TA Realty LLC (“TA Realty”), a limited liability company that has been a registered investment adviser since April 11, 2000 (SEC registration number 801-57460), is a real estate investment management firm that has been in business for more than 40 years. TA Realty provides investment advisory services regarding, and manages, real estate investments and special purpose entities organized to hold real estate investments for institutional investors such as pension and profit sharing plans, state and municipal retirement plans (including government pension plans), business entities, and foundations and endowments, as well as family offices/trusts and for high net worth individuals that meet certain investment qualifications. TA Realty performs these services for its clients on a separate account basis, indirectly through limited partnerships, limited liability companies, title holding corporations and/or other special purpose vehicles organized to hold clients’ real estate investments, or through asset management relationships (“Non-Fund Clients”). TA Realty also manages real estate investments for collective investment vehicles it sponsors and structures as real estate investment trusts, limited partnerships and/or other pooled vehicles investing in real estate (“Funds”). Because TA Realty’s clients engage it to provide advice regarding real estate investments, it generally does not enter into securities transactions on its clients’ behalf. For some clients, however, it makes investments in securities (typically money market mutual funds) for cash management purposes and, in the future, certain client accounts may invest in public REITs, in which case TA Realty determines the securities, their amount, whether the securities be bought or sold for a client account, the parties with who or through whom the transactions are conducted and whether to approve any fees or charges associated with those investments. TA Realty is managed by its three Managing Partners, James Buckingham, Michael Haggerty and James Raisides, and other members of TA Realty’s Management Committee. The Management Committee is subject to the oversight and authority of the Managing Partners, and the Managing Partners report to a Board of Managers (the “Board”). Certain matters require the approval of the Board. In most circumstances, the act

of a majority of the Board Members, each having one vote, shall constitute an act of the Board. A majority stake in TA Realty is owned by MEC Global Partners America Inc., a wholly-owned subsidiary of MEC Global Partners Holdings LLC (“MEC GPH”). MEC GPH is a wholly-owned subsidiary of MEC Group International Inc., which is a wholly-owned subsidiary of Mitsubishi Estate Co., Ltd. (“MEC”). TA Realty is MEC’s primary real estate investment management platform in the United States. A significant minority stake in TA Realty is owned by 23 of TA Realty’s Partners. This equity is held by these key employees on a long-term basis and will be subject to repurchase upon termination of employment, with the expectation that the repurchased equity will be transferred, sold or otherwise “recycled” to other key employees. Throughout its history, TA Realty has focused exclusively on private real estate investment and currently manages value-added closed-end, sector-specific closed-end, core open-end and sector-specific open-end commingled funds, core and other customized separate accounts and asset management relationships totaling approximately $15,605.0 million in real estate assets under management 0F 1 as of December 31, 2023, of which $14,414.7 million (92.4%) is managed on a discretionary basis and $1,190.3 million (7.6%) is managed on a non-discretionary basis. With respect to client accounts over which TA Realty does not have discretionary investment authority, TA Realty generally has broad authority with respect to the operations and management of the real estate investments within such accounts, the scope of which varies by account. The difference between the regulatory assets under management (“RAUM”) of $2,112,428,492 disclosed in Item 5.F of Part 1A and the real estate assets under management totaling approximately $15,605.0 million disclosed above 1 Real estate assets under management reflect the total value of all real estate held by all clients of TA Realty. relates to the inclusion of additional assets under TA Realty’s management which provide a more complete picture of TA Realty’s business activities but are not held in an account that meets the definition of a “securities portfolio” and are therefore excluded from the calculation of RAUM in accordance with the Form ADV instruction and provided in Form ADV Part 1A.