Document:

Limited Partnership Agreement of Industrial Income Operating Partnership LP

 EXHIBIT 10.1 
  
  
  
  
 FORM OF 
 LIMITED PARTNERSHIP
AGREEMENT 
 OF 
 INDUSTRIAL INCOME OPERATING PARTNERSHIP LP 
 A DELAWARE LIMITED PARTNERSHIP 
                                 , 200   

 TABLE OF CONTENTS 
  

					
	RECITALS	  	1
		
	Article 1 DEFINED TERMS	  	2
		
	Article 2 PARTNERSHIP FORMATION AND IDENTIFICATION	  	11
	            2.1	  	Formation.	  	11
	            2.2	  	Name, Office and Registered Agent.	  	11
	            2.3	  	Partners.	  	12
	            2.4	  	Term and Dissolution.	  	12
	            2.5	  	Filing of Certificate and Perfection of Limited Partnership.	  	12
	            2.6	  	Certificates Describing Partnership Units and Special Partnership Units.	  	12
		
	Article 3 BUSINESS OF THE PARTNERSHIP	  	13
		
	Article 4 CAPITAL CONTRIBUTIONS AND ACCOUNTS	  	13
	            4.1	  	Capital Contributions.	  	13
	            4.2	  	Additional Capital Contributions and Issuances of Additional Partnership Interests.	  	13
	            4.3	  	Additional Funding.	  	15
	            4.4	  	Capital Accounts.	  	15
	            4.5	  	Percentage Interests.	  	16
	            4.6	  	No Interest On Contributions.	  	16
	            4.7	  	Return Of Capital Contributions.	  	16
	            4.8	  	No Third Party Beneficiary.	  	17
		
	Article 5 PROFITS AND LOSSES; DISTRIBUTIONS	  	17
	            5.1	  	Allocation of Profit and Loss.	  	17
	            5.2	  	Distribution of Cash.	  	19
	            5.3	  	REIT Distribution Requirements.	  	21
	            5.4	  	No Right to Distributions in Kind.	  	21
	            5.5	  	Limitations on Return of Capital Contributions.	  	21
	            5.6	  	Distributions Upon Liquidation.	  	21
	            5.7	  	Substantial Economic Effect.	  	22
		
	Article 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	  	22
	            6.1	  	Management of the Partnership.	  	22
	            6.2	  	Delegation of Authority.	  	24
	            6.3	  	Indemnification and Exculpation of Indemnitees.	  	25
	            6.4	  	Liability of the General Partner.	  	26
	            6.5	  	Reimbursement of General Partner.	  	27
	            6.6	  	Outside Activities.	  	27
	            6.7	  	Employment or Retention of Affiliates.	  	28
	            6.8	  	General Partner Participation.	  	28
	            6.9	  	Title to Partnership Assets.	  	28
	            6.10	  	Miscellaneous.	  	29

					
	            6.11	  	No Duplication of Fees or Expenses.	  	29
		
	Article 7 CHANGES IN GENERAL PARTNER	  	29
	            7.1	  	Transfer of the General Partner’s Partnership Interest.	  	29
	            7.2	  	Admission of a Substitute or Additional General Partner.	  	31
	            7.3	  	Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner.	  	32
	            7.4	  	Removal of a General Partner.	  	32
		
	Article 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	  	33
	            8.1	  	Management of the Partnership.	  	33
	            8.2	  	Power of Attorney.	  	33
	            8.3	  	Limitation on Liability of Limited Partners.	  	33
	            8.4	  	Ownership by Limited Partner of Corporate General Partner or Affiliate.	  	34
	            8.5	  	Redemption Right.	  	34
	            8.6	  	Registration.	  	36
	            8.7	  	Redemption or Conversion of Special Partnership Units	  	36
	            8.8	  	Distribution Reinvestment Plan.	  	38
		
	Article 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS	  	38
	            9.1	  	Purchase for Investment.	  	38
	            9.2	  	Restrictions on Transfer of Limited Partnership Interests.	  	38
	            9.3	  	Admission of Substitute Limited Partner.	  	39
	            9.4	  	Rights of Assignees of Partnership Interests.	  	40
	            9.5	  	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner.	  	41
	            9.6	  	Joint Ownership of Interests.	  	41
		
	Article 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	  	41
	            10.1	  	Books and Records.	  	41
	            10.2	  	Custody of Partnership Funds; Bank Accounts.	  	42
	            10.3	  	Fiscal and Taxable Year.	  	42
	            10.4	  	Annual Tax Information and Report.	  	42
	            10.5	  	Tax Matters Partner; Tax Elections; Special Basis Adjustments.	  	42
	            10.6	  	Reports to Limited Partners.	  	43
	            10.7	  	Safe Harbor Election.	  	43
		
	Article 11 AMENDMENT OF AGREEMENT; MERGER	  	43
		
	Article 12 GENERAL PROVISIONS	  	44
	            12.1	  	Notices.	  	44
	            12.2	  	Survival of Rights.	  	44
	            12.3	  	Additional Documents.	  	44
	            12.4	  	Severability.	  	44
	            12.5	  	Entire Agreement.	  	44
	            12.6	  	Pronouns and Plurals.	  	44
	            12.7	  	Headings.	  	45

					
	            12.8	  	Counterparts.	  	45
	            12.9	  	Governing Law.	  	45

 EXHIBITS 
  

					
	EXHIBIT A	 	-	 	Partners, Capital Contributions and Percentage Interests or Special Percentage Interests
			
	EXHIBIT B	 	-	 	Notice of Exercise of Redemption Right

 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 INDUSTRIAL INCOME OPERATING PARTNERSHIP LP 
 RECITALS 
 This Limited Partnership
Agreement (this “Agreement”) is entered into this        day of                     ,
200  , between Industrial Income Trust Inc., a Maryland corporation (the “General Partner”) and the Limited Partners set forth on Exhibit A attached hereto. Capitalized terms used herein but not otherwise defined
shall have the meanings given them in Article 1. 
 AGREEMENT 
 WHEREAS, the General Partner intends to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended; 
 WHEREAS, Industrial Income Operating Partnership LP (the “Partnership”), was formed on May 19, 2009 as a limited partnership under the
laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware on May 19, 2009; 
 WHEREAS, the General Partner desires to conduct its current and future business through the Partnership; 
 WHEREAS, in furtherance of the foregoing, the General Partner desires to contribute certain assets to the Partnership from time to time; 
 WHEREAS, in exchange for the General Partner’s contribution of assets, the parties desire that the Partnership issue Partnership Units to the
General Partner in accordance with the terms of this Agreement; 
 WHEREAS, the Limited Partners will contribute certain of their property to
the Partnership in exchange for Partnership Units or Special Partnership Units in accordance with the terms of this Agreement; 
 WHEREAS, in
furtherance of the Partnership’s business, the Partnership will acquire Properties and other assets from time to time by means of the contribution of such Properties or other assets to the Partnership by the owners thereof in exchange for
Partnership Units; and 
 WHEREAS, the parties hereto wish to establish herein their respective rights and obligations in connection with all
of the foregoing and certain other matters; 
 NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties
hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 ARTICLE 1 
 DEFINED TERMS 
 The following defined terms used in this Agreement shall have the meanings specified
below: 
 “ACT” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time. 
 “ADDITIONAL FUNDS” has the meaning set forth in Section 4.3 hereof. 
 “ADDITIONAL SECURITIES” means any additional REIT Shares (other than REIT Shares issued in connection with a redemption pursuant to
Section 8.5 hereof or REIT Shares issued pursuant to a distribution reinvestment plan of the General Partner) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares,
as set forth in Section 4.2(a)(ii). 
 “ADMINISTRATIVE EXPENSES” means (i) all administrative and operating costs and
expenses incurred by the Partnership, (ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal
expenses of the General Partner, which expenses, the Partners have agreed, are expenses of the Partnership and not the General Partner, (iii) costs and expenses relating to the formation and continuity of existence and operation of the General
Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, (iv) costs and expenses relating to any
Offering and registration of securities by the General Partner and all statements, reports, fees and expenses incidental thereto, including, without limitation, underwriting discounts and selling commissions applicable to any such Offering, and any
costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents thereof, (v) costs and expenses associated with any repurchase of any securities by the General Partner,
(vi) 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,
(vii) 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, (viii) costs and expenses associated with
any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees of the General Partner, (ix) costs and expenses incurred by the General Partner relating to any issuing or redemption of Partnership
Interests and (x) 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; provided, however, that Administrative
Expenses shall not include any administrative costs and expenses incurred by the General Partner that are attributable to Properties or partnership interests in a Subsidiary Partnership that are owned by the General Partner directly. 
 “ADVISOR” or “ADVISORS” means the Person or Persons, if any, appointed, employed or contracted with by the General Partner and
responsible for directing or performing the day-to- 

  

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day business affairs of the General Partner, including any Person to whom the Advisor subcontracts all or substantially all of such functions. 
 “ADVISORY AGREEMENT” means the agreement between the General Partner, the Partnership and the Advisor pursuant to which the Advisor will direct
or perform the day-to-day business affairs of the General Partner. 
 “AFFILIATE” means, with respect to any Person, (i) any
Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent or more of the outstanding voting securities of such other Person; (ii) any Person ten percent or more of whose outstanding voting securities are
directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer,
director, trustee or general partner of such other Person and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 
 “AGREED VALUE” means the fair market value of a Partner’s non-cash Capital Contribution as of the date of contribution as agreed to by
such Partner and the General Partner. The names and addresses of the Partners, number of Partnership Units or Special Partnership Units issued to each Partner, and the Agreed Value of non-cash Capital Contributions as of the date of contribution are
set forth on Exhibit A. 
 “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)
hereof. 
 “ASSET” means any Property, Mortgage, other debt or other investment (other than investments in bank accounts, money
market funds or other current assets) owned by the General Partner, directly or indirectly through one or more of its Affiliates. 
 “CAPITAL ACCOUNT” has the meaning provided in Section 4.4 hereof. 
 “CAPITAL CONTRIBUTION” means the total
amount of cash, cash equivalents, and the Agreed Value of any Property or other asset (other than cash) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any
reference to the Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner. 
 “CARRYING VALUE” means, with respect to any asset of the Partnership, the asset’s adjusted net basis for federal income tax purposes or, in the case of any asset contributed to the Partnership, the fair
market value of such asset at the time of contribution, reduced by any amounts attributable to the inclusion of liabilities in basis pursuant to Section 752 of the Code, except that the Carrying Values of all assets may, at the discretion of
the General Partner, be adjusted to equal their respective fair market values (as determined by the General Partner), in accordance with the rules set forth in Regulations Section 1.704-1(b)(2)(iv)(f), as provided for in Section 4.4. In
the case of any asset of the Partnership that has a Carrying Value that differs from its adjusted tax basis, the Carrying Value shall be adjusted by the amount of depreciation, 

  

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depletion and amortization calculated for purposes of the allocations of net profit and net loss pursuant to Article 5 hereof 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 lesser of (i) the Value of the REIT Shares Amount on the date of receipt by the General Partner of a Notice of Redemption or (ii) 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 the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in Section 8.2 hereof) and filed for recording in the
appropriate public offices within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect
the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction. 
 “CHARTER” means the Amended and Restated Articles of Incorporation of the General Partner filed with the Maryland State Department of Assessments and Taxation, as amended or restated from time to time. 
 “CODE” means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any particular provision
of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 
 “COMMISSION” means
the U.S. Securities and Exchange Commission. 
 “CONVERSION FACTOR” means 1.0, provided that in the event that the General Partner
(i) declares or pays a dividend on its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares, or (iii) combines its
outstanding REIT Shares into a smaller number of REIT Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Shares issued and outstanding on the record
date for such dividend, distribution, subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of REIT
Shares (determined without the above assumption) issued and outstanding on such date and, provided further, that in the event that an entity other than an Affiliate of the General Partner shall become General Partner pursuant to any merger,
consolidation or combination of the General Partner with or into another entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into
which one REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to the Conversion Factor shall become effective immediately after the
effective date of such event retroactive to the record date, if any, for such event; provided, however, that if the General Partner receives a Notice of Redemption after the record date, but prior to the effective date of such dividend,
distribution, subdivision or combination, the Conversion Factor shall be determined as if the General Partner 

  

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had received the Notice of Redemption immediately prior to the record date for such dividend, distribution, subdivision or combination. 
 “DEFAULTING LIMITED PARTNER” has the meaning provided in Section 5.2(c) hereof. 
 “DIRECTOR” shall have the meaning set forth in the Charter. 
 “EVENT OF BANKRUPTCY” as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction
(except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding; filing by such Person of a petition or application to accomplish the
same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of
debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person indicates his approval of such proceeding,
consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 
 “EXCEPTED HOLDER LIMIT” shall have the meaning set forth in the Charter. 
 “GENERAL PARTNER” means Industrial
Income Trust Inc., a Maryland corporation, and any Person who becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner. 
 “GENERAL PARTNER LOAN” has the meaning provided in Section 5.2(c) hereof. 
 “GENERAL PARTNERSHIP INTEREST” means a Partnership Interest held by the General Partner that is a general partnership interest. 
 “INDEMNITEE” means the General Partner, the Advisor or any of its Affiliates or any employee, Director or Affiliate of the General Partner or
the Partnership. 
 “INDEPENDENT DIRECTORS” shall have the meaning set forth in the Charter. 
 “JOINT VENTURE” means those joint venture, co-investment, co-ownership or partnership arrangements in which the General Partner or any of its
subsidiaries is a co-venturer or general partner established to acquire or hold Assets. 
 “LIMITED PARTNER” means any Person named
as a Limited Partner on Exhibit A attached hereto, and any Person who becomes a Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 
 “LIMITED PARTNERSHIP INTEREST” means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right
of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement 

  

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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. 
 “LIQUIDITY EVENT” shall include, but shall not be limited to, (i) a Listing, (ii) a sale, merger or other transaction in which the
Stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company, and (iii) the sale of all or substantially all of the Corporation’s Assets where Stockholders
either receive, or have the option to receive, cash or other consideration. 
 “LISTING” means the listing of the REIT Shares on a
national securities exchange or the receipt by the holders of the REIT Shares of securities that are listed on a national securities exchange. Upon such Listing, the REIT Shares shall be deemed “Listed.” 
 “MORTGAGES” means, in connection with mortgage financing provided, invested in, participated in or purchased by the General Partner, all of the
notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security interests or other evidences of
indebtedness or obligations. 
 “NET SALES PROCEEDS” means, in the case of a transaction described in clause (i)(A) of the
definition of Sale, the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the General Partner or the Partnership, including all real estate commissions, closing costs and legal fees and expenses. In the
case of a transaction described in clause (i)(B) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the General Partner or the Partnership, including any
legal fees and expenses and other selling expenses incurred in connection with such transaction. In the case of a transaction described in clause (i)(C) of such definition, Net Sales Proceeds means the proceeds of any such transaction actually
distributed to the General Partner or the Partnership from the Joint Venture less the amount of any selling expenses, including legal fees and expenses incurred by or on behalf of the General Partner (other than those paid by the Joint Venture). In
the case of a transaction or series of transactions described in clause (i)(D) of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction (including the aggregate of all payments under a Mortgage or in satisfaction
thereof other than regularly scheduled interest payments) less the amount of selling expenses incurred by or on behalf of the General Partner or the Partnership, including all commissions, closing costs and legal fees and expenses. In the case of a
transaction described in clause (i)(E) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the General Partner or the Partnership, including any legal fees
and expenses and other selling expenses incurred in connection with such transaction. In the case of a transaction described in clause (ii) of the definition of Sale, Net Sales Proceeds means the proceeds of such transaction or series of
transactions less all amounts generated thereby which are reinvested in one or more Assets within 180 days thereafter and less the amount of any real estate commissions, closing costs, and legal fees and expenses and other selling expenses incurred
by or allocated to the General Partner or the Partnership in connection with such transaction or series of transactions. Net Sales Proceeds shall also include any amounts that the General Partner determines, in its discretion, to be economically
equivalent to 

  

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proceeds of a Sale. Net Sales Proceeds shall not include any reserves established by the General Partner in its sole discretion. 
 “NOTICE OF REDEMPTION” means the Notice of Exercise of Redemption Right substantially in the form attached as Exhibit B hereto.

 “OFFER” has the meaning set forth in Section 7.1(c) hereof. 
 “OFFERING” means the offer and sale of REIT Shares to the public. 
 “OP UNITHOLDERS” means all holders of Partnership Interests other than the Special OP Unitholders. 
 “ORIGINAL LIMITED PARTNER” means the Limited Partners designated as “Original Limited Partners” on Exhibit A hereto.

 “OWNERSHIP LIMIT” shall have the meaning set forth in the Charter. 
 “PARTNER” means any General Partner or Limited Partner. 
 “PARTNER NONRECOURSE DEBT MINIMUM GAIN” has the meaning set forth in Regulations Section 1.704-2(i). A Partner’s share of Partner Nonrecourse Debt Minimum Gain shall be determined in accordance
with Regulations Section 1.704-2(i)(5). 
 “PARTNERSHIP” means Industrial Income Operating Partnership LP, a Delaware limited
partnership. 
 “PARTNERSHIP INTEREST” means an ownership interest in the Partnership held by either a Limited Partner or the
General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this
Agreement. 
 “PARTNERSHIP LOAN” has the meaning provided in Section 5.2(c) hereof. 
 “PARTNERSHIP MINIMUM GAIN” has the meaning set forth in Regulations Section 1.704-2(d). In accordance with Regulations
Section 1.704-2(d), the amount of Partnership Minimum Gain is determined by first computing, for each Partnership nonrecourse liability, any gain the Partnership would realize if it disposed of the property subject to that liability for no
consideration other than full satisfaction of the liability, and then aggregating the separately computed gains. A Partner’s share of Partnership Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(g)(1).

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

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 “PARTNERSHIP UNIT” means a fractional, undivided share of the Partnership Interests of all
Partners issued hereunder excluding the Partnership Interests represented by Special Partnership Units. The allocation of Partnership Units among the Partners shall be as set forth on Exhibit A, as such Exhibit may be amended from time to
time. 
 “PERCENTAGE INTEREST” means the percentage ownership interest in the Partnership of each Partner, as determined by
dividing the Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. The Percentage Interest of each Partner shall be as set forth on Exhibit A, as such Exhibit may be amended from time to time.

 “PERSON” means 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 entity and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended from time to time, and a group to which an
Excepted Holder Limit applies. 
 “PROPERTY” means, as the context requires, all or a portion of each Real Property acquired by the
General Partner, directly or indirectly through joint venture or co-ownership arrangements or other partnership or investment entities. 
 “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. 
 “REDEMPTION” has the meaning provided in Section 8.5(a) hereof. 
 “REDEMPTION PRICE” means the Value of the REIT Shares Amount on the date of receipt by the General Partner of a Notice of Redemption multiplied
by any discount determined by the General Partner, including but not limited to, any discount based upon the combined number of years that the applicable Partner has held the Partnership Units offered for redemption. 
 “REDEMPTION RIGHT” has the meaning provided in Section 8.5(a) hereof. 
 “REDEMPTION SHARES” has the meaning provided in Section 8.6(a) hereof. 
 “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) hereof. 
 “REIT” means a corporation, trust, association or other legal entity (other than a real estate syndication) that qualifies as a real estate investment trust under Sections 856 through 860 

  

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of the Code, and any successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of
ownership of beneficial interests therein) and the regulations promulgated thereunder. 
 “REIT SHARE” means a common share of
beneficial interest in the General Partner (or successor entity, as the case may be). 
 “REIT SHARES AMOUNT” means a number of
REIT Shares equal to the product of the number of Partnership Units offered for exchange by a Tendering Party, multiplied by the Conversion Factor as adjusted to and including the Specified Redemption Date; provided that in the event the General
Partner issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities entitling the shareholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the
“rights”), and the rights have not expired at the Specified 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)). 
 “SAFE HARBOR” means, the election described in the Safe Harbor Regulation, pursuant to which a partnership and all of its partners may elect to
treat the fair market value of a partnership interest that is transferred in connection with the performance of services as being equal to the liquidation value of that interest. 
 “SAFE HARBOR ELECTION” means the election by a partnership and its partners to apply the Safe Harbor, as described in the Safe Harbor
Regulation and Internal Revenue Service Notice 2005-43, issued on May 19, 2005. 
 “SAFE HARBOR REGULATION” means
Proposed Treasury Regulations Section 1.83-3(l) issued on May 19, 2005. 
 “SALE” means (i) any transaction
or series of transactions whereby: (A) the General Partner or the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property
or portion thereof, including the lease of any Property consisting of a building only, and including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the General
Partner or the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the General Partner or
the Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the General Partner or the Partnership as a
co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the
General Partner or the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage 

  

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or portion thereof (including with respect to any Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest
payments) of amounts owed pursuant to such Mortgage and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the General Partner or the Partnership directly or indirectly (except as described in
other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof, but (ii) not including any transaction or series of
transactions specified in clause (i) (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by the General Partner in one or more Assets within 180 days thereafter. 
 “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 OP UNITHOLDERS” means the holders of Special Partnership Units. 
 “SPECIAL
PARTNERSHIP UNIT” means a unit of a series of Partnership Interests, designated as Special Partnership Units, issued pursuant to Section 4.1. The number of Special Partnership Units outstanding and the Special Percentage Interests in the
Partnership represented by such Special Partnership Units are set forth on Exhibit A, as such Exhibit may be amended from time to time. A holder of a Special Partnership Unit shall have the same rights and preferences as a holder of a
Partnership Unit under this Agreement that is a Limited Partner except as set forth in Sections 5.1(a), 5.2(b), 7.1(c), 8.5, 8.6 and 8.7. 
 “SPECIAL PERCENTAGE INTEREST” shall mean the percentage ownership interest in the Partnership of each Special OP Unitholder, as determined by dividing the Special Partnership Units owned by each Special OP Unitholder by the
total number of Special Partnership Units then outstanding. The Special Percentage Interest of each Partner shall be as set forth on Exhibit A, as such Exhibit may be amended from time to time. 
 “SPECIFIED REDEMPTION DATE” means the first business day of the month that is at least sixty (60) business 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. 
 “SUBSIDIARY PARTNERSHIP” means any partnership of which the partnership interests therein are owned by the General Partner or a direct or
indirect subsidiary of the General Partner. 
 “SUBSTITUTE LIMITED PARTNER” means any Person admitted to the Partnership as a
Limited Partner pursuant to Section 9.3 hereof. 
  

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 “SUCCESSOR ENTITY” has the meaning provided in the definition of “Conversion Factor”
contained herein. 
 “SURVIVOR” has the meaning set forth in Section 7.1(d) hereof. 
 “TAX MATTERS PARTNER” has the meaning described in Section 10.5(a) hereof. 
 “TERMINATION EVENT” means the termination or nonrenewal of the Advisory Agreement (i) in connection with a merger, sale of Assets or other
transaction involving the General Partner pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for “good reason” (as defined in the Advisory Agreement), or (iii) by the General
Partner and/or the Partnership other than for “cause” (as defined in the Advisory Agreement). 
 “TENDERED UNITS” has the
meaning provided in Section 8.5(a) hereof. 
 “TENDERING PARTY” has the meaning provided in Section 8.5(a) hereof.

 “TRANSACTION” has the meaning set forth in Section 7.1(c) hereof. 
 “TRANSFER” has the meaning set forth in Section 9.2(a) hereof. 
 “VALUATION DATE” has the meaning set forth in Section 8.7(b) hereof. 
 “VALUE” means the fair market value per share of REIT Shares which will equal: (i) if REIT Shares are Listed, the average closing price
per share for the previous thirty business days, (ii) if REIT Shares are not Listed, (a) the most recent offering price per share or share equivalent of REIT Shares, until December 31st of the year following the year in which the most
recently completed offering of REIT Shares has expired, and (b) thereafter, such price per REIT Share as the management of the General Partner determines in good faith. 
 ARTICLE 2 
 PARTNERSHIP FORMATION AND IDENTIFICATION 
 2.1 Formation. The Partnership was formed as a limited partnership pursuant to the Act and all other pertinent laws of the State of
Delaware, for the purposes and upon the terms and conditions set forth in this Agreement. 
 2.2 Name, Office and Registered Agent. The name of the Partnership is Industrial Income Operating Partnership LP. The specified office and place of business of the Partnership shall be 518 17th Street, 17th Floor, Denver, Colorado 80202. The General Partner may at any time
change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is Corporation Service Company, 2711 Centerville Road, Suite 400,
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. 
  

 11 

 2.3 Partners. 
 (a) The General Partner of the Partnership is Industrial Income Trust Inc., a Maryland corporation. Its principal place of business is the same as that
of the Partnership. 
 (b) The Limited Partners are those Persons identified as Limited Partners on Exhibit A hereto, as amended from
time to time. 
 2.4 Term and Dissolution. 
 (a) The term of the Partnership shall continue in full force and effect until December 31, 2039, 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, removal or withdrawal of a General Partner unless the
business of the Partnership is continued pursuant to Section 7.3(b) hereof; 
 (ii) The passage of ninety (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) hereof), 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 5.6 hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership
(including those necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 
 2.5 Filing of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, any and all amendments to the Certificate(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. 
 2.6 Certificates Describing Partnership Units and Special Partnership Units. At the
request of a Limited Partner, the General Partner, at its option, may issue (but in no way is obligated to issue) a certificate summarizing the terms of such Limited Partner’s interest in the Partnership, including the number of Partnership
Units and Special Partnership Units owned and the Percentage Interest and Special Percentage Interest represented by such Partnership Units and 

  

 12 

 
Special Partnership Units as of the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General
Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect: 
 This certificate is not negotiable.
The Partnership Units and Special Partnership Units represented by this certificate are governed by and transferable only in accordance with the provisions of the Limited Partnership Agreement of Industrial Income Operating Partnership LP, as
amended from time to time. 
 ARTICLE 3 
 BUSINESS OF THE PARTNERSHIP 
 The purpose and nature of the business to be conducted by the
Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General
Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to qualify as a REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or 4981 of the Code, (ii) to
enter into any partnership, joint venture, co-ownership 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 upon such qualification 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 Charter. The General Partner on behalf of the Partnership shall also be empowered to
do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code. 
 ARTICLE 4 
 CAPITAL CONTRIBUTIONS AND
ACCOUNTS 
 4.1 Capital Contributions. The General Partner and the initial Limited Partners have made capital contributions
to the Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A, as such Exhibit may be amended from time to time. 
 4.2 Additional Capital Contributions and Issuances of Additional Partnership Interests. Except as provided in this Section 4.2 or in Section 4.3, the Partners shall have no right or obligation
to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner
contemplated in this Section 4.2. 
 (a) Issuances of Additional Partnership Interests. 
  

 13 

 (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, including but not limited to Partnership Units issued in connection
with acquisitions of properties, to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all
without the approval of any Limited Partners. Any additional Partnership Interests issued thereby may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating,
optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any
Limited Partner, subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each
such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no
additional Partnership Interests shall be issued to the General Partner unless: 
 (1) (A) the additional Partnership Interests are issued
in connection with an issuance of REIT Shares of or other interests in the General Partner, which shares or interests have designations, preferences and other rights, all such that the economic interests are substantially similar to the
designations, preferences and other rights of the additional Partnership Interests issued to the General Partner by the Partnership in accordance with this Section 4.2 and (B) the General Partner shall make a Capital Contribution to the
Partnership in an amount equal to the proceeds raised in connection with the issuance of such shares of stock of or other interests in the General Partner; 
 (2) the additional Partnership Interests are issued in exchange for property owned by the General Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the
Partnership Interests; or 
 (3) the additional Partnership Interests are issued to all Partners holding Partnership Units in proportion to
their respective Percentage Interests. 
 Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue
Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. 
 (ii)        Upon Issuance of Additional Securities. The General Partner shall not issue any Additional
Securities other than to all holders of REIT Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or
convertible or exchangeable securities of the Partnership having designations, preferences and other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner
contributes the proceeds from the issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly and 

  

 14 

 
through the General Partner, to the Partnership; provided, however, that the General Partner is allowed to issue Additional Securities in connection with an
acquisition of a property to be held directly by the General Partner, but if and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in the best interests of the General Partner and the
Partnership by a majority of the Independent Directors. Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause the Partnership to issue to the General
Partner corresponding Partnership Interests, so long as (x) the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership, including without limitation, the issuance of REIT
Shares and corresponding Partnership Units pursuant to an employee share purchase plan providing for employee purchases of REIT Shares at a discount from fair market value or employee stock options that have an exercise price that is less than the
fair market value of the REIT Shares, either at the time of issuance or at the time of exercise, and (y) the General Partner contributes all proceeds from such issuance to the Partnership. For example, in the event the General Partner issues
REIT Shares for a cash purchase price and contributes all of the proceeds of such issuance to the Partnership as required hereunder, the General Partner shall be issued a number of additional Partnership Units equal to the product of (A) the
number of such REIT Shares issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the denominator of which is the Conversion Factor in effect on the date of
such contribution. 
 (b) Certain Deemed Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all
issuances of REIT Shares, the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if the proceeds actually received and contributed by the General Partner are less than the gross proceeds of
such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount
of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.5 hereof and in connection with the required issuance of additional Partnership Units to
the General Partner for such Capital Contributions pursuant to Section 4.2(a) hereof. 
 4.3 Additional Funding. If the
General Partner determines that it is in the best interests of the Partnership to provide for additional Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain
such funds from outside borrowings, or (ii) elect to have the General Partner or any of its Affiliates provide such Additional Funds to the Partnership through loans or otherwise, provided, however, that the Partnership may not borrow money
from its Affiliates, unless a majority of the Directors of the General Partner (including a majority of Independent Directors) not otherwise interested in such transaction approve the transaction as being fair, competitive, and commercially
reasonable and no less favorable to the Partnership than comparable loans between unaffiliated parties. 
 4.4 Capital Accounts.

 (a) A separate capital account (each a “Capital Account”) shall be maintained for each Partner in accordance with the rules
of Treasury Regulations 

  

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Section 1.704-1(b)(2)(iv), and this Section 4.4 shall be interpreted and applied in a manner consistent therewith. Whenever the Partnership would
be permitted to adjust the Capital Accounts of the Partners pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(f) to reflect revaluations of Partnership property, the Partnership may so adjust the Capital Accounts of the
Partners. In the event that the Capital Accounts of the Partners are adjusted pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(f) to reflect revaluations of Partnership property, (i) the Capital Accounts of the Partners
shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain or loss, as computed for book purposes, with respect to such property, (ii) the
Partners’ distributive shares of depreciation, depletion, amortization and gain or loss, as computed for tax purposes, with respect to such property shall be determined so as to take account of the variation between the adjusted tax basis and
book value of such property in the same manner as under Code Section 704(c), and (iii) the amount of upward and/or downward adjustments to the book value of the Partnership property shall be treated as income, gain, deduction and/or loss
for purposes of applying the allocation provisions of Article 5. In the event that Code Section 704(c) applies to Partnership property, the Capital Accounts of the Partners shall be adjusted in accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain and loss, as computed for book purposes, with respect to such property. 
 (b) Notwithstanding any provision herein to the contrary, any fees, expenses or other costs of the Partnership that are required to be paid by the
General Partner without reimbursement and that are required to be treated as capital contributions to the Partnership for purposes of the Treasury Regulations promulgated under Section 704(b) of the Code, shall be added to the balance of the
General Partner’s Capital Account. 
 4.5 Percentage Interests. If the number of outstanding Partnership Units increases
or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held
by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.5, the net profits and net
losses (and items thereof) for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the Partnership’s property is revalued by the General Partner and the part of the year
beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which
method shall be used to allocate net profits and net losses (or items thereof) for the taxable year in which the adjustment occurs. The allocation of net profits and net losses (or items thereof) for the earlier part of the year shall be based on
the Percentage Interests before adjustment, and the allocation of net profits and net losses (or items thereof) for the later part shall be based on the adjusted Percentage Interests. 
 4.6 No Interest On Contributions. No Partner shall be entitled to interest on its Capital Contribution. 
 4.7 Return Of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account
or to receive any distribution from the 

  

 16 

 
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. 
 4.8 No
Third Party Beneficiary. No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or
remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of
the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations
be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no
distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is
obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed
to be a liability of such Partner nor an asset or property of the Partnership. 
 ARTICLE 5 
 PROFITS AND LOSSES; DISTRIBUTIONS 
 5.1 Allocation of Profit and Loss. 
 (a) General. Net profit and net loss (or items thereof) of the
Partnership for each fiscal year or other applicable period of the Partnership shall be allocated among the OP Unitholders in accordance with their respective Percentage Interests. 
 (b) General Partner Gross Income Allocation. There shall be specially allocated to the General Partner an amount of (i) first, items of
Partnership income and (ii) second, items of Partnership gain during each fiscal year or other applicable period, before any other allocations are made hereunder, in an amount equal to the excess, if any, of (A) the cumulative
distributions made to the General Partner under Section 6.5(b) hereof, other than distributions which would properly be treated as “guaranteed payments” or which are attributable to the reimbursement of expenses which would properly
be deductible by the Partnership, over (B) the cumulative allocations of Partnership income and gain to the General Partner under this Section 5.1(b). 
 (c) Special Allocation with Respect to Sales. Items of income, gain, credit, loss and deduction of the Partnership for each fiscal year or other applicable period from Sales, other than any such items allocated
under Section 5.1(b), shall be allocated among the Partners in a manner that will, as nearly as possible (after giving effect to the allocations under Section 5.1(a), 5.1(b) and 5.1(d), cause the Capital Account balance of each Partner at
the end of such fiscal year or other applicable period to equal (i) the amount of the hypothetical distribution 

  

 17 

 
that such Partner would receive if the Partnership were liquidated on the last day of such period and all assets of the Partnership, including cash, were
sold for cash equal to their Carrying Value, taking into account any adjustments thereto for such period, all liabilities of the Partnership were satisfied in full in cash according to their terms (limited with respect to each nonrecourse liability
to the Carrying Value of the assets securing such liability) and Net Sales Proceeds (after satisfaction of such liabilities) were distributed in full pursuant to Section 5.2(b)(i), minus (ii) the sum of such Partner’s share of
Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain and the amount, if any and without duplication, that the Partner would be obligated to contribute to the capital of the Partnership, all computed as of the date of the hypothetical
sale of assets.  
 (d) Nonrecourse Deductions; Minimum Gain Chargeback. Notwithstanding any provision to the contrary,
(i) any expense of the Partnership that is a “nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’ respective Percentage Interests, (ii) any
expense of the Partnership that is a “partner nonrecourse deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the “economic risk of loss” with respect to the
liability to which such deductions are attributable in accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a net decrease in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for any
Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),(3), (4) and (5), items of gain and income shall be allocated among the Partners in accordance with Regulations
Section 1.704-2(f) and the ordering rules contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner Nonrecourse Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for any
Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-(2)(g), items of gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(i)(4) and the ordering
rules contained in Regulations Section 1.704-2(j). A Partner’s “interest in partnership profits” for purposes of determining its share of the excess nonrecourse liabilities of the Partnership within the meaning of Regulations
Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 
 (e) Qualified Income Offset. If a Partner
unexpectedly receives in any taxable year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s
Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), such Partner shall be
allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations
Section 1.704-1(b)(2)(ii)(d). This Section 5.1(e) is intended to constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. After the
occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.1(e), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount
necessary to offset the income or gain previously allocated to such Partner under this Section 5.1(e). 
  

 18 

 (f) Capital Account Deficits. Loss (or items of loss) shall not be allocated to a Limited Partner
to the extent that such allocation would cause or increase a deficit in such Partner’s Capital Account at the end of any fiscal year (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4),
(5) and (6)) to exceed the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5). Any net loss in
excess of that limitation shall be allocated to the General Partner. After the occurrence of an allocation of net loss to the General Partner in accordance with this Section 5.1(d), to the extent permitted by Regulations
Section 1.704-1(b), Profit shall be allocated to such Partner in an amount necessary to offset the net loss previously allocated to such Partner under this Section 5.1(f). 
 (g) Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership Interest, the distributive shares of
the various items of profit and loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the Partnership’s fiscal year had ended on
the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such fiscal year in which the transferor and the
transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and profit and loss between the transferor and the
transferee Partner. 
 (h) Curative Allocations. The allocations set forth in Section 5.1(d), (e) and (f) of this
Agreement (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations or with special
allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 5.1(i). Therefore, notwithstanding any other provision of this Section 5.1 (other than the Regulatory Allocations), the General Partner
shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account is, to the extent
possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were allocated pursuant to Section 5.1(a), (b), (c) and (g). 
 5.2 Distribution of Cash. 
 (a) The Partnership may distribute cash on a quarterly (or, at the election of the General Partner, more or less frequent) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are
Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in accordance with Section 5.2(b); provided, however, that if a new or existing Partner acquires an additional Partnership Interest in exchange
for a Capital Contribution on any date other than a Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating to the Partnership Record Date next following the issuance of such additional
Partnership Interest shall be reduced in the proportion equal to one minus (i) the number of days that such additional 

  

 19 

 
Partnership Interest is held by such Partner bears to (ii) the number of days between such Partnership Record Date and the immediately preceding
Partnership Record Date. 
 (b) Except for distributions pursuant to Section 5.6 of this Agreement in connection with the dissolution
and liquidation of the Partnership and subject to the provisions of Section 5.2(c), 5.2(d), 5.3, 5.5 and 8.7 of this Agreement, distributions shall be made in accordance with the following provisions: 
 (i) all distributions of Net Sales Proceeds shall be made: (A) first, 100% to the OP Unitholders in accordance with their respective Percentage
Interests on the Partnership Record Date until the OP Unitholders have received cumulative distributions under this Section 5.2(b) (taking into account the aggregate distributions made pursuant to this Section 5.2(b)(i) and
Section 5.2(b)(ii) below), equal to the aggregate Capital Contributions made by the OP Unitholders to the Partnership plus a cumulative, noncompounded pre-tax rate of return thereon of 6.5% per annum, determined by taking into account the
dates on which all such Capital Contributions and distributions were made and (B) second, (1) 85% to the OP Unitholders, in accordance with their respective Percentage Interests on the Partnership Record Date and (2) 15% to the
Special OP Unitholders in accordance with their respective Special Percentage Interests on the Partnership Record Date; and 
 (ii) all
distributions of cash other than Net Sales Proceeds shall be made to the OP Unitholders in accordance with their respective Percentage Interests on the Partnership Record Date. 
 (c) Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary or
appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the
extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner or assignee (including by reason of Section 1446 of the Code), either
(i) if the actual amount to be distributed to the Partner equals or exceeds the amount required to be withheld by the Partnership, the amount withheld shall be treated as a distribution of cash in the amount of such withholding to such Partner,
or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Partnership, the actual amount shall be treated as a distribution of cash in the amount of such withholding and the additional
amount required to be withheld shall be treated as a loan (a “Partnership Loan”) from the Partnership to the Partner on the day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid through
withholding by the Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner (a “Defaulting Limited Partner”) fails to pay any amount owed to the Partnership with
respect to the Partnership Loan within fifteen (15) days after demand for payment thereof is made by the Partnership on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the
Partnership on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have extended a loan (a “General Partner Loan”) to the Defaulting Limited Partner in the amount of the
payment made by the General Partner and shall succeed to all rights and remedies of the Partnership against the 

  

 20 

 
Defaulting Limited Partner as to that amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise would
be made by the Partnership to the Defaulting Limited Partner until such time as the General Partner Loan has been paid in full, and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting
Limited Partner and immediately paid to the General Partner. 
 Any amounts treated as a Partnership Loan or a General Partner Loan pursuant
to this Section 5.2(c) shall bear interest at the lesser of (i) the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, or (ii) the maximum
lawful rate of interest on such obligation, such interest to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full. 
 (d) In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash
distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged. 
 5.3
REIT Distribution Requirements. The General Partner shall use its commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the General Partner to make shareholder distributions that will allow
the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 
 5.4 No Right to Distributions in Kind. No Partner shall be entitled to demand property other than cash in connection with any distributions
by the Partnership. 
 5.5 Limitations on Return of Capital Contributions. Notwithstanding any of the provisions of this
Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s Capital Contributions, unless after giving effect to the return
of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership’s assets. 
 5.6 Distributions Upon Liquidation. Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations
of the Partnership, including any Partner loans, any remaining assets of the Partnership shall be distributed to all Partners in proportion to their respective positive Capital Account balances, determined after taking into account all allocations
required to be made pursuant to Section 5.1 hereof and all prior distributions made pursuant to this Article 5, in compliance with Treasury Regulation Section 1.704-1(b)(2)(ii)(b)(2). 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 net profit and net loss of the Partnership (or items thereof) 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 

  

 21 

 
(including the use of a liquidating trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations. 
 5.7 Substantial Economic Effect. It is the intent of the Partners that the allocations of net profit and net loss (and items thereof),
under this Agreement have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation of losses attributable to nonrecourse debt) within the meaning of Section 704(b) of the
Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent. 
 ARTICLE 6 
 RIGHTS, OBLIGATIONS AND 
 POWERS OF THE GENERAL PARTNER 
 6.1
Management of the Partnership. 
 (a) Except as otherwise expressly provided in this Agreement, the General Partner shall have
full, complete and exclusive discretion to manage and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically
contained in this Agreement, the powers of the General Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership: 
 (i) to acquire, purchase, own, operate, lease, dispose and exchange of any Assets, that the General Partner determines are necessary or appropriate or
in the best interests of the business of the Partnership; 
 (ii) to construct buildings and make other improvements on the properties owned
or leased by the Partnership; 
 (iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities
(including secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership
Interests) of the Partnership; 
 (iv) to borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection
therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s
assets; 
 (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; 
  

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 (vi) to guarantee or become a co-maker of indebtedness of the General Partner or any Subsidiary thereof,
refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the
Partnership’s assets; 
 (vii) to use assets of the Partnership (including, without limitation, cash on hand) for any purpose
consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all operating costs and general administrative expenses of the General Partner, the Partnership or any Subsidiary of either, to third
parties or to the General Partner as set forth in this Agreement; 
 (viii) to lease all or any portion of any of the Partnership’s
assets, whether or not the terms of such leases extend beyond the termination date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in
part to others, for such consideration and on such terms as the General Partner may determine; 
 (ix) to prosecute, defend, arbitrate, or
compromise any and all claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the
Partners, the Partnership, or the Partnership’s assets; 
 (x) to file applications, communicate, and otherwise deal with any and all
governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 
 (xi) to make or revoke any election permitted or required of the Partnership by any taxing authority; 
 (xii) to maintain such insurance coverage for public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or
beneficial to the Partnership, in such amounts and such types, as it shall determine from time to time; 
 (xiii) to determine whether or
not to apply any insurance proceeds for any property to the restoration of such property or to distribute the same; 
 (xiv) to establish
one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner
may deem necessary or appropriate in connection with the Partnership business and to 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; 
  

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 (xvi) to negotiate and conclude agreements on behalf of the Partnership with respect to any of the
rights, powers and authority conferred upon the General Partner; 
 (xvii) to maintain accurate accounting records and to file promptly all
federal, state and local income tax returns on behalf of the Partnership; 
 (xviii) to distribute Partnership cash or other Partnership
assets in accordance with this Agreement; 
 (xix) to form or acquire an interest in, and contribute property to, any further limited or
general partnerships, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other Person in which it has an
equity interest from time to time); 
 (xx) to establish Partnership reserves for working capital, capital expenditures, contingent
liabilities, or any other valid Partnership purpose; 
 (xxi) to merge, consolidate or combine the Partnership with or into another Person;

 (xxii) to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly
traded partnership” for purposes of Section 7704 of the Code; and 
 (xxiii) to take such other action, execute, acknowledge,
swear to or deliver such other documents and instruments, and perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership
(including, without limitation, all actions consistent with allowing the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a
general partner as provided by the Act. 
 (b) Except as otherwise provided herein, to the extent the duties of the General Partner require
expenditures of funds to be paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that partnership funds are reasonably available to it for the performance of such duties, and nothing herein
contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership.

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

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 6.3 Indemnification and Exculpation of Indemnitees. 
 (a) The Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, expenses
(including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations
of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was material to the
matter giving rise to the proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; or
(iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership.

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

 (c) The indemnification provided by this Section 6.3 shall be in addition to any other rights to which an Indemnitee or any other
Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 
 (d) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall determine,
against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person against such
liability under the provisions of this Agreement. 
 (e) For purposes of this Section 6.3, the Partnership shall be deemed to have
requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the 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. 
  

 25 

 (g) An Indemnitee shall not be denied indemnification in whole or in part under this Section 6.3
because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 
 (h) The provisions of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be
deemed to create any rights for the benefit of any other Persons. 
 (i) Notwithstanding the foregoing, the Partnership may not indemnify or
hold harmless an Indemnitee for any liability or loss unless all of the following conditions are met: (i) the Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of
the Partnership; (ii) the Indemnitee was acting on behalf of or performing services for the Partnership; (iii) the liability or loss was not the result of (A) negligence or misconduct, in the case that the Indemnitee is a director of
the General Partner (other than an Independent Director), the Advisor or an Affiliate of the Advisor or (B) gross negligence or willful misconduct, in the case that the Indemnitee is an Independent Director; and (iv) the indemnification or
agreement to hold harmless is recoverable only out of net assets of the Partnership. In addition, the Partnership shall not provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state
securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the Indemnitee;
(ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds
that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Commission and of the published position of any state securities
regulatory authority in which Securities were offered or sold as to indemnification for violations of securities laws. 
 6.4 Liability
of the General Partner. 
 (a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not
be liable for monetary damages to the Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be
in breach of any duty that the General Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides
by the terms of this Agreement. 
 (b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the
Partnership, itself and its shareholders collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax
consequences of some, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its shareholders on one hand and the Limited
Partners on the other, the General Partner shall 

  

 26 

 
endeavor in good faith to resolve the conflict in a manner not adverse to either its shareholders or the Limited Partners; provided, however, that for so
long as the General Partner directly owns a controlling interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its shareholders or
the Limited Partner shall be resolved in favor of the shareholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such
decisions, provided that the General Partner has acted in good faith. 
 (c) Subject to its obligations and duties as General Partner set
forth in Section 6.1 hereof, the General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall
not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 
 (d) Notwithstanding any
other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such
action or omission is necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857,
Section 4981, or any other provision of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
 (e) Any amendment, modification or repeal of this Section 6.4 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the
Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal,
regardless of when claims relating to such matters may arise or be asserted. 
 6.5 Reimbursement of General Partner.

 (a) Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding
distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 
 (b) The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute
discretion, for all Administrative Expenses incurred by the General Partner. 
 6.6 Outside Activities.  Subject to
(a) Section 6.8 hereof, (b) the Charter and (c) any agreements entered into by the General Partner or its Affiliates with the Partnership, a Subsidiary or any officer, director, employee, agent, trustee, Affiliate or shareholder
of the General Partner, the General Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership, including business 

  

 27 

 
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 offer any interest in any such business ventures, interests and activities to the Partnership or any Limited Partner,
even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 
 6.7 Employment or Retention of Affiliates. 
 (a) Any Affiliate of the General Partner may be employed or retained by
the Partnership and may otherwise deal with the Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other
payment therefor which the General Partner determines to be fair and reasonable. 
 (b) The Partnership may lend or contribute to its
Subsidiaries or other Persons in which it has an equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall
not create any right or benefit in favor of any Subsidiary or any other Person. 
 (c) The Partnership may transfer assets to joint
ventures, other partnerships, corporations or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement, applicable law and
the REIT status of the General Partner. 
 (d) Except as expressly permitted by this Agreement, neither the General Partner nor any of its
Affiliates shall sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are, in the General Partner’s sole discretion, on terms that are fair and
reasonable to the Partnership. 
 6.8 General Partner Participation. The General Partner agrees that all business activities of
the General Partner, including activities pertaining to the acquisition, development or ownership of any Asset shall be conducted through the Partnership or one or more Subsidiary Partnerships; provided, however, that the General Partner is allowed
to make a direct acquisition, but if and only if, such acquisition is made in connection with the issuance of Additional Securities, which direct acquisition and issuance have been approved and determined to be in the best interests of the General
Partner and the Partnership by a majority of the Independent Directors. 
 6.9 Title to Partnership Assets. Title to
Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership
assets or any portion thereof. Title to any or all of the Partnership 

  

 28 

 
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 or one or more Subsidiary Partnerships in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its commercially reasonable 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. 
 6.10  Miscellaneous. In the event the General Partner redeems any
REIT Shares (other than REIT Shares redeemed in accordance with the share redemption program of the General Partner through proceeds received from the General Partner’s dividend reinvestment plan), then the General Partner shall cause the
Partnership to purchase from the General Partner a number of Partnership Units as determined based on the application of the Conversion Factor on the same terms that the General Partner redeemed such REIT Shares. Moreover, if the General Partner
makes a cash tender offer or other offer to acquire REIT Shares, then the General Partner shall cause the Partnership to make a corresponding offer to the General Partner to acquire an equal number of Partnership Units held by the General Partner.
In the event any REIT Shares are redeemed by the General Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the General Partner’s Partnership Units for an equivalent purchase price based on the application of
the Conversion Factor. 
 6.11  No Duplication of Fees or Expenses. The Partnership may not incur or be responsible
for any fee or expense (in connection with the Offering or otherwise) that would be duplicative of fees and expenses paid by the General Partner. 
 ARTICLE 7 
 CHANGES IN GENERAL PARTNER 
 7.1 Transfer of the General Partner’s Partnership Interest. 
 (a) The General Partner
shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as provided in, or in connection with a transaction contemplated by, Section 7.1(c), (d) or (e). 
 (b) The General Partner agrees that its Percentage Interest will at all times be in the aggregate, at least 0.1%. 
 (c) Except as otherwise provided in Section 6.4(b) or Section 7.1(d) or (e) hereof, the General Partner shall not engage in any merger,
consolidation or other combination with or into another Person or sale of all or substantially all of its assets (other than in connection with a change in the General Partner’s state of incorporation or organizational form) in each case which
results in a change of control of the General Partner (a “Transaction”), unless: 
  

 29 

 (i)       the consent of Limited Partners holding more than 50% of
the Percentage Interests and more than 50% of the Special Percentage Interests of the Limited Partners is obtained; 
 (ii)      as a result of such Transaction all Limited Partners will receive (A) for each Partnership Unit (other than the Special Units) an amount of cash, securities, or other property equal to the
product of the Conversion Factor and the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share in consideration of one REIT Share, provided that if, in connection with the Transaction, a
purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each holder of Partnership Units shall be given the option to exchange its Partnership Units
for the greatest amount of cash, securities, or other property which a Limited Partner holding Partnership Units would have received had it (1) exercised its 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 and (B) for each Special Partnership Unit an amount of cash, securities or other property (as applicable based upon the type of
consideration and the proportions thereof paid to holders of REIT Shares in the Transaction) determined as set forth pursuant to Section 5.2(b)(i) or Section 8.7(b) hereof, as applicable; or 
 (iii)     the General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do not
receive cash, securities, or other property in the Transaction or (B) all Limited Partners (other than the General Partner or any Subsidiary) receive (1) in exchange for their Partnership Units (other than the Special Units), an amount of
cash, securities, or other property (expressed as an amount per REIT Share) that is no less than the product of the Conversion Factor and the greatest amount of cash, securities, or other property (expressed as an amount per REIT Share) received in
the Transaction by any holder of REIT Shares and (2) in exchange for their Special Partnership Units, an amount of cash, securities or other property (as applicable based upon the type of consideration and the proportions thereof paid to
holders of REIT Shares in the Transaction) determined as set forth pursuant to Section 8.7 hereof. 
 (d) Notwithstanding
Section 7.1(c), the General Partner may merge with or into or consolidate with another entity if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the
“Survivor”), other than Partnership Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of
the assets so contributed as determined by the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Survivor shall
have the right and duty to amend this Agreement as set forth in this Section 7.1(d). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT Shares Amount and Conversion Factor for a Partnership
Unit after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and
other property that was receivable upon such merger or consolidation by a holder of REIT Shares or options, warrants or other rights relating thereto, and which a holder of Partnership 

  

 30 

 
Units could have acquired had such Partnership Units been exchanged immediately prior to such merger or consolidation. Such amendment to this Agreement shall
provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect to the Conversion Factor. The Survivor also shall in good faith modify the definition of
REIT Shares and make such amendments to Sections 8.5 and 8.7 hereof so as to approximate the existing rights and obligations set forth in Sections 8.5 and 8.7 as closely as reasonably possible. The above provisions of this Section 7.1(d) shall
similarly apply to successive mergers or consolidations permitted hereunder. 
 (e) Notwithstanding Section 7.1(c), 
 (i)       a General Partner may transfer all or any portion of its General Partnership Interest to (A) a
wholly-owned Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner; and 
 (ii)      the General Partner may engage in any transaction that is not required to be submitted to the vote of the
holders of the REIT Shares by (A) law or (B) the rules of any national securities exchange on which the REIT Shares are Listed. 
 7.2 Admission of a Substitute or Additional General Partner. A Person shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied: 
 (a) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions
of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such
Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 hereof in connection with such admission shall have been performed; 
 (b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall have provided the Partnership
with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 
 (c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel and the state or any other jurisdiction as
may be necessary) that (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. 
  

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 7.3 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner.

 (a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the
death, withdrawal, deemed removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such
partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is
continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal,
dissolution or removal of the General Partner. 
 (b) Following the occurrence of an Event of Bankruptcy as to a General Partner (and its
removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is, on the date of such occurrence, a partnership, the withdrawal 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 ninety (90) days after such occurrence, may elect to continue the business of the Partnership for the balance of the term specified in Section 2.4 hereof by selecting, subject to Section 7.2 hereof and any other provisions of
this Agreement, a substitute General Partner by consent of a majority in interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the
Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement. 
 7.4
Removal of a General Partner. 
 (a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General
Partner, such General Partner shall be deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death 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 hereof, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in
accordance with Section 7.3(b) hereof and otherwise admitted to the Partnership in accordance with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner
the fair market value of the General Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by
the 

  

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General Partner and a majority in interest of the Limited Partners within ten (10) days following the removal of the General Partner. In the event that
the parties are unable to agree upon an appraiser, the removed General Partner and a majority in interest of the Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed
General Partner’s General Partnership Interest within thirty (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 forty (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 sixty (60) days after the removal of the General Partner. In such case, the fair
market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals closest in value. 
 (c) The General Partnership Interest of a removed General Partner, 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 8 
 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 
 8.1 Management of the Partnership. The Limited Partners shall not participate in the management or control of Partnership business nor
shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner. 
 8.2 Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may
act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all documents, certificates, and instruments as may be
deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or
legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. 
 8.3
Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its
Capital Contribution, if any, as 

  

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and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make
any further Capital Contributions or other payments or lend any funds to the Partnership. 
 8.4 Ownership by Limited Partner of
Corporate General Partner or Affiliate. No Limited Partner shall at any time, either directly or indirectly, own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction
with other stock or other interests owned by other Limited Partners would, in the opinion of counsel for the Partnership, jeopardize the classification of the Partnership as a partnership for federal tax purposes. The General Partner shall be
entitled to make such reasonable inquiry of the Limited Partners as is required to establish compliance by the Limited Partners with the provisions of this Section. 
 8.5 Redemption Right. 
 (a)       Subject to Sections
8.5(b), 8.5(c), 8.5(d), 8.5(e) and 8.5(f) and the provisions of any agreements between the Partnership and one or more Limited Partners with respect to Partnership Units held by them, each Limited Partner, other than the General Partner, shall,
after holding their Partnership Units for at least one year, 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 the Partnership Units (other than
Special Units), held by such Limited Partner in exchange (a “Redemption Right”) for REIT shares issuable on, or the Cash Amount payable on, the Specified Redemption Date, as determined by the General Partner in its sole discretion,
provided that such Partnership Units (the “Tendered Units”) shall have been outstanding for at least one year. 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”). No Limited Partner may deliver more than two Notices of Redemption during each calendar year. A Limited Partner 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 redeem 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 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 Partnership 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 Partnership elects to redeem any number of Tendered Units for REIT Shares, 

  

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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 accessible REIT Shares free of any pledge, lien, encumbrance or restriction, other than the Ownership Limit (as calculated in accordance with the Charter) 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 Charter. 
 (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: 
 (1)        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 Ownership Limit (or, if applicable the Excepted Holder Limit); 
 (2)        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; and 
 (3)        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)(1) or (b) after giving effect to the Redemption, neither the Tendering Party nor any Related Party shall own REIT Shares in violation of the Ownership Limit (or, if applicable, the Excepted Holder
Limit). 
 (4)        Any other documents as the General Partner may reasonably require in
connection with the issuance of REIT Shares upon the exercise of the Redemption Right. 
 (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 provide financing to be used to make such payment of the Cash Amount, by causing the issuance of additional REIT Shares or otherwise. Notwithstanding the foregoing, the General
Partner agrees to use its commercially reasonable efforts to cause the closing of the acquisition of Tendered Units hereunder to occur as quickly as reasonably possible. 
  

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 (e)        Notwithstanding any other provision of this
Agreement, the General Partner shall place appropriate restrictions on the ability of the Limited Partners to exercise their Redemption Rights to prevent, among other things, (a) any person from owning shares in excess of the Ownership Limit
and the Excepted Holder Limit, (b) the General Partner’s common stock from being owned by less than 100 persons, the General Partner from being “closely held” within the meaning of section 856(h) of the Code, and as and if deemed
necessary to ensure that the Partnership does not constitute a “publicly traded partnership” under section 7704 of the Code. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall
give prompt written notice thereof to each of the Limited Partners holding Partnership Units, which notice shall be accompanied by a copy of an opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are
necessary in order to avoid having the Partnership be treated as a “publicly traded partnership” under section 7704 of the Code. 
 (f) A redemption fee may be charged in connection with an exercise of Redemption Rights pursuant to this Section 8.5. 
 8.6
Registration. Subject to the terms of any agreement between the General Partner and one or more Limited Partners with respect to Partnership Units held by them: 
 (a) Listing on Securities Exchange.    If the General Partner shall list or maintain the listing of any REIT Shares on any
securities exchange or national market system, it will at its expense and as necessary to permit the registration and sale of the REIT Shares that may be issued upon redemption of Partnership Units pursuant to Section 8.5 hereof (the
“Redemption Shares”) hereunder, list thereon, maintain and, when necessary, increase such listing to include such Redemption Shares. 
 (b) Registration Not Required.    Notwithstanding the foregoing, the General Partner shall not be required to file or maintain the effectiveness of a registration statement covering the resale of Redemption Shares
if, in the opinion of counsel to the General Partner, such Redemption Shares could be sold by the holders thereof pursuant to Rule 144 under the Securities Act, or any successor rule thereto. 
 8.7 Redemption or Conversion of Special Partnership Units. Upon the earliest to occur of (a) the termination or nonrenewal of the
Advisory Agreement for “cause” (as defined in the Advisory Agreement), (b) a Termination Event, or (c) a Liquidity Event which does not qualify as a Termination Event, the Special Partnership Units will be exchanged for OP Units
with a value as described below and immediately thereafter will be redeemed, subject to the option of the Special OP Unitholders to retain such OP Units received upon exchange of the Special Partnership Units in such circumstances. 
 (a) Redemption of Special Partnership Units Upon Termination or Nonrenewal of the Advisory Agreement for Cause. If the Advisory Agreement is
terminated or not renewed by the General Partner for “cause” (as defined in the Advisory Agreement), all of the Special Partnership Units shall be redeemed by the Partnership for $1 within thirty (30) days after the termination or
nonrenewal of the Advisory Agreement. 
  

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 (b) Redemption of Special Partnership Units upon a Termination Event or Liquidity Event. Upon the
occurrence of a Termination Event or a Liquidity Event, the Special Partnership Units shall be exchanged for OP Units with a value equal to the Net Sales Proceeds that would have been distributed to the Special OP Unitholders under
Section 5.2(b)(i)(B)(2) if all assets of the Partnership had been sold for their fair market value, as determined in good faith by the General Partner, all liabilities of the Partnership were satisfied in full in cash according to their terms,
and Net Sales Proceeds (after satisfaction of such liabilities) were distributed in full pursuant to Section 5.2(b)(i), provided however, (i) in any case of a Liquidity Event of the type described in Section 7.1(c) (including a
Termination Event that is a Liquidity Event), the General Partner shall determine such fair market value by reference to the value paid to the holders of REIT Shares and the implied value of the Partnership’s assets as a result thereof,
(ii) in any case of a Termination Event which is not a Liquidity Event of the type described in Section 7.1(c), the General Partner shall determine such fair market value by reference to a valuation provided by an independent appraiser
selected by the General Partner and approved by the Special OP Unitholders, and (iii) in connection with a Listing, the General Partner shall make such determination taking into account the market value of the General Partner’s Listed
shares based upon the average closing price, or average of bid and asked prices, as the case may be, during a period of thirty (30) days during which such shares are traded beginning 150 days after the Listing (the date on which such valuation
is determined to be referred to as the “Valuation Date”). In the case of a Termination Event or Liquidity Event which is not a Listing, such OP Units shall be redeemed in connection with such Termination Event or Liquidity Event or as soon
as is reasonably practicable thereafter, and in the case of a Listing described above, the redemption of such OP Units shall occur within 210 days thereof. The payment to the Special OP Unitholders upon the redemption of their OP Units resulting
from a Termination Event or a Liquidity Event shall be paid in cash; provided, however that if the Board determines that such payment will impair the capital of the General Partner, such payment shall consist of a promissory note bearing interest at
a competitive market rate (determined by taking into account, among other things, the size of the Partnership, its capital structure and financial strength, its credit rating or the credit rating of its General Partner (if applicable), the terms of
the promissory note, including its maturity date, principal balance, whether it is secured or unsecured, whether it pays interest currently or allows it to accrue, and the liquidation preference of the promissory note in relation to other
liabilities and obligations of the Partnership). The promissory note will be repaid pursuant to the terms thereof, including using the entire net proceeds of each Sale of an Asset or Assets of the Partnership in connection with or following the
occurrence of the Termination Event or a Liquidity Event. 
 (c) Limitation on Redemption and Conversion.  Notwithstanding
anything herein to the contrary, no exchange or redemption pursuant to Section 8.7(b) shall be permitted unless and until OP Unitholders have received (or are deemed to have received pursuant to the deemed valuations set forth in such sections)
aggregate, cumulative distributions from the Partnership to OP Unitholders for all years from operating income, sales proceeds and other sources in an amount equal to (i) the sum of the aggregate capital contributions to the Partnership by the
OP Unitholders for all years plus (ii) a 6.5% cumulative non-compounded annual pre-tax return on the amount described in the immediately preceding subclause (i). 
  

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 8.8 Distribution Reinvestment Plan. 
 OP Unitholders may have the opportunity to join the General Partner’s distribution reinvestment plan by completing an enrollment form which is available upon
request. A copy of the General Partner’s distribution reinvestment plan is also available upon request. The shares of the General Partner’s common stock which may be issued under the General Partner’s distribution reinvestment plan
are offered only by a prospectus. 
 ARTICLE 9 
 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 
 9.1 Purchase for Investment. 

(a) Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of his Partnership
Interest is made as a principal for his account for investment purposes only and not with a view to the resale or distribution o such Partnership Interest. 
 (b) Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest or any fraction thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any
Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer such Partnership Interest or fraction thereof to any Person who does not
similarly represent, warrant and agree. 
 9.2 Restrictions on Transfer of Limited Partnership Interests. 
 (a) Subject to the provisions of 9.2(b) 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. Any such purported transfer undertaken without such consent shall be considered to be null and void ab initio and shall not be given
effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith. 
 (b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented to as contemplated
by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Partnership Interest pursuant to this Article 9 or pursuant to a redemption of all of its Partnership Units pursuant to
Section 8.5 or pursuant to the redemption of the Limited Partner’s Special Partnership Units pursuant to Section 8.7. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited
Partner shall cease to be a Limited Partner. 
 (c) 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 

  

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or descendants, spouse of such descendant, or brother or sister, or a trust created by such Limited Partner for the benefit of such Limited Partner and/or
any such person(s), of which trust such Limited Partner or any such person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity, its beneficial owners.

 (d) No Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, if, in the opinion of legal
counsel for the Partnership, such proposed Transfer would require the registration of the Limited Partnership Interest under the Securities Act or would otherwise violate any applicable federal or state securities or blue sky law (including
investment suitability standards). 
 (e) No Transfer by a Limited Partner of its Partnership Interest, in whole or in part, may be made to
any Person if (i) in the opinion of legal counsel for the Partnership, the transfer would result in the Partnership’s being treated as an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of
Section 856(i) of the Code), (ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes
under Section 857 or Section 4981 of the Code, or (iii) such transfer is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of
Section 7704 of the Code. 
 (f) No transfer by a Limited Partner of any Partnership Interest may be made to a lender to the
Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations Section 1.752-1(a)(2)),
without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender will be required to enter into an arrangement with the Partnership and the General Partner
to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a Partner in the Partnership for purposes of allocating liabilities to such
lender under Section 752 of the Code. 
 (g) Any Transfer in contravention of any of the provisions of this Article 9 shall be void and
ineffectual and shall not be binding upon, or recognized by, the Partnership. 
 (h) Prior to the consummation of any Transfer under this
Article 9, the transferor and/or the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer. 
 9.3 Admission of Substitute Limited Partner. 
 (a) Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be understood to include any purchaser, transferee, donee, or other recipient of
any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion, and
upon the satisfactory completion of the following: 
  

 39 

 (i)          The assignee shall have accepted and
agreed to be bound by the terms and provisions of this Agreement by executing a counterpart or an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the General Partner may require in order to effect the
admission of such Person as a Limited Partner. 
 (ii)        To the extent required, an amended
Certificate evidencing the admission of such Person as a Limited Partner shall have been signed, acknowledged and filed for record in accordance with the Act. 
 (iii)       The assignee shall have delivered a letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b)
hereof. 
 (iv)       If the assignee is a corporation, partnership or trust, the assignee shall have
provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the terms and provisions of this Agreement. 
 (v)        The assignee shall have executed a power of attorney containing the terms and provisions set forth in
Section 8.2 hereof. 
 (vi)       The assignee shall have paid all legal fees and other expenses of
the Partnership and the General Partner and filing and publication costs in connection with its substitution as a Limited Partner. 
 (vii)      The assignee has obtained the prior written consent of the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General
Partner’s sole and absolute discretion. 
 (b) For the purpose of allocating profits and losses and distributing cash received by the
Partnership, a Substitute Limited Partner shall be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is
required, the later of the date specified in the transfer documents or the date on which the General Partner has received all necessary instruments of transfer and substitution. 
 (c) The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this
Section and making all official filings and publications. The Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person as a Limited Partner of the
Partnership. 
 9.4 Rights of Assignees of Partnership Interests. 
 (a) Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership shall not be obligated for any
purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. 
  

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 (b) Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership
Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any
Limited Partner desiring to make an assignment of its Limited Partnership Interest. 
 9.5 Effect of Bankruptcy, Death, Incompetence or
Termination of a Limited Partner. The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited
to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of
his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate
property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a
Substitute Limited Partner. 
 9.6 Joint Ownership of Interests. A Partnership Interest may be acquired by two individuals as
joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest shall
be required to constitute the action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the counsel for
the Partnership that the actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a right of
survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held Partnership Interest until it shall
have received notice of such death. Upon notice to the General Partner from either owner, the General Partner shall cause the Partnership Interest to be divided into two equal Partnership Interests, which shall thereafter be owned separately by each
of the former owners. 
 ARTICLE 10 
 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 
 10.1 Books and Records. At all times during the continuance of
the Partnership, the Partners shall keep or cause to be kept at the Partnership’s specified office true and complete books of account in accordance with generally accepted accounting principles, including: (a) a current list of the full
name and last known business address of each Partner, (b) a copy of the Certificate of Limited Partnership and all Certificates of amendment thereto, (c) copies of the Partnership’s federal, state and local income tax returns and
reports, (d) copies of this Agreement and amendments thereto and any financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any 

  

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Partner or its duly authorized representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such
records during ordinary business hours. 
 10.2 Custody of Partnership Funds; Bank Accounts. 
 (a) All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions
as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 
 (b) All deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner in investment grade instruments (or investment companies whose portfolio consists
primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and municipal notes and bonds. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may
necessarily result from an investment in those investment companies permitted by this Section 10.2(b). 
 10.3 Fiscal and Taxable
Year. The fiscal and taxable year of the Partnership shall be the calendar year. 
 10.4 Annual Tax Information and
Report. Within seventy-five (75) days after the end of each fiscal year of the Partnership, the General Partner shall furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file
such Limited Partner’s individual tax returns as shall be reasonably required by law. 
 10.5 Tax Matters Partner; Tax Elections;
Special Basis Adjustments. 
 (a) The General Partner shall be the Tax Matters Partner of the Partnership within the meaning of
Section 6231(a)(7) of the Code. As Tax Matters Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The General Partner shall have
the right to retain professional assistance in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner on behalf of the Partnership as Tax Matters Partner shall constitute
Partnership expenses. In the event the General Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either (i) file a court petition for judicial review of such final
adjustment within the period provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on the date such petition is filed, or (ii) mail a written notice to all Limited Partners, within
such period, that describes the General Partner’s reasons for determining not to file such a petition. 
 (b) All elections required or
permitted to be made by the Partnership under the Code or any applicable state or local tax law shall be made by the General Partner in its sole and absolute discretion. 
 (c) In the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option of the General Partner, may elect pursuant to Section 

  

 42 

 
754 of the Code to adjust the basis of the Partnership’s assets. Notwithstanding anything contained in Article 5 of this Agreement, any adjustments made
pursuant to Section 754 of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other Partners for any
purpose under this Agreement. Each Partner will furnish the Partnership with all information necessary to give effect to such election. 
 10.6 Reports to Limited Partners. 
 (a) As soon as practicable after the close of each fiscal quarter (other than
the last quarter of the fiscal year), the General Partner shall cause to be mailed to each Limited Partner a quarterly report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a
consolidated basis with the General Partner, for such fiscal quarter, presented in accordance with generally accepted accounting principles. As soon as practicable after the close of each fiscal year, the General Partner shall cause to be mailed to
each Limited Partner an annual report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in
accordance with generally accepted accounting principles. The annual financial statements shall be audited by accountants selected by the General Partner. 
 (b) Any Partner shall further have the right to a private audit of the books and records of the Partnership at the expense of such Partner, provided such audit is made for Partnership purposes and is made during
normal business hours. 
 10.7 Safe Harbor Election. The Partners agree that, in the event the Safe Harbor Regulation is finalized,
the Partnership shall be authorized and directed to make the Safe Harbor Election and the Partnership and each Partner (including any person to whom an interest in the Partnership is transferred in connection with the performance of services) agrees
to comply with all requirements of the Safe Harbor with respect to all interests in the Partnership transferred in connection with the performance of services while the Safe Harbor Election remains effective. The Tax Matters Partner shall be
authorized to (and shall) prepare, execute, and file the Safe Harbor Election. 
 ARTICLE 11 
 AMENDMENT OF AGREEMENT; MERGER 
 The
General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any
other partnership or business entity (as defined in Section 17-211 of the Act) in a transaction pursuant to Section 7.1(c), (d) or (e) hereof; provided, however, that the following amendments and any other merger or consolidation
of the Partnership shall require (i) the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners and (ii) in the case of any of the following (b), (c) or (d), the consent of Limited
Partners holding more than 50% of the Special Percentage Interests of the Limited Partners: 
  

 43 

 (a) any amendment affecting the operation of the Conversion Factor or the Redemption Right (except as
provided in Section 8.5(d) or 7.1(d) hereof) in a manner adverse to the Limited Partners; 
 (b) any amendment that would adversely
affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.2 hereof; 
 (c) any amendment that would alter the Partnership’s allocations of profit and loss to the Limited Partners, other than with respect to the
issuance of additional Partnership Units pursuant to Section 4.2 hereof; or 
 (d) any amendment that would impose on the Limited
Partners any obligation to make additional Capital Contributions to the Partnership. 
 ARTICLE 12 
 GENERAL PROVISIONS 
 12.1
Notices. All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return
receipt requested, to the Partners at the addresses set forth in Exhibit A attached hereto; provided, however, that any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to
the Partnership shall be delivered at or mailed to its specified office. 
 12.2 Survival of Rights. Subject to the provisions
hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns. 
 12.3 Additional Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further
documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act. 
 12.4
Severability. If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any
event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 
 12.5 Entire Agreement. This
Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter
hereof. 
 12.6 Pronouns and Plurals. When the context in which words are used in the Agreement indicates that such is the
intent, words in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require. 
  

 44 

 12.7 Headings. The Article headings or sections in this Agreement are for convenience only
and shall not be used in construing the scope of this Agreement or any particular Article. 
 12.8 Counterparts. This Agreement
may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have
signed the same counterpart. 
 12.9 Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware; provided, however, that any cause of action for violation of federal or state securities laws shall not be governed by this Section 12.9. 
  

 45 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Agreement of
Limited Partnership, all as of the        day of                 , 200  . 
  

									
		 		 	GENERAL PARTNER:
			
		 		 	 INDUSTRIAL INCOME TRUST INC., a Maryland
 corporation

				
		 		 	By:                                       
                                         
                	 	
		 		 		 	Name: John A. Blumberg	 	
		 		 		 	Title:    President	 	

									
		 		 	LIMITED PARTNERS:
				
		 		 	 INDUSTRIAL INCOME ADVISORS GROUP
 LLC
	 	
					
		 		 	      By:	 	  
	 	
		 		 	      Name:	 	
		 		 	      Title:	 	

 EXHIBIT A 
  

													
	Partner	  	    Cash    
    Contribution    	  	     Agreed Value of     Capital
 Contribution
	  	  Partnership     Units	  	Special   Partnership     Units	  	    Percentage     Interest	  	Special   Percentage    Interest
	     	  	 	  	 	  	 	  	 	  	 	  	 
	 GENERAL PARTNER:
  
	  	 	  	 	  	 	  	 	  	 	  	 
	 Industrial Income Trust Inc.
 518 17th Street, 17th Floor
 Denver, CO 80202
  
	  	 	  	 	  	 	  	 	  	1.0% 	  	 
	 ORIGINAL LIMITED

PARTNERS:
  
	  	 	  	 	  	 	  	 	  	 	  	 
	 Industrial Income Advisors
Group LLC
 518 17th Street, 17th Floor
 Denver, CO 80202
  
	  	 	  	 	  	 	  	 	  	[    %]  	  	 
	Totals	  	 	  	$0 	  	 	  	 	  	100% 	  	 

 EXHIBIT B 
 NOTICE OF EXERCISE OF REDEMPTION RIGHT 
 In accordance with Section 8.5 of the Limited
Partnership Agreement (the “Agreement”) of Industrial Income Operating Partnership LP, the undersigned hereby irrevocably (i) presents for redemption             
Partnership Units in Industrial Income Operating Partnership LP 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:	 	  
	  		  	

  

 B-1Form of Advisory Agreement

 EXHIBIT 10.3 
  
  
  
 FORM OF

 ADVISORY AGREEMENT 
 among 
 INDUSTRIAL INCOME TRUST INC., 
 INDUSTRIAL INCOME OPERATING PARTNERSHIP LP 
 and 
 INDUSTRIAL INCOME ADVISORS LLC 

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

 ADVISORY AGREEMENT 
 THIS ADVISORY AGREEMENT, dated as of                     , 200  , is
among Industrial Income Trust Inc., a Maryland corporation (the “Corporation”), Industrial Income Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”), and Industrial Income Advisors LLC, a
Delaware limited liability company. 
 W I T N E S S E T H 
 WHEREAS, the Corporation intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code (as defined below);

 WHEREAS, the Corporation is the general partner of the Operating Partnership and intends to conduct all its business and
make all investments in Assets through the Operating Partnership; 
 WHEREAS, the Corporation and the Operating Partnership
desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the
supervision, of the Board of Directors of the Corporation, all as provided herein; and 
 WHEREAS, the Advisor is willing to
undertake to render such services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 1. DEFINITIONS. As used in this Advisory Agreement (the “Agreement”), the following terms have the definitions hereinafter
indicated: 
 Acquisition Expenses. Any and all expenses, exclusive of Acquisition Fees, incurred by the Corporation,
the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or origination of any Asset, whether or not acquired, including, without limitation, legal fees and expenses, travel and
communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance, and the costs of performing due diligence. 
 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person
(including any fees or commissions paid by or to any Affiliate of the Corporation, the Operating Partnership or the Advisor) in connection with (i) the acquisition, development or construction of a Property, (ii) the acquisition of
interests in a real estate related entity or (iii) making or investing in Mortgages or the origination or acquisition of other debt or other investments, including real estate commissions, selection fees, Development Fees, Construction Fees,
nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to any Person not affiliated with the Sponsor in connection with the actual development and
construction of a project. 
 Advisor. Industrial Income Advisors LLC, a Delaware limited liability company, any
successor advisor to the Corporation, the Operating Partnership or any person or entity to which Industrial Income Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the forgoing, a Person hired or
retained by Industrial Income Advisors LLC to perform property and securities management and related services for the Corporation or the Operating Partnership that is not hired or 

  

 1 

 
retained to perform substantially all of the functions of Industrial Income Advisors LLC with respect to the Corporation or the Operating Partnership as a
whole shall not be deemed to be an Advisor. 
 Affiliate or Affiliated. With respect to any Person, (i) any
Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding
voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person;
(iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 
 Asset. Any Property, Mortgage, other debt or other investment (other than investments in bank accounts, money market funds or
other current assets) owned by the Corporation, directly or indirectly through one or more of its Affiliates. 
 Asset
Management Fee. A fee paid to the Advisor as compensation for services rendered in connection with the management and disposition of the Corporation’s Assets. 
 Average Invested Assets. For a specified period, the average of the aggregate book value of the Assets invested, directly or indirectly, in equity interests in and loans secured by or
related to real estate (including, without limitation, equity interests in REITs, mortgage pools, commercial mortgage-backed securities, mezzanine loans and residential mortgage-backed securities), before deducting depreciation, bad debts or other
non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
 Board of
Directors or Board. The persons holding such office, as of any particular time, under the Charter of the Corporation, whether they be the Directors named therein or additional or successor Directors. 
 Bylaws. The bylaws of the Corporation, as the same are in effect from time to time. 
 Cause. With respect to the termination of this Agreement, fraud, criminal conduct or willful misconduct by the Advisor, or a
material breach of this Agreement by the Advisor, which has not been cured within 30 days of such breach. 
 Charter.
The amended and restated articles of incorporation of the Corporation, as amended from time to time. 
 Code. Internal
Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto,
as interpreted by any applicable regulations as in effect from time to time. 
 Competitive Real Estate Commission. A
real estate or brokerage commission for the purchase or sale of property which is reasonable, customary, and competitive in light of the size, type, and location of the property. 
 Contract Purchase Price. The term “Contract Purchase Price” shall mean (i) the amount actually paid or allocated in
respect of the acquisition of a Property, (ii) the Corporation’s proportionate share of the amount actually paid or allocated in respect of the Real Property owned by any real estate related entity in which the Corporation acquires a
majority economic interest or which the Corporation consolidates for 

  

 2 

 
financial reporting purposes in accordance with generally accepted accounting principals, (iii) the amount actually paid or allocated in respect of an
investment in any other real estate related entity or (iv) the amount actually paid or allocated in respect of the origination or acquisition of Mortgages, other debt investments or other investments; in each case including any third party
expenses, debt, whether borrowed or assumed, and exclusive of Acquisition Fees and Acquisition Expenses. 
 Contract Sales
Price. The total consideration received by the Corporation for the sale of Assets. 
 Corporation. Corporation
shall have the meaning set forth in the preamble of this Agreement. 
 Dealer Manager. Dividend Capital Securities
LLC, an Affiliate of the Advisor, or such other Person or entity selected by the Board of Directors to act as the dealer manager for the Offering. Dividend Capital Securities LLC is a member of the Financial Industry Regulatory Authority, Inc.
(“FINRA”). 
 Dealer Manager Fee. Up to 2.5% of Gross Proceeds from the sale of primary shares in the
Offering (not including Shares sold pursuant to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager for serving as the dealer manager of the Offering. 
 Director. A member of the Board of Directors of the Corporation. 
 Distributions. Any distributions of money or other property by the Corporation to owners of Shares, including distributions that
may constitute a return of capital for federal income tax purposes. 
 Equity Shares. Transferable shares of
beneficial interest of the Corporation of any class or series, including common shares or preferred shares. 
 FINRA.
Financial Industry Regulatory Authority, Inc. 
 GAAP. Generally accepted accounting principles as in effect in the
United States of America from time to time. 
 Good Reason. With respect to the termination of this Agreement,
(i) any failure to obtain a satisfactory agreement from any successor to the Corporation and/or the Operating Partnership to assume and agree to perform the Corporation’s and/or the Operating Partnership’s obligations under this
Agreement; or (ii) any material breach of this Agreement of any nature whatsoever by the Corporation and/or the Operating Partnership. 
 Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the Corporation through all Offerings, without deduction for Sales Commissions, Dealer Manager Fees, volume discounts, any
marketing support and due diligence expense reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Sales Commissions or a Dealer Manager Fee are paid to the
Dealer Manager or a Soliciting Dealer (where net proceeds to the Corporation are not reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction. 
 Independent Director. Independent Director shall have the meaning set forth in the Charter. 
 Independent Expert. A person or entity with no material current or prior business or personal relationship with the Advisor or the
Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Corporation. 
  

 3 

 Joint Ventures. The joint venture, co-investment, co-ownership or partnership
arrangements in which the Corporation or any of its subsidiaries is a co-venturer, co-owner or general partner which are established to acquire or hold Assets. 
 Liquidity Event. The term “Liquidity Event” shall include, but shall not be limited to, (i) a Listing, (ii) a sale, merger or other transaction in which the
Stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded company, and (iii) the sale of all or substantially all of the Corporation’s Assets where Stockholders
either receive, or have the option to receive, cash or other consideration. 
 Listing. The listing of the Shares on a
national securities exchange or the receipt by the Corporation’s stockholders of securities that are listed on a national securities exchange in exchange for the Corporation’s common stock. Upon such Listing, the Shares shall be
deemed Listed. 
 Mortgages. In connection with mortgage financing provided, invested in, participated in or purchased
by the Corporation, all of the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security
interests or other evidences of indebtedness or obligations. 
 NASAA REIT Guidelines. The Statement of Policy
Regarding Real Estate Investment Trusts as adopted by the members of the North American Securities Administrators Association, Inc. on May 7, 2007. 
 Net Income. For any period, the Corporation’s total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or
other similar non-cash reserves and excluding any gain from the sale of the Corporation’s Assets. 
 Offering.
The public offering of Shares pursuant to a Prospectus. 
 Operating Partnership. Operating Partnership shall have the
meaning set forth in the preamble of this Agreement. 
 Operating Partnership Agreement. The Operating Partnership
Agreement among the Corporation, the Advisor, and Industrial Income Advisors Group LLC. 
 OP Unit. Units of limited
partnership interest in the Operating Partnership. 
 Organization and Offering Expenses. Any and all costs and
expenses, other than the Sales Commission and the Dealer Manager Fee, incurred in connection with the formation of the Corporation and the qualification and registration of an Offering, and the marketing and distribution of Shares, including,
without limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses for printing and amending registration statements or supplementing prospectuses, mailing and distributing
costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer
agents, registrars, trustees, escrow holders, depositories and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and
attorneys’ fees. The Organization and Offering Expense reimbursement paid by the Corporation in connection with its formation will not exceed 2.0% of Gross Proceeds from the sale of Shares in the primary offering and the Corporation’s
distribution reinvestment plan. 
  

 4 

 Person. An individual, corporation, partnership, trust, joint venture, limited
liability company or other entity. 
 Property or Properties. All or a portion of the Real Property or Real Properties
acquired by the Corporation, directly or indirectly through joint venture or co-ownership arrangements or other partnership or investment entities. 
 Prospectus. Prospectus shall have the meaning set forth in Section 2(10) of the Securities Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an offering circular
as described in Rule 256 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public.

 Real Estate Asset Value. The amount actually paid or allocated to the purchase, development, construction or
improvement of a Real Property, exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Property. 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. Properties sold by the Corporation or any Affiliate
to investors in tenancy-in-common interests, beneficial interests in Delaware statutory trusts, and or similar interests shall be deemed Real Property for the purposes of this definition so long as (i) such properties are being leased by the
Corporation or any Affiliate from the tenancy-in-common investors, and (ii) such properties are reflected as Assets of the Corporation in accordance with GAAP. 
 REIT. A “real estate investment trust” under Sections 856 through 860 of the Code or as may be amended. 
 Sale or Sales. Any transaction or series of transactions whereby: (A) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of
this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a building only, and including any event with respect to any Property which gives
rise to a significant amount of insurance proceeds or condemnation awards; (B) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys,
or relinquishes its ownership of all or substantially all of the interest of the Corporation or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as
described in other subsections of this definition) in which the Corporation or the Operating Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any
event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants,
conveys or relinquishes its interest in any Mortgage or portion thereof (including with respect to any Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such
Mortgage and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition)
sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof, but (ii) not including any transaction or series of transactions specified in clause
(i) (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by the Corporation in one or more Assets within 180 days thereafter. 
  

 5 

 Sales Commission. Up to 7.0% of Gross Proceeds from the sale of primary shares in
the Offering (not including Shares sold pursuant to the Corporation’s distribution reinvestment plan) payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 
 Securities. The term “Securities” shall mean any of the following issued by the Corporation, as the text requires:
Equity Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or
otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to
subscribe to, purchase or acquire, any of the foregoing. 
 Shares. The shares of the common stock of the Corporation
sold in the Offering. 
 Soliciting Dealers. Broker-dealers who are members of FINRA, or that are exempt from
broker-dealer registration, and who, in either case, have executed selected dealer or other agreements with the Dealer Manager to sell Shares. 
 Special OP Units. The separate series of limited partnership interests to be issued in accordance with Paragraph 9(d). 
 Sponsor. Any Person which (i) is directly or indirectly instrumental in organizing, wholly or in part, the Corporation, (ii) will control, manage or participate in the management
of the Corporation, and any Affiliate of any such Person, (iii) takes the initiative, directly or indirectly, in founding or organizing the Corporation, either alone or in conjunction with one or more other Persons, (iv) receives a
material participation in the Corporation in connection with the founding or organizing of the business of the Corporation, in consideration of services or property, or both services and property, (v) has a substantial number of relationships
and contacts with the Corporation, (vi) possesses significant rights to control Properties, (vii) receives fees for providing services to the Corporation which are paid on a basis that is not customary in the industry, or
(viii) provides goods or services to the Corporation on a basis which was not negotiated at arm’s-length with the Corporation. “Sponsor” does not include any Person whose only relationship with the Corporation is that of an
independent property manager and whose only compensation is as such, or wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional services. 
 Stockholders. The registered holders of the Corporation’s Shares. 
 Termination Date. The date of termination of this Agreement. 
 Termination Event. The termination or nonrenewal of this Agreement (i) in connection with a merger, sale of Assets or
transaction involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by the Corporation and the Operating Partnership other than for Cause.

 Total Operating Expenses. All costs and expenses paid or incurred by the Corporation, as determined under generally
accepted accounting principles, that are in any way related to the operation of the Corporation or to corporate business, including Asset Management Fees and other operating fees paid to the Advisor, but excluding (i) the expenses of raising
capital such as Organization and Offering Expenses, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees, (vi) Acquisition Fees and
Acquisition Expenses, (vii) real estate commissions on the Sale of Property, (viii) distributions made with respect to interests in the Operating 

  

 6 

 
Partnership, and (ix) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgage
loans or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). Notwithstanding the definition set forth above, any expense of the Corporation which is not part of
Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 
 Total Project Cost. With regard to any Real Property acquired prior to or during the development, construction, improvement or acquisition stages, all hard and soft costs and expenses paid or incurred by the
Corporation that are in any way related to the development of such Real Property, including, but not limited to, any debt, whether borrowed or assumed, land and construction costs. 
 2%/25% Guidelines. For any year in which the Corporation qualifies as a REIT, the requirement pursuant to the NASAA REIT
Guidelines that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Corporation’s Average Invested Assets during such 12 month period or 25% of the Corporation’s Net Income over the same 12 month period.

 2.  APPOINTMENT. The Corporation and the Operating Partnership hereby appoint the Advisor to serve as their
advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 3.  DUTIES OF THE ADVISOR. The Advisor undertakes to use its reasonable efforts to present to the Corporation and the Operating Partnership potential investment opportunities and to provide a continuing and suitable investment
program consistent with the investment objectives and policies of the Corporation as determined and adopted from time to time by the Board of Directors. In performance of this undertaking, subject to the supervision of the Board of Directors and
consistent with the provisions of the Charter and Bylaws of the Corporation and the Operating Partnership Agreement, the Advisor shall, either directly or by engaging an Affiliate: 
 (a) serve as the Corporation’s and the Operating Partnership’s investment and financial advisor and provide research and
economic and statistical data in connection with the Corporation’s assets and investment policies; 
 (b) manage and
supervise the Offering process, including, without limitation: (i) develop the product offering, including the determination of the specific terms of the Securities to be offered by the Corporation, prepare all offering and related documents,
and obtain all required regulatory approvals; (ii) along with the Dealer Manager, approve the participating broker dealers and negotiate the related selling agreements; (iii) coordinate the due diligence process for participating broker
dealers and their review of any Prospectus and other Offering and Corporation documents; (iv) assist in the preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others in the Offering of the
Corporation’s Securities; (v) along with the Dealer Manager, negotiate and coordinate with the transfer agent for the receipt, collection, processing and acceptance of subscription agreements and other administrative support functions; and
(vi) manage and supervise all other services related to the organization of the Corporation, the Operating Partnership or the Offering; 
 (c) provide the daily management for the Corporation and the Operating Partnership and perform and supervise the various administrative functions reasonably necessary for the management of the Corporation and the
Operating Partnership, including, without limitation: (i) provide or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and other items necessary and incidental to the
Corporation’s business and operations; (ii) maintain accounting data and any other information requested concerning the activities of the Corporation and the Operating 

  

 7 

 
Partnership as shall be required to prepare and to file all periodic financial reports with the Securities and Exchange Commission and any other regulatory
agency, including annual financial statements; (iii) oversee tax and compliance services and risk management services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax
matters; (iv) manage and coordinate with the transfer agent the quarterly dividend process and payments to Stockholders; (v) consult with and assist the Board of Directors in evaluating and obtaining adequate insurance coverage based upon
risk management determinations; (vi) provide the Board of Directors with updates related to the overall regulatory environment affecting the Corporation and the Operating Partnership, as well as managing compliance with such matters;
(vii) consult with the Board of Directors with respect to the corporate governance structure and appropriate policies and procedures related thereto; (viii) oversee all reporting, record keeping, internal controls and similar matters in a
manner to allow the Corporation and the Operating Partnership to comply with applicable law, including the Sarbanes-Oxley Act; (ix) manage communications with Stockholders, including answering phone calls, preparing and sending written and
electronic reports and other communications; and (x) establish technology infrastructure to assist in providing Stockholder support and service; 
 (d) investigate, select, and, on behalf of the Corporation and the Operating Partnership, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations
hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers,
insurance agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of
the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the Corporation and the
Operating Partnership with any of the foregoing; 
 (e) consult with the officers and Board of Directors of the Corporation
and assist the Board of Directors in the formulation and implementation of the Corporation’s financial policies, and, as necessary, furnish the Board of Directors with advice and recommendations with respect to the making of investments
consistent with the investment objectives and policies of the Corporation and in connection with any borrowings proposed to be undertaken by the Corporation and/or the Operating Partnership; 
 (f) subject to the provisions of Paragraphs 3(h) and 4 hereof, (i) locate, analyze and select potential investments,
(ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make investments on behalf of the Corporation and the Operating Partnership in compliance with the investment
objectives and policies of the Corporation; (iv) oversee the due diligence process; (v) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale
of, or otherwise deal with, investments; and (vi) enter into leases and service contracts for Properties and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Properties;

 (g) upon request, provide the Board of Directors with periodic reports regarding prospective investments; 
 (h) obtain the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case
may be, for any and all investments in and dispositions of Real Properties; 
 (i) make investments in and dispositions of
Assets within the discretionary limits and authority as granted by the Board; 
  

 8 

 (j) negotiate on behalf of the Corporation and the Operating Partnership with banks or
lenders for loans to be made to the Corporation and the Operating Partnership, and negotiate on behalf of the Corporation and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares and
Securities or obtain loans for the Corporation and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties
incurred by the Advisor in connection with the foregoing shall be the responsibility of the Corporation or the Operating Partnership; 
 (k) obtain reports (which may but are not required to be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Corporation and/or the
Operating Partnership in Assets; 
 (l) from time to time, or at any time reasonably requested by the Board of Directors,
make reports to the Board of Directors of its performance of services to the Corporation and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its
affiliates; 
 (m) provide the Corporation and the Operating Partnership with all necessary cash management services;

 (n) do all things necessary to assure its ability to render the services described in this Agreement; 
 (o) deliver to or maintain on behalf of the Corporation copies of all appraisals obtained in connection with the investments in Real
Properties and all valuations of other Assets as may be required to be obtained by the Board; 
 (p) notify and obtain the
approval of the Corporation’s investment committee for all non-affiliated transactions that have a Contract Purchase Price, Total Project Cost or Contract Sales Price of $30 million or less before such transactions are completed; 
 (q) notify and obtain the approval of the Board for all proposed transactions that have a Contract Purchase Price, Total Project Cost or
Contract Sales Price of more than $30 million before such transactions are completed; 
 (r) notify and obtain the approval
of a majority of the Board of Directors (including a majority of the Independent Directors) for all affiliated transactions before such transactions are completed; and 
 (s) effect any private placement of OP Units, tenancy-in-common, Delaware statutory trust, or other interests in Real Properties as may be approved by the Board. 
 Notwithstanding the foregoing, the Advisor may delegate any or all of the foregoing duties to any Person so long as the Advisor or any
Affiliate remains responsible for the performance of the duties set forth in this Paragraph 3, subject to the prior consent of the Corporation if all or substantially all of such duties are delegated to a Person that is not an Affiliate. 

4.  AUTHORITY OF ADVISOR. 
 (a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to the continuing and exclusive authority of the Board of 

  

 9 

 
Directors over the management of the Corporation, the Board of Directors hereby delegates to the Advisor the authority to (1) locate, analyze and select
investment opportunities, (2) manage and supervise the offering process, (3) structure the terms and conditions of transactions pursuant to which investments will be made, acquired or disposed of for the Corporation and the Operating
Partnership, (4) acquire and dispose of investments in compliance with the investment objectives and policies of the Corporation, (5) arrange for financing or refinancing for Assets, (6) enter into leases and service contracts for
Properties, (7) oversee Affiliated and non-Affiliated property managers who perform services for the Corporation or the Operating Partnership, (8) oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform
certain of the services required to be performed under this Agreement, (9) manage communications with Stockholders, and (10) manage public reporting, internal controls, accounting and other record-keeping functions and general corporate
services for the Corporation and the Operating Partnership. 
 (b) Notwithstanding the foregoing, any investment in Real
Properties, including any acquisition of Real Property by the Corporation or the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Board, any particular Directors specified by the Board or
any committee of the Board, as the case may be. 
 (c) In connection with a proposed transaction, the Advisor will deliver
to the Board or to any delegated committee of the board or other group of directors, as the case may be, all documents and other information required by them to properly evaluate the proposed transaction. 
 The prior approval of a majority of the Board of Directors (including a majority of the Independent Directors) will be required for each
transaction to which the Advisor or its Affiliates is a party. The Board of Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the extent the Board so modifies
or revokes the authority contained herein, the Advisor shall henceforth submit to the Board for prior approval such proposed transactions involving investments in Assets as thereafter require prior approval, provided however, that such modification
or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Corporation prior to the date of receipt by the Advisor of such notification. 
 5.  BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in its own name for the account of the
Corporation and/or the Operating Partnership or in the name of the Corporation and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the
Corporation and/or the Operating Partnership, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate
accountings of such collections and payments to the Board of Directors and to the auditors of the Corporation. 
 6.  RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board of Directors and by counsel, auditors and authorized agents of the
Corporation, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Corporation and the Operating Partnership. 
 7.  LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from
taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Corporation as a REIT, (b) subject the Corporation to regulation under the Investment Corporation Act of 1940, as amended, or
(c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the 

  

 10 

 
Corporation, its Shares or its Securities, or otherwise not be permitted by the Charter or Bylaws of the Corporation, except if such action shall be ordered
by the Board of Directors, in which case the Advisor shall notify promptly the Board of Directors of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification
or instructions from the Board of Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board of Directors so given. Notwithstanding the foregoing, the Advisor, its members,
managers, directors, officers, employees and stockholders, and members, managers, stockholders, directors and officers of the Advisor’s Affiliates, shall not be liable to the Corporation or to the Board of Directors or stockholders for any act
or omission by the Advisor, its members, managers, directors, officers or employees, or stockholders, members, managers, directors or officers of the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under
this Agreement except as provided in Paragraphs 19 of this Agreement. 
 8.  RELATIONSHIP WITH DIRECTORS. Subject
to Paragraph 7 of this Agreement and to restrictions advisable with respect to the qualification of the Corporation as a REIT, members, managers, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate
parents of an Affiliate, may serve as a Director and as officers of the Corporation, except that no member, manager, director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Corporation shall receive
any compensation from the Corporation for serving as a Director or officer of the Corporation other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors and no such Director shall be
deemed an Independent Director for purposes of satisfying the Director independence requirement set forth in the Charter. 
 9.  FEES. 
 (a)  Acquisition Fees. The Advisor shall receive Acquisition Fees in
connection with each Asset acquired on the Corporation’s behalf. For investments in Real Property, the Acquisition Fee will vary depending on whether the Real Property acquired is in the operational, development or construction stage. For each
Real Property acquired in the operational stage, the Acquisition Fee is an amount equal to 2.0% of the Contract Purchase Price of the property (or the Corporation’s proportional interest therein) for the first $500,000,000 of Real Property
acquired, and 1.0% thereafter (or the Corporation’s proportional interest therein), including Real Property held in Joint Ventures or other entities that are co-owned. For each Real Property acquired prior to or during the development or
construction stage, the Acquisition Fee will be an amount that will equal up to 4.0% of Total Project Cost; provided, however, that the Corporation will only pay such a fee to the Advisor if the Advisor provides, directly or indirectly, the
development services. The Advisor is also entitled to receive Acquisition Fees of (i) 1.0% of the Corporation’s proportionate share of the Contract Purchase Price of the Real Property owned by any real estate related entity in which the
Corporation acquires a majority economic interest or that the Corporation consolidates for financial reporting purposes in accordance with GAAP and (ii) 1.0% of the Contract Purchase Price in connection with the acquisition of an interest in
any other real estate related entity. Additionally, in connection with the acquisition or origination of any Mortgage, any other type of debt investment or other investment, the Advisor is entitled to receive an Acquisition Fee of 1.0% of the
Contract Purchase Price and any third-party expenses related to such investment. Acquisition Fees associated with a given Asset shall be calculated in the currency used to acquire such Asset and payable in U.S. dollars. Acquisition Fees shall be
paid at or after the closing of an investment. The total of all Acquisition Fees and Acquisition Expenses payable with respect to any Asset shall not exceed 6% of the Contract Purchase Price or the Total Project Cost (as applicable) of such Asset
unless fees in excess of such amount are approved by a majority of the Board of Directors, including a majority of the Independent Directors. 
 (b)  Real Estate Sales Commissions. If the Advisor or an Affiliate provides a substantial amount of the services in connection with the Sale of one or more Properties, the Advisor or an Affiliate

  

 11 

 
shall receive a real estate sales commission equal to the lesser of (i) one-half of a Competitive Real Estate Commission or (ii) 3% of the Contract
Sales Price of such Property or Properties. The real estate sales commission may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate commissions paid to all Persons by the Corporation with
respect to the sale of such Property or Properties shall not exceed an amount equal to the lesser of (i) 6% of the Contract Sales Price of the Property or Properties or (ii) the Competitive Real Estate Commission. 
 (c)  Asset Management Fee. The Advisor shall receive the Asset Management Fee as partial compensation for services
rendered in connection with the management and disposition of the Corporation’s Assets. The Asset Management Fee shall be payable by the Corporation in cash or in Shares at the option of the Advisor, and may be deferred, in whole or in part,
from time to time, by the Advisor (without interest). The Asset Management Fee shall consist of (i) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost (before non-cash reserves and depreciation) of each Real Property (or the
Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures or real estate entities where the Corporation owns a majority economic interest or that the Corporation consolidates for financial reporting
purposes in accordance with GAAP); provided, that the Asset Management Fee with respect to each Real Property located outside of the United States that the Corporation owns, directly or indirectly, will equal a monthly fee of one-twelfth of 1.20% of
the aggregate cost (before non-cash reserves and depreciation) of each Real Property, (ii) a monthly fee equal to one-twelfth of 0.80% of the aggregate cost or investment with respect to an acquisition of an interest in any other real estate
related entity or an origination or acquisition of any Mortgage, any other type of debt investment or other investment, and (iii) a fee equal to 2.0% of the Contract Sales Price of each Asset upon disposition. With the exception of any portion
of the Asset Management Fee related to the disposition of Assets, which shall be payable at the time of such disposition, the Asset Management Fee shall be payable on the 1st day of each month. 
 (d)  Operating Partnership Interests. The Advisor has made a capital contribution of $200,000 to the Operating
Partnership in exchange for OP Units. The Sponsor or an Affiliate of the Sponsor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units constituting a separate series of limited partnership interests (the
“Special OP Units”). Upon the earliest to occur of the termination or nonrenewal of this Agreement for Cause, a Termination Event, or a Liquidity Event, all of the Special OP Units shall be redeemed by the Operating Partnership in
accordance with the terms of the Operating Partnership Agreement. 
 (e)  Loans from Affiliates. The
Advisor or any Affiliate thereof may not make any loan to the Corporation or the Operating Partnership unless a majority of the Board of Directors (including a majority of the Independent Directors) approve the loan as being fair, competitive, and
commercially reasonable and no less favorable to the Corporation or the Operating Partnership than loans between unaffiliated parties under the same circumstances. 
 (f)  Exclusion of Certain Transactions. In the event the Corporation or the Operating Partnership shall propose to enter into any transaction with the Sponsor, the Advisor, a
Director or any Affiliate thereof, then such transaction shall be approved by a majority of the Board of Directors (including a majority of the Independent Directors) as fair and reasonable to the Corporation. 
 10. EXPENSES. 
 (a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof and subject to the limitations below, the Corporation or the Operating Partnership shall pay directly or reimburse the Advisor for all of the expenses
paid or incurred by the Advisor in connection with the 

  

 12 

 
services it provides to the Corporation and the Operating Partnership pursuant to this Agreement, including, but not limited to: 
 (i)        Up to 2.0% of Gross Proceeds as an Organization and Offering Expense reimbursement.
The Advisor will use all or a portion of this reimbursement to pay for the Corporation’s Organization and Offering Expenses, including certain distribution-related expenses of the Dealer Manager and Soliciting Dealers. The Advisor or an
Affiliate of the Advisor will be responsible for the cumulative Organization and Offering Expenses (which may include reimbursement of the bona fide due diligence expenses of the Dealer Manager and Soliciting Dealers) that are not deemed by FINRA to
be underwriting compensation to the extent that such expenses exceed the amount remaining from the 2.0% Organization and Offering Expense reimbursement, without recourse against or reimbursement by the Corporation; 
 (ii)      Acquisition Expenses; 
 (iii)     the actual cost of goods and services used by the Corporation and obtained from entities not affiliated with the Advisor, other than Acquisition Expenses,
including brokerage fees paid in connection with the purchase and sale of any securities; 
 (iv)     interest and other costs for borrowed money, including discounts, points and other similar fees; 
 (v)      taxes and assessments on income of the Corporation or Assets and any other taxes otherwise imposed on the Corporation; 
 (vi)     costs associated with insurance required in connection with the business of the Corporation or by the
officers and Directors; 
 (vii)    expenses of managing and operating Assets owned by the Corporation,
whether payable to an Affiliate of the Corporation or a non-affiliated Person; 
 (viii)   all expenses in
connection with payments to the Directors and meetings of the Directors and Stockholders; 
 (ix)      expenses associated with a Listing, if applicable, or with the issuance and distribution of Shares and Securities, such as sales commissions and fees, advertising expenses, taxes, legal and accounting
fees, listing and registration fees, and other Organization and Offering Expenses; 
 (x)      expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Corporation to the Stockholders; 
 (xi)     expenses of organizing, revising, amending, converting, modifying, or terminating the Corporation or
the Charter; 
 (xii)    expenses of maintaining communications with Stockholders, including the cost of
preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii)  administrative service expenses (including related personnel costs) relating to, among other things, the services set forth in Section 3(c) hereof); provided, however, that no reimbursement
shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the Advisor receives a separate fee; 
  

 13 

 (xiv)    audit, accounting and legal fees and other fees for
professional services relating to the operations of the Corporation and all such fees incurred at the request, or on behalf of, the Independent Directors or any committee of the Board of Directors; 
 (xv)     out-of-pocket costs for the Corporation to comply with all applicable laws, regulations and
ordinances; and 
 (xvi)    all other out-of-pocket costs incurred by the Advisor in performing its
duties hereunder. 
 (b) Expenses incurred by the Advisor on behalf of the Corporation and the Operating Partnership and
payable pursuant to this Paragraph 10 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Corporation and the Operating Partnership and the calculation of the Asset
Management Fee during each quarter, and shall deliver such statement to the Corporation and the Operating Partnership within 45 days after the end of each quarter. 
 11. OTHER SERVICES. Should the Board of Directors request that the Advisor or any director, officer or employee thereof render services for the Corporation and the Operating Partnership other
than set forth in Paragraph 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Corporation, subject to the limitations contained in the Charter, and
shall not be deemed to be services pursuant to the terms of this Agreement. 
 12. REIMBURSEMENT TO THE ADVISOR. For any year
in which the Corporation qualifies as a REIT, the Corporation shall not reimburse the Advisor at the end of any fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed
(the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Corporation or,
at the option of the Corporation, subtracted from the Total Operating Expenses reimbursed during the subsequent fiscal quarter unless a majority of the Independent Directors determine that such excess was justified based on unusual and nonrecurring
factors which they deem sufficient, then the Excess Amount may be paid and within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the
Independent Directors considered in determining that such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Corporation will not reimburse the Advisor or its
Affiliates for services for which the Advisor or its Affiliates are entitled to compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles
applied on a consistent basis. 
 13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or
any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the
Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any member, manager, director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render
services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Corporation is a participant, also render
advice and service to each and every other participant therein, and earn fees for rendering such advice and service. It is contemplated that the Corporation may enter into joint ventures or other similar co-investment arrangements with certain
Persons, and pursuant to the agreements governing such joint ventures or arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case the 

  

 14 

 
Advisor will earn fees for rendering such advice and service. The parties to this Agreement hereby acknowledge that the Advisor may provide advice and render
services to Persons that will compete with the Corporation for investments. 
 The Advisor shall report to the Board the
existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Corporation and its obligations to or its interest in
any other partnership, corporation, limited liability company, firm, individual, trust or association. The Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance. If the Advisor, its members,
managers, directors, employees or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds available at the same time as the Corporation, it shall be the duty of the Independent
Directors to ensure that the Advisor and its Affiliates follow the method approved by the Independent Directors, by which investments are to be allocated to the competing investment entities and to use their reasonable efforts to ensure that such
method is applied fairly to the Corporation. 
 The Advisor shall be required to use commercially reasonable efforts to
present a continuing and suitable investment program to the Corporation which is consistent with the investment policies and objectives of the Corporation, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to
present any particular investment opportunity to the Corporation even if the opportunity is of character which, if presented to the Corporation, could be taken by the Corporation. In the event an investment opportunity is located, the allocation
procedure set forth under the caption “Conflicts of Interest—Conflict Resolution Procedures” in any Prospectus (as such procedures may be amended from time to time by a majority of the Board, including the Independent Directors) shall
govern the allocation of the opportunity among the Corporation and Affiliates of the Advisor. 
 14. TERM; TERMINATION OF
AGREEMENT.  This Agreement shall continue in force for a period of one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Independent
Directors to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
 15. TERMINATION BY THE PARTIES.  This Agreement may be terminated (i) immediately by the Corporation and/or the Operating Partnership for Cause (subject to any applicable cure
period), (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors of the Corporation or by the Advisor, (iii) upon 60 days written notice with Good Reason by the Advisor or
(iv) immediately by the Corporation and/or the Operating Partnership in connection with a merger, sale of Assets or transaction involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed.

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

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 17. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 
 (a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be
entitled to receive from the Corporation or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of
this Agreement. 
 (b) The Advisor shall promptly upon termination: 
 (i)        pay over to the Corporation and the Operating Partnership all money collected and
held for the account of the Corporation and the Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii)      deliver to the Board of Directors a full accounting, including a statement showing all payments
collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors; 
 (iii)     deliver to the Board of Directors all Assets and documents of the Corporation and the Operating Partnership then in the custody of the Advisor; and 

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

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	 To the Directors and to the
 Corporation:
	  	 Industrial Income Trust Inc.
 518 17th Street
 17th Floor Denver, CO 80202
	  	
			
	 To the Operating Partnership:
	  	 Industrial Income Operating
 Partnership LP
 518 17th Street
 17th Floor
 Denver, CO 80202
	  	
			
	 To the Advisor:
	  	 Industrial Income Advisors LLC
 518 17th Street
 17th Floor
 Denver, CO 80202
	  	

 Any party may at any time give notice in writing to the other parties of a change
in its address for the purposes of this Paragraph 20. 
 21. MODIFICATION. This Agreement shall not be changed, modified,
terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 
 22. SEVERABILITY. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact
that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 23. CONSTRUCTION. The
provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Colorado. 
 24.
ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions,
express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof.
This Agreement may not be modified or amended other than by an agreement in writing. 
 25. INDULGENCES, NOT WAIVERS. Neither
the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any
other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 26. GENDER. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender,
masculine, feminine or neuter, as the context requires. 
 27. TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs
and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
  

 17 

 28. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more
counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 29. INITIAL INVESTMENT. The Advisor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units. The Advisor may not sell any of the OP Units while the Advisor acts in such
advisory capacity to the Corporation, provided, that such OP Units may be transferred to Affiliates of the Advisor. The restrictions included above shall not apply to any other Securities acquired by the Advisor or its Affiliates. The Advisor shall
not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors, the removal of the Advisor, or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates. 

 

 18 

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

			
	 INDUSTRIAL INCOME TRUST INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	INDUSTRIAL INCOME OPERATING PARTNERSHIP LP
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 INDUSTRIAL INCOME ADVISORS LLC

	
	 By: Industrial Income Advisors Group LLC, its Sole Member

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 19

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