BSR Real Estate Investment Trust Sample Contracts

BSR REAL ESTATE INVESTMENT TRUST – and – BSR TRUST, LLC – and – CERTAIN UNITHOLDERS THEREOF
Investor Rights Agreement • September 30th, 2026 • BSR Real Estate Investment Trust • Ontario

BSR REAL ESTATE INVESTMENT TRUST, an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario

FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF BSR TRUST, LLC Dated as of May 18, 2018 FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF BSR TRUST, LLC
Fourth Amended and Restated Limited Liability Company Agreement • September 30th, 2026 • BSR Real Estate Investment Trust • Delaware

THIS FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of BSR Trust, LLC, a Delaware limited liability company (the “Company”), dated and effective as of May 18, 2018 (this “Agreement”), is entered into by and among those Persons listed as Members on Exhibit A hereto, all Persons who may hereafter be admitted to the Company as Members pursuant to the provisions of the Delaware Limited Liability Company Act, Delaware Code, Title 6, Section 18-101, et seq., as amended from time to time (the “Delaware Act”), and this Agreement, and for the limited purposes set forth herein and not as a Member of the Company, BSR Real Estate Investment Trust (the “REIT”).

Fourth Amendment to Second Amended and Restated Credit Agreement
Credit Agreement • September 30th, 2026 • BSR Real Estate Investment Trust • New York

This Second Amended and Restated Credit Agreement is entered into as of September 30, 2021, by and among BSR Trust, LLC, a Delaware limited liability company (“Borrower”), the direct and indirect Subsidiaries of the Borrower from time to time party to this Agreement, as Guarantors, the several financial institutions from time to time party to this Agreement, as Lenders, and BMO Harris Bank N.A., as Administrative Agent as provided herein.

AGREEMENT OF UNITHOLDERS
Agreement of Unitholders • September 30th, 2026 • BSR Real Estate Investment Trust • Delaware

This Agreement of Unitholders (this “Agreement”), dated as of May 18, 2018, is executed by and among the persons who are signatories hereto (referred to herein individually as a “Unitholder” and collectively as the “Unitholders”) and listed on Exhibit A hereto. The Unitholders are further identified herein as “Bailey Holders” or “Hughes Holders” as listed on Exhibit A hereto.

TRANSACTION AGREEMENT among AVALONBAY COMMUNITIES, INC., AQUA DOWNREIT, L.P., BSR REAL ESTATE INVESTMENT TRUST, BSR TRUST, LLC, BSR HOLDCO, LLC and THE Participating HOLDERS SET FORTH HEREIN Dated: February 26, 2025
Transaction Agreement • September 30th, 2026 • BSR Real Estate Investment Trust • Delaware

THIS TRANSACTION AGREEMENT (this “Agreement”) is made and entered into as of February 26, 2025, by and among AvalonBay Communities, Inc., a Maryland corporation (“AVB”), Aqua DownREIT, L.P., a Delaware limited partnership and wholly owned subsidiary of AVB (“AVB DownREIT” and together with AVB, the “AVB Parties” and each, an “AVB Party”), BSR Real Estate Investment Trust, an unincorporated, open-ended real estate investment trust organized under the laws of the Province of Ontario (“BSR”), BSR Trust, LLC, a Delaware limited liability company and subsidiary of BSR (“BSR Opco”), BSR Holdco, LLC, a Delaware limited liability company and wholly owned subsidiary of BSR Opco (“BSR Holdco” and together with BSR Opco and BSR, the “BSR Parties” and each, a “BSR Party”), the individuals and entities set forth in Exhibit A hereto (the “Supporting Unitholders”) and each other person who becomes a party to this Agreement after the date hereof as a Participating Unitholder (together with the Support