Yes - investors receive depreciation benefits on their Here property investments.
Depreciation is recognized on the Series level, meaning that depreciation is factored in before you receive your 1099-DIV tax form. Depreciation lowers the taxable income amount of the Series, and is added back prior to distributing payouts to investors. In other words, depreciation lowers the Series tax liability, which puts more money in your pocket.
Your 1099-DIV will show the net amount of taxable income after all depreciation has been factored in; therefore, investors will not claim depreciation on their personal tax returns.