LaSalle Investment Management Inc

Item 5.    Fees and Compensation

Description of Compensation Arrangements
LaSalle receives one or more of the following fees for its services:
     •    management and/or advisory fee typically based upon the cost or fair market value
          of AUM, the amount of committed equity, the amount of equity invested, or a blend
          of these fee structures;
     •    performance or incentive fees that generally are calculated as a specified percentage
          of the return that exceeds a return identified in the investment advisory agreement
          or fund formation documents (any incentive fees charged comply with Rule 205-3
          under the Advisers Act);
     •    acquisition fees; and
     •    disposition fees.
        In circumstances where LaSalle sponsors a Private Fund, LaSalle will establish the base
fees under which LaSalle will be paid for providing services to the fund. These fees are generally
based on the type of services LaSalle will perform for the Private Fund and the fund’s investment
strategy or strategies.
       In the case of LaSalle’s Custom Accounts, LaSalle generally charges a management fee
based on the size of the real estate-related investment portfolio and an acquisition fee. Some
Custom Accounts also have a disposition fee and incentive fee structure in place. The type and
amount of fees charged by LaSalle are individually negotiated with each Custom Account client.
Manner of Fee Payment
        The manner by which LaSalle is paid for its services varies by client and the type of service
and is documented in the advisory agreement with each client. LaSalle generally bills in arrears
for fees for its Custom Accounts. In the case of LaSalle-sponsored Private Funds, fees owed to
LaSalle and its affiliates are payable in accordance with the fund’s Governing Documents. Fund
documents typically do not require LaSalle to generate an invoice; instead, the Governing
Documents require the Private Fund to calculate the fees payable by the fund and disburse the
funds from the client’s account to LaSalle.

        Fees are payable periodically depending on the nature of the fee. For example, management
fees are generally payable quarterly, transaction fees (such as acquisition fees) are payable within
a certain period of time following the closing of the transaction and incentive fees are payable on
a periodic basis (annually or longer) only if performance exceeds the specified hurdle rate (as
further described below in Item 6 “Performance-Based Fees and Side-by-Side Management”).
Other Fees and Expenses Clients May Incur
        In addition to those fees described above, LaSalle’s clients will be charged fees payable to
third-party service providers (including affiliated service providers), which will be documented in
each client’s investment advisory agreement or other applicable Governing Documents (including
conflicts guardrails associated with any affiliate fees). These fees are primarily comprised of
services related to the operation of the client’s property portfolio. In the case of property
management fees, LaSalle hires property managers on behalf of the client to manage the individual
properties a client owns. Such management agreement may include a separate allocation for the
reimbursement of salaries of employees dedicated to the property, as well as other administrative
costs. Fees payable to the property manager are generally sourced from the income generated by
the property. The client is also responsible for fees associated with bank accounts opened on behalf
of the client, which would generally be comprised of general account maintenance fees, statement
delivery charges and bank transaction charges. Other fees that can arise over the course of a client
relationship include:
     •   real estate transaction fees, such as costs and fees associated with the purchase or
         sale of a property (taxes, attorney fees, brokerage commissions, title insurance);
     •   financing fees, mortgage broker fees, loan origination fees, loan administration fees
         and any lender expenses;
     •   fees associated with transacting leases;
     •   property level marketing materials and events;
     •   due diligence fees, due diligence software or database subscriptions;
     •   annual audit review fees;
     •   fees associated with tax advisory services, structuring, preparation and filings for
         properties and investment structures;
     •   fees payable to or associated with applicable state / local tax authorities for
         properties or investment structures;
     •   insurance premiums at property and fund level (environmental, hazard, etc.) and
         insurance broker costs and commissions;
     •   technology expenses including software, platforms, data analytics tools, and
         subscriptions used for property management, accounting, investor reporting,
         customer relationship management, and administration purposes;
     •   sustainability and ESG-related expenses including tracking tools, assessments,
         consulting and reporting;
     •   developer fees;
     •   costs related to construction oversight and construction management;

•   administrative servicing fees;
•   legal fees at the property level (leasing counsel, etc.) or other entities owned or
    controlled by the client;
•   legal entity establishment in relation to the client and its owned or controlled entities
    and ongoing maintenance fees;
•   director, officer, and board member fees and expenses (including for LaSalle
    personnel serving in such capacities) in respect of the client's investment vehicles
    and portfolio investments;
•   broken deal expenses;
•   fees paid to consultants, finders, broker-dealers, investment banks and other
    intermediaries in connection with sourcing investment opportunities;
•   costs associated with attending, sponsoring or exhibiting at industry conferences
    and events;
...

Item 7.    Types of Clients

         LaSalle provides real estate investment management and advisory services to Custom
Accounts, Private Funds and public, non-traded REITs, all whose assets are comprised generally
of investments in real estate and real estate loans. All of LaSalle’s Custom Account clients are
institutional investors, including public and private pension plans, insurance companies and other
institutions. Additionally, LaSalle will serve as an advisor or manager to special purpose vehicles
organized to hold title to real properties on behalf of clients or to act as borrowers for loans related
to such properties.
         LaSalle imposes investment minimums for its Private Funds on a fund-by-fund basis
depending on, among other things, the target amount the fund intends to raise and the types of
entities investing in the Private Fund. The minimum investment amount in Private Funds generally
is $5,000,000, although LaSalle has discretion to accept a lower investment amount. Custom
Account clients are generally expected to invest at least $500,000,000 with LaSalle, although
LaSalle has discretion to accept a lower investment amount. Shares of IPT are offered with a
$10,000 minimum initial investment.