Our History and Organization Sarofim Realty Advisors LLC, also referred to herein as the firm, was established in 1982 as Sarofim Realty Advisors Co., a wholly-owned subsidiary of Fayez Sarofim & Co. In February of 2020, Sarofim Realty Advisors Co. reorganized into a limited liability company and admitted a non-controlling, passive minority-interest member in addition to Fayez Sarofim & Co. Sarofim Realty Advisors LLC remains a majority-owned subsidiary of Fayez Sarofim & Co., which itself is a wholly-owned subsidiary of The Sarofim Group, Inc Fayez Sarofim & Co. is principally owned by the Sarofim SGI Voting Trust, which is the majority shareholder of The Sarofim Group. The Sarofim SGI Voting Trust is controlled by Christopher Sarofim, the Chairman of the firm. The Sarofim Group is the ultimate corporate parent of a group of affiliated corporations includes the firm, three other registered investment advisers, and other business entities. The other registered adviser affiliates are:
• Fayez Sarofim & Co.
• Sarofim Trust Co.
• Sarofim International Management Co. Sarofim Realty Advisors LLC is focused on the business of real estate investment counseling and is registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and regulated by the Securities and Exchange Commission. The firm’s registration as an investment adviser does not imply a certain level of skill or training. Sarofim Realty Advisors LLC is located in one office in Houston, Texas. In our 40-year history, Sarofim Realty Advisors LLC has served a broad range of clients through numerous business cycles. As of December 31, 2023, the firm’s assets under management totaled approximately $1.9 billion. On the same date, the total client assets managed by Sarofim Realty Advisors LLC and its investment adviser affiliates collectively were approximately $34 billion. Please refer to “Our Advisory Services” below for a discussion of the client assets managed by Sarofim Realty Advisors LLC on a discretionary and non-discretionary basis. Sarofim Realty Advisors LLC is not affiliated with a brokerage firm. Our Advisory Services Sarofim Realty Advisors LLC provides real estate investment advisory services to a select number of long-term clients, enabling our principals to be highly involved with each account. Sarofim Realty Advisors LLC also provides investment advisory services to one or more private investment funds (collectively with any future private investment fund to which the firm provides investment advisory services, including co-investment vehicles, the “Funds,” and each, a “Fund”). Interests in the Funds are privately offered to qualified investors in the United States and elsewhere. An affiliated entity formed by the firm serves as general partner to each Fund. The firm and the general partners generally operate as a single advisory business. Sarofim Realty Advisors LLC Form ADV Part 2A - Brochure Page 5 of 30 As of the date of this brochure, the Funds include: Sarofim Multifamily Income Fund LP (the “Multifamily Income Fund”), an open-ended private investment vehicle with a perpetual term that invests in a range of multifamily real estate opportunities and real estate-related cash flowing assets in the U.S., with targeted asset management initiatives to enhance income over time. The general partner of the Multifamily Income Fund is Sarofim GP LLC. The firm’s advisory services for the Funds are detailed in the applicable private placement memorandum (or other offering document) and/or limited partnership agreement (or other operating agreement), which are referred to collectively as the “governing documents” and are further described below in “Methods of Analysis, Investment Strategies and Risk of Loss.” Additionally, from time to time, the firm provides (or agrees to provide) limited partners of the Funds as well as certain third-party investors or other persons, including the firm’s

principals, personnel and certain other persons associated with the firm (to the extent not prohibited by the applicable governing documents), co-investment opportunities (including the opportunity to participate in co-invest vehicles) that will invest alongside a Fund. The firm’s Investment Committee is responsible for implementing each client’s investment strategy and approving all investment decisions. The Investment Committee is responsible for the firm’s portfolio structures and all investment decisions. The firm’s advisory services are detailed in the applicable governing documents, separate account agreements and other offering documents. The firm has and will in the future enter into side letters or other similar agreements with certain investors that have the effect of establishing rights (including economic or other terms) under, or altering or supplementing the terms of, the relevant governing documents or separate account agreements with respect to such investors. Investment Types The firm manages office, retail, multifamily, industrial and land investments located nationwide. We seek acquisition and development opportunities in most property types. Our investments vary in risk profile from stabilized core properties with relatively low risk to value- add or opportunistic assets that are identified as market dislocations and designed to deliver a higher return. The investment type and risk profile of the properties we acquire are based on the individual client’s portfolio management strategy, investment objectives, cash flow and income requirements, and existing investments. We offer investment advice on various types of investment structures, including but not limited to: partnership interests, limited liability company interests, private real estate investment trusts, title holding corporations, and direct equity investments. Discretionary and Non-Discretionary Accounts Sarofim Realty Advisors LLC will manage clients’ assets on either a fully discretionary basis or a non-discretionary basis. With full discretionary authority for an account, we can do the following without obtaining client consent: Sarofim Realty Advisors LLC Form ADV Part 2A - Brochure Page 6 of 30
• Determine which assets to buy or sell
• Determine the total amount of assets to buy or sell, subject to available funds
• Determine the broker through which securities are bought or sold
• Negotiate with the selected broker commission rates for transactions Item 12 of this brochure provides more information on the firm’s brokerage practices, and Item 16 discusses investment discretion. When we provide services on a non-discretionary basis, we give the client investment advice, but we do not have the authority to implement our recommendations in the client’s portfolio without the client’s approval. The information provided above about the investment advisory services provided by Sarofim Realty Advisors LLC is qualified in its entirety by reference to the applicable governing documents, separate account agreements and other offering documents. As of December 31, 2023, the firm managed approximately $577 million in assets on a discretionary basis and approximately $1.3 billion on a non-discretionary basis. Other Services Sarofim Realty Advisors LLC has in the past rendered, and may from time to time in the future render, investment or other real-estate related advice through consultations and may, in this regard, analyze special real estate situations involving acquisitions, dispositions, or other transactions. Fees for such services may be computed on an hourly basis or may be fixed at a specified amount per month, quarter, or project. Such fees will be negotiable and will consider factors such as the time spent by Sarofim Realty Advisors LLC and the size of the transaction. Sarofim Realty Advisors LLC Form ADV Part 2A - Brochure Page 7 of 30