Common use of Semi-Annual Determination of Net Asset Value Clause in Contracts

Semi-Annual Determination of Net Asset Value. At the end of each semi-annual period, or such other period as determined by the Manager in its sole discretion, but no less frequently than annually, beginning on the First NAV Reporting Date, the Sponsor’s internal accountants and asset management team will calculate the Company’s NAV per share using a process that reflects (1) estimated values of each of commercial real estate assets and investments, as determined by such asset management team, including related liabilities, based upon (a) market capitalization rates, comparable sales information, interest rates, net operating income; (b) with respect to debt, default rates, discount rates and loss severity rates; (c) for properties that have development or value add plans, progress along such development or value add plan; and (d) in certain instances reports of the underlying real estate provided by an independent valuation expert; (2) the price of liquid assets for which third party market quotes are available; (3) accruals of periodic distributions; and (4) estimated accruals of operating revenues and expenses. For joint venture or direct equity investments, the Sponsor primarily relies on discounted cash flow method. The Market Price per Share for a given semi-annual period shall be determined by dividing the Company’s NAV at the end of such period by the number of Common Shares Outstanding as of the end of such period, prior to giving effect to any share purchases or redemptions to be effected for such period. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Semi-Annual Determination of Net Asset Value. At the end of each semi-annual period, or such other period as determined by the Manager in its sole discretion, but no less frequently than annually, beginning on the First NAV Reporting DateDecember 31, 2019, the Sponsor’s internal accountants and asset management team will calculate the Company’s NAV per share using a process that reflects reflects (1) estimated values of each of commercial real estate assets and investments, as determined by such asset management team, including related liabilities, based upon upon (a) market capitalization rates, comparable sales information, interest rates, net operating income; , (b) with respect to debt, default rates, discount rates and loss severity rates; , (c) for properties that have development or value add plans, progress along such development or value add plan; and , and (d) in certain instances reports of the underlying real estate provided by an independent valuation expert; , (2) the price of liquid assets for which third party market quotes are available; , (3) accruals of periodic distributions; and distributions and (4) estimated accruals of operating revenues and expenses. For joint venture or direct equity investments, the Sponsor primarily relies on discounted cash flow method. The Market Price per Share for a given semi-annual period shall be determined by dividing the Company’s NAV at the end of such period by the number of Common Shares Outstanding as of the end of such period, prior to giving effect to any share purchases or redemptions to be effected for such period. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Semi-Annual Determination of Net Asset Value. At the end of each semi-annual period, or such other period as determined by the Manager in its sole discretion, but no less frequently than annually, beginning on the First NAV Reporting DateDecember 31, 2019, the Sponsor’s internal accountants and asset management team will calculate the Company’s NAV per share using a process that reflects (1) estimated values of each of commercial real estate assets and investments, as determined by such asset management team, including related liabilities, based upon (a) market capitalization rates, comparable sales information, interest rates, net operating income; (b) with respect to debt, default rates, discount rates and loss severity rates; (c) for properties that have development or value add plans, progress along such development or value add plan; and (d) in certain instances reports of the underlying real estate provided by an independent valuation expert; (2) the price of liquid assets for which third party market quotes are available; (3) accruals of periodic distributions; and (4) estimated accruals of operating revenues and expenses. For joint venture or direct equity investments, the Sponsor primarily relies on discounted cash flow method. The Market Price per Share for a given semi-annual period shall be determined by dividing the Company’s NAV at the end of such period by the number of Common Shares Outstanding as of the end of such period, prior to giving effect to any share purchases or redemptions to be effected for such period. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Semi-Annual Determination of Net Asset Value. At the end of each semi-annual period, or such other period as determined by the Manager in its sole discretion, but no less frequently than annually, beginning on the First NAV Reporting DateDecember 31, 2018, the Sponsor’s internal accountants and asset management team will calculate the Company’s NAV per share using a process that reflects reflects (1) estimated values of each of commercial real estate assets and investments, as determined by such asset management team, including related liabilities, based upon upon (a) market capitalization rates, comparable sales information, interest rates, net operating income; , (b) with respect to debt, default rates, discount rates and loss severity rates; , (c) for properties that have development or value add plans, progress along such development or value add plan; and , and (d) in certain instances reports of the underlying real estate provided by an independent valuation expert; , (2) the price of liquid assets for which third party market quotes are available; , (3) accruals of periodic distributions; and distributions and (4) estimated accruals of operating revenues and expenses. For joint venture or direct equity investments, the Sponsor primarily relies on discounted cash flow method. The Market Price per Share for a given semi-annual period shall be determined by dividing the Company’s NAV at the end of such period by the number of Common Shares Outstanding as of the end of such period, prior to giving effect to any share purchases or redemptions to be effected for such period. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.

Semi-Annual Determination of Net Asset Value. At the end of each semi-annual period, or such other period as determined by the Manager in its sole discretion, but no less frequently than annually, beginning on the First NAV Reporting DateSeptember 30, 2020, the Sponsor’s internal accountants and asset management team will calculate the Company’s NAV per share using a process that reflects reflects (1) estimated values of each of commercial real estate assets and investments, as determined by such asset management team, including related liabilities, based upon upon (a) market capitalization rates, comparable sales information, interest rates, net operating income; , (b) with respect to debt, default rates, discount rates and loss severity rates; , (c) for properties that have development or value add plans, progress along such development or value add plan; and , and (d) in certain instances reports of the underlying real estate provided by an independent valuation expert; , (2) the price of liquid assets for which third party market quotes are available; , (3) accruals of periodic distributions; and distributions and (4) estimated accruals of operating revenues and expenses. For joint venture or direct equity investments, the Sponsor primarily relies on discounted cash flow method. The Market Price per Share for a given semi-annual period shall be determined by dividing the Company’s NAV at the end of such period by the number of Common Shares Outstanding as of the end of such period, prior to giving effect to any share purchases or redemptions to be effected for such period. The Manager may, in its discretion, retain an independent valuation expert to provide annual valuations of the commercial real estate assets and investments, including related liabilities, to be set forth in individual appraisal reports of the underlying real estate, and to update such reports if the Manager, in its discretion, determines that a material event has occurred the may materially affect the value of the Company’s commercial real estate assets and investments, including related liabilities.