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                                                                    Exhibit 10.3

                BOSTON CAPITAL REAL ESTATE INVESTMENT TRUST, INC.

                     INDEPENDENT DIRECTOR STOCK OPTION PLAN

                                    ARTICLE I

                                     GENERAL

1.1.    PURPOSE.

        Boston Capital Real Estate Investment Trust, Inc., a Maryland
corporation (the "Company"), hereby adopts this Independent Director Stock
Option Plan (the "Plan"). The purpose of the Plan is to foster and promote the
long-term financial success of the Company by attracting and retaining
outstanding non-employee directors by enabling them to participate in the
Company's growth through the granting of Options (as defined in Article II)
which entitle them to purchase shares of the Company's common stock, par value
$.00l per share ("Shares").

1.2.    PARTICIPATION.

        Only directors of the Company who at the time an Option is granted are
"Non-Employee Directors" as such term is defined in Rule l6b-3 promulgated under
the Securities Exchange Act of 1934, as amended ("Rule l6b-3"), or any similar
rule which may subsequently be in effect (the "Independent Directors") shall
receive an Option under the Plan.

1.3.    SHARES SUBJECT TO THE PLAN.

        Shares to be issued upon exercise of Options granted under the Plan may
be in whole or in part from authorized but unissued Shares or treasury Shares of
the Company. A maximum of 200,000 Shares (the "Plan Maximum") may be issued for
all purposes under the Plan (subject to adjustment pursuant to Section 3.2), and
the Company shall reserve 200,000 authorized but unissued Shares as of the date
the Plan is established for issuance upon exercise of Options granted under the
Plan. Any Shares reserved for issuance under Options which for any reason are
canceled or terminated without having been exercised shall not be counted in
determining whether the Plan Maximum has been reached. Options for fractional
shares shall not be granted.

1.4.    GENDER AND NUMBER.

        Except when otherwise indicated by the context, words in the masculine
gender when used in the Plan shall include the feminine gender, the singular
shall include the plural, and the plural shall include the singular.

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                                   ARTICLE II

                               STOCK OPTION AWARDS

2.1.    AWARD OF STOCK OPTIONS.

        (a)    Effective on the later of (i) the date on which an Independent
Director becomes a member of the Board of Directors of the Company or (ii) the
date this Plan is adopted by the stockholders of the Company, each Independent
Director who satisfies the conditions set forth in Section 1.2 will
automatically be awarded a stock option (an "Initial Option") under the Plan to
purchase 5,000 Shares (subject to adjustment pursuant to Section 3.2). Effective
on the date of each Annual Meeting of Stockholders of the Company (an "Annual
Meeting"), commencing with the Company's Annual Meeting in 2004, each
Independent Director then in office who satisfies the conditions set forth in
Section 1.2 will automatically be awarded a stock option (a "Subsequent Option"
or the "Subsequent Options," collectively with the "Initial Options" referred to
herein as an "Option" or "Options") to purchase 5,000 Shares (subject to
adjustment pursuant to Section 3.2). The Options are not intended to qualify as
"incentive stock options" as defined in Section 422 of the Internal Revenue Code
of 1986, as amended (the "Code").

        (b)    Notwithstanding any other provision of this Plan, no Options
shall be issued pursuant to Section 2.1(a) to the extent that the issuance of
such Options would (i) enable the Independent Directors as a group to hold more
than 10% of the outstanding Shares if such Options were exercised; (ii) result
in the Company being "closely-held" within the meaning of Code Section 856(h);
(iii) cause the Company to own, directly or constructively, 10% or more of the
ownership interests in a tenant of the property of the Company (or of the
property of one or more partnerships, limited liability companies or other
entities in which the Company is a partner or member), within the meaning of
Code Section 856 (d) (2) (B); or (iv) cause, in the opinion of counsel to the
Company, the Company to fail to qualify (or create, in the opinion of counsel to
the Company, a material risk that the Company would no longer qualify) as a real
estate investment trust within the meaning of Code Section 856. To the extent
that the issuance of Options pursuant to Section 2.1(a) would violate any of
these limitations, the number of Shares that may be purchased under the Options
to be issued to each of the Independent Directors shall be reduced PRO RATA. To
the extent that the number of Shares which may be purchased under Options issued
to an Independent Director is reduced in any year as a result of the application
of these limitations, Options to purchase such Shares shall be issued to the
Independent Director in any subsequent year in which issuance of such Options,
after taking into account the Options to be issued to the Independent Directors
in such subsequent year under Section 2.1(a), would not violate the limitations
imposed by this Section 2.1(b). To the extent that the issuance of an Option is
delayed until a subsequent year under this Section 2.1, the Option shall be
treated for all purposes under this Plan as having been issued in such
subsequent year.

2.2.    STOCK OPTION CERTIFICATES.

        The award of an Option shall be evidenced by an agreement executed by an
officer of the Company.

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2.3.    OPTION PRICE.

        The purchase price of a Share (the "Option Price") under each Initial
Option granted during the term of the Company's initial public offering shall be
$10.00 per Share, and thereafter the Option Price under each Initial Option or
Subsequent Option granted shall be the Fair Market Value (as defined in Section
3.5) of a Share on the last business day preceding the date on which the
Independent Director becomes a member of the Board of Directors of the Company,
in the case of an Initial Option, or the last business day preceding the date of
any Annual Meeting, in the case of a Subsequent Option.

2.4.    EXERCISE AND TERM OF OPTIONS.

        (a)    Options may be exercised by the delivery of written notice of
exercise and payment of the aggregate Option Price for the Shares to be
purchased to the Secretary of the Company. The Option Price may be paid in cash
(including check, bank draft or money order) or, unless in the opinion of
counsel to the Company doing so may result in a possible violation of law, by
delivery of Shares already owned by the Independent Director, valued at Fair
Market Value on the date of the exercise. As soon as practicable after receipt
of each notice and full payment, the Company shall deliver to the Independent
Director a certificate or certificates representing the purchased Shares. An
Independent Director shall have none of the rights of a shareholder until a
certificate or certificates for Shares underlying the Option(s) exercised are
issued and no adjustment will be made for dividends or other rights for which
the record date is prior to the date such certificate or certificates are
issued.

        (b)    Each certificate for Shares issued upon exercise of an Option,
unless at the time of exercise such Shares are registered with the Securities
and Exchange Commission under the Securities Act of 1933, as amended (the
"Act"), shall bear the following legend:

        "NO SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THESE SHARES SHALL BE
        MADE EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OF 1933,
        AS AMENDED, OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO THE
        CORPORATION THAT REGISTRATION IS NOT REQUIRED."

Any certificate issued at any time in exchange or substitution for any
certificate bearing such legend (except a new certificate issued upon completion
of a public distribution pursuant to a registration statement under the Act of
the securities represented thereby) shall also bear the above legend unless, in
the opinion of such counsel as shall be reasonably approved by the Company, the
securities represented thereby no longer need be subject to such restrictions.

        Each certificate for Shares issued upon exercise of an Option shall also
bear any legends required by the Company's Articles of Incorporation and the
transferability of the certificate and the Shares represented thereby shall be
subject to the restrictions contained in the Company's Articles of
Incorporation.

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        (c)    Options granted hereunder shall lapse on the first to occur of
(i) the tenth anniversary of the date of grant, (ii) the removal for Cause of
the Independent Director as a director of the Company, or (iii) 30 days
following the date the Independent Director ceases to be a director of the
Company for any reason, except death or disability, as provided below. In the
event such Option or Options have not lapsed prior thereto due to occurrence of
one of the foregoing events, an Independent Director's Options shall (subject to
Section 3.1) become exercisable as follows: (i) 20% of the shares on the date of
grant, (ii) an additional 20% of the shares on each anniversary following the
date of grant for a period of four years until 100% of the shares become
exercisable. Notwithstanding the foregoing, Options granted under this Plan
shall continue to be exercisable in the case of death or disability for a period
of six months after death or the disabling event, provided that the death or
disabling event occurs while the person is an Independent Director and prior to
his removal for Cause, resignation or ceasing to be a director of the Company
for any other reason and the Option is otherwise exercisable on the date of the
death or disabling event; PROVIDED, HOWEVER, if the Option is exercised within
the first six months after it becomes exercisable, any Shares issued pursuant to
such exercise may not be sold until the six month anniversary of the date of the
grant of the Option. An Independent Director is removed "for Cause" for gross
negligence or willful misconduct in the execution of his duties; or for
conviction of, or entry of a plea of guilty or NOLO CONTENDERE to, any felony or
any act of fraud, embezzlement, misappropriation, or a crime involving moral
turpitude.

        (d)    Notwithstanding any other terms or provisions herein to the
contrary, no Option may be exercised if, in the opinion of the Company's
counsel, such exercise would jeopardize the Company's status as a real estate
investment trust under the Code.

                                   ARTICLE III

3.1.    NONTRANSFERABILITY; BENEFICIARIES.

        No Option awarded under the Plan shall be transferable by the
Independent Director otherwise than by will or, if the Independent Director dies
intestate, by the laws of descent and distribution. All Options exercised during
the Independent Director's lifetime shall be exercised only by the Independent
Director or his legal representative. Any transfer contrary to this Section 3.1
will nullify the Option. After the death of an Independent Director, any
exercisable portion of the Option may, prior to the time such Option becomes
unexercisable under the Plan or the applicable option agreement, be exercised by
the Independent Director's personal representative or by any person empowered to
do so under the deceased Independent Director's will or under the then
applicable laws of descent and distribution.

3.2.    ADJUSTMENT UPON CERTAIN CHANGES.

        (a)    If the outstanding Shares are (i) increased or decreased, or (ii)
changed into, or exchanged for, a different number or kind of shares or
securities of the Company, through a reorganization or merger in which the
Company is the surviving entity, or through a

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combination, recapitalization, reclassification, stock split, stock dividend,
stock consolidation or otherwise, an appropriate adjustment shall be made in the
number and kind of Shares that may be issued pursuant to an Option and in the
minimum number of Shares that must be issued and outstanding prior to the
issuance of the Initial Options pursuant to Section 2.1(a)(iii). A corresponding
adjustment to the consideration payable with respect to all Options granted
prior to any such change shall also be made. Any such adjustment, however, shall
be made without change in the total payment, if any, applicable to the portion
of the Option not exercised but with a corresponding adjustment in the Option
Price for each Share.

        (b)    Upon the dissolution or liquidation of the Company, or upon a
reorganization, merger or consolidation of the Company with one or more
corporations as a result of which the Company is not the surviving corporation,
or upon sale of all or substantially all of the Company's property, the Plan
shall terminate, and any outstanding Options shall terminate and be forfeited.
However, holders of Options may exercise any Options that are otherwise
exercisable immediately prior to the dissolution, liquidation, consolidation or
merger.

Notwithstanding the foregoing, the Board of Directors may provide in writing in
connection with, or in contemplation of, any such transaction for any or all of
the following alternatives (separately or in combinations): (i) for the
assumption by the successor corporation of the Options theretofore granted or
the substitution by such corporation for such Options of awards covering the
stock of the successor corporation, or a parent or subsidiary thereof, with
appropriate adjustments as to the number and kind of shares and prices; (ii) for
the continuance of the Plan by such successor corporation in which event the
Plan and the Options shall continue in the manner and under the terms so
provided; or (iii) for the payment in cash or Shares in lieu of and in complete
satisfaction of such Options.

3.3.    AMENDMENT, SUSPENSION AND TERMINATION OF PLAN.

        The Board of Directors may suspend or terminate the Plan or any portion
thereof at any time and may amend it from time to time in such respects as the
Board of Directors may deem advisable in order that any Options thereunder shall
conform to or otherwise reflect any change in applicable laws or regulations, or
to permit the Company or the Independent Directors to enjoy the benefits of any
change in applicable laws or regulations, or in any other respect the Board of
Directors may deem to be in the best interests of the Company; provided,
however, that no such amendment shall without stockholder approval to the extent
required by law, or any agreement or the rules of any stock exchange upon which
the Shares may be listed or of any national market system on which Shares may be
traded: (a) except as provided in Section 3.2, materially increase the number of
Shares which may be issued under the Plan; (b) materially modify the
requirements as to eligibility for participation in the Plan; (c) materially
increase the benefits accruing to Independent Directors under the Plan; or (d)
extend the termination date of the Plan. No such amendment, suspension or
termination shall: (x) impair the rights of Independent Directors affected
thereby; or (y) make any change that would disqualify the Plan, or any other
plan of the Company intended to be so qualified, from the exemption provided by
Rule l6b-3.

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3.4.    TAX WITHHOLDING.

        (a)    The Company shall have the power to withhold, or require an
Independent Director to remit to the Company, an amount sufficient to satisfy
any withholding or other tax due from the Company with respect to any amount
payable and/or Shares issuable under the Plan, and the Company may defer such
payment or issuance unless indemnified to its satisfaction.

        (b)    Subject to the consent of the Board of Directors of the Company,
due to the exercise of an Option, an Independent Director may make an
irrevocable election (an "Election") to: (a) have Shares otherwise issuable
hereunder withheld; or (b) tender back to the Company Shares received; or (c)
deliver back to the Company previously acquired Shares of the Company having a
Fair Market Value sufficient to satisfy all or part of the Independent
Director's estimated tax obligations associated with the transaction. Such
Election must be made by an Independent Director prior to the date on which the
relevant tax obligation arises. The Board of Directors of the Company may
disapprove of any Election, may suspend or terminate the right to make
Elections, or may provide with respect to any Option under this Plan that the
right to make Elections shall not apply to such Option.

3.5.    DEFINITION OF FAIR MARKET VALUE.

        "Fair Market Value" on any date shall mean the average of the Closing
Price (as defined below) per Share for the five (5) consecutive Trading Days (as
defined below) ending on such date. The "Closing Price" on any date shall mean
the last sale price, regular way (as defined below), or, in case no such sale
takes place on such day, the average of the closing bid and asked prices,
regular way, in either case as reported in the principal consolidated
transaction reporting system with respect to securities listed or admitted to
trading on the principal national securities exchange on which the Shares are
listed or admitted to trading or, if the Shares are not listed or admitted to
trading on any national securities exchange, the last quoted price, or if not so
quoted, the average of the high bid and bow asked prices in the over-the-counter
market, as reported by The NASDAQ Stock Market, Inc. ("NASDAQ") or, if NASDAQ is
no longer in use, the principal, automated quotation system that may then be in
use or, if the Shares are not quoted by any such organization, the average of
the closing bid and asked prices as selected by the Board or the price at which
the Company is then offering Shares to the public if the Company is then engaged
in a public offering of Shares, or if the Company is not then offering Shares to
the public, the price per share at which a stockholder may purchase Shares
pursuant to the Company's Dividend Reinvestment Plan (the "DRP") if such DRP is
then in existence, or if the DRP is not then in existence, the fair market value
of a Share as determined by the Company, in its sole discretion. "Trading Day"
shall mean a day on which the principal national securities exchange or national
market system on which the Shares are listed or admitted to trading is open for
the transaction of business or, if the Shares are not listed or admitted to
trading on any national securities exchange or national automated quotation
system, shall mean any day other than a Saturday, a Sunday or a day on which
banking institutions in The Commonwealth of Massachusetts are authorized or
obligated by law or executive order to close.

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        The term "regular way" means a trade that is effected in a recognized
securities market for clearance and settlement pursuant to the rules and
procedures of the National Securities Clearing Corporation, as opposed to a
trade effect "ex-clearing" for same day or next day settlement.

3.6.    PLAN NOT EXCLUSIVE.

        The adoption of the Plan shall not preclude the adoption by appropriate
means of any other stock option or other incentive plan for Independent
Directors or other directors of the Company.

3.7.    LISTING, REGISTRATION AND LEGAL COMPLIANCE.

        Each Option shall be subject to the requirement that if at any time
counsel to the Company shall determine that the listing, registration or
qualification thereof or of any Shares or other property subject thereto upon
any securities exchange or market or under any foreign, federal or state
securities or other law or regulation, or the consent or approval of any
governmental body or the taking of any other action to comply with or otherwise,
with respect to any such law or regulation, is necessary or desirable as a
condition to or in connection with the aware of such Option or the issue,
delivery or purchase of Shares or other property thereunder, no such Option may
be exercised or paid in Shares or other property unless such listing,
registration, qualification, consent, approval or other action shall have been
effected or obtained free of any conditions not acceptable to the Company, and
the holder of the award will supply the Company with such certificates,
representations and information as the Company shall request and shall otherwise
cooperate with the Company in effecting or obtaining such listing, registration,
qualification, consent, approval or other action. The Company may at any time
impose any limitations upon the exercise, delivery or payment of any Option
which, in the opinion of the Board of Directors of the Company, are necessary or
desirable in order to cause the Plan or any other plan of the Company to comply
with Rule l6b-3. If the Company, as part of an offering of securities or
otherwise, finds it desirable because of foreign, federal or state legal or
regulatory requirements to reduce the period during which Options may be
exercised, the Board of Directors of the Company may, without the holders'
consent, so reduce such period on not less than 15 days' written notice to the
holders thereof.

3.8.    RIGHTS OF INDEPENDENT DIRECTORS.

        Nothing in the Plan shall confer upon any Independent Director any right
to serve as an Independent Director for any period of time or to continue
serving at his present or any other rate of compensation.

3.9.    NO OBLIGATION TO EXERCISE OPTION.

        The granting of an Option shall impose no obligation upon the
Independent Director to exercise such Option.

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3.10.   REQUIREMENTS OF LAW; GOVERNING LAW.

        The granting of Options under this Plan shall be subject to all
applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required. The
Plan, and all agreements hereunder, shall be construed in accordance with and
governed by the laws of The Commonwealth of Massachusetts. The provisions of
this Plan shall be interpreted so as to comply with the conditions or
requirements of Rule l6b-3, unless a contrary interpretation of any such
provision is otherwise required by applicable law.

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The following does not form part of the Plan but is included solely for
informational purposes:

Date of Board Approval:

Date of Shareholder Approval:

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                                                                    Exhibit 10.5

                AMENDED AND RESTATED ADVISORY SERVICES AGREEMENT

     AMENDED AND RESTATED ADVISORY SERVICES AGREEMENT (the "Agreement"), made as
of January 1, 2005, by and between BOSTON CAPITAL REAL ESTATE INVESTMENT TRUST,
INC., a Maryland corporation (the "Company"), and BOSTON CAPITAL REIT ADVISORS,
LLC, a Delaware limited liability company (the "Advisor").

                                   WITNESSETH:

     WHEREAS, the Company will file with the Securities and Exchange Commission
a registration statement on Form S-11 (the "Registration Statement"), to
register its shares of common stock, par value $0.001 per share (the "Shares"),
to be offered to the public, the proceeds from which will be invested by the
Company, and the Company may thereafter sell additional securities or otherwise
raise additional capital; and

     WHEREAS, the Company intends to qualify as a "real estate investment
trust", as defined in the Internal Revenue Code of 1986, as amended (the
"Code"), and to invest its funds in investments permitted by the terms of the
Registration Statement; and

     WHEREAS, the Company desires to avail itself of the experience, resources,
advice, assistance and certain facilities available to 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 Company's Board of Directors,
all as provided herein; and

     WHEREAS, pursuant to that certain Advisory Agreement, dated as of April 1,
2004, the Advisor has provided and pursuant to this Agreement will continue to
render such services, subject to the supervision of the Board of Directors, on
the terms and conditions hereinafter set forth.

     NOW, THEREFORE, the parties hereto agree as follows:

     1.   APPOINTMENT. The Company hereby appoints the Advisor to serve as its
          investment and management advisor on the terms and conditions set
          forth in this Agreement, and the Advisor hereby accepts such
          appointment.

     2.   DUTIES OF THE ADVISOR. The Advisor undertakes to use its best efforts
          to present to the Company potential investment opportunities primarily
          in real property and other real estate investments as well as provide
          a continuing and suitable investment program consistent with the
          investment policies and objectives of the Company as determined and
          adopted from time to time by the Board of Directors. In performance of
          this undertaking, subject to the supervision and direction of the
          Board of Directors, and consistent with the Registration Statement,
          the Advisor shall, pursuant to delegated authority:

          (a)  obtain or provide such services as may be required to administer
               the daily operations of the Company;

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          (b)  identify investment opportunities for the Company which are
               consistent with its investment objectives and policies;

          (c)  serve as the Company's investment and financial advisor and
               provide reports with respect to the Company's portfolio of
               investments, including, but not limited to, the making of
               investments in real properties and other real estate investments,
               as described in the Registration Statement;

          (d)  on behalf of the Company, investigate, select, engage and conduct
               relations with such persons as the Advisor deems necessary to the
               proper performance of its obligations hereunder, including, but
               not limited to, consultants, investors, builders, developers,
               banks, borrowers, lenders, fiduciaries, financial service
               companies, mortgagors, brokers, accountants, attorneys,
               appraisers and others, including its and the Company's
               affiliates;

          (e)  consult with the Company's officers and directors and assist the
               Company's Board of Directors in the formulation and
               implementation of the Company's investment and other policies,
               and furnish the officers and directors with advice and
               recommendations concerning the making of investments consistent
               with the investment policies and objectives of the Company;

          (f)  structure and negotiate the terms of investments in real
               properties and other real estate investments and obtain the Board
               of Directors' approval of investments as provided in the
               Registration Statement, but always consistent with the investment
               policies and objectives of the Company;

          (g)  obtain from third parties or its affiliates, property management
               services for the Company's investments in real property;

          (h)  obtain for or provide to the Company such services as may be
               required in acquiring, managing and disposing of investments,
               including, but not limited to, the negotiation of purchase
               contracts and services related to the acquisition of real
               property and other real estate investments by the Company and its
               affiliates, disbursing and collecting the funds of the Company,
               paying the debts and fulfilling the obligations of the Company
               and handling, prosecuting and settling any claims of the Company
               and such other services as the Company may require;

          (i)  advise the Company concerning its negotiations with investment
               banking firms, securities brokers or dealers and other
               institutions or investors for public or private sales of the
               Company's securities, or in obtaining investments for the
               Company, but in no event in such a way that the

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               Advisor could be deemed to be acting as a dealer or underwriter
               as those terms are defined in the Securities Act of 1933, as
               amended;

          (j)  obtain or perform current appraisals for each potential
               investment in real property or other real estate investment;

          (k)  do all things necessary to assure its ability to render the
               services contemplated herein, including providing the office
               space, furnishings and personnel necessary for the performance of
               the foregoing services as Advisor;

          (l)  from time to time, or at any time reasonably requested by the
               Company's Board of Directors, make reports to the Board of
               Directors of its performance of the foregoing services; and

          (m)  within 30 days after the end of each fiscal quarter of the
               Company, submit to the Company's Board of Directors a statement
               of the Company's sources of income during such fiscal quarter and
               make recommendations concerning changes, if any, in the Company's
               investments to permit the Company to satisfy the requirements of
               Sections 856(c)(2), 856(c)(3) and 856(c)(4) of the Code (such
               statement of income may be based upon information supplied by
               independent contractors of the Company to the extent applicable).

     3.   NO PARTNERSHIP OR JOINT VENTURE. The Company and the Advisor are not
          partners or joint venturers with each other and nothing herein shall
          be construed so as to make them such partners or joint venturers or
          impose any liability as such on either of them or their affiliates.

     4.   CERTAIN GUIDELINES. The Advisor shall endeavor to ensure, with respect
          to the Company's investments, that: (a) an appropriate policy of title
          insurance is obtained with respect to any real property investment
          (singly, a "Property," and collectively, the "Properties") acquired by
          the Company, or an opinion of counsel as to such title is obtained;
          (b) any Property acquired by the Company is duly insured against loss
          or damage by fire, with extended coverage, and against such other
          insurable hazards and risks as are customary and appropriate in the
          circumstances; (c) a majority of the Company's Board of Directors
          (including a majority of the Independent Directors, as defined below)
          approves, in advance, any investment (other than with respect to the
          initial Properties (as described in the Registration Statement) by the
          Company, on the one hand, with the Advisor or any of its affiliates,
          on the other hand; (d) the Company does not make any loans to the
          Advisor or any of its affiliates; (e) the Company's ratio of
          debt-to-total-assets, at the time of the incurrence of any
          indebtedness, does not exceed 75%; and (f) investments in any one
          Property acquired after the acquisition of the initial Properties
          described in the Registration Statement do not exceed 25% of the value
          of the Company's total assets at the time of its acquisition,
          provided, however, that this limitation shall not preclude the
          acquisition of multiple-

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

     5.   REIT QUALIFICATION. Notwithstanding anything to the contrary in this
          Agreement, the Advisor shall use its best efforts to refrain from
          taking any action (including, without limitation, the furnishing or
          rendering of services to tenants of a Property or managing or
          operating a Property) which, in its judgment, made in good faith and
          with the exercise of reasonable care, would: (a) adversely affect the
          status of the Company as a "real estate investment trust" under the
          Code and all rules and regulations promulgated thereunder; (b) violate
          any law, rule, regulation or statement of policy of any governmental
          body or agency having jurisdiction over the Company or over its
          securities, of which the Advisor should reasonably be aware; or (c)
          otherwise not be permitted by the Registration Statement or the
          Company's Articles of Incorporation or Bylaws, each as they may be
          amended from time to time, except if such action shall be ordered by
          the Company's Board of Directors, in which event the Advisor shall
          promptly notify the Board of Directors of the Advisor's judgment that
          such action would adversely affect the status of the Company as a
          "real estate investment trust" under the Code and shall refrain from
          taking such action, unless, but only to the extent that, the Advisor
          receives specific written instructions from the Board of Directors
          expressly ordering that the action be taken, notwithstanding such
          notification by it to the Board of Directors. In such event the
          Advisor shall have no liability for acting in accordance with the
          specific written instructions of the Directors so given.

     6.   INVESTMENT COMPANY STATUS. Notwithstanding anything to the contrary in
          this Agreement, the Advisor shall use its best efforts to refrain from
          any action which, in its judgment, made in good faith and in the
          exercise of reasonable care, would cause the Company to be required to
          register as an investment company under the Investment Company Act of
          1940, as amended, except where such action has been ordered by the
          Company's Board of Directors, in which event the Advisor shall
          promptly notify the Board of Directors of the Advisor's

<Page>

                                        5

          judgment that such action might require such registration and shall
          refrain from taking such action, unless, but only to the extent that,
          the Advisor receives specific written instructions from the Board of
          Directors expressly ordering that the actions be taken,
          notwithstanding such notification by it to the Board of Directors. In
          such event, the Advisor shall have no liability for acting in
          accordance with the specific written instructions of the Board of
          Directors so given.

     7.   BANK ACCOUNTS. The Advisor may establish and maintain one or more bank
          accounts in its own name or in the name of the Company and may collect
          and deposit into any such account or accounts, and disburse from any
          such account or accounts, any money on behalf of the Company, under
          such terms and conditions as the Company's Board of Directors may
          approve. However, the Advisor shall not commingle any of the funds in
          such account with those of the Advisor or of other entities managed by
          the Advisor. Further, the Advisor shall, from time to time, render to
          the Board of Directors and to the auditors of the Company a complete
          accounting of such collections and disbursements.

     8.   INFORMATION FURNISHED TO THE ADVISOR. The Company's Board of Directors
          shall at all times keep the Advisor fully informed concerning the
          investment and capitalization policies of the Company and the
          intentions of the Board of Directors concerning the future activities
          and investments of the Company. The Company shall furnish the Advisor
          with a certified copy of all financial statements, a signed copy of
          each report prepared by independent certified public accountants and
          such other information with regard to the Company's affairs as the
          Advisor may from time to time reasonably request.

     9.   CONSULTATION AND ADVICE. In addition to the services described above,
          the Advisor shall consult with the Company's Board of Directors and
          shall, at the request of the Board, furnish advice and recommendations
          with respect to other aspects of the business and affairs of the
          Company.

     10.  COMPENSATION. For rendering the services described herein, the Company
          shall pay to the Advisor the following (with the approval of the
          Company's Independent Directors and the concurrence of the Advisor,
          the fees referred to in this Section 10 paid by the Company to the
          Advisor in Shares at net asset value or by Company debt instruments):

          (a)  ORGANIZATION AND OFFERING EXPENSES. The Company shall reimburse
               the Advisor for all organization and offering expenses advanced
               by the Advisor up to a maximum of 2.25% of Gross Offering
               Proceeds (as defined below).

          (b)  ASSET MANAGEMENT FEE. The Company shall pay to the Advisor as
               compensation for the advisory services rendered to the Company
               under Paragraph 2 above a monthly asset management fee in an
               amount equal to 1/12th of 0.75% of the Company's Real Estate
               Asset Value (as defined

<Page>

                                        6

               below) (the "Asset Management Fee") as of the end of the
               preceding month. Real Estate Asset Value equals the amount
               actually paid or allocated to the purchase, development,
               construction or improvement of the Properties wholly-owned by the
               Company, including the outstanding principal amount of any
               mortgage indebtedness on the Properties assumed upon the purchase
               of the properties, and, in the case of Properties owned by any
               joint venture or partnership in which the Company is a
               co-venturer or partner, the Company's portion of such amount
               actually paid or allocated with respect to such Properties,
               exclusive of Acquisition Fees and Acquisition Expenses (each as
               defined below). The Asset Management Fee shall be payable monthly
               on the last day of such month, or the first business day
               following the last day of such month, and will be based on the
               Real Estate Asset Value determined on the last day of the prior
               month. The Asset Management Fee, which will not exceed fees which
               are competitive for similar services in the same geographic area,
               may or may not be taken, in whole or in part as to any year, in
               the sole discretion of the Advisor. All or any portion of the
               Asset Management Fee not taken as to any fiscal year shall be
               deferred without interest and may be taken in such other fiscal
               year as the Advisor shall determine.

          (c)  ACQUISITION FEE. The Advisor may receive, as compensation payable
               by the Company for services rendered in connection with the
               investigation, selection and acquisition (by purchase, investment
               or exchange) of Properties, acquisition fees in an amount equal
               to up to 2.7% of Gross Offering Proceeds ("Acquisition Fees") and
               acquisition expenses in an amount equal to up to 0.5% of Gross
               Offering Proceeds ("Acquisition Expenses"). In no event shall
               Acquisition Expenses exceed the lesser of the actual cost of such
               expenses or 90% of competitive rates charged by unaffiliated
               persons providing similar services. Gross Offering Proceeds shall
               mean the aggregate purchase price of all Shares sold for the
               account of the Company through the offering contemplated by the
               Registration Statement, without deduction for selling
               commissions, volume discounts, dealer-manager fees or
               organization and offering expenses. In no event shall the Advisor
               receive Acquisition Fees with respect to the acquisition of
               Properties for which it did not render such services and for
               which acquisition fees have been previously paid or are owed to
               another affiliate of the Company. For the purpose of computing
               Gross Offering Proceeds, the purchase price of any Share sold
               pursuant to the Registration Statement for which reduced selling
               commissions are paid to the dealer-manager or any other
               broker-dealer (where net proceeds as to the Company are not
               reduced) shall be deemed to be $10.00. In connection with the
               purchase of a Property, the total of all Acquisition Fees and
               Acquisition Expenses shall not exceed an amount equal to 6.0% of
               the contract price of the Property.

<Page>

                                        7

          (d)  SUBORDINATED DISPOSITION FEE. If the Advisor or an affiliate
               provides a substantial amount of the services (as determined by a
               majority of the Company's Independent Directors) in connection
               with the sale of one or more Properties, the Advisor or an
               affiliate shall receive a subordinated disposition fee equal to
               the lesser of (i) one-half of a competitive real estate
               commission, or (ii) 3.0% of the sales price of such Property or
               Properties ("Subordinated Disposition Fee"). The Subordinated
               Disposition Fee will be paid only if stockholders have received
               total dividends in an amount equal to 100% of their aggregate
               invested capital plus a 6.0% annual cumulative non-compounded
               return on their net invested capital (the "Stockholders' 6.0%
               Return"). To the extent that Subordinated Disposition Fees are
               not paid by the Company on a current basis due to the foregoing
               limitation, the unpaid fees will be accrued and paid at such time
               as the subordination conditions have been satisfied. The
               Subordinated Disposition Fee may be paid in addition to real
               estate commissions paid to non-affiliates, provided that the
               total real estate commissions paid to all persons by the Company
               shall not exceed an amount equal to the lesser of (i) 6.0% of the
               contract sales price of a Property, or (ii) the competitive real
               estate commission. In the event this Agreement is terminated
               prior to such time as the stockholders have received total
               distributions in an amount equal to 100% of invested capital plus
               the Stockholders' 6.0% Return, an appraisal of the Properties
               then owned by the Company shall be made and the Subordinated
               Disposition Fee on Properties previously sold will be deemed
               earned if the appraised value of the Properties then owned by the
               Company plus total distributions received prior to the date of
               the termination of this Agreement equals 100% of invested capital
               plus the Stockholders' 6.0% Return. Upon Listing (as defined
               below), if the Advisor has accrued but not been paid such
               Subordinated Disposition Fee, then for purposes of determining
               whether the subordinated conditions have been satisfied,
               stockholders will be deemed to have received distributions in the
               amount equal to the product of the total number of Shares
               outstanding and the average closing price of the Shares over a
               period of 30 consecutive days during which the Shares are traded,
               with such period beginning 180 days after Listing.

          (e)  SUBORDINATED SHARE OF NET SALE PROCEEDS. A subordinated share of
               net sale proceeds shall be payable to the Advisor in an amount
               equal to 15.0% of net sales proceeds remaining after the
               stockholders have received distributions equal to the sum of the
               Stockholders' 6.0% Return and 100% of invested capital
               ("Subordinated Share of Net Sale Proceeds"). Following Listing,
               no Subordinated Share of Net Sale Proceeds will be paid to the
               Advisor.

          (f)  SUBORDINATED INCENTIVE LISTING FEE. Upon listing on a national
               securities exchange registered under Section 6 of the Securities
               Exchange Act of 1934, as amended (the "Exchange Act"), or a
               national market system

<Page>

                                        8

               registered under Section 11A of the Exchange Act ("Listing"), the
               Advisor shall be entitled to a subordinated incentive listing fee
               in an amount equal to 10.0% of the amount by which (i) the market
               value of the outstanding stock of the Company, measured by taking
               the average closing price or average of bid and asked price, as
               the case may be, over a period of 30 consecutive days during
               which the stock is traded, with such period beginning 180 days
               after Listing ("Market Value"), plus the total of all
               distributions paid to stockholders from the Company's inception
               until the date of Listing, exceeds (ii) the sum of (A) 100% of
               invested capital and (B) the total distributions required to be
               paid to the stockholders in order to pay the Stockholders' 6.0%
               Return from inception through the date of Listing ("Subordinated
               Incentive Listing Fee"). The Company shall have the option to pay
               such fee in the form of cash, Shares, a promissory note or any
               combination of the foregoing. The Subordinated Incentive Fee will
               be reduced by the amount of any prior payment to the Advisor of
               any Subordinated Share of Net Sale Proceeds from a sale or sales
               of a Property. In the event the Subordinated Incentive Fee is
               paid to the Advisor following Listing, no other performance fee
               will be paid to the Advisor.

          (g)  CHANGES TO FEE STRUCTURE. In the event of Listing, or,
               notwithstanding the absence of Listing, in the event the
               stockholders elect to continue the Company's existence after
               December 31, 2015, the Company and the Advisor may negotiate in
               good faith to establish another fee structure appropriate for a
               perpetual life entity. A majority of the Company's Independent
               Directors must approve any new fee structure negotiated with the
               Advisor. In negotiating a new fee structure, the Independent
               Directors shall consider all of the factors they deem relevant,
               including, but not limited to: (i) the amount of the advisory fee
               in relation to the asset value, composition and profitability of
               the Company's portfolio; (ii) the success of the Advisor in
               generating opportunities that meet the investment objectives of
               the Company; (iii) the rates charged to other REITs and to
               investors other than REITs by advisors performing the same or
               similar services; (iv) additional revenues realized by the
               Advisor and its affiliates through their relationship with the
               Company, including underwriting or broker commissions, servicing,
               engineering, inspection and other fees, whether paid by the
               Company or by others with whom the Company does business; (v) the
               quality and extent of service and advice furnished by the
               Advisor; (vi) the performance of the investment portfolio of the
               Company, including income, conversion or appreciation of capital,
               and number and frequency of problem investments; and (vii) the
               quality of the Property portfolio of the Company in relationship
               to the investments generated by the Advisor for its own account.
               The new fee structure can be no more favorable to the Advisor
               than the current fee structure.

<Page>

                                        9

          (h)  SPECIAL TERMINATION PAYMENT. The Advisor shall receive a Special
               Termination Payment (as defined below) if the Company terminates
               or does not renew this Agreement without cause. The Special
               Termination Payment shall be an amount equal to the projected
               Asset Management Fee for the one-year period following the date
               of the termination of this Agreement.

          (i)  REIMBURSEMENT OF EXPENSES. Except as otherwise expressly limited
               by the terms of this Agreement, the Company shall reimburse the
               Advisor or its affiliates for (1) the actual cost to the Advisor
               or its affiliates of goods, materials and services used for or by
               the Company and obtained from persons unaffiliated with the
               Advisor and its affiliates, (2) the cost of administrative
               services rendered to the Company which are necessary to the
               prudent operation of the Company, such as legal, accounting,
               computer, transfer agent and other services which could be
               performed directly for the Company by independent parties,
               provided however, that no reimbursement shall be made for
               personnel costs to the extent that such personnel are used in
               transactions for which the Advisor receives a separate fee, and
               (3) the actual cost to the Advisor or its affiliates of any
               letter of credit or credit enhancement that may be required of
               any lender or seller in connection with the financing of the
               acquisition of Properties. Absent the vote of a majority of the
               Company's Independent Directors, the Advisor shall reimburse the
               Company for reimbursements paid to the Advisor to the extent that
               such reimbursements exceed, for any given year, the greater of
               (i) 2% of the Company's average invested assets (which consists,
               as defined in the Company's Articles of Incorporation, as
               amended, of the average book value of the assets of the Company,
               before reserves for appreciation or bad debts) or (ii) 25% of the
               Company's net income (which consists, as defined in the Company's
               Articles of Incorporation, as amended, of the total revenues less
               total expenses, excluding reserves for depreciation, bad debt and
               certain other similar non-cash reserves).

     11.  OTHER ACTIVITIES OF THE ADVISOR. Nothing contained herein shall
          prevent the Advisor from engaging in other activities, including,
          without limitation, the rendering of advice to other investors
          (including other REITs) and the management of other programs advised,
          sponsored or organized by the Advisor or its affiliates; nor shall
          this Agreement limit or restrict the right of any director, officer,
          employee or shareholder of the Advisor or its affiliates to engage in
          any other business or to render services of any kind to any other
          partnership, corporation, firm, individual, trust or association.
          Notwithstanding the foregoing, however, the Advisor shall devote
          sufficient resources to the administration of the Company to discharge
          its obligations hereunder. The Advisor may, with respect to any
          investment in which the Company is a participant, subject to its
          contractual duties to the Company under this Agreement, also render
          advice and service to each and every other participant therein.

<Page>

                                       10

     12.  ALLOCATION OF INVESTMENT OPPORTUNITIES. Neither the Advisor nor any of
          its affiliates shall be obligated to present to the Company investment
          opportunities that come to their attention, even if any of those
          opportunities may be suitable to the Company. In addition, if the
          Advisor shall have an investment opportunity which satisfies the
          investment criteria of the Company, the Advisor shall make that
          investment opportunity available to the Company before such
          opportunity is invested in by the Advisor.

     13.  TERM/TERMINATION OF AGREEMENT. Initially, this Agreement shall have a
          term of one (1) year commencing on the closing date of the initial
          minimum offering under the Registration Statement. Following the
          initial term, subsequent renewals for one (1) year terms will be
          subject to an evaluation of the performance of the Advisor by the
          audit committee of the Company's Board of Directors. This Agreement
          may be terminated by a majority of the Independent Directors of the
          Company or by the Advisor, in all cases by giving not less than 60
          days' advance notice in writing to the other party.

     14.  ACTION UPON TERMINATION. The Advisor shall not be entitled to
          compensation for services performed after the effective date of the
          termination of this Agreement. The Advisor shall, forthwith upon such
          termination:

          (a)  promptly pay over to the Company all monies collected and held
               for the account of the Company pursuant to this Agreement, after
               deducting any accrued compensation and reimbursement for its
               expenses to which it is then entitled under this Agreement;

          (b)  promptly deliver to the Company a full accounting, including a
               statement showing all amounts collected, disbursed and held by
               the Advisor, for the period following the date of the last
               accounting furnished to the Company; and

          (c)  promptly deliver to the Company all property and documents of the
               Company then in the custody of the Advisor.

     15.  AMENDMENTS. The Agreement shall not be modified except by an
          instrument in writing signed by both parties hereto, or their
          respective successors or assigns, or otherwise as provided herein.

     16.  ASSIGNMENT. This Agreement may be assigned upon the consent of both
          parties hereto: (i) upon approval of a majority of the Independent
          Directors of the Company, by the Advisor to a person which is an
          affiliate of the Advisor; or (ii) by either the Advisor or the Company
          to its successor-in-interest. The Advisor may delegate some or all of
          its duties under this Agreement to an affiliate. Notwithstanding the
          foregoing, so long as the Company intends to qualify as a real estate
          investment trust under the Code, this Agreement may not

<Page>

                                       11

          be assigned to any entity that serves as a property manager with
          respect to the Properties of the Company.

     17.  GOVERNING LAW. The provisions of this Agreement shall be construed and
          interpreted in accordance with the internal laws of The Commonwealth
          of Massachusetts without giving effect to conflicts of laws principles
          or rules.

     18.  DIRECTORS AND STOCKHOLDERS NOT LIABLE. This Agreement is made on
          behalf of the Company by an officer of the Company, not individually,
          but solely as such officer, and the obligations under this Agreement
          are not binding upon, nor shall resort be had to, the private property
          of any of the directors, officers, stockholders, employees or agents
          of the Company personally, but shall bind only the Company.

     19.  INDEMNIFICATION BY THE COMPANY. Subject to the limitation in Article 9
          of the Company's Restated Articles of Incorporation the Company shall
          indemnify and hold harmless the Advisor, to the full extent permitted
          by the Maryland General Corporation Law (in effect at the time
          indemnity is sought), from all liability, claims, damages or loss
          arising in the performance of its 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.

     20.  INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold
          harmless the Company from contract or other liability, claims,
          damages, taxes or losses and related expenses, including attorneys'
          fees, to the extent that such liability, claims, damages, taxes,
          losses and related expenses are not fully reimbursed by insurance and
          are incurred by reason of the Advisor's bad faith, fraud, willful
          misfeasance, misconduct, negligence or reckless disregard of its
          duties, but the Advisor shall not be held responsible for any action
          of the Company's Board of Directors in following or declining to
          follow any advice or recommendation given by the Advisor.

     21.  HEADINGS. The section headings hereof have been inserted for reference
          only and shall not be construed to affect the meaning, construction or
          effect of this Agreement.

     22.  NOTICES. All notices, demands and other communication to be given or
          delivered under or by reason of the provisions of this Agreement must
          be in writing and will be deemed to have been given on the day
          established by sender as having been delivered personally; on the day
          delivered by private courier as such day is established by evidence
          obtained by the sender from the courier; on the day and at the time
          established by evidence obtained by the sender from a telegraph
          company if telegraphic means of communication are used; or on the day
          established by a return receipt with respect to notices, demands and
          other communications intended to be delivered by U.S. mail. Such
          notices, demands and other communications to be valid, must be
          addressed:

<Page>

                                       12

          (a)  If to the Company, to:

               Boston Capital Real Estate Investment Trust, Inc.
               c/o Boston Capital Corporation
               One Boston Place, Suite 2100
               Boston, Massachusetts 02108-4406
               Attn:  Jeffrey H. Goldstein, President

               with a copy to:

               Nixon Peabody LLP
               101 Federal Street
               Boston, MA 02210
               Attn:  Alexander J. Jordan, Jr., Esq.

          (b)  If to the Advisor, to:

               Boston Capital REIT Advisors, LLC
               c/o Boston Capital Corporation
               One Boston Place, Suite 2100
               Boston, Massachusetts 02108-4406
               Attn:  John P. Manning, President

               with a copy to:

               Nixon Peabody LLP
               101 Federal Street
               Boston, MA 02210
               Attn:  Alexander J. Jordan, Jr., Esq.

          or to such other address or to the attention of such other person as
          recipient party has specified by prior written notice to the sending
          party (or in the case of counsel, to such other readily ascertainable
          business address as such counsel may hereafter maintain).

     23.  INITIAL INVESTMENT. Boston Capital Companion Limited Partnership
          ("Companion"), an affiliate of the Advisor, has contributed to the
          Company $200,000 in exchange for 20,000 Shares (the "Initial
          Investment"). Companion may not sell these Shares while the Advisory
          Agreement is in effect, although Companion may transfer them to its
          affiliates. The Advisor and its affiliates may buy and sell Shares,
          and this restriction shall not apply to any Shares, other than the
          Shares acquired through the Initial Investment, acquired by the
          Advisor or its affiliates. The Advisor shall not vote any Shares it
          hereafter acquires in any vote for the removal of any of the Company's
          directors or any vote regarding the approval or termination of any
          contract with the Advisor or any of

<Page>

                                       13

          its affiliates. The restrictions contained in this Section 23 shall
          not go into effect until the initial closing described in the
          Registration Statement has occurred.

<Page>

                                       14

     IN WITNESS WHEREOF, we have executed this Agreement as of the date first
above written.

                                    BOSTON CAPITAL REAL ESTATE
                                    INVESTMENT TRUST, INC.

                                    By:
                                        -------------------------------------
                                        Jeffrey H. Goldstein, President

                                    BOSTON CAPITAL REIT ADVISORS, LLC

                                    By:  Boston Capital Corporation, its manager
                                    --------------------------------------------

                                    By:
                                        -------------------------------------
                                        John P. Manning, President

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