Common use of No Rights as Stockholders Clause in Contracts

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUST, INC. By: /s/ Name:Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORS, LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL II, LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ ____________________________ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital Trust, Inc. General Partnership Interest $200,000 20,000 99.01% American Realty Capital Advisors, LLC Limited Partnership Interest $2,000 200 0.99% American Realty Capital II, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) None Not applicable Not applicable Exhibit B Allocations

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders Stockholders of the General Partner, including, without limitation, including any right to receive dividends or other distributions made to shareholders Stockholders or to vote or to consent or receive notice as shareholders Stockholders in respect to any meeting or shareholders of Stockholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Inland Residential Operating Partnership, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL INLAND RESIDENTIAL PROPERTIES TRUST, INC. By: /s/ Name:Nxxxxxxx X. Xxxxxxxx : Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORSINLAND RESIDENTIAL PROPERTIES TRUST SPECIAL LIMITED PARTNER, LLC By: /s/ [—], its Managing Member By: Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL II, LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Inland Residential Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ 20 [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Inland Residential Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ ____________________________ 20 Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Inland Residential Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ 20 [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Type of Unit Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital Inland Residential Properties Trust, Inc. 0000 Xxxxxxxxxxx Xxxx Oak Brook, Illinois 60523 General Partnership Partner Interest $200,000 20,000 99.01GP Units $ [— ] [— ] [—] % American Realty Capital AdvisorsLimited Partner Interest Class A Units $ [— ] [— ] [—] % Limited Partner Interest Class T Units $ [— ] [— ] [—] % Inland Residential Business Manager & Advisor, Inc. 0000 Xxxxxxxxxxx Xxxx Oak Brook, Illinois 60523 Class M-1 Units None [— ] [—] % Limited Partner Interest Class M-2 Units None [— ] [—] % Inland Residential Properties Trust Special Limited Partner, LLC 0000 Xxxxxxxxxxx Xxxx Oak Brook, Illinois 60523 Special Limited Partnership Interest $2,000 200 0.99% American Realty Capital IIPartner Xxxxxxxx X/X X/X X/X X/X Xxxxxxx X Allocations For purposes of this Exhibit B, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) None Not applicable Not applicable Exhibit B Allocationsterm “Partner” shall include the Special Limited Partner.

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P.Lightstone Value Plus REIT II LP, by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUSTLIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II , INC. By: /s/ Name:Nxxxxxxx X. Xxxxxxxx : Xxxxx Xxxxxxxxxxxx Title: Chief Executive Officer Officer, President and Chairman of the Board of Directors LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORS, LIGHTSTONE VALUE PLUS REIT II LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Xxxxx Xxxxxxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED Authorized Person ASSOCIATE GENERAL PARTNER: AMERICAN REALTY CAPITAL LIGHTSTONE SLP II, LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Xxxxx Xxxxxxxxxxxx Title: Manager Authorized Person 40 Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P.Lightstone Value Plus REIT II LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ 200 [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipLightstone Value Plus REIT II LP, L.P.by and among the undersigned and the other parties thereto. By: Name: Dated: , 200 42 Partnership Limited Partner Signature Page to Agreement of Limited Partnership of Lightstone Value Plus REIT II LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ ____________________________ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ 200 [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital TrustLightstone Value Plus Real Estate Investment Trust II, Inc. General Partnership Interest $200,000 20,000 99.01% American Realty Capital Advisors, Lightstone Value Plus REIT II LLC Limited Partnership Interest $2,000 200 0.99% American Realty Capital Lightstone SLP II, LLC subordinated 15% interest in Associate General Partnership Interest Amount will equal the liquidation distributions described in Section 13.2(a)(ii)(D)(2) None offering expenses of Lightstone Value Plus Real Estate Investment Trust II, Inc. 1 Associate Partnership Unit For each $100,000 Contributed Not applicable Not applicable Exhibit B Allocationsapplicable

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC. By: /s/ XXXXX XXXXXXXXXXXX Name:Nxxxxxxx X. Xxxxxxxx : Xxxxx Xxxxxxxxxxxx Title: Chief Executive Officer Officer, President and Chairman of the Board of Directors LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORS, LIGHTSTONE VALUE PLUS REIT LLC By: /s/ XXXXX XXXXXXXXXXXX Name: Nxxxxxxx X. Xxxxxxxx Xxxxx Xxxxxxxxxxxx Title: Authorized Person SPECIAL LIMITED PARTNER: THE LIGHTSTONE GROUP LLC By: /s/ XXXXX XXXXXXXXXXXX Name: Xxxxx Xxxxxxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL IIOfficer, LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Manager President and Chairman of the Board of Directors Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P.Lightstone Value Plus REIT LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ 200 [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipLightstone Value Plus REIT LP, L.P.by and among the undersigned and the other parties thereto. By: Name: Dated: , 200 Partnership Limited Partner Signature Page to Agreement of Limited Partnership of Lightstone Value Plus REIT LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ ____________________________ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ 200 [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital Lightstone Value Plus Real Estate Investment Trust, Inc. General Partnership Interest $200,000 20,000 99.01% American Realty Capital Advisors, Lightstone Value Plus REIT LLC Limited Partnership Interest $2,000 200 0.99% American Realty Capital IIThe Lightstone Group LLC Special Limited Partnership Interest [Amount will equal the offering expenses of Lightstone Value Plus Real Estate Investment Trust, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) None Not applicable Inc.] 1 Special Partnership Unit Not applicable Exhibit B Allocations

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of Empire American Realty Capital Operation Operating Partnership, L.P.LP, by and among the undersigned and the other parties thereto. GENERAL PARTNER: EMPIRE AMERICAN REALTY CAPITAL TRUST, INC. By: /s/ Name:Nxxxxxxx X. Xxxxxxxx : Title: Chief Executive Officer LIMITED PARTNER: EMPIRE AMERICAN REALTY CAPITAL ADVISORS, LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL ASSOCIATE LIMITED PARTNER: AMERICAN REALTY CAPITAL II, LLC [TO COME] By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of Empire American Realty Capital Operation Operating Partnership, L.P.LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of Empire American Realty Capital Operation Operating Partnership, L.P.LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ _________________________20___ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of Empire American Realty Capital Operation Operating Partnership, L.P.LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests Empire American Realty Capital Trust, Inc. 20 Xxxxxxx Xxxxxxx Xxxxxxxx, Xxx Xxxxxx 00000 General Partnership Interest $200,000 20,000 99.01% Empire American Realty Capital Advisors, LLC 20 Xxxxxxx Xxxxxxx Xxxxxxxx, Xxx Xxxxxx 00000 Limited Partnership Interest $2,000 200 0.99% Empire American Realty Capital IIALP, LLC subordinated 20 Xxxxxxx Xxxxxxx Xxxxxxxx, Xxx Xxxxxx 00000 Subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) None Not applicable Not applicable Exhibit B Allocations

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Cxxxxx/Validus Operating Partnership, L.P.LP, by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUSTCXXXXX VALIDUS MISSION CRITICAL REIT, INC. By: /s/ Name:Nxxxxxxx Txxx X. Xxxxxxxx Title: Xxxxx Txxx X. Xxxxx Chief Executive Financial Officer LIMITED PARTNER: AMERICAN REALTY CAPITAL CXXXXX/VALIDUS ADVISORS, LLC By: /s/ Name: Nxxxxxxx Jxxx X. Xxxxxxxx Title: Xxxxxx Jxxx X. Xxxxxx Chief Executive Officer and Chief Investment Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL IICXXXXX/VALIDUS ADVISORS, LLC By: /s/ Name: Nxxxxxxx Jxxx X. Xxxxxxxx Title: Manager Xxxxxx Jxxx X. Xxxxxx Chief Executive Officer and Chief Investment Officer Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Cxxxxx/Validus Operating Partnership, L.P.LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ 20 [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Cxxxxx/Validus Operating Partnership, L.P.LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ ____________________________ 20 Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Cxxxxx/Validus Operating Partnership, L.P.LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ 20 [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital TrustCxxxxx Validus Mission Critical REIT, Inc. 4000 Xxxx Xxx Xxxxx Xxxx., Xxxxx 000 Xxxxx, Xxxxxxx 00000 General Partnership Interest $$ 200,000 20,000 99.0199.01 % American Realty Capital Cxxxxx/Validus Advisors, LLC 4000 Xxxx Xxx Xxxxx Xxxx., Xxxxx 000 Xxxxx, Xxxxxxx 00000 Limited Partnership Interest $$ 2,000 200 0.990.99 % American Realty Capital IICxxxxx/Validus Advisors, LLC subordinated Subordinated 15% interest in the liquidation 4000 Xxxx Xxx Xxxxx Xxxx., Xxxxx 000 Xxxxx, Xxxxxxx 00000 distributions described in Section 13.2(a)(ii)(D)(25.1(b)(ii)(A) None Not applicable Not applicable Exhibit B Allocations

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipSIGNATURE PAGE TO AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF AMERICAN SPECTRUM REALTY OPERATING PARTNERSHIP, L.P., by and among the undersigned and the other parties theretoBY AND AMONG THE UNDERSIGNED AND THE OTHER PARTIES THERETO. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUSTSPECTRUM REALTY, INC. By: /s/ ------------------------------------- Name:Nxxxxxxx X. Xxxxxxxx : Title: Chief Executive Officer LIMITED PARTNER: 69 76 CORPORATE/LIMITED LIABILITY COMPANY ADDITIONAL LIMITED PARTNER SIGNATURE PAGE TO AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF AMERICAN SPECTRUM REALTY CAPITAL ADVISORS, LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL II, LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipOPERATING PARTNERSHIP, L.P., by and among the undersigned and the other parties theretoBY AND AMONG THE UNDERSIGNED AND THE OTHER PARTIES THERETO. Dated: ____________ __, 200199__ [Name of Corporation/LLC] By: _______________________________ ---------------------------------- Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership77 INDIVIDUAL ADDITIONAL LIMITED PARTNER SIGNATURE PAGE TO AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF AMERICAN SPECTRUM REALTY OPERATING PARTNERSHIP, L.P., by and among the undersigned and the other parties theretoBY AND AMONG THE UNDERSIGNED AND THE OTHER PARTIES THERETO. Dated: __Dated __________ __, 200199__ ____________________________ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership------------------------------ PARTNERSHIP LIMITED PARTNER SIGNATURE PAGE TO AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF AMERICAN SPECTRUM REALTY OPERATING PARTNERSHIP, L.P., by and among the undersigned and the other parties theretoBY AND AMONG THE UNDERSIGNED AND THE OTHER PARTIES THERETO. Dated: __Dated __________ __, 200199__ [Name of LP] By: _______________________________ ------------------------------ Name: Title: Exhibit EXHIBIT A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units PARTNERS' CONTRIBUTIONS AND PARTNERSHIP INTERESTS TYPE OF CAPITAL NUMBER OF PARTNERSHIP UNITS PERCENTAGE SECURITY NAME AND ADDRESS OF PARTNER INTEREST CONTRIBUTION (“"OPUs”") Percentage Interest Security Interests American Realty Capital Trust, Inc. General Partnership Interest $200,000 20,000 99.01% American Realty Capital Advisors, LLC Limited Partnership Interest $2,000 200 0.99% American Realty Capital II, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) None Not applicable Not applicable Exhibit INTEREST INTERESTS --------------------------- -------- ------------ --------------------------- ---------- --------- 80 EXHIBIT B AllocationsALLOCATIONS

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Retail Operating Partnership, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUST– RETAIL CENTERS OF AMERICA, INC. By: /s/ ______________________________ Name:Nxxxxxxx X. Xxxxxxxx : Title: Chief Executive Officer INITIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORSRETAIL ADVISOR, LLC By: /s/ American Realty Capital Retail Special Limited Partnership, LLC, its Member By: American Realty Capital IV, LLC, its Managing Member By: ______________________________ Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL IIRETAIL ADVISOR, LLC By: /s/ American Realty Capital Retail Special Limited Partnership, LLC, its Member By: American Realty Capital IV, LLC, its Managing Member By: ______________________________ Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Retail Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Retail Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ _________________________________________________________ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Retail Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital Trust– Retail Centers of America, Inc. 400 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 General Partnership Interest $200,000 20,000 99.0199% American Realty Capital AdvisorsRetail Advisor, LLC 400 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Limited Partnership Interest $2,000 200 0.992,020 202 1% American Realty Capital IIRetail Advisor, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) 400 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Special Limited Partner Interest None Not applicable Not applicable Exhibit B Allocations

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders Stockholders of the General Partner, including, without limitation, including any right to receive dividends or other distributions made to shareholders Stockholders or to vote or to consent or receive notice as shareholders Stockholders in respect to any meeting or shareholders of Stockholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation IRPT V Operating Partnership, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUSTINLAND RETAIL PROPERTIES TRUST V, INC. By: /s/ Name:Nxxxxxxx X. Xxxxxxxx : Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORSINLAND RETAIL PROPERTIES TRUST V SPECIAL LIMITED PARTNER, LLC By: /s/ [—], its Managing Member By: Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL II, LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation IRPT V Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ 20 [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation IRPT V Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ ____________________________ 20 Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation IRPT V Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ 20 [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Type of Unit Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital TrustInland Retail Properties Trust V, Inc. 0000 Xxxxxxxxxxx Xxxx Oak Brook, Illinois 60523 General Partnership Partner Interest $200,000 20,000 99.01GP Units $ [— ] [— ] [—] % American Realty Capital AdvisorsLimited Partner Interest Class A Units $ [— ] [— ] [—] % Limited Partner Interest Class C Units $ [— ] [— ] [—] % IRPT V Business Manager & Advisor, Inc. 0000 Xxxxxxxxxxx Xxxx Oak Brook, Illinois 60523 Class M-1 Units None [— ] [—] % Limited Partner Interest Class M-2 Units None [— ] [—] % Inland Retail Properties Trust V Special Limited Partner, LLC 0000 Xxxxxxxxxxx Xxxx Oak Brook, Illinois 60523 Special Limited Partnership Interest $2,000 200 0.99% American Realty Capital IIPartner Xxxxxxxx X/X X/X X/X X/X Xxxxxxx X Allocations For purposes of this Exhibit B, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) None Not applicable Not applicable Exhibit B Allocationsterm “Partner” shall include the Special Limited Partner.

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders Stockholders of the General Partner, including, without limitation, including any right to receive dividends or other distributions made to shareholders Stockholders or to vote or to consent or receive notice as shareholders Stockholders in respect to any meeting or shareholders of Stockholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipLightstone Real Estate Income LP, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUST, LIGHTSTONE REAL ESTATE INCOME TRUST INC. By: /s/ Name:Nxxxxxxx X. Xxxxxxxx : Title: Chief Executive Officer INITIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORS, LIGHTSTONE REAL ESTATE INCOME LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL II, LIGHTSTONE SLP INCOME LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipLightstone Real Estate Income LP, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipLightstone Real Estate Income LP, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ _________________________20___ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipLightstone Real Estate Income LP, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Type of Unit Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital Trust, Lightstone Real Estate Income Trust Inc. General Partnership Partner Interest $GP Units $ 200,000 20,000 99.0199 % American Realty Capital Advisors1000 Xxxxx Xxxxxx Xxx., Xxxxx 0 Xxxxxxxx, XX 00000 Limited Partner Interest OP Units - - 0 % Lightstone Real Estate Income LLC 1000 Xxxxx Xxxxxx Xxx., Xxxxx 0 Xxxxxxxx, XX 00000 Limited Partnership Partner Interest $OP Units $ 2,000 200 0.991 % American Realty Capital IILightstone SLP Income LLC 1000 Xxxxx Xxxxxx Xxx., LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) Xxxxx 0 Xxxxxxxx, XX 00000 Special Limited Partner Interest None Not applicable Not applicable Not applicable Exhibit B AllocationsAllocations For purposes of this Exhibit B, the term “Partner” shall include the Special Limited Partner.

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders Stockholders of the General Partner, including, without limitation, including any right to receive dividends or other distributions made to shareholders Stockholders or to vote or to consent or receive notice as shareholders Stockholders in respect to any meeting or shareholders of Stockholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipXxxxxxxx Xxxxxx Grocery Center Operating Partnership III, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUSTXXXXXXXX XXXXXX GROCERY CENTER OP GP III, LLC By: Xxxxxxxx Xxxxxx Grocery Center REIT III, Inc., its sole member By: /s/ Xxxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxx Chief Executive Officer INITIAL LIMITED PARTNER: XXXXXXXX XXXXXX GROCERY CENTER REIT III, INC. By: /s/ Name:Nxxxxxxx Xxxxxxx X. Xxxxxxxx Title: Chief Executive Officer LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORS, LLC By: /s/ Name: Nxxxxxxx Xxxxxx Xxxxxxx X. Xxxxxxxx Title: Xxxxxx Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL IIXXXX-XXXXXXX REIT ADVISOR, LLC By: Xxxxxxxx Xxxxxx NTR III LLC, its managing member By: /s/ Name: Nxxxxxxx Xxxxxxx X. Xxxxxxxx Title: Manager Xxxxxx Xxxxxxx X. Xxxxxx Chief Executive Officer Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipXxxxxxxx Xxxxxx Grocery Center Operating Partnership III, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipXxxxxxxx Xxxxxx Grocery Center Operating Partnership III, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ _________________________20___ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipXxxxxxxx Xxxxxx Grocery Center Operating Partnership III, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Type of Unit Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital Trust, Inc. General Partnership Interest $200,000 20,000 99.01% American Realty Capital AdvisorsXxxxxxxx Xxxxxx Grocery Center OP GP III, LLC General Partner Interest GP Units Xxxxxxxx Xxxxxx Grocery Center REIT III Inc. Limited Partnership Partner Interest $2,000 200 0.99% American Realty Capital IIOP Units XXXX-Xxxxxxx REIT Advisor, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) Special Limited Partner Interest None None Not applicable Not applicable Exhibit B AllocationsAllocations For purposes of this Exhibit B, the term “Partner” shall include the Special Limited Partner.

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders Stockholders of the General Partner, including, without limitation, including any right to receive dividends or other distributions made to shareholders Stockholders or to vote or to consent or receive notice as shareholders Stockholders in respect to any meeting or shareholders Stockholders for the election of directors of the General Partner or any other matter. Signature Page to Second Amended and Restated Agreement of Limited Partnership of American Realty Capital Operation Preferred Apartment Communities Operating Partnership, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUSTPREFERRED APARTMENT COMMUNITIES, INC. By: /s/ Name:Nxxxxxxx Jxxx X. Xxxxxxxx Name: Title: Chief Executive Officer INITIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL PREFERRED APARTMENT ADVISORS, LLC By: NXXX Partners, Inc., its Member By: /s/ Jxxx X. Xxxxxxxx Name: Nxxxxxxx Jxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL IIPREFERRED APARTMENT ADVISORS, LLC By: NXXX Partners, Inc., its Member By: /s/ Jxxx X. Xxxxxxxx Name: Nxxxxxxx Jxxx X. Xxxxxxxx Title: Manager Chief Executive Officer Corporate/Limited Liability Company Additional Limited Partner Signature Page to Second Amended and Restated Agreement of Limited Partnership of American Realty Capital Operation Preferred Apartment Communities Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Second Amended and Restated Agreement of Limited Partnership of American Realty Capital Operation Preferred Apartment Communities Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ _________________________20___ Partnership Limited Partner Signature Page to Second Amended and Restated Agreement of Limited Partnership of American Realty Capital Operation Preferred Apartment Communities Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital TrustPreferred Apartment Communities, Inc. 3000 Xxxxxxxxxx Xxxxxxxxx Xxxxx 000 General Partnership Partner Interest $200,000 20,000 99.01$ 109,998 10,999.8 99.999 % American Realty Capital Axxxxxx, Xxxxxxx 00000 Preferred Apartment Advisors, LLC 3000 Xxxxxxxxxx Xxxxxxxxx Xxxxx 000 Limited Partnership Partner Interest $2,000 200 0.99$ 1 .1 0.001 % American Realty Capital IIAxxxxxx, Xxxxxxx 00000 Preferred Apartment Advisors, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) 3000 Xxxxxxxxxx Xxxxxxxxx Xxxxx 000 Special Limited Partner Interest None Not applicable Not applicable Axxxxxx, Xxxxxxx 00000 Exhibit B AllocationsAllocations For purposes of this Exhibit B, the term “Partner” shall include the Special Limited Partner.

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American ARC Realty Capital Operation Finance Operating Partnership, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN ARC REALTY CAPITAL FINANCE TRUST, INC. By: /s/ Pxxxx X. Xxxxx Name:Nxxxxxxx : Pxxxx X. Xxxxxxxx Xxxxx Title: Chief Executive Officer President and Secretary INITIAL LIMITED PARTNER: AMERICAN ARC REALTY CAPITAL ADVISORSFINANCE SPECIAL LIMITED PARTNERSHIP, LLC By: AR Capital, LLC, its Member By: /s/ Nxxxxxxx X. Xxxxxxxx Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer Authorized Signatory SPECIAL LIMITED PARTNER: AMERICAN ARC REALTY CAPITAL IIFINANCE SPECIAL LIMITED PARTNERSHIP, LLC By: AR Capital, LLC, its Member By: /s/ Nxxxxxxx X. Xxxxxxxx Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Authorized Signatory Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American ARC Realty Capital Operation Finance Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American ARC Realty Capital Operation Finance Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ _________________________20___ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American ARC Realty Capital Operation Finance Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American ARC Realty Capital Finance Trust, Inc. 400 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 General Partnership Interest $$ 200,000 20,000 99.018,888 100 % American ARC Realty Capital AdvisorsFinance Special Limited Partnership, LLC 400 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Special Limited Partnership Interest $2,000 200 0.99% American Realty Capital II, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) None Not applicable Not applicable Exhibit B Allocations

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Retail Operating Partnership, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUST– RETAIL CENTERS OF AMERICA, INC. By: /s/ ______________________________ Name:Nxxxxxxx X. Xxxxxxxx : Title: Chief Executive Officer INITIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORSRETAIL ADVISOR, LLC By: /s/ American Realty Capital Retail Special Limited Partnership, LLC, its Member By: American Realty Capital IV, LLC, its Managing Member By: ______________________________ Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL IIRETAIL ADVISOR, LLC By: /s/ American Realty Capital Retail Special Limited Partnership, LLC, its Member By: American Realty Capital IV, LLC, its Managing Member By: ______________________________ Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Retail Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Retail Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ _________________________________________________________ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Retail Operating Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital Trust– Retail Centers of America, Inc. 400 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 General Partnership Interest $200,000 20,000 99.0199% American Realty Capital AdvisorsRetail Advisor, LLC 400 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Limited Partnership Interest $2,000 200 0.992,020 202 1% American Realty Capital IIRetail Advisor, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) 400 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Special Limited Partner Interest None Not applicable Not applicable Exhibit B AllocationsAllocations For purposes of this Exhibit B, the term “Partner” shall include the Special Limited Partner.

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipOperating Partnership IV, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUSTTRUST IV, INC. By: /s/ Name:Nxxxxxxx : Xxxxxxxx X. Xxxxxxxx Title: Chairman, President and Chief Executive Officer INITIAL LIMITED PARTNER: AMERICAN AMERIC AN REALTY CAPITAL ADVISORSTRUST IV SPECIAL LIMITED PARTNER, LLC By: /s/ AR Capital, LLC, its Member By: Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL IITRUST IV SPECIAL LIMITED PARTNER, LLC By: /s/ AR Capital, LLC, its Member By: Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipOperating Partnership IV, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipOperating Partnership IV, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ _________________________20___ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipOperating Partnership IV, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital TrustTrust IV, Inc. 000 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 General Partnership Interest $$ 200,000 20,000 99.018,888 100 % American Realty Capital AdvisorsTrust IV Special Limited Partner, LLC 000 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Special Limited Partnership Interest $2,000 200 0.99% American Realty Capital II, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) None Not applicable Not applicable Exhibit B Allocations

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P.Orion Multifamily LP, by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUSTORION MULTIFAMILY INVESTMENT FUND, INC. By: /s/ Stuart J. Boesky ------------------------------------ Name:Nxxxxxxx X. Xxxxxxxx : Stuart J. Boesky Title: Chief Executive Officer Cxxxx Xxxxxxxxx Xfficer LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORS, ORION MULTIFAMILY LLC By: /s/ Stuart J. Boesky ------------------------------------ Name: Nxxxxxxx X. Xxxxxxxx Stuart J. Boesky Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL II, LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Axxxxxxxxx Xxxxxx Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P.Orion Multifamily LP, by and among the undersigned and the other parties thereto. Dated: ____________ __Dated , 200__ 200 [Name of Corporation/LLC] --------- -- --- By: _______________________________ ------------------------------------ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P.Orion Multifamily LP, by and among the undersigned and the other parties thereto. Dated: ____________ __Dated , 200__ ____________________________ 200 --------- -- --- ------------------------------------ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P.Orion Multifamily LP, by and among the undersigned and the other parties thereto. Dated: ____________ __Dated , 200__ 200 [Name of LP] --------- -- --- By: _______________________________ ------------------------------------ Name: Title: Exhibit A Partners’ ' Contributions and Partnership Interests Type of Capital Number of Partnership Units Percentage Security Name and Address of Partner Type of Interest Capital Contribution Number of ("OPUs") Interest Interests --------------------------- -------- ------------ --------------------------- ---------- --------- General Orion Multifamily Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital TrustInvestment Fund, Inc. General Partnership Interest $$ 200,000 20,000 21,978 99.01% American Realty Capital Advisors, LLC Limited Partnership Orion Multifamily LLC Interest $$ 2,000 200 219 0.99% American Realty Capital II, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) None Not applicable Not applicable Exhibit B Allocations

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC. By: /s/ /S/ XXXXX XXXXXXXXXXXX Name:Nxxxxxxx X. Xxxxxxxx : Xxxxx Xxxxxxxxxxxx Title: Chief Executive Officer Officer, President and Chairman of the Board of Directors LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORSLIGHTSTONE VALUE PLUS REIT LLC By: /S/ XXXXX XXXXXXXXXXXX Name: Xxxxx Xxxxxxxxxxxx Title: Authorized Person SPECIAL GENERAL PARTNER: LIGHTSTONE SLP, LLC By: /s/ /S/ XXXXX XXXXXXXXXXXX Name: Nxxxxxxx X. Xxxxxxxx Xxxxx Xxxxxxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL II, LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Authorized Person Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P.Lightstone Value Plus REIT LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ 200 [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipLightstone Value Plus REIT LP, L.P.by and among the undersigned and the other parties thereto. By: Name: Dated: , 200 Partnership Limited Partner Signature Page to Agreement of Limited Partnership of Lightstone Value Plus REIT LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ ____________________________ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ 200 [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital Lightstone Value Plus Real Estate Investment Trust, Inc. General Partnership Interest $200,000 20,000 99.01% American Realty Capital Advisors, Lightstone Value Plus REIT LLC Limited Partnership Interest $2,000 200 0.99% American Realty Capital IILightstone SLP, LLC subordinated 15% interest in Special General Partnership Interest [Amount will equal the liquidation distributions described in Section 13.2(a)(ii)(D)(2) None offering expenses of Lightstone Value Plus Real Estate Investment Trust, Inc.] 1 Special Partnership Unit For each $100,000 Contributed Not applicable Not applicable Exhibit B Allocations

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipOperating Partnership IV, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUSTTRUST IV, INC. By: /s/ Name:Nxxxxxxx : Xxxxxxxx X. Xxxxxxxx Title: Chairman, President and Chief Executive Officer INITIAL LIMITED PARTNER: AMERICAN AMERIC AN REALTY CAPITAL ADVISORSTRUST IV SPECIAL LIMITED PARTNER, LLC By: /s/ AR Capital, LLC, its Member By: Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL IITRUST IV SPECIAL LIMITED PARTNER, LLC By: /s/ AR Capital, LLC, its Member By: Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipOperating Partnership IV, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipOperating Partnership IV, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ _________________________20___ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipOperating Partnership IV, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital TrustTrust IV, Inc. 405 Park Avenue New York, New York 10022 General Partnership Interest $$ 200,000 20,000 99.018,888 100 % American Realty Capital AdvisorsTrust IV Special Limited Partner, LLC 405 Park Avenue New York, New York 10022 Special Limited Partnership Interest $2,000 200 0.99% American Realty Capital II, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) None Not applicable Not applicable Exhibit B Allocations

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipOperating Partnership III, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUSTTRUST III, INC. By: /s/ Xxxxxxxx X. Xxxxxxxx Name:Nxxxxxxx : Xxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer INITIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORSADVISORS III, LLC By: American Realty Capital Trust III Special Limited Partner, LLC, its Member By: American Realty Capital II, LLC, its Managing Member By: /s/ Xxxxxxx X. Xxxxxx Name: Nxxxxxxx Xxxxxxx X. Xxxxxxxx Xxxxxx Title: Chief Executive Officer President SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL IITRUST III SPECIAL LIMITED PARTNER, LLC By: American Realty Capital II, LLC, its Managing Member By: /s/ Xxxxxxx X. Xxxxxx Name: Nxxxxxxx Xxxxxxx X. Xxxxxxxx Xxxxxx Title: Manager President Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipOperating Partnership III, L.P., by among the undersigned and the other parties thereto. [Name of Corporation/LLC] Dated: ____________ __, 20___ By: Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operating Partnership III, L.P., among the undersigned and the other parties thereto. Dated: ____________ __, 200__ [Name of Corporation/LLC] By: ____________________________20___ Name: Title: Individual Additional Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipOperating Partnership III, L.P., by and among the undersigned and the other parties thereto. [Name of LP] Dated: ____________ __, 200__ _________________________20___ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Partnership, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital TrustTrust III, Inc. 000 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 General Partnership Interest $$ 200,000 20,000 99.0199 % American Realty Capital AdvisorsAdvisors III, LLC 000 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Limited Partnership Interest $2,000 200 0.99$ 2,020 202 1 % American Realty Capital IITrust III Special Limited Partner, LLC subordinated 000 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2Sections 5.1(b), 5.1(c) and 5.1(d) None Not applicable Not applicable Exhibit B Allocations

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Cxxxxx/Validus Operating Partnership, L.P.LP, by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUSTCXXXXX VALIDUS MISSION CRITICAL REIT, INC. By: /s/ Name:Nxxxxxxx X. Xxxxxxxx : Title: Chief Executive Officer LIMITED PARTNER: AMERICAN REALTY CAPITAL CXXXXX/VALIDUS ADVISORS, LLC By: /s/ Cxxxxx/Validus Holding Company, LLC, its Member By: Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL IICXXXXX/VALIDUS ADVISORS, LLC By: /s/ Cxxxxx/Validus Holding Company, LLC, its Member By: Name: Nxxxxxxx X. Xxxxxxxx Title: Manager Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Cxxxxx/Validus Operating Partnership, L.P.LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Cxxxxx/Validus Operating Partnership, L.P.LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ _________________________20___ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation Cxxxxx/Validus Operating Partnership, L.P.LP, by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital TrustCxxxxx Validus Mission Critical REIT, Inc. 4000 Xxxx Xxx Xxxxx Xxxx., Xxxxx 000 Xxxxx, Xxxxxxx 00000 General Partnership Interest $$ 200,000 20,000 99.0199.01 % American Realty Capital Cxxxxx/Validus Advisors, LLC 4000 Xxxx Xxx Xxxxx Xxxx., Xxxxx 000 Xxxxx, Xxxxxxx 00000 Limited Partnership Interest $$ 2,000 200 0.990.99 % American Realty Capital IICxxxxx/Validus Advisors, LLC subordinated 4000 Xxxx Xxx Xxxxx Xxxx., Xxxxx 000 Xxxxx, Xxxxxxx 00000 Subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(25.1(b)(ii)(A) None Not applicable Not applicable Exhibit B Allocations

No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders Stockholders of the General Partner, including, without limitation, including any right to receive dividends or other distributions made to shareholders Stockholders or to vote or to consent or receive notice as shareholders Stockholders in respect to any meeting or shareholders of Stockholders for the election of directors of the General Partner or any other matter. Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipNew York City Operating Partnership II, L.P., by and among the undersigned and the other parties thereto. GENERAL PARTNER: AMERICAN REALTY CAPITAL TRUSTNEW YORK CITY REIT II, INC. By: /s/ Name:Nxxxxxxx X. Xxxxxxxx : Title: Chief Executive Officer INITIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL ADVISORS, LLC By: /s/ Name: Nxxxxxxx X. Xxxxxxxx Title: Chief Executive Officer SPECIAL LIMITED PARTNER: AMERICAN REALTY CAPITAL NEW YORK CITY ADVISORS II, LLC By: /s/ New York City Special Limited Partnership II, LLC, its Member By: [American Realty Capital VII, LLC], its Member By: Name: Nxxxxxxx X. Xxxxxxxx Title: Manager SPECIAL LIMITED PARTNER: NEW YORK CITY SPECIAL LIMITED PARTNERSHIP II, LLC By: [American Realty Capital VII, LLC], its Member By: Name: Title: Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipNew York City Operating Partnership II, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of Corporation/LLC] By: _______________________________ Name: Title: Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipNew York City Operating Partnership II, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 200__ _________________________20___ Partnership Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operation PartnershipNew York City Operating Partnership II, L.P., by and among the undersigned and the other parties thereto. Dated: ____________ __, 20020___ [Name of LP] By: _______________________________ Name: Title: Exhibit A Partners’ Contributions and Partnership Interests Name and Address of Partner Type of Interest Capital Contribution Number of Partnership Units (“OPUs”) Percentage Interest Security Interests American Realty Capital TrustNew York City REIT II, Inc. General Partnership Interest $$ 200,000 20,000 99.018,888 100 % American Realty Capital AdvisorsNew York City Advisors II, LLC Limited Partnership Interest $2,000 200 0.99$ 2,020 90 100 % American Realty Capital New York City Special Limited Partnership II, LLC subordinated 15% interest in the liquidation distributions described in Section 13.2(a)(ii)(D)(2) Special Limited Partnership Interest None Not applicable Not applicable Exhibit B AllocationsAllocations For purposes of this Exhibit B, the term “Partner” shall include the Special Limited Partner.