Background and Ownership Harrison Street Advisors, LLC, a Delaware limited liability company ("Harrison Street Advisors," "HSTA," "we," "us," "our"), formed in May, 2011, provides investment management services to open-end investment vehicles including Harrison Street Core Property Fund, L.P. (collectively with the parallel vehicles and affiliated partners, the "Core Fund")1; Harrison Street Infrastructure Fund, L.P. (collectively with the parallel vehicles the "HSIF Fund")2; Harrison Street Canada Alternative Real Estate Fund, L.P., a Cayman Islands exempted limited partnership ("CAREF Cayman Fund"), and Harrison Street Canada Alternative Real Estate Trust, a Canadian mutual fund trust ("CAREF MFT" and collectively with CAREF Cayman Fund and any other parallel funds, the "Canadian Fund") along with certain separate accounts established by institutional investors. The Core Fund, formed in 2011, is an open-end, commingled investment fund which targets primarily what we believe to be stabilized investments in education, seniors housing, healthcare, storage properties, life science buildings, and other real property-related investments. The HSIF Fund, which launched in 2018, is an open-end, commingled investment fund which targets infrastructure and real asset opportunities in the areas of education, healthcare, government and utility investments. Real assets are primarily revenue-generating assets, which may include operating facilities and equity and debt investments in businesses owning, operating and financing infrastructure and utility assets. The Canadian Fund, which launched in 2021, is an open-end, commingled investment fund which targets primarily what we believe to be stabilized, income- producing investments in the healthcare, education, storage, life sciences and digital sectors of the Canadian commercial real estate market. The HSTA-advised separate accounts may, among other assets, target investments in education, seniors housing, healthcare, storage properties, and life science buildings. HSTA provides asset management services to three closed-end opportunistic European funds, Harrison Street European Partners II, L.P. Harrison Street European Partners III, L.P. and Harrison Street European Partners IV, L.P.3 (collectively with parallel funds known as "European Funds") which primarily target student housing, healthcare real estate (including senior housing, medical office and life science) and specialty residential real estate, in the United Kingdom and Europe, and to three domestic closed-end funds, Harrison Street Real Estate Partners VII, L.P. and its parallel vehicles (collectively "Fund VII"), Harrison Street Real Estate Partners VIII, L.P and its parallel vehicles (collectively , "Fund VIII") and Harrison Street Real Estate Partners IX, L.P and its parallel vehicles (collectively , "Fund IX"). Fund VII, Fund VIII and Fund IX (collectively known as "U.S. Funds") are opportunity funds that target investments in student housing, education, healthcare, medical office, life science, senior housing and storage properties in the United States. In addition, Fund IX targets (i) real assets supporting the digital industry, including, without limitation, carrier 1 Except as specifically indicated, all references in this Brochure to Core Fund include the Core Fund and all related Parallel Vehicles, one of which is Luxembourg-based and has additional directors and a local investment manager, and Harrison Street Core Property Fund F, L.P., an affiliated partner in the Core Fund that holds units in the Core Fund received by it in exchange for real estate assets contributed to the Core Fund by its investors. 2 Effective September 5, 2023, the Harrison Street Social Infrastructure Fund changed its name to the Harrison Street Infrastructure Fund. 3 Harrison Street European Partners III, L.P. and its parallel vehicles and Harrison Street European Partners IV, L.P. are Luxembourg-based with additional directors and a local investment manager. hotels, powered shells, strategic colocation, digital connectivity and other strategic assets within the digital space, and (ii) build-to-rent investments, including, without limitation, the development of single-family communities for rent and the acquisition of single-family homes for rent. The Core Fund, the HSIF Fund, the Canadian Fund and the various other funds and separate accounts noted above may also invest in digital real estate and infrastructure assets such as data centers to the extent consistent with their investment objectives and restrictions. The European Funds, together with the IA Funds as defined below are collectively referred to herein as the “Funds.” An affiliate of Harrison Street Advisors serves as the general partner or trust manager (the "General Partner") in the various fund structures and separate accounts, as applicable. Due to the sector focus across many of the vehicles, the descriptions in this Brochure of operations, services, fees, investment strategies, risks and other matters referencing the Core Fund and Investors in the Core Fund may apply substantively to these other HSTA clients. References in this Brochure to an "IA Fund" or "IA Fund Clients" is to the Core Fund, the HSIF Fund, the Canadian Fund and their respective parallel vehicles and affiliated partners, being investment advisory clients of the firm. References in this Brochure to the “the Funds” is to the U.S. Funds, the European Funds and the IA Funds, collectively. References in this Brochure to "Units" is to the limited partnership, limited liability company or other equity ownership interest of the investors in an IA Fund Client. The sole owner of Harrison Street Advisors is Harrison Street Real Estate Capital, LLC, a Delaware limited liability company ("HSRE"). The controlling owners of HSRE are Christopher Merrill and Colliers Investment Management Holdings, LLC a wholly owned indirect subsidiary of Colliers International Group Inc. (collectively "Colliers"). Colliers (NASDAQ and TSX: CIGI) is a major global commercial real estate services business headquartered in Toronto, Canada, that provides real estate advisory, management, brokerage and capital formation services to corporate and institutional clients. Christopher Merrill, President and CEO of HSRE, Jay Hennick, Chairman and CEO of Colliers and Zachary Michaud, Co-Chief Investment Officer of Colliers (together the "HSRE Controlling Principals") are the members of the Board of Managers of HSRE. HSRE was formed in 2005 and, in addition to the investment vehicles discussed above, is the sponsor of a series of private closed-end U.S. real estate investment funds, certain separate accounts and a joint venture which invests solely in commercial real estate classes that are not in the education, seniors housing, healthcare, storage and life science buildings sectors. Affiliates of Harrison Street Advisors serve as the general partners of each of these investment vehicles. HSTA expects to provide investment advisory and asset management services to other funds and separate accounts sponsored from time to time by HSRE. As of December 31, 2023, HSRE had acquired or developed properties that equate to approximately $56.3 billion in gross real estate (based on cost and utilizing a conversion rate of US$1.1039 to €1.00 to convert European Fund amounts to U.S. Dollars and US$0.7551 to CAD$1.00 to convert Canadian Fund amounts to U.S. Dollars). Investments Core Fund For the Core Fund, Harrison Street Advisors targets investment opportunities in the education, healthcare and storage

sectors of the commercial real property market focusing primarily on: (i) student housing, both on and off campus, and other education-related real estate investments; (ii) medical office buildings and other healthcare related real estate investments; (iii) seniors housing, including, but not limited to independent living facilities, assisted living facilities and memory care facilities; (iv) self-storage and (v) life science buildings (collectively the "Primary Property Types"). For the Core Fund, the primary investment focus is on what we believe are stabilized, income-producing investments that provide a combination of current income and long-term growth and appreciation. Investments may be made by the Core Fund directly and indirectly, including, without limitation, through joint ventures with operating partners and other third parties. The Core Fund is authorized to purchase equity interests and debt instruments secured by mortgages on Primary Property Types of real estate but only if such purchase is with the intent to acquire the underlying properties. The geographic focus is throughout the United States. The General Partner has created and may create, in its discretion, Parallel Vehicles (including an offshore investment vehicle and joint ventures with other investors) that will, for the most part, invest proportionately in investments of the Core Fund on substantially the same terms and conditions as the Core Fund. Harrison Street Advisors will provide investment management services to the Parallel Vehicles, if any. See footnote 1 above. HSTA commenced its investment advisory activities on behalf of the Core Fund in November 2011. The Core Fund limited partners are referred to in this Brochure as "Investors". The minimum capital commitment ("Commitment") for each Investor in the Core Fund is $10 million, unless the General Partner accepts a lesser amount in its discretion. Harrison Street Advisors has, as of December 31, 2023, a total of $16,729,081,140 of Gross Asset Value ("GAV"), based on consolidated GAAP Investments in Real Estate, excluding investments in unconsolidated joint ventures) of Core Fund properties under management. HSIF Fund For the HSIF Fund, Harrison Street Advisors targets investment opportunities primarily in infrastructure and real assets that support the education, healthcare, government, utility, digital, and transportation sectors (the "Target Sectors") including, but not limited to: (i) on-campus higher education housing and other education-related infrastructure; (ii) healthcare and other healthcare-related real asset investments; (iii) public private partnerships with local, state and federal governmental entities; and (iv) utility and energy-related facility investments with universities, health systems, governments/municipalities and/or other corporate users. HSIF Fund investments may include real property assets, equity interest in businesses in the Target Sectors and debt instruments issued by businesses in the Target Sectors. The HSIF Fund may also invest in new development, renovations and expansions of other infrastructure assets with the intention of generating consistent income returns. The General Partner of the HSIF Fund has created and may create, in its discretion, parallel vehicles (including an offshore investment vehicle and joint ventures with other investors) that will, for the most part, invest proportionately in investments of the HSIF Fund on substantially the same terms and conditions as the HSIF Fund. Harrison Street Advisors will provide investment management services to the parallel vehicles, if any. HSTA commenced its investment advisory activities on behalf of the HSIF Fund in 2018. The HSIF Fund limited partners are referred to in this Brochure as "Investors". The minimum Commitment for each Investor in the HSIF Fund is $10 million, unless the General Partner accepts a lesser amount in its discretion. Harrison Street Advisors has, as of December 31, 2023, a total of $2,867,076,325 of GAV, based on consolidated GAAP Investments in Real Estate, excluding investments in unconsolidated joint ventures) of HSIF Fund properties under management. Canadian Fund For the Canadian Fund, Harrison Street Advisors targets investment opportunities in the healthcare, education, storage, life sciences and digital sectors of the Canadian commercial real estate market focusing primarily on: (i) senior housing, including, but not limited to, senior apartments, independent living, assisted living and memory care communities, (ii) medical office buildings and other healthcare-related real estate, (iii) student housing, including on- and off-campus student accommodations and other education-related real estate, (iv) storage properties, including, but not limited to, self-storage, (v) life sciences buildings, and (vi) digital infrastructure assets, including, but not limited to, data centers. HSTA commenced its investment advisory activities on behalf of the Canadian Fund in 2021. The CAREF Cayman Fund limited partners and CAREF MFT shareholders are referred to in this Brochure as "Investors". Except with respect to "Series F" Units, which are subject to a minimum investment of CAD$25,000, the minimum Commitment for each Investor in the Canadian Fund is $10 million, unless the General Partner accepts a lesser amount in its discretion. Harrison Street Advisors has, as of December 31, 2023, a total of $757,193,561 of GAV, based on International Financial Reporting Standards ("IFRS") accounting rules) of Canadian Fund properties under management. Separate Accounts HSTA provides investment advisory services to certain separate accounts with institutional investors. The separate accounts generally target investments in areas such as education, healthcare and storage sectors as outlined by the specific account documents. In certain cases, the separate accounts will invest alongside another investment vehicle sponsored by HSRE. Description of Advisory Services As investment manager Harrison Street Advisors will: 1. Identify and recommend investment opportunities; 2. Participate in monitoring and evaluating the client's investments; 3. Make recommendations regarding the financing, refinancing and/or sale of investments; 4. Make recommendations regarding the short-term investment of cash pending distribution or reinvestment in real properties; and 5. Provide asset management services with respect to investments. Investment advice is provided directly to the Core Fund, HSIF Fund and any of their Parallel Vehicles and not individually to Fund Investors or any Parallel Vehicle's Investors. HSTA has full discretionary authority with respect to investment decisions on behalf of the Core Fund, HSIF Fund and the Canadian Fund, and its advice is tailored according to the investment objectives, guidelines, restrictions, and requirements as set forth in the Private Placement Memorandum and Limited Partnership Agreement of the applicable IA Fund. References herein to (i) "Limited Partnership Agreement" shall include the applicable trust agreement for the CAREF MFT and (ii) "Private Placement Memorandum" shall include the applicable offering memorandum for the CAREF MFT. Certain investors have entered into side letters with one or more IA Funds that, in some cases, provide such investors the right to opt-out of certain investments for legal, policy, tax, regulatory or other reasons. Please refer to the diversification restrictions discussed in Item 8 below. HSTA's advice to separate account clients is tailored according to the investment objectives, guidelines, restrictions, and requirements presented in the investment management agreement and related documents provided to HSTA by the client.