Morgan Stanley Real Estate Advisor, Inc.

• A percentage of assets under your management
• Performance-based fees

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

The brochure lists different fees for different services or strategies; see the brochure for them.

Account minimum: $10,000,000

As stated in the firm's Form ADV Part 2A brochure dated August 4, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site

Not reported.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

Not reported.

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Portfolio management for pooled investment vehicles (other than investment companies)

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2003 (22 years)

Employees

Total: 372. Performing investment advisory functions: 170.

Wrap fee program participation

No.

Other offices (Schedule D, Section 1.F)

16 other offices, as of the September 2026 filing

Atlanta, GAChicago, ILFrankfurtLondonLos Angeles, CAMadridMilanMumbaiParisSan Francisco, CASeoulShanghaiSingaporeSydneyTokyoWest Kowloon

States registered or notice-filed

1 state or jurisdiction

GA

SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

3 Reports 3 disclosure items on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Regulatory matters Items 11.C to 11.G

• 11.D(1) Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?
• 11.D(2) Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
• 11.D(4) In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Total employees: 120 in October 2021 and 372 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. August 2026
   • Updated its list of owners and control persons (Schedule A).
2. April 2026
   • Employees performing advisory functions went from 83 to 170.
   • Changed its office addresses in Atlanta, GA.
   • Changed its office addresses in Chicago, IL.
   • Added an office in Frankfurt.
   • Added an office in London.
   • Added an office in Madrid.
   • Added an office in Milan.
   • Added an office in Mumbai.
   • Added an office in Paris.
   • Added an office in Seoul.
   • Added an office in Shanghai.
   • Added an office in Singapore.
   • Added an office in Sydney.
   • Added an office in Tokyo.
   • Added an office in West Kowloon.
   • Updated its list of owners and control persons (Schedule A).

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.