L & B Realty Advisors LLP

Item 5: Fees and Compensation

DESCRIPTION OF COMPENSATION AND FEE SCHEDULE
In consideration of our advisory services, we and/or certain of our affiliates generally receive management fees and
may also receive performance-based fees or distributions with respect to our clients. The fees applicable to each
client are described in detail in the applicable governing, account and/or offering documents. Nevertheless, a
general overview of our basic fee schedule is set forth below.
Separately Managed Accounts
With respect to the Accounts, we generally are entitled to receive an acquisition fee equal to between .50% and
1.0% of the total asset value of each acquired asset.
In addition, we generally are entitled to receive a management fee, payable quarterly in arrears, equal to either (i)
between 0.45% and 1.25% of the net asset value of the Account or (ii) between 5% and 8% of the net operating
income of the Account.
We also may be entitled to receive performance-based fees or distributions pursuant to the terms and conditions set
forth in the applicable investment management agreements.
We negotiate fees with respect to each Account on a case by case basis and such fees are expected to vary.
The Fund
With respect to the Fund, we generally are entitled to receive a management fee, payable quarterly in arrears, equal
to the product of (a) 0.20% (the “Management Fee Rate”) and (b) the aggregate price of the outstanding units
(0.80% per annum); provided, however, the Management Fee Rate is reduced with respect to (a) the Class A units
to 0.1125% (0.45% per annum) and (b) the Class B Units to 0.15% (0.60% per annum).
Each investor in the Fund is required to be, among other things, a “qualified purchaser” as such term is defined in
Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended.
Our fees with respect to the Fund and each investor therein generally are not negotiable. However, we have entered
into and may enter into side letters or similar arrangements with certain investors that grant different terms
(including lower fees) to such investors than the terms generally applicable to other investors.
PAYMENT OF FEES
Separately Managed Accounts
Acquisition fees generally are payable by clients within 30 days following the closing of each investment.
Management fees generally are payable quarterly, in arrears, as of the end of each calendar quarter. Each client
selects whether fees are deducted directly from the Account or billed to the client.
Performance-based fees and distributions generally are payable by clients as of 30 to 60 days following the end of
the applicable performance period. Each client selects whether performance-based fees and distributions are
deducted directly from the Account or billed to the client.
The Fund
Management fees generally are payable by investors quarterly, in arrears, as of the end of each calendar quarter.
Management fees are debited directly from the capital account associated with each limited partnership unit.
OTHER FEES AND EXPENSES
Separately Managed Accounts
In addition to management fees and, in some instances, performance-based fees or distributions, each Account
generally bears its own expenses including, without limitation, (i) all reasonable and necessary third-party and out-
of-pocket costs and expenses incurred in connection with the management of a property, (ii) all property and other
taxes, (iii) all costs of repairs, maintenance, insurance premiums and other carrying charges with respect to the
client properties, (iv) property manager fees with respect to the client properties, (v) legal expenses (subject to
certain restrictions), (vi) expenses associated with preliminary tenant space plans and feasibility studies, (vii)
finder’s, brokerage, appraisal and accounting fees, (viii) fees of independent third-party contractors, (ix) related

out-of-pocket expenses of our personnel incurred in connection with Account activities pursuant to the annual
business plans or are otherwise approved by client, and (x) all other expenses which are incurred by us at the
request or with the consent of the client.
The Fund
In addition to management fees, the Fund generally bears its own expenses, including, without limitation, (i) all
administrative expenses related to the operation of the Fund, including the fees and expenses of accountants,
lawyers, third-party administrators and other professionals and service providers incurred in connection with the
Partnership’s annual audit, data processing, engineering, investment-level management and servicing, drawdown
notices, investor record-keeping, legal compliance, financial reporting, legal opinions, tax planning, tax
projections, tax strategy and tax return preparation, as well as expenses associated with the preparation and
distribution of reports; (ii) all costs and expenses associated with the advisory committee (including travel and
other expenses of members of the advisory committee in connection therewith) and costs and expenses of legal
counsel and financial advisors for the advisory committee that have been approved in accordance with the
partnership agreement; (iii) all fees, costs and expenses, if any, incurred in evaluating, negotiating, structuring,
acquiring, appraising, financing, refinancing or otherwise dealing with investments pursued for the Fund (whether
or not the Fund actually invests therein), including any “dead-deal” costs, structural and environmental studies,
travel costs, legal, due diligence, investment banking, reporting, projections, valuation, tax and accounting
expenses and other fees and out-of-pocket costs related thereto (provided that, regarding investments in progress,
the foregoing out-of-pocket expenses apply with respect to only those investments and potential investments that
have been allocated to the Fund); (iv) all fees, costs and expenses, if any, with respect to rendering financial
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Item 7: Types of Clients

DESCRIPTION
We provide real estate investment management services to investment funds, private institutional clients, employee
benefit plans, Taft-Hartley pension plans, public and government funds, endowments and foundations.
ACCOUNT REQUIREMENTS
Separately Managed Accounts
Among other things, Account clients are required to sign investment management agreements that, among other
things, set forth the nature and scope of our investment management authority and the investment objectives,
guidelines and restrictions applicable to the management of the Accounts. In addition, Account clients generally
must meet certain net worth, net asset and/or other eligibility requirements imposed by various securities and
commodities laws.
The Fund
The minimum initial capital commitment required from an investor in the Fund was $10,000,000, though capital
commitments of lesser amounts may be accepted in our discretion. However, the Fund is no longer accepting capital
commitments from investors.