The Scout Program offers institutional investors a broad range of benefits, including:

• Improved access to deal flow: the opportunity to invest with a variety of new managers, including operators, developers and other firms that may not have traditionally accessed capital from institutional investors
• Diversification: the opportunity to invest with approximately four new managers with a single capital commitment to the Fund
• Mitigation of risks: the Program's management team monitors the acquisition, management and disposal activities of New Managers
• Favorable risk-adjusted returns: the potential to earn increased compensation over the real estate return
• Opportunity to create proprietary relationships: the opportunity to invest with New Managers in one or more future investment programs
• More efficient allocation of capital: the opportunity to develop business relationships with New Managers, which has the potential to eventually reduce or eliminate fees and promotes paid to intermediaries