Common use of Real Estate Holdings Clause in Contracts

Real Estate Holdings. At least twenty-five (25) percent of the Company’s consolidated gross revenues for the 12 months ended June 30, 2019 were, and at least twenty-five (25) percent of the Company’s consolidated total assets as of the date hereof (measured on a fair value basis as determined by the Company’s management) are, derived from the Company’s and its subsidiaries’ direct ownership of real property or ownership of interests in limited liability companies, limited partnerships and other business entities that directly own real property.

Real Estate Holdings. At least twenty-five (25) percent of the Company’s consolidated gross revenues for the 12 months ended June 30December 31, 2019 2017 were, and at least twenty-five (25) percent of the Company’s consolidated total assets as of the date hereof (measured on a fair value basis as determined by the Company’s management) are, derived from the Company’s and its subsidiaries’ direct ownership of real property or ownership of interests in limited liability companies, limited partnerships and other business entities that directly own real property.

Real Estate Holdings. At least twenty-five (25) percent of the Company’s consolidated gross revenues for the 12 months ended June 30March 31, 2019 2017 were, and at least twenty-five (25) percent of the Company’s consolidated total assets as of the date hereof (measured on a fair value basis as determined by the Company’s management) are, derived from the Company’s and its subsidiaries’ direct ownership of real property or ownership of interests in limited liability companies, limited partnerships and other business entities that directly own real property.. 34358671.7 3 US\WOLFERI\13443347.3

Real Estate Holdings. At least twenty-five (25) percent of the Company’s consolidated gross revenues for the 12 months ended June 30March 31, 2019 2018 were, and at least twenty-five (25) percent of the Company’s consolidated total assets as of the date hereof (measured on a fair value basis as determined by the Company’s management) are, derived from the Company’s and its subsidiaries’ direct ownership of real property or ownership of interests in limited liability companies, limited partnerships and other business entities that directly own real property.