Partner	  	 	33	 
			
	 Section 7.3.
	 	Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General Partner	  	 	33	 
			
	 Section 7.4.
	 	Removal of a General Partner	  	 	34	 
		
	ARTICLE VIII RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	  	 	35	 
			
	 Section 8.1.
	 	Management of the Partnership	  	 	35	 
			
	 Section 8.2.
	 	Power of Attorney	  	 	35	 
			
	 Section 8.3.
	 	Limitation on Liability of Limited Partners	  	 	35	 
			
	 Section 8.4.
	 	Ownership by Limited Partner of Corporate General Partner or Affiliate	  	 	35	 
			
	 Section 8.5.
	 	Redemption Right	  	 	36	 
		
	ARTICLE IX TRANSFERS OF LIMITED PARTNERSHIP INTERESTS	  	 	38	 
			
	 Section 9.1.
	 	Purchase for Investment	  	 	38	 
			
	 Section 9.2.
	 	Restrictions on Transfer of Limited Partnership Interests	  	 	38	 
			
	 Section 9.3.
	 	Admission of Substitute Limited Partner	  	 	40	 
			
	 Section 9.4.
	 	Rights of Assignees of Partnership Interests	  	 	41	 
			
	 Section 9.5.
	 	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	  	 	41	 
			
	 Section 9.6.
	 	Joint Ownership of Interests	  	 	41	 
		
	ARTICLE X BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	  	 	42	 
			
	 Section 10.1.
	 	Books and Records	  	 	42	 
			
	 Section 10.2.
	 	Custody of Partnership Funds; Bank Accounts	  	 	42	 

  
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	 Section 10.3.
	 	Fiscal and Taxable Year	  	 	42	 
			
	 Section 10.4.
	 	Annual Tax Information and Report	  	 	42	 
			
	 Section 10.5.
	 	Partnership Representative; Tax Elections; Special Basis Adjustments	  	 	42	 
			
	 Section 10.6.
	 	Reports to Limited Partners	  	 	43	 
		
	ARTICLE XI AMENDMENT OF AGREEMENT; MERGER	  	 	44	 
		
	ARTICLE XII GENERAL PROVISIONS	  	 	44	 
			
	 Section 12.1.
	 	Notices	  	 	44	 
			
	 Section 12.2.
	 	Survival of Rights	  	 	44	 
			
	 Section 12.3.
	 	Additional Documents	  	 	44	 
			
	 Section 12.4.
	 	Severability	  	 	44	 
			
	 Section 12.5.
	 	Entire Agreement	  	 	45	 
			
	 Section 12.6.
	 	Pronouns and Plurals	  	 	45	 
			
	 Section 12.7.
	 	Headings	  	 	45	 
			
	 Section 12.8.
	 	Counterparts	  	 	45	 
			
	 Section 12.9.
	 	Governing Law	  	 	45	 

 EXHIBITS 
 EXHIBIT A
– Partners, Capital Contributions, Units and Percentage Interests 
 EXHIBIT B – Notice of Exercise of Redemption Right 

  
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 LIMITED PARTNERSHIP AGREEMENT 

OF ARIS OPERATING PARTNERSHIP L.P. 

This LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) is entered into as of [    ], 2022, between APOLLO
REALTY INCOME SOLUTIONS, INC. a Maryland corporation, as general partner (the “General Partner”) and as a Limited Partner, ARIS SPECIAL LIMITED PARTNER, LLC, a Delaware limited liability company (the “Special Limited
Partner”) and the Limited Partners party hereto from time to time. 
 RECITALS: 

WHEREAS, ARIS Operating Partnership L.P. (the “Partnership”) was formed on February 22, 2022, as a limited partnership
under the laws of the State of Delaware and a certificate of limited partnership was filed with the Secretary of State of the State of Delaware (the “Certificate”). 

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

DEFINED TERMS 

Section 1.1.    Definitions. The following defined terms used in this Agreement shall have the meanings
specified below: 
 “Act” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to
time. 
 “Additional Funds” has the meaning set forth in Section 4.4. 

“Additional Securities” means any additional REIT Shares (other than REIT Shares issued in connection with a redemption
pursuant to Section 8.5) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.3(a)(iii). 

“Administrative Expenses” means (i) all administrative and operating costs and expenses incurred by the Partnership and
its Subsidiaries, (ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General
Partner, which expenses are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided, however, that Administrative Expenses shall not
include any administrative costs and expenses incurred by the General Partner that are attributable to assets that are not owned directly or indirectly by the Partnership. 

 “Adviser” means the Person appointed, employed or contracted with by the
General Partner and the Partnership and responsible for directing or performing the day-to-day business affairs of the General Partner and the Partnership, including any
Person to whom the Adviser subcontracts all or substantially all of such functions. 
 “Advisory Agreement” means the
agreement between the General Partner, the Partnership and the Adviser pursuant to which the Adviser will direct or perform the day-to-day business affairs of the
General Partner and the Partnership. 
 “Affiliate” means, with respect to any Person, (i) any Person directly or
indirectly owning, controlling or holding with the power to vote 10% of more of the outstanding voting securities of such other Person; (ii) any Person 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, including any partnership in which such Person is a general
partner; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts an executive officer, director, trustee or general partner. 

“Aggregate Share Ownership Limit” shall have the meaning set forth in the Articles of Incorporation. 

“Agreed Value” means the fair market value of a Partner’s non-cash Capital
Contribution as of the date of contribution as agreed to by such Partner and the General Partner. 
 “Agreement” means this
Limited Partnership Agreement, as amended, modified supplemented or restated from time to time, as the context requires. 

“Applicable Percentage” has the meaning provided in Section 8.5(b). 

“Articles of Incorporation” means the Articles of Amendment and Restatement of the General Partner filed with the Maryland
State Department of Assessments and Taxation on [    ], 2022, as further amended or supplemented from time to time. 

“Capital Account” has the meaning provided in Section 4.5. 

“Capital Contribution” means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset
(other than cash or cash equivalents) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include
the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner. 
 “Carrying Value”
means, with respect to any asset of the Partnership, the asset’s adjusted net basis for federal income tax purposes or, in the case of any asset contributed to the Partnership, the fair market value of such asset at the time of contribution,
reduced by any amounts attributable to the inclusion of liabilities in basis pursuant to Section 752 of the Code, except that the Carrying Values of all assets may, at the discretion of the General Partner, be adjusted to equal their respective
fair market values (as determined by the General Partner), in accordance with the rules set forth in Regulations Section 1.704-1(b)(2)(iv)(f), as provided for in Section 4.5. In the case of

  
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any asset of the Partnership that has a Carrying Value that differs from its adjusted tax basis, the Carrying Value shall be adjusted by the amount of depreciation, depletion and amortization
calculated for purposes of the definition of Profit and Loss rather than the amount of depreciation, depletion and amortization determined for federal income tax purposes. 

“Cash Amount” means an amount of cash per Partnership Unit equal to the applicable Redemption Price determined by the General
Partner. 
 “Certificate” means any instrument or document that is required under the laws of the State of Delaware, or any
other jurisdiction in which the Partnership conducts business, to be signed and sworn to by any of the Partners of the Partnership (either by themselves or pursuant to the
power-of-attorney granted to the General Partner in Section 8.2) and filed for recording in the appropriate public offices within the State of Delaware or such
other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited
partners under the laws of the State of Delaware or such other jurisdiction. 
 “Class” means a class of REIT Shares or
Partnership Units, as the context may require. 
 “Class D Conversion Rate” means the fraction, the numerator of which is
the Net Asset Value Per Unit for each Class D Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. 

“Class D REIT Shares” means the REIT Shares referred to as “Class D Common Shares” in the Articles of
Incorporation. 
 “Class D Unit” means a Partnership Unit entitling the holder thereof to the rights of a holder of a
Class D Unit as provided in this Agreement. 
 “Class E Conversion Rate” means the fraction, the numerator of which is
the Net Asset Value Per Unit for each Class E Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. 

“Class E REIT Shares” means the REIT Shares referred to as “Class E Common Shares” in the Articles of
Incorporation. 
 “Class E Unit” means a Partnership Unit entitling the holder thereof to the rights of a holder of a
Class E Unit as provided in this Agreement. 
 “Class F-D Conversion Rate”
means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class F-D Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. 

“Class F-D REIT Shares” means the REIT Shares referred to as “Class F-D Common Shares” in the Articles of Incorporation. 
 “Class
F-D Unit” means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class F-D Unit as provided in this Agreement. 

  
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 “Class F-I REIT Shares” means the
REIT Shares referred to as “Class F-I Common Shares” in the Articles of Incorporation. 

“Class F-I Unit” means a Partnership Unit entitling the holder thereof to the rights
of a holder of a Class F-I Unit as provided in this Agreement. 
 “Class F-S Conversion Rate” means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class F-S Unit and the denominator of which is the Net
Asset Value Per Unit for each Class I Unit. 
 “Class F-S REIT Shares” means
the REIT Shares referred to as “Class F-S Common Shares” in the Articles of Incorporation. 

“Class F-S Unit” means a Partnership Unit entitling the holder thereof to the rights
of a holder of a Class F-S Unit as provided in this Agreement. 
 “Class I REIT
Shares” means the REIT Shares referred to as “Class I Common Shares” in the Articles of Incorporation. 
 “Class
I Unit” means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class I Unit as provided in this Agreement. 

“Class S Conversion Rate” means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class S
Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. 
 “Class S REIT Shares”
means the REIT Shares referred to as “Class S Common Shares” in the Articles of Incorporation. 
 “Class S Unit”
means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class S Unit as provided in this Agreement. 

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

“Commission” means the U.S. Securities and Exchange Commission. 

“Common Share Ownership Limit” shall have the meaning set forth in the Articles of Incorporation. 

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

“Event of Bankruptcy” as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt
under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court
proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of 

  
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a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor under any other reorganization, arrangement,
insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person indicates his
approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 

“Excepted Holder Limit” shall have the meaning set forth in the Articles of Incorporation. 

“Exchanged REIT Shares” shall have the meaning set forth in Section 6.9(b). 

“General Partner” means Apollo Realty Income Solutions, Inc., a Maryland corporation, and any Person who becomes a substitute
or additional General Partner as provided herein, and any of their successors as General Partner, in such Person’s capacity as a General Partner of the Partnership. 

“General Partnership Interest” means any Partnership Interest held by the General Partner, other than any Partnership
Interest it holds as a Limited Partner. 
 “Hurdle Amount” with respect to any Partnership Units means, for any period
during a calendar year that amount that results in a 5% annualized internal rate of return on the Net Asset Value of such Partnership Units outstanding at the beginning of the then-current calendar year and such Partnership Units issued since the
beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Partnership Units and all issuances of any such Partnership Units over the period and
calculated in accordance with recognized industry practices. The ending Net Asset Value of such Partnership Units used in calculating the internal rate of return will be calculated before giving effect to any allocation or accrual to the Performance
Allocation and any applicable stockholder servicing fee expenses, provided that the calculation of the Hurdle Amount for any period will exclude any such Partnership Units repurchased during such period, which Partnership Units will be
subject to the Performance Allocation upon such repurchase as described in Section 5.3(b). 
 “Indemnitee” means
(i) any Person made a party to a proceeding by reason of its status as the General Partner or a director, officer or employee of the General Partner or the Partnership, (ii) the Adviser, (iii) the Special Limited Partner and
(iv) such other Persons (including Affiliates of the General Partner or the Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion. 

“Joint Venture” means any joint venture or partnership arrangement (other than the Partnership) in which the Partnership or
any of its Subsidiaries is a co-venturer or partner established to acquire or hold assets of the Partnership. 

“Limited Partner” means the General Partner in its capacity as a Limited Partner, and any other Person identified as a
Limited Partner on Exhibit A, upon the execution and delivery by such Person of an additional limited partner signature page, and any Person who becomes a Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the
Partnership. 

  
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 “Limited Partnership Interest” means the ownership interest of a Limited
Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such
Limited Partner to comply with all the provisions of this Agreement and of such Act. A Limited Partnership Interest may be expressed as a number of Partnership Units. 

“Listing” means the listing of the shares of the General Partner’s common stock on a national securities exchange. Upon
such Listing, the shares shall be deemed “Listed.” 
 “Loss” has the meaning provided in
Section 5.1(g). 
 “Loss Carryforward Amount” with respect to any Partnership Units shall initially equal zero and
shall cumulatively increase by the absolute value of any negative annual Total Return with respect to such Partnership Units and decrease by any positive annual Total Return with respect to such Partnership Units, provided that each Loss
Carryforward Amount shall at no time be less than zero and provided further that the calculation of each Loss Carryforward Amount will exclude the Total Return related to any relevant Partnership Units repurchased during such
year, which Partnership Units will be subject to the Performance Allocation upon such repurchase as described in Section 5.3(b). 

“Net Asset Value” means (i) for any Partnership Units, the net asset value of such Partnership Units, determined as of
the last calendar day of each month as described in the Prospectus and (ii) for any REIT Shares, the net asset value of such REIT Shares, determined as of the last calendar day of each month as described in the Prospectus. 

“Net Asset Value Per Unit” means, for each Class of Partnership Unit, the net asset value per unit of such Class of
Partnership Unit, determined as of the last calendar day of each month as described in the Prospectus. 
 “Net Asset Value Per REIT
Share” means, for each Class of REIT Shares, the net asset value per share of such Class of REIT Shares, determined as of the last calendar day of each month as described in the Prospectus. 

“Notice of Redemption” means the Notice of Exercise of Redemption Right substantially in the form attached as Exhibit B.

 “Offer” has the meaning set forth in Section 7.1(c). 

“Offering” means an offer and sale of REIT Shares to the public. 

“Partner” means any General Partner, Special Limited Partner or Limited Partner. 

“Partner Nonrecourse Debt Minimum Gain” means an amount with respect to each Partner’s nonrecourse debt (as defined in
U.S. Treasury Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in U.S.
Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with U.S. Treasury Regulations Section 1.704-2(i)(3). 

  
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 “Partnership” means ARIS Operating Partnership L.P., a Delaware limited
partnership. 
 “Partnership Interest” means an ownership interest in the Partnership held by a Limited Partner, the
General Partner or the Special Limited Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms
and provisions of this Agreement. 
 “Partnership Minimum Gain” has the meaning specified in U.S. Treasury Regulations
Sections 1.704-2(b)(2) and 1.704-2(d). 

“Partnership Record Date” means the record date established by the General Partner for the distribution of cash pursuant to
Section 5.2, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution. 

“Partnership Representative” has the meaning described in Section 10.5(a). 

“Partnership Unit” means a fractional, undivided share of the Partnership Interests (other than the General Partnership
Interest and the Special Limited Partnership Interest) of all Partners issued hereunder, including Class S Units, Class D Units, Class I Units, Class F-S Units, Class F-D Units, Class F-I Units and Class E Units. The allocation of Partnership Units of each Class among the Partners shall be as set forth on Exhibit A. 

“Percentage Interest” means the percentage ownership interest in the Partnership of each Partner, as determined by dividing
the Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. The Percentage Interest of each Partner shall be as set forth on Exhibit A. 

“Performance Allocation” has the meaning set forth in Section 5.2(c). 

“Person” means an individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified
under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of
Section 509(a) of the Code, joint stock company or other legal entity. 
 “Profit” has the meaning provided in
Section 5.1(g) hereof. 
 “Property” means any Real Property, Real Estate Related Securities or other investment
in which the Partnership holds an ownership interest. 
 “Prospectus” means the prospectus included in the most recent
effective registration statement filed by the General Partner with the Commission with respect to the applicable Offering, as such prospectus may be amended or supplemented from time to time. 

  
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 “Real Estate Related Securities” means equity and debt securities of both
publicly traded and private companies, including REITs and pass-through entities, that own Real Property or loans secured by real estate, including investments in commercial mortgage-backed securities and derivative instruments, owned by the General
Partner or the Partnership directly or indirectly through one or more of its Affiliates. 
 “Real Property” means land,
rights in land (including leasehold interests) and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. 

“Received REIT Shares” has the meaning provided in Section 6.9(b). 

“Redemption Price” means the Value of the REIT Shares Amount as of the end of the Specified Redemption Date.
“Value” means, for any Class of REIT Shares: (i) if such Class of REIT Shares are Listed, the average closing price per share for the previous 30 trading days, or (ii) if such Class of REIT Shares are not
Listed, the Net Asset Value Per REIT Share for REIT Shares of that Class. 
 “Redemption Right” has the meaning provided in
Section 8.5(a). 
 “Regulations” means the Federal income tax regulations promulgated under the Code, as amended and
as hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations. 

“Regulatory Allocations” has the meaning set forth in Section 5.1(h). 

“REIT” means a Person qualifying as a real estate investment trust within the meaning of Code Section 856. 

“REIT Expenses” means (i) costs and expenses relating to the formation and continuity of existence and operation of the
General Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes of this defined term, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses
or fees payable to any director, officer, or employee of the General Partner or service providers to the General Partner (including service providers affiliated with the Adviser), (ii) costs and expenses relating to any public offering and
registration of securities by the General Partner and all filings, statements, reports, fees and expenses incidental thereto, including, without limitation, underwriting discounts and selling commissions applicable to any such offering of
securities, any stockholder servicing fees, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of
any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports and communications by the General Partner under federal, state or local laws or regulations, including
filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) the
management fee payable to the Adviser under the Advisory Agreement and other fees and expenses payable to other services providers of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any issuance or
redemption of Partnership Interests and/or REIT Shares, and (viii) all other operating or administrative costs of the General Partner incurred in the ordinary course of its business on behalf of or in connection with the Partnership. 

  
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 “REIT Share” means a share of common stock of the General Partner (or
successor entity, as the case may be), including Class S REIT Shares, Class D REIT Shares, Class I REIT Shares, Class F-S REIT Shares, Class F-D
REIT Shares, Class F-I REIT Shares and Class E REIT Shares. 
 “REIT Shares
Amount” means a number of REIT Shares having the same Class designation as the Class of Partnership Units offered for exchange by a Tendering Party equal to such number of Partnership Units; provided that in the event the
General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the
“rights”), and the rights have not expired at the Specified Redemption Date, then the REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for
purposes of determining the holders of REIT Shares entitled to rights. 
 “Related Party” means, with respect to any
Person, any other Person whose ownership of shares of the General Partner’s capital stock would be attributed to the first such Person under Code Section 544 (as modified by Code Section 856(h)(1)(B)). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor statute thereto. Reference
to any provision of the Securities Act 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. 

“Service” means the United States Internal Revenue Service. 

“Special Limited Partner” means ARIS Special Limited Partner, LLC, a Delaware limited liability company, which shall be a
limited partner of the Partnership and recognized as such under applicable Delaware law, but not a “Limited Partner” within the meaning of this Agreement (other than to the extent it owns Partnership Units). 

“Special Limited Partnership Interest” means the interest of the Special Limited Partner in the Partnership representing
solely its right as the holder of an interest in distributions described in Section 5.2 (and any corresponding allocations of income, gain, loss and deduction under this Agreement), and not any interest in Partnership Units it may own from time
to time. 
 “Specified Redemption Date” means the first business day of the month following the month of the day that is 45
days after the receipt by the General Partner of the Notice of Redemption. 
 “Subsidiary” means, with respect to any
Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

“Substitute Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3.

  
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 “Survivor” has the meaning set forth in Section 7.1(d). 

“Tendered Units” has the meaning provided in Section 8.5(a). 

“Tendering Party” has the meaning provided in Section 8.5(a). 

“Total Return” with respect to any Partnership Units for any period since the end of the prior calendar year shall equal the
sum of: (i) all distributions accrued or paid (without duplication) on such Partnership Units plus (ii) the change in aggregate Net Asset Value of such Partnership Units since the beginning of such year, before giving effect to
(x) changes resulting solely from the proceeds of issuances of additional Partnership Units, (y) any allocation or accrual to the Performance Allocation and (z) any applicable stockholder servicing fee expenses (including any payments
made to the General Partner for payment of such expenses) allocable to such Partnership Units. For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the Net Asset Value of any relevant
Partnership Units issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of such Partnership Units. 

“Transfer” has the meaning set forth in Section 9.2(a). 

Section 1.2.    Interpretation. The definitions in Section 1.1 shall apply equally to both the singular
and plural forms of the terms defined. Wherever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine and neuter forms. For all purposes of this Agreement, the term “control” and
variations thereof shall mean possession of the authority to direct or cause the direction of the management and policies of the specified entity, through the direct or indirect ownership of equity interests therein, by contract or otherwise. As
used in this Agreement, the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” As used in this Agreement, the terms “herein,”
“hereof” and “hereunder” shall refer to this Agreement in its entirety. Any references in this Agreement to “Sections” or “Articles” shall, unless otherwise specified, refer to Sections or Articles,
respectively, in this Agreement. Any references in this Agreement to an “Exhibit” shall, unless otherwise specified, refer to an Exhibit attached to this Agreement, as such Exhibit may be amended from time to time. Each such
Exhibit shall be deemed incorporated in this Agreement in full. 
 ARTICLE II 

PARTNERSHIP FORMATION AND IDENTIFICATION 

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

Section 2.2.    Name, Office and Registered Agent. The name of the Partnership is ARIS Operating Partnership
L.P. The specified office and principal place of business of the Partnership shall be 9 West 57th Street, 42nd Floor, New York, New York 10019.
The General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is

  
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Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as
registered agent. 
 Section 2.3.    Partners. (a) The General Partner of the Partnership is Apollo
Realty Income Solutions, Inc., a Maryland corporation. Its principal place of business is the same as that of the Partnership. 

(b)    The Limited Partners are the General Partner (in its capacity as Limited Partner) and any other Persons identified
as Limited Partners on Exhibit A hereto. 
 (c)    The Special Limited Partner is ARIS Special Limited Partner,
LLC, a Delaware limited liability company. Its principal place of business is the same as that of the Partnership. 

Section 2.4.    Term and Dissolution. (a) The Partnership commenced upon the filing for record of the
Certificate in the office of the Secretary of State of the State of Delaware on February 22, 2022, and shall continue indefinitely, except that the Partnership shall be dissolved upon the first to occur of any of the following events: 

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

(ii)    The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the
Partnership (provided that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such
time as such note or notes are paid in full); or 
 (iii)    The election by the General Partner that the Partnership
should be dissolved. 
 (b)    Upon dissolution of the Partnership (unless the business of the Partnership is continued
pursuant to Section 7.3(b)), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel any Certificate(s) and liquidate the Partnership’s assets and apply and distribute the proceeds thereof in
accordance with Section 5.7. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those necessary
to satisfy the Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 

  
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 Section 2.5.    Filing of Certificate and Perfection of Limited
Partnership. The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, any and all amendments to the Certificate(s) and all requisite fictitious name statements and notices in such places and
jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business. 

Section 2.6.    Certificates Representing Partnership Units. At the request of a Limited Partner, the General
Partner, at its option, may issue (but in no way is obligated to issue) a certificate specifying the number and Class of Partnership Units owned by the Limited Partner as of the date of such certificate. Any such certificate (i) shall be
in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect: 

This certificate is not negotiable. The Partnership Units represented by this certificate are governed by and transferable only in accordance
with the provisions of the Limited Partnership Agreement of ARIS Operating Partnership L.P., as amended from time to time. 
 ARTICLE III

 BUSINESS OF THE PARTNERSHIP 

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

  
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 ARTICLE IV 

CAPITAL CONTRIBUTIONS AND ACCOUNTS 

Section 4.1.    Capital Contributions. The General Partner and the Limited Partners have made Capital
Contributions to the Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A. Notwithstanding the foregoing, the General Partner may keep Exhibit A current through separate revisions to the books
and records of the Partnership that reflect periodic changes to the Capital Contributions made by the Partners and redemptions and other purchases of Partnership Units by the Partnership, and corresponding changes to the Partnership Interests of the
Partners, without preparing a formal amendment to this Agreement. 
 Section 4.2.    Class S Units,
Class D Units, Class I Units, Class F-S Units, Class F-D Units,
Class F-I Units and Class E Units. The General Partner is hereby authorized to cause the Partnership to issue Partnership Units designated as Class S Units,
Class D Units, Class I Units, Class F-S Units, Class F-D Units, Class F-I Units and Class E Units.
Each such Class shall have the rights and obligations attributed to that Class under this Agreement. 

Section 4.3.    Additional Capital Contributions and Issuances of Additional Partnership Interests. Except as
provided in this Section 4.3 or in Section 4.4, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the
Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.3. 

(a)    Issuances of Additional Partnership Interests. 

(i)    General. The General Partner is hereby authorized to cause the Partnership to issue such additional Partnership
Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall be
established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners, including but not limited to, Partnership Units issued in connection with the issuance of REIT Shares of or other interests in
the General Partner, Class E Units issued to the Special Limited Partner with respect to payments made pursuant to the Performance Allocation, Class E Units issued to the Adviser as a management fee pursuant to the Advisory Agreement and
Partnership Units issued in connection with acquisitions of properties. Any additional Partnership Interests issued thereby may be issued in one or more classes (including the Classes specified in this Agreement or any other Classes), or one or more
series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be
determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss,
deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of
Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless: 

(A)    the additional Partnership Interests are issued in connection with an issuance of Additional Securities by the
General Partner in accordance with Section 4.3(a)(iii); 

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

(C)    the additional Partnership Interests are issued to all Partners holding Partnership Units in proportion to their
respective Percentage Interests. 
 Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to
issue Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. 

(ii)    Adjustment Events. In the event the General Partner (i) declares or pays a dividend on any
Class of its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of any Class of its outstanding REIT Shares in REIT Shares, (ii) subdivides any Class of its outstanding REIT Shares, or
(iii) combines any Class of its outstanding REIT Shares into a smaller number of REIT Shares with respect to any Class of REIT Shares, then a corresponding adjustment to the number of outstanding Partnership Units of the applicable
Class necessary to maintain the proportionate relationship between the number of outstanding Partnership Units of such Class to the number of outstanding REIT Shares of such Class shall automatically be made. Additionally, in the
event that any other entity shall become General Partner pursuant to any merger, consolidation or combination of the General Partner with or into another entity (the “Successor Entity”), the number of outstanding Partnership Units
of each Class shall be adjusted by multiplying such number by the number of shares of the Successor Entity into which one REIT Share of such Class is converted pursuant to such merger, consolidation or combination, determined as of the
date of such merger, consolidation or combination. Any adjustment to the number of outstanding Partnership Units of any Class shall become effective immediately after the effective date of such event retroactive to the record date, if any, for
such event; provided, however, that if the General Partner receives a Notice of Redemption after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, or such merger,
consolidation or combination, the number of outstanding Partnership Units of any Class shall be determined as if the General Partner had received the Notice of Redemption immediately prior to the record date for such dividend, distribution,
subdivision or combination or such merger, consolidation or combination. If the General Partner takes any other action affecting the REIT Shares other than actions specifically described above and, in the opinion of the General Partner such action
would require an adjustment to the number of Partnership Units to maintain the proportionate relationship between the number of outstanding Partnership Units to the number of outstanding REIT Shares, the General Partner shall have the right to make
such adjustment to the number of Partnership Units, to the extent permitted by law, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances. 

  
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 (iii)    Upon Issuance of Additional Securities. Upon the
issuance by the General Partner of any Additional Securities (including pursuant to the General Partner’s distribution reinvestment plan) other than to all holders of REIT Shares, the General Partner shall contribute any net proceeds from the
issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership in return for, as the General Partner may designate, Partnership Interests
or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other rights such that their economic interests are substantially similar to those of the Additional Securities;
provided, however, that the General Partner is allowed to issue Additional Securities in connection with an acquisition of assets that would not be owned directly or indirectly by the Partnership, but if and only if, such
acquisition and issuance of Additional Securities have been approved and determined to be in or not opposed to the best interests of the General Partner and the Partnership; provided further, that the General Partner is allowed
to use net proceeds from the issuance and sale of such Additional Securities to repurchase REIT Shares pursuant to a share repurchase plan. Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities
for less than fair market value, and to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General
Partner and the Partnership. Without limiting the foregoing, if the General Partner issues REIT Shares of any Class for a cash purchase price and contributes all of the net proceeds of such issuance to the Partnership as required hereunder, the
General Partner shall be issued a number of additional Partnership Units having the same Class designation as the issued REIT Shares equal to the number of such REIT Shares of that Class issued by the General Partner the proceeds of which
were so contributed. 
 (b)    Certain Deemed Contributions of Proceeds of Issuance of REIT Shares. In connection
with any and all issuances of REIT Shares, to the extent that the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, if the proceeds actually received and contributed by the General Partner in respect of
the REIT Shares are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital
Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.5 and in connection with the
required issuance of additional Partnership Units to the General Partner for such Capital Contributions pursuant to Section 4.3(a). In connection with any and all issuances of REIT Shares pursuant to the General Partner’s distribution
reinvestment plan, the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the distributions that have been reinvested in respect of the REIT Shares issued by the General Partner in return
for an equal number of Partnership Units having the same Class designation as the issued REIT Shares. 

Section 4.4.    Additional Funding. If the General Partner determines that it is in the best interests of the
Partnership to provide for additional Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds 

  
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from outside borrowings, (ii) elect to have the General Partner or any of its Affiliates provide such Additional Funds to the Partnership through loans, purchase of additional Partnership
Interests or otherwise (which the General Partner or such Affiliates will have the option, but not the obligation, of providing) or (iii) cause the Partnership to issue additional Partnership Interests and admit additional Limited Partners to
the Partnership in accordance with Section 4.3. 
 Section 4.5.    Capital Accounts. A separate capital
account (a “Capital Account”) shall be established and maintained for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv) and, except as provided in
Section 5.1(e) a Partner shall have a single Capital Account with respect to all Partnership Interests held by such Partner. If (i) a new or existing Partner acquires an additional Partnership Interest in exchange for more than a de
minimis Capital Contribution, (ii) the Partnership distributes to a Partner more than a de minimis amount of Partnership property or money as consideration for a Partnership Interest, (iii) the Partnership is liquidated within the meaning
of Regulation Section 1.704-1(b)(2)(ii)(g), or (iv) the Partnership grants a Partnership Interest (other than a de minimis interest) as consideration for the provision of services to or for the
benefit of the Partnership, the General Partner may revalue the property of the Partnership to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the
Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership’s property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in
accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such
property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.1 if there were a taxable disposition of such property for its fair market value (as determined by the General
Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation. 

Section 4.6.    Percentage Interests. If the number of outstanding Partnership Units increases or decreases
during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such
Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the
taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the
date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the
adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted
Percentage Interests. 
 Section 4.7.    No Interest on Contributions. No Partner shall be entitled to
interest on its Capital Contribution. 

  
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 Section 4.8.    Return of Capital Contributions. No Partner
shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no
obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence. 

Section 4.9.    No Third Party Beneficiary. No creditor or other third party having dealings with the
Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of
this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or
loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the
Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in
violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such
Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership. 

ARTICLE V 
 PROFITS AND
LOSSES; DISTRIBUTIONS 
 Section 5.1.    Allocation of Profit and Loss. 

(a)    General Partner Gross Income Allocation. There shall be specially allocated to the General Partner an amount
of (i) first, items of Partnership income and (ii) second, items of Partnership gain during each fiscal year or other applicable period, before any other allocations are made hereunder, in an amount equal to the excess, if any, of the
cumulative reimbursements made to the General Partner under Section 6.5(b) (other than reimbursements which would properly be treated as “guaranteed payments” or which are attributable to the reimbursement of expenses which would
properly be either deductible by the Partnership or added to the tax basis of any Partnership asset) over the cumulative allocations of Partnership income and gain to the General Partner under this Section 5.1(a). 

(b)    General Allocations. The items of Profit and Loss of the Partnership for each fiscal year or other
applicable period, other than any items allocated under Section 5.1(a), shall be allocated among the Partners in a manner that will, as nearly as possible (after giving effect to the allocations under Section 5.1(a), 5.1(c), 5.1(d),
5.1(e), 5.1(h) and 5.2) cause the Capital Account balance of each Partner at the end of such fiscal year or other applicable period to equal (i) the amount of the hypothetical distribution that such Partner would receive if the Partnership
were liquidated on the last day of such period and all assets of the Partnership, including cash, were sold for cash equal to their Carrying Values, taking into account any adjustments thereto for such period, all liabilities of the Partnership were
satisfied in full in cash according to their terms 

  
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(limited with respect to each nonrecourse liability to the Carrying Value of the assets securing such liability) and the remaining cash proceeds (after satisfaction of such liabilities) were
distributed in full pursuant to Section 5.2, minus (ii) the sum of such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain and the amount, if any and without duplication, that the Partner would be
obligated to contribute to the capital of the Partnership, all computed as of the date of the hypothetical sale of assets. Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic
effect to the provisions of this Agreement, taking into account facts and circumstances as the General Partner deems reasonably necessary for this purpose. 

(c)    Regulatory Allocations. Notwithstanding any other provision of this Agreement: 

(i)    Minimum Gain Chargeback. If there is a net decrease in Partnership Minimum Gain or Partner Nonrecourse Debt
Minimum Gain (determined in accordance with the principles of U.S. Treasury Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Partnership taxable year, the
Partners shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to U.S. Treasury
Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with U.S. Treasury Regulations Section 1.704-2(f). This Section 5.1(c)(i) is intended to comply with the minimum gain chargeback requirements in such U.S. Treasury Regulations Sections and shall be interpreted consistently therewith;
including that no chargeback shall be required to the extent of the exceptions provided in U.S. Treasury Regulations Sections 1.704-2(f) and 1.704-2(i)(4). 

(ii)    Qualified Income Offset. If any Partner unexpectedly receives any adjustments, allocations, or
distributions described in U.S. Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated to such Partner in an amount and manner
sufficient to eliminate the deficit Capital Account balance created by such adjustments, allocations or distributions as promptly as possible; provided that an allocation pursuant to this Section 5.1(c)(ii) shall be made only to the
extent that a Partner would have a deficit Capital Account balance in excess of such sum after all other allocations provided for in this Article V have been tentatively made as if this Section 5.1(c)(ii) were not in this Agreement. This
Section 5.1(c)(ii) is intended to comply with the “qualified income offset” requirement of the Code and shall be interpreted consistently therewith. 

(iii)    Gross Income Allocation. If one or more Partners has a deficit Capital Account at the end of any Fiscal
Year that is in excess of the sum of (i) the amount each such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount each such Partner is deemed to be obligated to restore pursuant to the
penultimate sentences of U.S. Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income
and gain in the amount of such excess as quickly as possible (in proportion to the amount of such deficit); provided that an allocation pursuant to this Section 5.1(c)(iii) shall be made only if and to the extent that a Partner would
have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article V have been tentatively made as if Section 5.1(c)(ii) and this Section 5.1(c)(iii) were not in this Agreement. 

  
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 (iv)    Payee Allocation. If any payment to any person that is
treated by the Partnership as the payment of an expense is recharacterized by a taxing authority as a Partnership distribution to the payee as a partner, such payee shall be specially allocated, in the manner determined by the General Partner, an
amount of Partnership gross income and gain as quickly as possible equal to the amount of the distribution. 

(v)    Nonrecourse Deductions. Nonrecourse Deductions shall be allocated pro rata based on the number of
Partnership Units held by each Partner. “Partner Nonrecourse Deductions” has the meaning specified in U.S. Treasury Regulations Section 1.704-2(i)(2). 

(vi)    Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated
to the Partner who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable in accordance with U.S. Treasury Regulations
Section 1.704-2(j). “Partner Nonrecourse Deductions” has the meaning specified in U.S. Treasury Regulations Section 1.704-2(i)(2). 

(vii)    Any special allocations of income or gain pursuant to Section 5.1(c)(ii) or Section 5.1(c)(iii) hereof
shall be taken into account in computing subsequent allocations pursuant to Section 5.1(b) and this Section 5.1(c)(vii), so that the net amount of any items so allocated and all other items allocated to each Partner shall, to the
extent possible, be equal to the net amount that would have been allocated to each Partner if such allocations pursuant to Section 5.1(c)(ii) or Section 5.1(c)(iii) had not occurred. 

(d)    Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership
Interest, the distributive shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the
Partnership’s fiscal year had ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such
fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss
between the transferor and the transferee Partner. 
 (e)    Section 1061 Allocations. In accordance with
U.S. Treasury Regulations section 1.1061-3(c)(3), the General Partner shall (i) determine and calculate separate allocations attributable to (A) distributions to the Special Limited Partner that are
not attributable to Capital Contributions by the Special Limited Partner and (B) distributions of all other proceeds of the Partnership and (ii) clearly and contemporaneously reflect such separate allocations in its books and records, in
each case, within the meaning of U.S. Treasury Regulations section 1.1061-3(c)(3) (taking into account U.S. Treasury Regulations section 1.1061-3(c)(3)(iii)) and as
reasonably determined by the General Partner. 

  
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 (f)    Definition of Profit and Loss. “Profit” and
“Loss” and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with the accounting method used by the Partnership for U.S. federal income tax purposes with the following adjustments:
(i) all items of income, gain, loss or deduction allocated pursuant to Sections 5.1(c)(i) through (iii) shall not be taken into account in computing such taxable income or loss; (ii) any income of the Partnership that is exempt from
U.S. federal income taxation and not otherwise taken into account in computing Profit and Loss shall be added to such taxable income or loss; (iii) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income
tax purposes, any depreciation, amortization, gain or loss resulting from a disposition of such asset shall be calculated with reference to such Carrying Value; (iv) upon an adjustment to the Carrying Value of any asset pursuant to the
definition of Carrying Value (other than an adjustment in respect of depreciation, amortization or cost recovery deductions), the amount of the adjustment shall be included as gain or loss in computing such taxable income or loss; (v) if the
Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or cost recovery deductions with respect to such asset for purposes of Profit and Loss shall be an amount
which bears the same ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery deductions bears to such adjusted tax basis (provided that if the U.S. federal income tax depreciation,
amortization or other cost recovery deduction is zero, the Partners may use any reasonable method for purposes of determining depreciation, amortization or other cost recovery deductions in calculating Profit and Loss; and (vi) except for items
in (i) above, any expenditures of the Partnership not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing Profit and Loss pursuant to this definition shall be treated as
deductible items. 
 (g)    Tax Allocations. All items of income, gain, loss, deduction and credit of the
Partnership shall be allocated among the Partners for federal, state and local income tax purposes consistent with the manner that the corresponding constituent items of Profit and Loss shall be allocated among the Partners pursuant to this
Agreement in the manner determined by the General Partner, except as may otherwise be provided herein or by the Code. Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic
effect to the provisions of this Agreement, taking into account facts and circumstances as the General Partner deems reasonably necessary for this purpose. 

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

  
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 (i)    Allocations to the Special Limited Partner. The General
Partner intends to treat the Special Limited Partner’s entitlement to distributions with respect to the Performance Allocation as a “profits interest” held by the Special Limited Partner within the meaning of Revenue Procedure 93-27, 1993-2 C.B. 343, as clarified by Revenue Procedure 2001-43, 2001-34 I.R.B.1, regarding
the non-taxable issuance of “profits interest” to a service provider. Furthermore, the General Partner and the Special Limited Partner shall treat the Special Limited Partner as the owner of any such
interest from the date of its grant and the Special Limited Partner shall take into account the distributive share of gain, loss, deduction and credit associated with that interest in computing its tax liability for the entire period during which
the Special Limited Partner has an interest. The provisions of this Agreement shall be interpreted in a manner consistent with such characterization. 

Section 5.2.    Distribution of Cash. (a) The Partnership shall distribute cash on a quarterly (or, at
the election of the General Partner, more or less frequently) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or
other distribution period) in accordance with Section 5.2(b). The Partnership shall be deemed to have distributed cash to the General Partner in an amount equal to the amount of distributions by the General Partner that are reinvested in REIT
Shares issued by the General Partner pursuant to the General Partner’s distribution reinvestment plan, and the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of such distributions
in return for an equal number of Partnership Units having the same Class designation as the issued REIT Shares. 

(b)    Except for distributions pursuant to Section 5.6 in connection with the dissolution and liquidation of the
Partnership and subject to the provisions of Sections 5.2(c), 5.2(d), 5.2(e), 5.3 and 5.4, all distributions of cash (including any deemed distributions pursuant to Section 5.2(a)) shall be made to the Partners in amounts proportionate to the
aggregate Net Asset Value of the Partnership Units held by the respective Partners on the Partnership Record Date, except that the amount distributed per Partnership Unit of any Class may differ from the amount per Partnership Unit of another
Class on account of differences in Class-specific expense allocations with respect to REIT Shares as described in the Prospectus or for other reasons as determined by the Board of Directors of the General Partner. Any such differences shall
correspond to differences in the amount of distributions per REIT Share for REIT Shares of different Classes, with the same adjustments being made to the amount of distributions per Partnership Unit for Partnership Units of a particular
Class as are made to the distributions per REIT Share by the General Partner with respect to REIT Shares having the same Class designation. 

(c)    Notwithstanding the foregoing, so long as the Advisory Agreement has not been terminated (including by means of non-renewal), the Special Limited Partner shall be entitled to a distribution (the “Performance Allocation”), promptly following the end of each year (which shall accrue on a monthly basis) in an
amount equal to: 
 (i)    First, if the Total Return with respect to Class S Units, Class D Units,
Class I Units, Class F-S Units, Class F-D Units and Class F-I Units for the applicable period exceeds the
sum, with respect to such relevant class of Partnership Units, of (1) the Hurdle Amount for that period and (2) the Loss Carryforward Amount (any such excess, “Excess Profits”), 100% of such Excess Profits until the total
amount allocated to the Special Limited Partner with respect to such class of Partnership Units equals 12.5% (with respect to Class S Units, Class D Units or Class I Units) or 9.0% (with respect to
Class F-S Units, Class F-D Units or Class F-I Units) of the 

  
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sum of (x) the Hurdle Amount with respect to such class of Partnership Units for that period and (y) any amount allocated to the Special Limited Partner with respect to such class of
Partnership Units pursuant to this clause; and 
 (ii)    Second, to the extent there are remaining Excess
Profits, (1) with respect to Class S Units, Class D Units or Class I Units, 12.5% of such remaining Excess Profits and (2) with respect to Class F-S Units, Class F-D Units or Class F-I Units, 9.0% of such remaining Excess Profits. 

Any amount by which Total Return falls below the Hurdle Amount and that does not constitute Loss Carryforward Amount (in each case, with respect to the
Class S Units, Class D Units, Class I Units, Class F-S Units, Class F-D Units and Class F-I Units)
will not be carried forward to subsequent periods. 
 Any Performance Allocation with respect to any class of Partnership Units shall be specially allocated
to, and shall reduce the future distributions otherwise payable with respect to, such class of Partnership Units. The Special Limited Partner shall not be entitled to any Performance Allocation with respect to Class E Units. 

With respect to all Partnership Units that are repurchased at the end of any month in connection with repurchases of REIT Shares pursuant to
the General Partner’s share repurchase plan, the Special Limited Partner shall be entitled to such Performance Allocation in an amount calculated as described above calculated in respect of the portion of the year for which such Partnership
Units were outstanding, and proceeds for any such Partnership Unit repurchase will be reduced by the amount of any such Performance Allocation. 

Distributions on the Performance Allocation may be payable in cash or Class E Units at the election of the Special Limited Partner. If
the Special Limited Partner elects to receive such distributions in Class E Units, the Special Limited Partner will receive the number of Class E Units that results from dividing the Performance Allocation by the Net Asset Value per
Class E Unit at the time of such distribution. If the Special Limited Partner elects to receive such distributions in Class E Units, the Special Limited Partner may request the Partnership to redeem such Class E Units from the Special
Limited Partner at any time thereafter pursuant to Section 8.5. 
 The measurement of the change in Net Asset Value Per Unit for the
purpose of calculating the Total Return is subject to adjustment by the Board of Directors of the General Partner to account for any dividend, split, recapitalization or any other similar change in the Partnership’s capital structure or any
distributions that the Board of Directors of the General Partner deems to be a return of capital if such changes are not already reflected in the Partnership’s net assets. 

The Special Limited Partner will not be obligated to return any portion of the Performance Allocation paid due to the subsequent performance
of the Partnership. 
 In the event the Advisory Agreement is terminated (including by means of
non-renewal), the Special Limited Partner will be allocated any accrued Performance Allocation with respect to all Partnership Units as of the date of such termination. 

  
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 (d)    To the extent the Partnership is required by law to withhold or
to make tax payments (including interest and penalties thereon) on behalf of or with respect to any Partner (“Tax Advances”), the General Partner may withhold such amounts and make such tax payments as so required. All Tax Advances
made on behalf of a Partner shall, at the option of the General Partner, (i) be promptly paid to the Partnership by the Partner on whose behalf such Tax Advances were made or (ii) be repaid by reducing the amount of the current or next
succeeding distribution or distributions which would otherwise have been made to such Partner or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. Whenever the
General Partner selects the option set forth in clause (ii) of the immediately preceding sentence for repayment of a Tax Advance by a Partner, for all other purposes of this Agreement such Partner shall be treated as having received all
distributions unreduced by the amount of such Tax Advance. Each Partner hereby agrees to indemnify and hold harmless the Partnership and the General Partner and any member or officer of the General Partner from and against any liability with respect
to Tax Advances required on behalf of or with respect to such Partner. Each Partner shall furnish the General Partner with such information, forms and certifications as it may require and as are necessary to comply with the regulations governing the
obligations of withholding tax agents, as well as such information, forms and certifications as are necessary with respect to any withholding taxes imposed by countries other than the United States and represents and warrants that the information
and forms furnished by it shall be true and accurate in all respects. The amount of any taxes paid by or withheld from receipts of the Partnership (or any investment in which the Partnership invests that is treated as a flow-through entity for U.S.
federal income tax purposes) allocable to a Partner from an Investment shall be deemed to have been distributed to each Partner to the extent that the payment or withholding of such taxes reduced distribution proceeds otherwise distributable to such
Partner as provided herein. 
 (e)    In no event may a Partner receive a distribution of cash with respect to a
Partnership Unit if such Partner is entitled to receive a cash distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged. 

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

Section 5.4.    No Right to Distributions in Kind. No Partner shall be entitled to demand property other than
cash in connection with any distributions by the Partnership. 
 Section 5.5.    Limitations on Return of
Capital Contributions. Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a
Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the
fair market value of the Partnership’s assets. 

  
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 Section 5.6.    Distributions Upon Liquidation. Immediately
before liquidation of the Partnership, Class S Units will automatically convert to Class I Units at the Class S Conversion Rate, Class D Units will automatically convert to Class I Units at the Class D Conversion Rate, Class F-S Units will automatically convert to Class F-I Units at the Class F-S Conversion Rate, and Class F-D Units will automatically convert to Class F-I Units at the Class F-D Conversion Rate. Upon liquidation of the
Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans, and after payment of any accrued Performance Allocation to the Special Limited Partner, any remaining assets of the
Partnership shall be distributed to each holder of Class I Units and Class F-I Units in accordance with their positive Capital Account balance, which is intended to result in distributions made
ratably with each other holder of Class I Units, which will include all converted Class S Units and Class D Units, and with each other holder of Class F-I Units, which will include all
converted Class F-S Units and Class F-D Units, in such proportion as the number of outstanding Class I Units and
Class F-I Units held by such holder bears to the total number of outstanding Class I Units and Class F-I Units then outstanding. 

Notwithstanding any other provision of this Agreement, the amount by which the value, as determined in good faith by the General Partner, of
any property other than cash to be distributed in kind to the Partners exceeds or is less than the Carrying Value of such property shall, to the extent not otherwise recognized by the Partnership, be taken into account in computing Profit and Loss
of the Partnership for purposes of crediting or charging the Capital Accounts of, and distributing proceeds to, the Partners, pursuant to this Agreement. 

To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to
assure that adequate funds are available to pay any contingent debts or obligations. 

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

ARTICLE VI 
 RIGHTS,
OBLIGATIONS AND POWERS OF THE GENERAL PARTNER 
 Section 6.1.    Management of the Partnership.
(a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business of the Partnership for the purposes herein stated, and shall make all
decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement and without limiting any powers of the Adviser pursuant to the Advisory Agreement, the powers of the General Partner
shall include, without limitation, the authority to take the following actions on behalf of the Partnership: 

(i)    to acquire, purchase, own, operate, lease and dispose of any Property; 

  
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 (ii)    to construct buildings and make other improvements on the
properties owned or leased by the Partnership; 
 (iii)    to authorize, issue, sell, redeem or otherwise purchase any
Partnership Interests or any securities (including secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or
appreciation rights relating to any Partnership Interests) of the Partnership; 
 (iv)    to borrow or lend money for
the Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness
by mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 
 (v)    to pay, either directly or
by reimbursement, for all operating costs and general administrative expenses of the Partnership to third parties or to the General Partner or its Affiliates as set forth in this Agreement; 

(vi)    to guarantee or become a co-maker of indebtedness of the General Partner
or any Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust,
pledge or other lien on the Partnership’s assets; 
 (vii)    to use assets of the Partnership (including, without
limitation, cash on hand) for any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all operating costs and general administrative expenses of the General Partner, the Partnership
or any Subsidiary of either, to third parties or to the General Partner as set forth in this Agreement; 
 (viii)    to
lease all or any portion of any of the Partnership’s assets, whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such consideration
and on such terms as the General Partner may determine; 
 (ix)    to prosecute, defend, arbitrate, or compromise any
and all claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the
Partnership, or the Partnership’s assets; 
 (x)    to file applications, communicate, and otherwise deal with any
and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 

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

  
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 (xii)    to maintain such insurance coverage for public liability, fire
and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such types, as the General
Partner shall determine from time to time; 
 (xiii)    to determine whether or not to apply any insurance proceeds for
any property to the restoration of such property or to distribute the same; 
 (xiv)    to establish one or more
divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem
necessary or appropriate in connection with the Partnership business and to pay therefor such remuneration as the General Partner may deem reasonable and proper; 

(xv)    to retain other services of any kind or nature in connection with the Partnership business, and to pay therefor
such remuneration as the General Partner may deem reasonable and proper; 
 (xvi)    to negotiate and conclude
agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner; 

(xvii)    to maintain accurate accounting records and to file all federal, state and local income tax returns on behalf
of the Partnership; 
 (xviii)    to distribute Partnership cash or other Partnership assets in accordance with this
Agreement; 
 (xix)    to form or acquire an interest in, and contribute property to, any further limited or general
partnerships, joint ventures or other relationships that the General Partner deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other Person in which it has
an equity interest from time to time); 
 (xx)    to establish Partnership reserves for working capital, capital
expenditures, contingent liabilities, or any other valid Partnership purpose; 
 (xxi)    to merge, consolidate or
combine the Partnership with or into another Person; 
 (xxii)    to do any and all acts and things necessary or
prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code; and 

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

  
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 (b)    Except as otherwise provided herein, to the extent the duties of
the General Partner require expenditures of funds to be paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that Partnership funds are reasonably available to it for the performance of such
duties, and nothing herein contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf
of the Partnership. 
 Section 6.2.    Delegation of Authority. The General Partner may delegate any or all
of its powers, rights and obligations hereunder to any Person, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person (which may include the Adviser) may, under
supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may approve. 

Section 6.3.    Indemnification and Exculpation of Indemnitees. (a) To the fullest extent permitted by
law, the Partnership shall indemnify and hereby agrees to indemnify and hold harmless an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, costs and expenses (including reasonable legal fees and
expenses), judgments, fines, settlements, penalties and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, of any nature whatsoever, known or unknown, liquidated
or unliquidated, that are incurred by any Indemnitee and that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is
established that: (i) the act or omission of the Indemnitee was material to the matter giving rise to the proceeding and constituted willful misconduct or gross negligence; (ii) the Indemnitee actually received an improper personal benefit
in money, property or services; or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. The termination of any proceeding by settlement, judgment, order or upon a
plea of nolo contendere or its equivalent shall not, of itself, create a presumption that an Indemnitee did not act in good faith and in a manner that the Indemnitee believed to be in or not opposed to the best interests of the Partnership or that
the Indemnitee’s conduct constituted fraud, willful misconduct, gross negligence, a material breach of this Agreement, a breach of its fiduciary duty or, with respect to any criminal action or proceeding, an Indemnitee had no reasonable cause
to believe his conduct was unlawful. Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership. 

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

  
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 (c)    The indemnification provided by this Section 6.3 shall be in
addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in
such capacity. 
 (d)    The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf
of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of
whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

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

(f)    In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification
provisions set forth in this Agreement. 
 (g)    An Indemnitee shall not be denied indemnification in whole or in part
under this Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement and the Articles of Incorporation. 

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

Section 6.4.    Liability and Obligations of the General Partner. (a) Notwithstanding anything to the
contrary set forth in this Agreement, the General Partner (including in its capacity as Partnership Representative) shall not be liable for monetary damages to the Partnership or any Partners for losses sustained or liabilities incurred as a result
of errors in judgment or of any act or omission not amounting to willful misconduct or gross negligence. The General Partner shall not be in breach of any duty that the General Partner may owe to the Limited Partners or the Partnership or any other
Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this Agreement. 

(b)    The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself
and its stockholders collectively, and that neither the General Partner nor its Board of Directors is under any obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited
Partners or 

  
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the tax consequences of some, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the
interests of the General Partner’s stockholders on one hand and the Limited Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited
Partners; provided, however, that for so long as the General Partner directly owns a controlling interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be
resolved in a manner not adverse to either its stockholders or the Limited Partners shall be resolved in favor of the stockholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits
not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith. 

(c)    Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the General Partner
may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on
the part of any such agent appointed by it in good faith. 
 (d)    Notwithstanding any other provisions of this
Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is
necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT, (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other
provision of the Code, or (iii) to ensure that the Partnership will not be classified as a “publicly traded partnership” under section 7704 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the
Limited Partners. 
 (e)    Any amendment, modification or repeal of this Section 6.4 or any provision hereof shall
be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment, modification or
repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 

Section 6.5.    Reimbursement of General Partner. (a) Except as provided in this Section 6.5 and
elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the
Partnership. 
 (b)    The General Partner shall be reimbursed on a monthly basis, or such other basis as the General
Partner may determine in its sole and absolute discretion, for all Administrative Expenses incurred by the General Partner. 

Section 6.6.    Outside Activities. (a) Subject to Section 6.8 hereof, the Articles of Incorporation
and any agreements entered into by the General Partner or its Affiliates with the Partnership or any of its Subsidiaries, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner shall be entitled to and may
have, directly or indirectly, business 

  
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interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the
Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement in any such business ventures, interests or activities. None of the Limited Partners nor any other Person shall have any rights by
virtue of this Agreement or the partnership relationship established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to communicate or offer any opportunities
or interest in any such business ventures, interests and activities to the Partnership or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person,
even if it may raise a conflict of interest with the Limited Partners or the Partnership. The General Partner will not be liable for breach of any fiduciary or other duty by reason of the fact that such party pursues or acquires for, or directs such
opportunity or interest to another Person or does not communicate or offer such opportunity or interest to the Partnership. 

(b)    No Limited Partner shall, by reason of being a Limited Partner in the Partnership, have any right to participate in
any manner in any profits or income earned or derived by or accruing to the General Partner and its respective Affiliates, or the respective members, partners, officers, directors, employees, stockholders, agents or representatives thereof from the
conduct of any business other than the business of the Partnership or from any transaction in instruments effected by the General Partner and its Affiliates or the respective members, partners, stockholders, officers, directors, employees or agents
thereof for any account other than that of the Partnership. 
 Section 6.7.    Transactions With Affiliates.
(a) Any Affiliate of the General Partner or the Adviser may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent,
lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner determines to be fair and reasonable. 

(b)    The Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment,
and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any
other Person. 
 (c)    The Partnership may transfer assets to joint ventures, other partnerships, corporations or other
business entities in which it is or thereby becomes a participant, and in which any of its Affiliates may or may not be a participant, upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement,
applicable law, the Articles of Incorporation and the REIT status of the General Partner. 
 (d)    Except as expressly
permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are, in
the General Partner’s sole discretion, on terms that are fair and reasonable to the Partnership and in compliance with the Articles of Incorporation. 

  
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 Section 6.8.    Title to Partnership Assets. Title to
Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership
assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner.
The General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and
benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the
Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 

Section 6.9.    Repurchases and Exchanges of REIT Shares. 

(a)    Repurchases. If the General Partner repurchases any REIT Shares (other than REIT Shares repurchased with
proceeds received from the issuance of other REIT Shares), then the General Partner shall cause the Partnership to purchase from the General Partner a number of Partnership Units having the same Class designation as the repurchased REIT Shares
for that Class of Partnership Units on the same terms that the General Partner repurchased such REIT Shares (including any applicable discount to Net Asset Value). 

(b)    Exchanges. If the General Partner exchanges any REIT Shares of any Class (“Exchanged REIT
Shares”) for, or converts any REIT Shares of any Class to, REIT Shares of a different Class (“Received REIT Shares”), then the General Partner shall, and shall cause the Partnership to, exchange or convert a number of
Partnership Units having the same Class designation as the Exchanged REIT Shares, for Partnership Units having the same Class designation as the Received REIT Shares on the same terms that the General Partner exchanged or converted the
Exchanged REIT Shares. 
 Section 6.10.    No Duplication of Fees or Expenses. The Partnership may not incur
or be responsible for any fee or expense (in connection with an Offering or otherwise) that would be duplicative of fees and expenses paid by the General Partner. 

ARTICLE VII 
 CHANGES IN
GENERAL PARTNER 
 Section 7.1.    Transfer of the General Partner’s Partnership Interest.
(a) The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as provided in, or in connection with a transaction contemplated by, Section 7.1(c), (d) or (e). 

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

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

(iii)    the General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do
not receive cash, securities, or other property in the Transaction or (B) all Limited Partners receive in exchange for their Partnership Units of each Class, an amount of cash, securities, or other property (expressed as an amount per REIT
Share) that is no less than the greatest amount of cash, securities, or other property (expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares having the same Class designation as the Partnership Units
being exchanged. 
 (c)    Notwithstanding Section 7.1(b), the General Partner may merge with or into or
consolidate with another entity if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Survivor”), other than Partnership Units held by the General
Partner, are contributed, directly or indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Survivor in good faith and
(ii) the Survivor expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this
Section 7.1(c). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount and the REIT Shares Amount after any such merger or consolidation so as to approximate the existing method for such calculation as
closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Shares of each
Class or options, warrants or other rights relating thereto, and which a holder of Partnership Units of any Class could have acquired had such Partnership Units been exchanged immediately prior to such merger or consolidation. Such
amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for in Section 4.3(a)(ii). The Survivor also shall in good faith
modify the definition of REIT Shares and make such amendments to Section 8.5 so as to approximate the existing rights and obligations set forth in Section 8.5 as closely as reasonably possible. The above provisions of this
Section 7.1(c) shall similarly apply to successive mergers or consolidations permitted hereunder. 

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

(d)    Notwithstanding Section 7.1(b), a General Partner may transfer all or any portion of its General Partnership
Interest to (A) a wholly owned Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General
Partner. 
 Section 7.2.    Admission of a Substitute or Additional General Partner. A Person shall be
admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied: 

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

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

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

 Section 7.3.    Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General
Partner. (a) Upon the occurrence of an Event of Bankruptcy as to the sole remaining General Partner (and its removal pursuant to Section 7.4(a)) or the death, withdrawal, removal or dissolution of the sole remaining General Partner
(except that, if the sole remaining General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution
of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the 

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

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

Section 7.4.    Removal of a General Partner. (a) Upon the occurrence of an Event of Bankruptcy as to, or
the dissolution of, a General Partner, such General Partner shall be deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death or
dissolution of, Event of Bankruptcy as to, or removal of, a partner in, such partnership shall be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The
Limited Partners may not remove the General Partner, with or without cause. 
 (b)    If a General Partner has been
removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner
approved by the Limited Partners in accordance with Section 7.3(b) and otherwise admitted to the Partnership in accordance with Section 7.2. At the time of assignment, the removed General Partner shall be entitled to receive from the
substitute General Partner the fair market value of the General Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an
appraiser mutually agreed upon by the General Partner and the Limited Partners holding a majority of the Percentage Interests of all Limited Partners within 10 days following the removal of the General Partner. If the parties are unable to agree
upon an appraiser, the removed General Partner and the Limited Partners holding a majority of the Percentage Interests of all Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value
of the removed General Partner’s General Partnership Interest within 30 days of the General Partner’s removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two
appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner,
shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market
value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals closest in value. 

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

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

 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 

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

Section 8.2.    Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its
true and lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to,
deliver, file or record, at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in
accordance with their terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership
Interest. 
 Section 8.3.    Limitation on Liability of Limited Partners. No Limited Partner shall be liable
for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is
fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership. 

Section 8.4.    Ownership by Limited Partner of Corporate General Partner or Affiliate. No Limited Partner
shall at any time, either directly or indirectly, own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction with other stock or other interests owned by other Limited Partners
would, in the opinion of counsel for the Partnership, jeopardize the classification of the Partnership as a partnership for federal tax purposes. The General Partner shall be entitled to make such reasonable inquiry of the Limited Partners as is
required to establish compliance by the Limited Partners with the provisions of this Section. 

  
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 Section 8.5.    Redemption Right. (a) Subject to this
Section 8.5 and the provisions of any agreements between the Partnership and one or more Limited Partners with respect to Partnership Units held by them, each Limited Partner other than the General Partner, after holding any Partnership Units
for at least one year, shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem (a “Redemption”) all or a portion of such Partnership Units (the “Tendered
Units”) in exchange (a “Redemption Right”) for the Cash Amount payable on the Specified Redemption Date. Notwithstanding the foregoing, the General Partner shall have the right but not the obligation, in its sole
discretion, to elect to acquire any Tendered Units in exchange for a number of REIT Shares equal to the amount of such Tendered Units, in which case such REIT Shares shall be paid to the holder of such Tendered Units in lieu of the Cash Amount. Any
Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General Partner) by the Limited Partner exercising the Redemption Right (the “Tendering Party”). Within 15 days
of receipt of a Notice of Redemption, the Partnership will send to the Limited Partner submitting the Notice of Redemption a response stating whether the General Partner has determined the applicable Partnership Units will be redeemed for the Cash
Amount or acquired for REIT Shares. In either case, the Limited Partner shall be entitled to withdraw the Notice of Redemption if (i) it provides notice to the Partnership that it wishes to withdraw the request and (ii) the Partnership
receives the notice no less than two business days prior to the Specified Redemption Date. Notwithstanding the foregoing, the Special Limited Partner and the Adviser shall have the right to require the Partnership to redeem all or a portion of their
Class E Units pursuant to this Section 8.5 at any time irrespective of the period the Partnership Units have been held by the Special Limited Partner or the Adviser. The Partnership shall redeem any such Class E Units of the Special
Limited Partner or the Adviser for the Cash Amount unless the Board of Directors of the General Partner determines that any such redemption for cash would be prohibited by applicable law or this Agreement, in which case such Class E Units will
be redeemed for an amount of Class E REIT Shares with an aggregate Net Asset Value equivalent to the aggregate Net Asset Value of such Class E Units. 

No Limited Partner, other than the Special Limited Partner and the Adviser, may deliver more than two Notices of Redemption during each
calendar year. A Limited Partner other than the Special Limited Partner and the Adviser may not exercise the Redemption Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the
Partnership Units held by such Partner. The Tendering Party shall have no right, with respect to any Partnership Units so redeemed, to receive any distribution paid with respect to Partnership Units if the record date for such distribution is on or
after the Specified Redemption Date. 
 (b)    If the General Partner elects to acquire Tendered Units for REIT Shares
rather than cash, then the Partnership shall direct the General Partner to issue and deliver such REIT Shares to the Tendering Party pursuant to the terms set forth in this Section 8.5(b), in which case, (i) the General Partner, acting as
a distinct legal entity, shall assume directly the obligation with respect thereto and shall satisfy the Tendering Party’s exercise of its Redemption Right, and (ii) such transaction shall be treated, for federal income tax purposes, as a
transfer by the Tendering Party of such Tendered Units to the General Partner in exchange for REIT Shares. The percentage 

  
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of the Tendered Units tendered for Redemption by the Tendering Party for which the General Partner elects to issue REIT Shares (rather than cash) is referred to as the “Applicable
Percentage.” In making such election to acquire Tendered Units, the General Partner shall act in a fair, equitable and reasonable manner that neither prefers one group or class of Limited Partners over another nor discriminates against a
group or class of Limited Partners. If the General Partner elects to acquire any number of Tendered Units for REIT Shares rather than cash, on the Specified Redemption Date, the Tendering Party shall sell such number of the Tendered Units to the
General Partner in exchange for a number of REIT Shares equal to the product of the REIT Shares Amount and the Applicable Percentage. The product of the Applicable Percentage and the REIT Shares Amount, if applicable, shall be delivered by the
General Partner as duly authorized, validly issued, fully paid and non-assessable REIT Shares free of any pledge, lien, encumbrance or restriction, other than the Aggregate Share Ownership Limit (as calculated
in accordance with the Articles of Incorporation) and other restrictions provided in the Article of Incorporation, the bylaws of the General Partner, the Securities Act and relevant state securities or “blue sky” laws. Notwithstanding the
provisions of Section 8.5(a) and this Section 8.5(b), the Tendering Parties shall have no rights under this Agreement that would otherwise be prohibited under the Articles of Incorporation. 

(c)    In connection with an exercise of Redemption Rights pursuant to this Section 8.5, the Tendering Party shall
submit the following to the General Partner, in addition to the Notice of Redemption: 
 (A)    a written affidavit,
dated the same date as the Notice of Redemption, (a) disclosing the actual and constructive ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Tendering Party and (ii) any Related
Party and (b) representing that, after giving effect to the Redemption, neither the Tendering Party nor any Related Party will own REIT Shares in excess of the Aggregate Share Ownership Limit (or, if applicable the Excepted Holder Limit); 

(B)    a written representation that neither the Tendering Party nor any Related Party has any intention to acquire any
additional REIT Shares prior to the closing of the Redemption on the Specified Redemption Date 
 (C)    an undertaking
to certify, at and as a condition to the closing of the Redemption on the Specified Redemption Date, that either (a) the actual and constructive ownership of REIT Shares by the Tendering Party and any Related Party remain unchanged from that
disclosed in the affidavit required by Section 8.5(c)(A) or (b) after giving effect to the Redemption, neither the Tendering Party nor any Related Party shall own REIT Shares in violation of the Aggregate Share Ownership Limit (or, if
applicable, the Excepted Holder Limit); and 
 (D)    any other documents as the General Partner may reasonably
require. 
 (d)    Any Cash Amount to be paid to a Tendering Party pursuant to this Section 8.5 shall be paid on
the Specified Redemption Date; provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 180 days to the extent required for the General Partner to cause
additional REIT Shares to be issued 

  
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to provide financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition
of Tendered Units hereunder to occur as quickly as reasonably possible. 
 (e)    Notwithstanding any other provision of
this Agreement, a holder of Partnership Units (i) shall not be entitled to effect a Redemption, whether for cash or an exchange for REIT Shares, to the extent the ownership of or right to acquire REIT Shares pursuant to such exchange by such
Partner could cause such Partner or any other Person to violate the Common Share Ownership Limit, the Aggregate Share Ownership Limit, or any Excepted Holder Limit, could cause the General Partner’s common stock to be owned by less than 100
persons, could cause the General Partner to be “closely held” within the meaning of section 856(h) of the Code, or could cause the Partnership to constitute a “publicly traded partnership” under section 7704 of the Code
and (ii) shall have no rights under this Agreement to acquire REIT Shares which would otherwise be prohibited under the Charter. To the extent any attempted Redemption or exchange for REIT Shares would be in violation of this
Section 8.5(e), it shall be null and void ab initio and such holder of OP Units shall not acquire any rights or economic interest in the cash otherwise payable upon such Redemption or the REIT Shares otherwise issuable upon such exchange. 

(f)    A redemption fee may be charged (other than to the Adviser, Special Limited Partner or their Affiliates) in
connection with an exercise of Redemption Rights pursuant to this Section 8.5. 
 ARTICLE IX 

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 

Section 9.1.    Purchase for Investment. (a) Each Limited Partner hereby represents and warrants to the
General Partner and to the Partnership that the acquisition of his Partnership Interest is made as a principal for his account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. 

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

Section 9.2.    Restrictions on Transfer of Limited Partnership Interests. (a) Subject to the provisions
of Section 9.2(b) and (c), no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited
Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute
discretion; provided that each of the Special Limited Partner, the Adviser or any of their Affiliates may transfer all or any portion of its Limited Partnership Interest, or any of its economic rights as a Limited Partner, to any of its
Affiliates without the consent of the General Partner. Any such purported transfer 

  
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undertaken without such consent shall be considered to be null and void ab initio and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it
consents, that the transferor assume all costs incurred by the Partnership in connection therewith. 
 (b)    No Limited
Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all
of its Partnership Interest pursuant to this Article 9 or pursuant to a redemption of all of its Partnership Units pursuant to Section 8.5. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such
Limited Partner shall cease to be a Limited Partner. 
 (c)    Notwithstanding Section 9.2(a) and subject to
Sections 9.2(d), (e) and (f) below, a Limited Partner may Transfer, without the consent of the General Partner, all or a portion of its Partnership Interest to (i) a parent or parent’s spouse, natural or adopted descendant or
descendants, spouse of such descendant, or brother or sister, or a trust created by such Limited Partner for the benefit of such Limited Partner and/or any such person(s), of which trust such Limited Partner or any such person(s) is a trustee,
(ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity, its beneficial owners. 

(d)    No Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, without the
consent of the General Partner, which may be withheld in its sole and absolute discretion, if, in the opinion of legal counsel for the Partnership, such proposed Transfer would require the registration of the Limited Partnership Interest under the
Securities Act or would otherwise violate any applicable federal or state securities or blue sky law (including investment suitability standards). 

(e)    No Transfer by a Limited Partner of its Partnership Interest, in whole or in part, may be made to any Person
without the consent of the General Partner, which may be withheld in its sole and absolute discretion, if (i) in the opinion of legal counsel for the Partnership, the transfer would result in the Partnership’s being treated as an
association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code provided that the General Partner determines such treatment would be in the best interest of the Partnership),
(ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under Section 857 or
Section 4981 of the Code, (iii) in the opinion of legal counsel for the Partnership, the transfer would cause the Partnership not to qualify for the safe harbor described in U.S. Treasury Regulations
Section 1.7704-1(h), or (iv) such transfer is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the
meaning of Section 7704 of the Code. 
 (f)    No transfer by a Limited Partner of any Partnership Interest may be
made to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability
(within the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to
such consent the lender may be required to enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a 

  
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security interest is held simultaneously with the time at which such lender would be deemed to be a Partner in the Partnership for purposes of allocating liabilities to such lender under
Section 752 of the Code. 
 (g)    Any Transfer in contravention of any of the provisions of this Article 9 shall
be void and ineffectual and shall not be binding upon, or recognized by, the Partnership. 
 (h)    Prior to the
consummation of any Transfer under this Article 9, the transferor and/or the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer. 

Section 9.3.    Admission of Substitute Limited Partner. (a) Subject to the other provisions of this
Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed
admitted as a Limited Partner of the Partnership only with the consent of the General Partner and upon the satisfactory completion of the following: 

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

(i)    To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall
have been signed, acknowledged and filed for record in accordance with the Act. 
 (ii)    The assignee shall have
delivered a letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 

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

(iv)    The assignee shall have executed a power of attorney containing the terms and provisions set forth in
Section 8.2 hereof. 
 (v)    The assignee shall have paid all legal fees and other expenses of the Partnership
and the General Partner and filing and publication costs in connection with its substitution as a Limited Partner. 

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

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

(d)    The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the
documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such
Person as a Limited Partner of the Partnership. 
 Section 9.4.    Rights of Assignees of Partnership
Interests. (a) Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its
Partnership Interest until the Partnership has received notice thereof. 
 (b)    Any Person who is the assignee of all
or any portion of a Limited Partner’s Limited Partnership Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this
Article 9 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of its Limited Partnership Interest. 

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

Section 9.6.    Joint Ownership of Interests. A Partnership Interest may be acquired by two individuals as
joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest
shall be required to constitute the action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence
satisfactory to the counsel for the Partnership that the actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a
joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held

  
 - 41 - 

 
Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner shall cause the Partnership Interest to be
divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former owners. 
 ARTICLE X

 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 

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

Section 10.2.    Custody of Partnership Funds; Bank Accounts. (a) All funds of the Partnership not
otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may,
from time to time, determine. 
 (b)    All deposits and other funds not needed in the operation of the business of the
Partnership may be invested in any manner determined by the General Partner in its sole discretion. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an
investment permitted by this Section 10.2(b). 
 Section 10.3.    Fiscal and Taxable Year. The fiscal
and taxable year of the Partnership shall be the calendar year. 
 Section 10.4.    Annual Tax Information and
Report. Within 90 days after the end of each fiscal year of the Partnership, the General Partner shall furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such Limited
Partner’s individual tax returns as required by law; provided that such information may be based upon estimates if the tax information for the Operating Partnership has not yet been finalized by that time. If the information provided pursuant
to this Section 10.4 is based on estimates, the General Partner shall furnish updated tax information to a Limited Partner within a reasonable time after such Partnership tax returns are finalized. 

Section 10.5.    Partnership Representative; Tax Elections; Special Basis Adjustments. (a) The General
Partner shall act as or appoint the “Partnership Representative” within the meaning of Section 6223(a) of the Code and any similar provisions under any state, local or foreign 

  
 - 42 - 

 
tax law, and the Partnership Representative shall appoint a designated individual with substantial presence in the United States through which the Partnership Representative will act. As
Partnership Representative, the General Partner (or its appointee) shall have the right and obligation to take all actions authorized and required by the Code for the Partnership Representative. The General Partner (or its appointee) shall have the
right to retain professional assistance in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner
(or its appointee) on behalf of the Partnership as Partnership Representative shall constitute Partnership expenses. 

(b)    Each Partner and former Partner agrees to indemnify and hold harmless the Partnership and the General Partner from
and against any liability for any “imputed underpayment” as defined in Section 6225 of the Code (including any interest and penalties) imposed on the Partnership and attributable to such Partner’s allocable share of any
adjustment to an item of income, gain, loss, deduction or credit, in any fiscal year in which such Partner or former Partner was a partner in the Partnership, as determined by the General Partner in its discretion. Each Limited Partner agrees to
reimburse the Partnership Representative and the Partnership for the costs of the Partnership Representative and the Partnership in contesting the partnership adjustment, and to advance any deposit required to contest such partnership adjustment, in
accordance with the Partnership Interests of the Partners and former Partners in the Partnership during the reviewed fiscal year, as determined by the General Partner in its discretion. The obligations of this Section 10.5(b) shall survive the
Transfer of a Partnership Interest, the withdrawal of any Limited Partner, and the termination of the Partnership and this Agreement. 

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

Section 10.6.    Reports to Limited Partners. As soon as practicable after the close of each fiscal year, but
in no event later than the date on which the General Partner mails its annual report to holders of the REIT Shares, the General Partner shall cause to be mailed to each Limited Partner an annual report containing financial statements of the
Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. The annual financial
statements shall be audited by accountants selected by the General Partner. 

  
 - 43 - 

 ARTICLE XI 

AMENDMENT OF AGREEMENT; MERGER 

The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the
Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any other partnership or business entity (as defined in Section 17-211 of the Act) in a
transaction pursuant to Section 7.1(c), (d) or (e) hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall require the consent of Limited Partners holding
more than 50% of the Percentage Interests of the Limited Partners: 
 (a)    any amendment affecting the operation of
the Redemption Right (except as provided in Section 8.5(d), 7.1(c) or 7.1(d)) in a manner adverse to the Limited Partners; 

(b)    any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable
to them hereunder, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.3; 

(c)    any amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited Partners, other
than with respect to the issuance of additional Partnership Units pursuant to Section 4.3; or 
 (d)    any
amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership. 
 ARTICLE
XII 
 GENERAL PROVISIONS 

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

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

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

Section 12.4.    Severability. If any provision of this Agreement shall be declared illegal, invalid, or
unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 

  
 - 44 - 

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

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

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

Section 12.8.    Counterparts. This Agreement may be executed in several counterparts, each of which shall be
deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. A Person’s execution and delivery
of this Agreement by electronic signature and electronic transmission, including via Docusign or other similar method, shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such Person and shall bind such
Person to the terms of this Agreement. 
 Section 12.9.    Governing Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of Delaware. 

  
 - 45 - 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this
Agreement of Limited Partnership, all as of the date first set forth above. 
  

			
	GENERAL PARTNER:
	
	APOLLO REALTY INCOME SOLUTIONS, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	SPECIAL LIMITED PARTNER:
	
	ARIS SPECIAL LIMITED PARTNER, LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT A 

PARTNERS, CAPITAL CONTRIBUTIONS, UNITS AND PERCENTAGE INTERESTS 

 

																																							
	 Partner
	  	Type of
Interest	  	Contribution	 	  	Class S
Units	 	  	Class D
Units	 	  	Class I
Units	 	  	Class
F-S
Units	 	  	Class
F-D
Units	 	  	Class
F-I
Units	 	  	Class
E
Units	 	  	Percentage
Interest	 
	 GENERAL PARTNER:
	  		  				  				  				  				  				  				  				  				  			
											
	 Apollo Realty Income Solutions, Inc. 9 W 57th
Street, 42nd Floor, New York, NY 10019
	  	General
Partnership
Interest	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  				  	 	N/A	 	  				  				  	 	N/A	 
											
		  	Limited
Partnership
Interest	  	$	200,000	 	  	 	0	 	  	 	0	 	  	 	20,000	 	  				  	 	0	 	  				  				  	 	0	 
											
	 LIMITED PARTNERS:
	  		  				  				  				  				  				  				  				  				  			
											
	 Totals
	  		  	$	 	 	  				  				  				  				  				  				  				  			
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 SPECIAL LIMITED PARTNER:
	  		  				  				  				  				  				  				  				  				  			
											
	 ARIS Special Limited Partner, LLC, 9 W 57th
Street, 42nd Floor, New York, NY 10019
	  		  				  				  				  				  				  				  				  				  			

  
 Exh. A-1 

 EXHIBIT B 

NOTICE OF EXERCISE OF REDEMPTION RIGHT 

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

Dated:    , 
  

	
	  
 (Name of Limited
Partner)

	
	  
 (Signature of Limited
Partner)

	
	  
 (Mailing Address)

	
	  
 (City) (State) (Zip
Code)

	
	  
 Signature Guaranteed
by:

  

			
	If REIT Shares are to be issued, issue to:
		
	Name:	 	  

 

			
	 Social Security

or

			
	Tax I.D. Number:	 	  

  
 Exh. B-1EX-10.3

 Exhibit 10.3 

FORM OF ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Escrow Agreement”), dated as of __________ __, 2022, is entered into by and among Apollo
Realty Income Solutions, Inc., a Maryland corporation (the “Company”), Apollo Global Securities, LLC, a Delaware limited liability company, as dealer manager for the Company (the “Dealer Manager”), and UMB Bank,
N.A., as escrow agent (the “Escrow Agent”). 
 WHEREAS, the Company is registering for sale in a public offering
(the “Offering”) a maximum of $5,000,000,000 in shares of its common stock, $0.01 par value per share, consisting of: (a) up to $4,000,000,000 of any combination of Class S common stock, Class D common stock,
Class I common stock, Class F-S common stock, Class F-D common stock, and Class F-I common stock
(collectively, the “Shares”) in the primary offering, and (b) up to $1,000,000,000 in Shares pursuant to the Company distribution reinvestment plan, pursuant to the Company’s Registration Statement on Form S-11 (File No. 333-264456), as amended from time to time; 

WHEREAS, the Dealer Manager has been engaged by the Company to offer and sell the Shares on a best-efforts basis in the Offering
through a network of participating broker-dealers (the “Selected Dealers”); 
 WHEREAS, the Company and the Dealer
Manager desire to establish an escrow account (the “Escrow Account”) as further described herein and to deposit funds contributed by subscribers subscribing to purchase Shares (“Subscribers”) with the Escrow Agent
in the Escrow Account, to be held for the benefit of the Subscribers and the Company until such time as subscriptions for the Minimum Amount (as defined below) has been deposited into the Escrow Account in accordance with the terms of this Escrow
Agreement; 
 WHEREAS, deposits received from residents of the State of Pennsylvania (the “Pennsylvania Subscribers”) will
remain in the Escrow Account until the conditions of Section 3 have been met; 
 WHEREAS, DST Systems, Inc. (the
“Transfer Agent”) has been engaged to receive, examine for “good order” and facilitate subscriptions into the Escrow Account as further described herein and to act as record keeper, maintaining on behalf of the Escrow
Agent the ownership records for the Escrow Account; and 
 WHEREAS, the Escrow Agent is willing to accept appointment as escrow agent
upon the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises set forth above and other good
and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 
  

	1.	 Escrow of Subscriber Funds. 

(a) On or before the commencement of the Offering, the Company shall establish the Escrow Account with the Escrow Agent, which shall be
entitled “UMB Bank, N.A., as Escrow Agent for Apollo Realty Income Solutions, Inc.” All funds received from Subscribers in payment for the Shares (“Subscriber Funds”) which comply with the instructions set forth in
Section 2(a) will be delivered to the Escrow Agent promptly following the day upon which such Subscriber Funds are received by the Transfer Agent and such subscription is accepted by the Company, and shall, upon receipt of good and collected
funds by the Escrow Agent, be retained in the Escrow Account for the benefit of the Subscribers and the Company by the Escrow Agent and invested as stated below. Subscriber Funds also may be wired directly to the Escrow Account using wire
instructions provided by the Escrow Agent. Such Subscriber Funds shall be retained in the Escrow Account by the Escrow Agent and invested as set forth in Section 9 (Investment of Subscriber Funds; Income Allocation and Reporting) and shall be
deposited within one (1) business day of receipt. 
 (b) The Escrow Agent shall have no duty to make any disbursement, investment or
other use of Subscriber Funds until and unless it has good and collected funds. In the event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow
Agent, then the Company shall promptly reimburse the Escrow Agent for any and all reasonable costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or
responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by a Subscriber to the extent the Escrow Agent deems it advisable or necessary to comply
with applicable laws. 

  
 1 

 (c) For the avoidance of doubt, this Agreement does not create any responsibility on the
part of the Dealer Manager to the Company or to the Escrow Agent for payments of any amounts under this Agreement. 
  

	2.	 Operation of the Escrow. 

(a) Until such time as the Company has received subscriptions for Shares resulting in gross subscription proceeds equal to the Minimum Amount
(as defined below) and the funds in the Escrow Account are disbursed from the Escrow Account in accordance with Section 2(b) hereof, Subscribers will be instructed to make checks, drafts, wires, Automated Clearing House (ACH) or money orders
(“Instruments of Payment”) for subscriptions payable to the order of “UMB Bank, N.A., as Escrow Agent for Apollo Realty Income Solutions, Inc.” Completed subscription agreements and Instruments of Payment for the purchase
price shall be remitted to the address designated for the receipt of such agreements and Instruments of Payment. Any Instruments of Payment made payable to a party other than the Escrow Agent as described above shall be returned to the Dealer
Manager or the Selected Dealer who submitted such Instrument of Payment. 
 When the Selected Dealer’s internal supervisory procedures are conducted at
the site at which the Instruments of Payment and the Subscription Materials (as defined below) are initially received by the Selected Dealer, by the end of the next business day after receipt of any Instruments of Payment and Subscription Materials,
the Selected Dealer will send to the Escrow Agent such Instruments of Payment along with each Subscriber’s name, address, executed Internal Revenue Service (“IRS”) Form W-9, number and
class of Shares purchased and purchase price remitted and any other subscription documentation (the “Subscription Materials”). 
 When the
Selected Dealer’s internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Selected Dealer shall transmit the Instruments of Payment and the Subscription Materials to the Final
Review Office by the end of the next business day after receipt of any Instruments of Payment and Subscription Materials, and then the Final Review Office will, by the end of the next business day following its receipt of the Instruments of Payment
and the Subscription Materials, forward the Instruments of Payment and the Subscription Materials to the Escrow Agent. 
 To the extent that subscription
agreements and payments are remitted by the Transfer Agent, the Company, the Dealer Manager or a Selected Dealer, the Transfer Agent, the Company, the Dealer Manager or a Selected Dealer, as applicable, will furnish to the Escrow Agent a list
detailing information regarding such subscriptions as set forth in Exhibit A (List of Subscribers). The Transfer Agent will promptly deliver all monies received in good order from Subscribers (or from the Company, the Dealer Manager or the Selected
Dealers transmitting monies and subscriptions from Subscribers) for the payment of Shares to the Escrow Agent for deposit in the Escrow Account. Deposits shall be held in the Escrow Account until such funds are disbursed in accordance with this
Section 2. Prior to disbursement of the funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Company or any of its affiliates. If any of the Instruments of Payment are returned to the Escrow Agent
for nonpayment prior to the satisfaction of the Minimum Amount, the Escrow Agent shall promptly notify the Transfer Agent and the Company in writing via mail, email or facsimile of such nonpayment, and the Escrow Agent is authorized to debit the
Escrow Account, as applicable, in the amount of such returned payment as well as any interest earned on the amount of such payment and the Transfer Agent shall delete the appropriate account from the records maintained by the Transfer Agent. 

The Transfer Agent will maintain a written account of each sale, which account shall set forth, among other things, the following information: 

(i) the Subscriber’s name and address; 

(ii) the number and class of Shares purchased by such Subscriber; and 

(iii) the amount paid by such Subscriber for such Shares. 

  
 2 

 Prior to the satisfaction of the Minimum Amount, neither the Company nor the Dealer Manager will be entitled
to any funds received into the Escrow Account. Notwithstanding the foregoing, prior to the satisfaction of the Minimum Amount, upon the written request of a Subscriber (which may be delivered by the Company or Dealer Manager) to withdraw their
purchase order and request a full refund, the Escrow Agent shall disburse directly to such Subscriber the principal amount of the subscription payment from such Subscriber received by the Escrow Agent plus any interest accrued thereon (subject to
Sections 9 and 24 hereof). 
 (b) If, at any time on or prior to the Expiration Date (as defined below), the subscription proceeds received by the Escrow
Agent are equal to or greater than $100,000,000, including Shares purchased by the Company’s sponsor, its affiliates, and the Company’s officers and directors (“Minimum Amount”), the Company shall deliver to the Escrow
Agent a written instruction from an officer of the Company stating that the Minimum Amount has been timely raised and authorizing the delivery of all Subscriber Funds in the Escrow Account to the Company (subject to Section 3 hereof for
Pennsylvania Subscribers). 
 Thereafter, the Escrow Agent shall promptly disburse to the Company, by check or wire transfer, the funds in the Escrow
Account representing the principal amount of the gross subscription payments from Subscribers received by the Escrow Agent and plus any interest accrued thereon; provided, however, that the Escrow Agent shall not disburse those funds of a Subscriber
whose subscription has been rejected or rescinded of which the Escrow Agent has been notified in writing by the Company, or otherwise in accordance with the Company’s written request. Notwithstanding the above, the Company’s board of
directors may elect to wait a substantial amount of time before authorizing, or may elect not to authorize, the release of the escrow proceeds. 

(c) After the satisfaction of the provisions of this Section 2 with respect to the disbursement of funds, in the event that the Company
receives subscriptions made payable to the Escrow Agent, subscription proceeds may continue to be received in the Escrow Account, but to the extent that the process shall not be subject to escrow due to the Company reaching the Minimum Amount, the
proceeds shall not be subject to this Escrow Agreement, and at the written instruction of the Company to the Escrow Agent, shall be disbursed as directed by the Company. The terms of this Section 2(c) shall survive the assignment or termination
of this Escrow Agreement and the resignation or removal of the Escrow Agent. 
 (d) If, as of the close of business on the one year
anniversary of the commencement of the Offering (the “Expiration Date”), the funds in the Escrow Account do not equal or exceed the Minimum Amount, within ten (10) days following the Expiration Date, the Company or the Dealer
Manager shall provide the Escrow Agent written notice thereof, and upon receipt of such written notice, the Escrow Agent shall promptly return directly to each Subscriber: 

(i) by check or wire transfer, the Subscriber Funds deposited in the Escrow Account on behalf of such Subscriber (unless
earlier disbursed in accordance with this Escrow Agreement); or 
 (ii) the Instruments of Payment delivered to the Escrow
Agent with respect to such Subscriber’s subscription if such Instrument of Payment has not been processed for collection prior to such time, in either case, together with any interest income thereon. 

The Escrow Agent shall not be required to remit any payments hereunder until the Escrow Agent has collected funds represented by such payments and until the
provisions of Section 9 and Section 24 hereof have been met. 
  

	3.	 Distribution of the Funds from Pennsylvania Subscribers. 

(a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Pennsylvania Subscribers may only be distributed in
compliance with the provisions of this Section 3. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Pennsylvania Subscribers into the
Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts previously disbursed as directed by the 

  
 3 

 
Company and the amounts then held in the Escrow Account) equal or exceed $167,000,000, whereupon the Escrow Agent shall disburse to the Company, at the Company’s written request, any funds
from the Pennsylvania Subscribers received by the Escrow Agent for accepted subscriptions, but not those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise
in accordance with the Company’s written request. 
 (b) If the Company has not received total subscriptions of at least $167,000,000
within 120 days of the date the Company first receives a subscription from a Pennsylvania Subscriber (the “Initial Escrow Period”), the Company shall notify the Pennsylvania Subscribers of their right to have their investment
returned to them. If, pursuant to such notice, a Pennsylvania Subscriber requests to withdraw their purchase order and request a full refund within ten (10) days after receipt of the notification (the “Request Period”), the Escrow
Agent shall promptly disburse directly to such Pennsylvania Subscriber within fifteen (15) days the principal amount of the subscription payment from such Pennsylvania Subscriber received by the Escrow Agent plus any interest accrued thereon
(subject to Sections 9 and 24 hereof). 
 (c) The funds of Pennsylvania Subscribers who do not request the return of their funds within the
Request Period shall remain in the Escrow Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically upon the termination of the prior
Successive Escrow Period, and the Company and Escrow Agent shall follow the notification and payment procedure set forth in Section 3(b) above with respect to the Initial Escrow Period for each Successive Escrow Period, provided that any
refunds made to a Pennsylvania Subscriber after a Successive Escrow Period shall include a pro rata share of any interest earned thereon after the Initial Escrow Period, until the occurrence of the earliest of the following: 

(i) the Company or Dealer Manager has provided written notice to the Escrow Agent of the termination of the Offering; 

(ii) the Company or Dealer Manager has provided written notice to the Escrow Agent of the receipt and acceptance by the Company
of total subscriptions that equal or exceed $167,000,000 and the disbursement of the Escrow Account on the terms specified in this Section 3; or 

(iii) all funds held in the Escrow Account that were contributed by Pennsylvania Subscribers having been returned to the
Pennsylvania Subscribers in accordance with the provisions hereof. 
 (d) If, upon termination of the Offering, the Company has not received
and accepted total subscriptions that equal or exceed $167,000,000, all funds in the Escrow Account that were contributed by Pennsylvania Subscribers will be promptly returned in full to such Pennsylvania Subscribers, together with their pro rata
share of any interest accrued thereon, pursuant to instructions made by the Company, upon which the Escrow Agent may conclusively rely (subject to Sections 9 and 24 hereof). 
  

	4.	 Identity of Subscribers. 

The Company, Transfer Agent or the Dealer Manager shall furnish to the Escrow Agent with each delivery of an Instrument of Payment, a list of
the Subscribers who have paid for the Shares showing the name, address, tax identification number, amount and class of Shares subscribed for and the amount paid and deposited with the Escrow Agent. This information comprising the identity of
Subscribers shall be provided to the Escrow Agent in the format set forth on Exhibit A to this Escrow Agreement (the “List of Subscribers”). 

All Subscriber Funds so deposited shall not be subject to any liens or charges by the Company, the Dealer Manager or the Escrow Agent, or
judgments or creditors’ claims against the Company, until released to the Company as hereinafter provided. The Company understands and agrees that the Company shall not be entitled to any Subscriber Funds on deposit in the Escrow Account and no
such funds shall become the property of the Company except when released to the Company pursuant to this Escrow Agreement. The Company, the Dealer Manager and the Escrow Agent will treat all Subscriber information as confidential (the
“Confidential Information”). The Escrow Agent shall not be required to accept any funds from Subscribers that are not accompanied by the information on the List of Subscribers. 

  
 4 

 The Escrow Agent shall keep strictly confidential all information sent to it unless such
material is required to be disclosed pursuant to any applicable law, regulation, judicial or administrative order, decree or subpoena, or request by a regulatory organization having authority pursuant to the law. Notwithstanding the foregoing,
nothing in this Escrow Agreement prohibits, prevents, or limits the Escrow Agent from disclosing any Subscriber information, without notice to or consent of the Company or the Dealer Manager, if the disclosure is required by law to be made to a
supervisory or governmental authority or a self-regulatory organization in the course of any examination, inquiry, or audit of the Escrow Agent or any of the Escrow Agent’s representatives or businesses 

 

	5.	 Rejected Subscriptions. 

In the event the Escrow Agent receives written notice from the Company or the Dealer Manager that the Company or Dealer Manager has rejected a
Subscriber’s subscription, the Escrow Agent shall pay directly to the applicable Subscriber, within ten (10) business days after receiving notice of the rejection, by first class United States Mail at the address appearing on the List of
Subscribers, or at such other address or wire instructions as are furnished to the Escrow Agent by the Subscriber in writing, all collected sums paid by the Subscriber for Shares and received by the Escrow Agent, together with all interest earned
thereon (subject to Sections 9 and 24 hereof). 
  

	6.	 Term of Escrow. 

Unless otherwise provided in this Escrow Agreement, final termination of this Escrow Agreement shall occur on the earliest of the date that:

 (a) all funds held in the Escrow Account are distributed either to the Company or to Subscribers and the Company has informed the Escrow
Agent in writing to close the Escrow Account; 
 (b) all funds held in the Escrow Account are distributed to a successor escrow agent upon
written instructions from the Company; or 
 (c) the Escrow Agent receives written notice from the Company or the Dealer Manager that the
Company terminated the Offering and any funds held in the Escrow Account are distributed in accordance with this Escrow Agreement. 
 After the termination
of this Escrow Agreement, the Company and the Dealer Manager shall not deposit, and the Escrow Agent shall not accept, any additional amounts representing payments by prospective Subscribers. 

 

	7.	 Duty and Limitation on Liability of the Escrow Agent. 

(a) The Escrow Agent’s rights and responsibilities shall be governed solely by this Escrow Agreement. The Escrow Agent shall at all times
comply with applicable securities or other laws in performing its duties pursuant to this Escrow Agreement provided the Escrow Agent shall be deemed in compliance with the foregoing and protected in relying upon the written direction of the Company
and shall have no independent obligation to evaluate whether an act or omission complies with applicable securities or other laws. Neither the Offering documents, nor any other agreement or document shall govern the Escrow Agent even if such other
agreement or document is referred to herein, is deposited with, or is otherwise known to, the Escrow Agent. 
 (b) The Escrow Agent shall be
under no duty to determine whether the Company or the Dealer Manager is complying with the requirements of the Offering or applicable securities or other laws in tendering the Subscriber Funds to the Escrow Agent. The Escrow Agent shall not be
responsible for, or be required to enforce, any of the terms or conditions of any Offering document or other agreement between the Company or the Dealer Manager and any other party. 

(c) The Escrow Agent may conclusively rely upon and shall be fully protected in acting upon any statement, certificate, notice, request,
consent, order, opinion or advice of counsel, or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. The Escrow Agent shall have no duty or liability to verify any such
statement, certificate, notice, request, consent, order or other 

  
 5 

 
document. Upon or before the execution of this Escrow Agreement, the Company and the Dealer Manager shall deliver to the Escrow Agent authorized signers’ lists in the form of Exhibit B
(Certificate as to Authorized Signatures) to this Escrow Agreement. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification, termination or rescission of this Escrow Agreement or any of the terms hereof, unless
evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall give its prior written consent thereto. The Escrow Agent shall not be
responsible, may conclusively rely upon and shall be protected, indemnified and held harmless by the Company and by the Dealer Manager, acting severally but not jointly, for the sufficiency or accuracy of the form of, or the execution, validity,
value or genuineness of any document or property received, held or delivered by it hereunder, or of the signature or endorsement thereon, or for any description therein; nor shall the Escrow Agent be responsible or liable in any respect on account
of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document, property or this Escrow Agreement. 

(d) The Escrow Agent shall be under no obligation to institute and/or defend any action, suit or proceeding in connection with this Escrow
Agreement unless first indemnified to its reasonable satisfaction pursuant to the terms herein. 
 (e) The Escrow Agent may consult outside
counsel of its own choice with respect to any question arising under this Escrow Agreement and the Escrow Agent shall not be liable for any action taken or omitted in good faith upon the advice of such counsel. 

(f) The Escrow Agent shall not be liable for any action taken or omitted by it except to the extent that a court of competent jurisdiction
determines that the Escrow Agent’s gross negligence, recklessness or willful misconduct was the primary cause of loss. 
 (g) The
Escrow Agent is acting solely as escrow agent hereunder and owes no duties, covenants or obligations, fiduciary or otherwise, to any person by reason of this Escrow Agreement, except as otherwise explicitly set forth in this Escrow Agreement, and no
implied duties, covenants or obligations, fiduciary or otherwise shall be read into this Escrow Agreement against the Escrow Agent. The Escrow Agent shall have no duty to enforce any obligation of any person, other than as provided herein. The
Escrow Agent shall be under no liability to anyone by reason of any failure on the part of any party hereto or any maker, endorser or other signatory of any document or any other person to perform such person’s obligations under any such
document. The Escrow Agent is not responsible or liable in any manner for the sufficiency, correctness, genuineness or validity of this Escrow Agreement or with respect to the form of execution of the same. The Escrow Agent shall not be liable for
any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith, and in the exercise of its own best judgment. 

(h) In the event of any disagreement between any of the parties to this Escrow Agreement, or between any of them and any other person,
including any Subscriber, resulting in adverse or conflicting claims or demands being made in connection with the matters covered by this Escrow Agreement, or in the event that the Escrow Agent is in doubt as to what action it should take hereunder,
the Escrow Agent may, at its option, refuse to comply with any claims or demands on it, or refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be
or become liable in any way or to any person for its failure or refusal to act, and the Escrow Agent shall be entitled to continue so to refrain from acting until (i) the rights of all interested parties shall have been fully and finally
adjudicated by a court of competent jurisdiction, or (ii) all differences shall have been adjudged and all doubt resolved by agreement among all of the interested persons, and the Escrow Agent shall have been notified thereof in writing signed
by all such persons. 
 Notwithstanding the foregoing, the Escrow Agent may in its discretion obey the order, judgment, decree or levy of any court, with
jurisdiction, and the Escrow Agent is hereby authorized in its sole discretion to comply with and obey any such orders, judgments, decrees or levies. In the event that the Escrow Agent shall become involved in any arbitration or litigation relating
to the Subscriber Funds, the Escrow Agent is authorized to comply with any decision reached through such arbitration or litigation. 
 (i)
In the event that any controversy should arise with respect to this Escrow Agreement, the Escrow Agent shall have the right, at its option, to institute an interpleader action in any court of competent jurisdiction to determine the rights of the
parties. 

  
 6 

 (j) IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL,
INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION. 

(k) The parties agree that the Escrow Agent had no role in the preparation of the Offering documents, has not reviewed any such documents, and
makes no representations or warranties with respect to the information contained therein or omitted therefrom. 
 (l) The Escrow Agent shall
have no obligation, duty or liability with respect to compliance with any federal or state securities, disclosure or tax laws concerning the Offering documents or the issuance, offering or sale of the Shares. 

(m) The Escrow Agent shall have no duty or obligation to monitor the application and use of the Subscriber Funds once transferred to the
Company, that being the sole obligation and responsibility of the Company. 
  

	8.	 Escrow Agent’s Fee. 

The Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule attached hereto as Exhibit C (Escrow Agent
Fee), which compensation shall be paid by the Company or any of its affiliates. The fee agreed upon for the services rendered hereunder is intended as full compensation for the Escrow Agent’s services as contemplated by this Escrow Agreement;
provided, however, that 
 (a) in the event that the conditions for the disbursement of funds under this Escrow Agreement are not fulfilled;

 (b) the Escrow Agent renders any material service not contemplated in this Escrow Agreement with the Company’s consent or the Dealer
Manager’s consent or as required by law; 
 (c) there is any assignment of interest in the subject matter of this Escrow Agreement;

 (d) any material modification hereof with the Company’s consent; 

(e) if any material controversy arises hereunder; or 

(f) the Escrow Agent is made a party to any litigation relating to this Escrow Agreement, or the subject matter hereof; 

then the Escrow Agent shall be reasonably compensated for such extraordinary services and reimbursed for all reasonable costs and expenses, including
reasonable attorney’s fees and expenses, occasioned by any delay, controversy, litigation or event, and the same shall be paid by the Company or any of its affiliates. The Company’s obligations under this Section 8 shall survive the
resignation or removal of the Escrow Agent and the assignment or termination of this Escrow Agreement. 
  

	9.	 Investment of Subscriber Funds; Income Allocation and Reporting. 

(a) The Escrow Agent shall promptly invest the Subscriber Funds, including any and all interest and investment income, in accordance with the
written instructions provided to the Escrow Agent and signed by the Company. In the absence of written investment instructions from the Company, the Escrow Agent shall deposit and invest the Subscriber Funds, including any and all interest and
investment income, in UMB Money Market Special, a UMB money market deposit account. Any interest received by the Escrow Agent with respect to the Subscriber Funds, including reinvested interest shall become part of the Subscriber Funds, and shall be
disbursed pursuant to this Escrow Agreement. The Company agrees that, for tax reporting purposes, all interest or other taxable income earned on the Subscriber Funds in any tax year shall be taxable to the person or entity receiving the interest or
other taxable income. 

  
 7 

 
Notwithstanding anything herein to the contrary, funds in the Escrow Account may only be invested in “Short Term Investments” in compliance with Rule
15c2-4 of the Securities Exchange Act of 1934, as amended. The following is a non-exhaustive list of investments that are not permissible investments: 

 

	 	(i)	 money market mutual funds; 

 

	 	(ii)	 corporate debt or equity securities; 

 

	 	(iii)	 repurchase agreements; 

 

	 	(iv)	 banker’s acceptance; 

 

	 	(v)	 commercial paper; and 

 

	 	(vi)	 municipal securities. 

(b) The Escrow Agent shall be entitled to sell or redeem any such investments as the Escrow Agent deems necessary to make any payments or
distributions required under this Escrow Agreement. The Escrow Agent shall have no responsibility or liability for any loss which may result from any investment or sale of investment made pursuant to this Escrow Agreement. The parties acknowledge
that the Escrow Agent is not providing investment supervision, recommendations, or advice. 
 (c) At any time pursuant to this Escrow
Agreement interest income earned on Subscriber Funds deposited in the Escrow Account (“Escrow Income”) is to be paid to a Subscriber, the Escrow Agent shall promptly provide directly to such Subscriber the amount of Escrow Income
payable to such Subscriber; provided that the Escrow Agent is in possession of such Subscriber’s executed IRS Form W-9. In the event an executed IRS Form W-9 is not
received for each Subscriber the Escrow Agent shall have no obligation to return Escrow Income to any Subscriber until after it has received an executed and valid IRS Form W-9 executed by the Subscriber and
shall remit an amount to the Subscribers in accordance with the provisions hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any Escrow Income attributable to those
Subscribers for whom the Escrow Agent does not possess an executed IRS Form W-9. Escrow Income shall be remitted to Subscribers at the address provided by the Dealer Manager or the Company to the Escrow Agent,
which the Escrow Agent shall be entitled to rely upon, and without any deductions for escrow expenses. 
 (d) The Company agrees to
indemnify and hold the Escrow Agent harmless from and against any and all taxes, additions for late payment, interest, penalties and other expenses that may be assessed against the Escrow Agent on or with respect to the Subscriber Funds unless any
such tax, addition for late payment, interest, penalties and other expenses shall be determined by a court of competent jurisdiction to have been caused by the Escrow Agent’s gross negligence, recklessness or willful misconduct. The terms of
this Section 9(d) shall survive the assignment or termination of this Escrow Agreement and the resignation or removal of the Escrow Agent. 
  

	10.	 Notices. 

All notices, requests, demands, and other communications under this Escrow Agreement shall be in writing and shall be deemed to have been duly
given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on the business day of transmission if sent by facsimile or email to the facsimile number or email address given below, with written
confirmation from the recipient of receipt, (c) on the business day after delivery to Federal Express or similar overnight courier or the Express Mail service maintained by the United States Postal Service, or (d) on the fifth (5th)
business day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly addressed, return receipt requested, to the party as follows, provided, however, that
notice to the Escrow Agent will be deemed given upon receipt by the Escrow Agent: 
  

			
	If to the Company:	  	Apollo Realty Income Solutions, Inc.
		  	9 West 57th Street, 42nd Floor
		  	New York, New York 10019-2701
		  	Attn: John Calace
		  	Email: jcalace@apollo.com

  
 8 

			
	If to Dealer Manager:	  	Apollo Global Securities, LLC
		  	9 West 57th Street
		  	New York, New York 10019
		  	Attn: Amanda Huttenlocher
		  	Email: ahuttenlocher@apollo.com
		
	If to Escrow Agent:	  	UMB Bank, N.A.
		  	1010 Grand Blvd, 4th Floor
		  	Mail Stop: 1020409
		  	Kansas City, MO 64106
		  	Attn: Lara L. Stevens
		  	Phone: (816) 860-2017
		  	Facsimile: (816) 830-3029
		  	Email: Lara.Stevens@umb.com

  
 Any party may change its address
for purposes of this Section 10 by giving the other party written notice of the new address in the manner set forth above. 
  

	11.	 Indemnification of Escrow Agent. 

The Company hereby indemnifies, defends and holds harmless the Escrow Agent from and against, any and all loss, liability, cost, damage and
expense, including, without limitation, reasonable counsel fees and expenses, which the Escrow Agent may suffer or incur by reason of any action, claim or proceeding brought against the Escrow Agent arising out of or relating in any way to this
Escrow Agreement or any transaction to which this Escrow Agreement relates unless such loss, liability, cost, damage or expense is finally determined by a court of competent jurisdiction to have been caused by the gross negligence, recklessness or
willful misconduct of the Escrow Agent. The terms of this Section 11 shall survive the assignment or termination of this Escrow Agreement and the resignation or removal of the Escrow Agent. 

 

	12.	 Resignation. 

The Escrow Agent may resign upon sixty (60) calendar days’ advance written notice to the Company. In the event of any such
resignation, a successor escrow agent, which shall be a bank or trust company organized under the laws of the United States of America, shall be appointed by the Company. Any such successor escrow agent shall deliver to the Company a written
instrument accepting such appointment, and thereupon shall succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to receive the Subscriber Funds from the Escrow Agent. The Escrow Agent shall promptly pay the
Subscription Amounts in the Escrow Account, including interest thereon, to the successor escrow agent. If a successor escrow agent is not appointed within the sixty (60) calendar day period following such notice, the Escrow Agent may petition
any court of competent jurisdiction to name a successor escrow agent or interplead the Subscriber Funds with such court, whereupon the Escrow Agent’s duties hereunder shall terminate. 

 

	13.	 Removal. 

The Escrow Agent may be removed by the Company at any time by written notice provided to the Escrow Agent, which instrument shall become
effective on the date specified in such written notice. The removal of the Escrow Agent shall not deprive the Escrow Agent of its compensation earned prior to such removal. In the event of any such removal, a successor escrow agent, which shall be a
bank or trust company organized under the laws of the United States of America, shall be appointed by the Company. Any such successor escrow agent shall deliver to the Company a written instrument accepting such appointment, and thereupon shall
succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to receive the Subscriber Funds from the Escrow Agent. The Escrow Agent shall promptly pay the Subscriber Funds in the Escrow Account, including interest
thereon, to the successor escrow agent. If a successor escrow agent is not appointed by the Company within the thirty (30) day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor
escrow agent. 

  
 9 

	14.	 Maintenance of Records. 

The Escrow Agent shall maintain accurate records of all transactions hereunder. Promptly after the termination of this Escrow Agreement, and as
may from time to time be reasonably requested by the Company before such termination, the Escrow Agent shall provide the Company with a copy of such records, certified by the Escrow Agent to be a complete and accurate account of all transactions
hereunder. The authorized representatives of the Company and the Dealer Manager shall also have access to the Escrow Agent’s books and records to the extent relating to its duties hereunder, during normal business hours upon reasonable notice
to the Escrow Agent. 
  

	15.	 Successors and Assigns. 

Except as otherwise provided in this Escrow Agreement, no party hereto shall assign this Escrow Agreement or any rights or obligations
hereunder without the prior written consent of the other parties hereto and any such attempted assignment without such prior written consent shall be void and of no force and effect. This Escrow Agreement shall inure to the benefit of and shall be
binding upon the successors and permitted assigns of the parties hereto. Any corporation or association into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or
substantially all of its corporate trust business and assets in whole or in part, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become
the successor escrow agent under this Escrow Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or the performance any further
act. 
  

	16.	 Governing Law; Jurisdiction. 

This Escrow Agreement shall be construed, performed, and enforced in accordance with, and governed by, the internal laws of the State of New
York, without giving effect to the principles of conflicts of laws thereof. Each party hereby consents to the personal jurisdiction and venue of any court of competent jurisdiction in the State of New York. 

 

	17.	 Severability. 

In the event that any part of this Escrow Agreement is declared by any court or other judicial or administrative body to be null, void, or
unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this Escrow Agreement shall remain in full force and effect. 

 

	18.	 Amendments; Waivers. 

This Escrow Agreement may be amended or modified, and any of the terms, covenants, representations, warranties, or conditions hereof may be
waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving compliance. Any waiver by any party of any condition, or of the breach of any provision, term, covenant, representation, or
warranty contained in this Escrow Agreement, in any one or more instances, shall not be deemed to be nor construed as further or continuing waiver of any such condition, or of the breach of any other provision, term, covenant, representation, or
warranty of this Escrow Agreement. The Company and the Dealer Manager agree that any requested waiver, modification or amendment of this Escrow Agreement shall be consistent with the terms of the Offering. 

 

	19.	 Entire Agreement. 

This Escrow Agreement contains the entire understanding among the parties hereto with respect to the escrow contemplated hereby and supersedes
and replaces all prior and contemporaneous agreements and understandings, oral or written, with regard to such escrow. 

  
 10 

	20.	 References to Escrow Agent. 

No printed or other matter in any language (including, without limitation, the Offering document, any supplement or amendment relating thereto,
notices, reports and promotional material) which mentions the Escrow Agent’s name or the rights, powers, or duties of the Escrow Agent shall be issued by the Company or the Dealer Manager, or on the Company’s or Dealer Manager’s
behalf unless the Escrow Agent shall first have given its specific written consent thereto. 
  

	21.	 Section Headings. 

The section headings in this Escrow Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Escrow
Agreement. 
  

	22.	 Counterparts. 

This Escrow Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute the same
instrument. 
  

	23.	 Electronic Transactions. 

The parties hereto agree that the transactions described herein may be conducted and related documents may be stored by electronic means.
Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or
suit in the appropriate court of law. 
  

	24.	 Patriot Act Compliance; Tax Matters. 

Pursuant to the subscription agreement completed by Subscribers, the Company and the Dealer Manager agree to provide the Escrow Agent completed
IRS Forms W-9 (or IRS Forms W-8, in the case of non-U.S. persons) and other forms and documents that the Escrow Agent may
reasonably request (collectively, “Tax Reporting Documentation”) at the time of execution of this Escrow Agreement and any information reasonably requested by the Escrow Agent to comply with the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act) Act of 2001, as amended from time to time and the Bank Secrecy Act, as amended from time to time, which information shall be used to verify the identities of
the parties to ensure compliance with the terms of such acts. The Escrow Agent, or its agent, shall complete a search with the Office of Foreign Assets Control (“OFAC”), in compliance with its policy and procedures, of each
Instrument of Payment and shall inform the Company if an Instrument of Payment fails the OFAC search. 
 The parties hereto understand that
if such Tax Reporting Documentation is not so certified to the Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code, as it may be amended from time to time, to withhold a portion of any interest or other income earned on the
investment of monies or other property held by the Escrow Agent pursuant to this Escrow Agreement. The Company shall be treated as the owner of the Subscriber Funds for federal and state income tax purposes and the Company will report all income, if
any, that is earned on, or derived from, the Subscriber Funds as its income, in such proportions, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto. 

[Signature page follows] 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Escrow Agreement to be executed the
day and year first set forth above. 
  

			
	Apollo Realty Income Solutions, Inc.
	
	  

	Name:	 	John Calace
	Title:	 	Chief Financial Officer, Treasurer and Secretary

 Apollo Global Securities, LLC, as Dealer Manager 

 

			
	  

	Name:	 	Amanda Huttenlocher
	Title:	 	Chief Compliance Officer

  

			
	UMB Bank, N.A., as Escrow Agent
	  
  

	Name:	 	Lara L. Stevens
	Title:	 	Vice President

  
 12 

 EXHIBIT A 

LIST OF SUBSCRIBERS 

Pursuant to the Escrow Agreement dated __________ __, 2022 by and between Apollo Realty Income Solutions, Inc. (the
“Company”), Apollo Global Securities, LLC (the “Dealer Manager”) and UMB Bank, N.A., as escrow agent (the “Escrow Agent”), the following investors have paid money for the purchase of the Shares in the
Company and the money has been deposited with the Escrow Agent: 
  

			
	1.	  	Name of Subscriber: ______________________________________________________________________________
		
		  	Address: _______________________________________________________________________________________
		
		  	Tax Identification Number: ________________________________________________________________________
		
		  	Amount and class of Shares subscribed for: ___________________________________________________________
		
		  	Amount of money paid and deposited with Escrow Agent: _______________________________________________

  

			
	2.	  	Name of Subscriber: ______________________________________________________________________________
		
		  	Address: _______________________________________________________________________________________
		
		  	Tax Identification Number: ________________________________________________________________________
		
		  	Amount and class of Shares subscribed for: _____________________________________________________________
		
		  	Amount of money paid and deposited with Escrow Agent: _________________________________________________

  
 13 

 EXHIBIT B 

CERTIFICATE AS TO AUTHORIZED SIGNATURES 

[To be provided] 
 The
specimen signatures shown below are the specimen signatures of the individuals who have been designated as Authorized Representatives of, and are authorized to initiate and approve transactions of all types for the above-mentioned account on behalf
of Apollo Realty Income Solutions, Inc. 
  

					
			
	Name/Title	  		  	Specimen Signature
			
	  
	  	                    	  	  

			
	  
	  		  	  

			
	  
	  		  	  

			
	  
	  		  	  

  
 14 

 EXHIBIT C 

ESCROW AGENT FEE 

  
 15

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