EX-10.2



 Exhibit 10.2 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 BREIT OPERATING
PARTNERSHIP L.P. 
 A DELAWARE LIMITED PARTNERSHIP 

August 25, 2016 







 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE 1 DEFINED TERMS
	  	 	1	  
			
	 1.1.
	    	 Definitions
	  	 	1	  
	 1.2.
	    	 Interpretation
	  	 	10	  
		
	 ARTICLE 2 PARTNERSHIP FORMATION AND IDENTIFICATION
	  	 	10	  
			
	 2.1.
	    	 Formation
	  	 	10	  
	 2.2.
	    	 Name, Office and Registered Agent
	  	 	10	  
	 2.3.
	    	 Partners
	  	 	10	  
	 2.4.
	    	 Term and Dissolution
	  	 	11	  
	 2.5.
	    	 Filing of Certificate and Perfection of Limited Partnership
	  	 	11	  
	 2.6.
	    	 Certificates Representing Partnership Units
	  	 	11	  
		
	 ARTICLE 3 BUSINESS OF THE PARTNERSHIP
	  	 	12	  
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS AND ACCOUNTS
	  	 	12	  
			
	 4.1.
	    	 Capital Contributions
	  	 	12	  
	 4.2.
	    	 Class T Units, Class S Units, Class D Units and Class I Units
	  	 	12	  
	 4.3.
	    	 Additional Capital Contributions and Issuances of Additional Partnership Interests
	  	 	13	  
	 4.4.
	    	 Additional Funding
	  	 	15	  
	 4.5.
	    	 Capital Accounts
	  	 	15	  
	 4.6.
	    	 Percentage Interests
	  	 	16	  
	 4.7.
	    	 No Interest On Contributions
	  	 	16	  
	 4.8.
	    	 Return Of Capital Contributions
	  	 	16	  
	 4.9.
	    	 No Third Party Beneficiary
	  	 	16	  
		
	 ARTICLE 5 PROFITS AND LOSSES; DISTRIBUTIONS
	  	 	17	  
			
	 5.1.
	    	 Allocation of Profit and Loss
	  	 	17	  
	 5.2.
	    	 Distribution of Cash
	  	 	20	  
	 5.3.
	    	 REIT Distribution Requirements
	  	 	22	  
	 5.4.
	    	 No Right to Distributions in Kind
	  	 	23	  
	 5.5.
	    	 Limitations on Return of Capital Contributions
	  	 	23	  
	 5.6.
	    	 Distributions Upon Liquidation
	  	 	23	  
	 5.7.
	    	 Substantial Economic Effect
	  	 	23	  
		
	 ARTICLE 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER
	  	 	24	  
			
	 6.1.
	    	 Management of the Partnership
	  	 	24	  
	 6.2.
	    	 Delegation of Authority
	  	 	26	  


  
 i 









 TABLE OF CONTENTS 

(continued) 
  


							
	 6.3.
	    	 Indemnification and Exculpation of Indemnitees
	  	 	26	  
	 6.4.
	    	 Liability and Obligations of the General Partner
	  	 	28	  
	 6.5.
	    	 Reimbursement of General Partner
	  	 	29	  
	 6.6.
	    	 Outside Activities
	  	 	29	  
	 6.7.
	    	 Transactions With Affiliates
	  	 	30	  
	 6.8.
	    	 Title to Partnership Assets
	  	 	30	  
	 6.9.
	    	 Repurchases and Exchanges of REIT Shares
	  	 	30	  
	 6.10.
	    	 No Duplication of Fees or Expenses
	  	 	31	  
		
	 ARTICLE 7 CHANGES IN GENERAL PARTNER
	  	 	31	  
			
	 7.1.
	    	 Transfer of the General Partner’s Partnership Interest
	  	 	31	  
	 7.2.
	    	 Admission of a Substitute or Additional General Partner
	  	 	33	  
	 7.3.
	    	 Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General
Partner
	  	 	33	  
	 7.4.
	    	 Removal of a General Partner
	  	 	34	  
		
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS
	  	 	35	  
			
	 8.1.
	    	 Management of the Partnership
	  	 	35	  
	 8.2.
	    	 Power of Attorney
	  	 	35	  
	 8.3.
	    	 Limitation on Liability of Limited Partners
	  	 	35	  
	 8.4.
	    	 Ownership by Limited Partner of Corporate General Partner or Affiliate
	  	 	35	  
	 8.5.
	    	 Redemption Right
	  	 	35	  
		
	 ARTICLE 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS
	  	 	38	  
			
	 9.1.
	    	 Purchase for Investment
	  	 	38	  
	 9.2.
	    	 Restrictions on Transfer of Limited Partnership Interests
	  	 	38	  
	 9.3.
	    	 Admission of Substitute Limited Partner
	  	 	40	  
	 9.4.
	    	 Rights of Assignees of Partnership Interests
	  	 	41	  
	 9.5.
	    	 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner
	  	 	41	  
	 9.6.
	    	 Joint Ownership of Interests
	  	 	41	  
		
	 ARTICLE 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS
	  	 	42	  
			
	 10.1.
	    	 Books and Records
	  	 	42	  
	 10.2.
	    	 Custody of Partnership Funds; Bank Accounts
	  	 	42	  
	 10.3.
	    	 Fiscal and Taxable Year
	  	 	42	  
	 10.4.
	    	 Annual Tax Information and Report
	  	 	42	  
	 10.5.
	    	 Tax Matters Partner; Tax Elections; Special Basis Adjustments
	  	 	42	  
	 10.6.
	    	 Reports to Limited Partners
	  	 	43	  


  
 ii 









 TABLE OF CONTENTS 

(continued) 
  


							
	 ARTICLE 11 AMENDMENT OF AGREEMENT; MERGER
	  	 	43	  
		
	 ARTICLE 12 GENERAL PROVISIONS
	  	 	44	  
			
	 12.1.
	    	 Notices
	  	 	44	  
	 12.2.
	    	 Survival of Rights
	  	 	44	  
	 12.3.
	    	 Additional Documents
	  	 	44	  
	 12.4.
	    	 Severability
	  	 	44	  
	 12.5.
	    	 Entire Agreement
	  	 	44	  
	 12.6.
	    	 Pronouns and Plurals
	  	 	44	  
	 12.7.
	    	 Headings
	  	 	44	  
	 12.8.
	    	 Counterparts
	  	 	44	  
	 12.9.
	    	 Governing Law
	  	 	44	  


  
 iii 









 TABLE OF CONTENTS 

(continued) 
  


			
	EXHIBITS
		
	EXHIBIT A    -	  	Partners, Capital Contributions, Units and Percentage Interests
		
	EXHIBIT B    -	  	Notice of Exercise of Redemption Right


  
 iv 








 LIMITED PARTNERSHIP AGREEMENT 

OF 
 BREIT OPERATING
PARTNERSHIP L.P. 
 This Limited Partnership Agreement (this “Agreement”) is entered into as of August 25, 2016, between
Blackstone Real Estate Income Trust, Inc., a Maryland corporation, as general partner (the “General Partner”) and as a Limited Partner, BREIT Special Limited Partner L.L.C., a Delaware limited liability company (the “Special Limited
Partner”) and the Limited Partners party hereto from time to time. 
 RECITALS: 

WHEREAS, BREIT Operating Partnership, L.P. (the “Partnership”) was formed on August 5, 2016, as a limited partnership under the
laws of the State of Delaware and a certificate of limited partnership was filed with the Secretary of State of the State of Delaware (the “Certificate”). 

NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties hereto, and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINED TERMS 

1.1. Definitions. The following defined terms used in this Agreement shall have the meanings specified below: 

“Act” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time. 

“Additional Funds” has the meaning set forth in Section 4.4. 

“Additional Securities” means any additional REIT Shares (other than REIT Shares issued in connection with a redemption
pursuant to Section 8.5) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.3(a)(iii). 

“Administrative Expenses” means (i) all administrative and operating costs and expenses incurred by the Partnership,
(ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner, which
expenses are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided, however, that Administrative Expenses shall not include any
administrative costs and expenses incurred by the General Partner that are attributable to assets that are not owned directly or indirectly by the Partnership. 







 “Adviser” means the Person appointed, employed or contracted with by the General
Partner and the Partnership and responsible for directing or performing the day-to-day business affairs of the General Partner and the Partnership, including any Person to whom the Adviser subcontracts all or substantially all of such functions.

 “Advisory Agreement” means the agreement between the General Partner, the Partnership and the Adviser pursuant to which
the Adviser will direct or perform the day-to-day business affairs of the General Partner and the Partnership. 

“Affiliate” means, with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding with
the power to vote 10% of more of the outstanding voting securities of such other Person; (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such
other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, including any partnership in which such Person is a general partner; (iv) any executive officer, director,
trustee or general partner of such other Person; and (v) any legal entity for which such Person acts an executive officer, director, trustee or general partner. 

“Aggregate Share Ownership Limit” shall have the meaning set forth in the Articles of Incorporation. 

“Agreed Value” means the fair market value of a Partner’s non-cash Capital Contribution as of the date of contribution
as agreed to by such Partner and the General Partner. The Agreed Value of any non-cash Capital Contributions by a Partner as of the date of contribution are set forth on Exhibit A. 

“Agreement” means this Limited Partnership Agreement, as amended, modified supplemented or restated from time to time, as the
context requires. 
 “Applicable Percentage” has the meaning provided in Section 8.5(b). 

“Articles of Incorporation” means the Articles of Amendment and Restatement of the General Partner filed with the
Maryland State Department of Assessments and Taxation on August 25, 2016, as further amended or supplemented from time to time. 

“Capital Account” has the meaning provided in Section 4.5. 

“Capital Contribution” means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset
(other than cash or cash equivalents) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include
the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner. 
 “Carrying Value”
means, with respect to any asset of the Partnership, the asset’s adjusted net basis for federal income tax purposes or, in the case of any asset contributed to the Partnership, the fair market value of such asset at the time of contribution,
reduced by any amounts attributable to the inclusion of liabilities in basis pursuant to Section 752 of the Code, 

  
 2 








 
except that the Carrying Values of all assets may, at the discretion of the General Partner, be adjusted to equal their respective fair market values (as determined by the General Partner), in
accordance with the rules set forth in Regulations Section 1.704-1(b)(2)(iv)(f), as provided for in Section 4.5. In the case of any asset of the Partnership that has a Carrying Value that differs from its adjusted tax basis, the Carrying
Value shall be adjusted by the amount of depreciation, depletion and amortization calculated for purposes of the definition of Profit and Loss rather than the amount of depreciation, depletion and amortization determined for federal income tax
purposes. 
 “Cash Amount” means an amount of cash per Partnership Unit equal to the applicable Redemption Price determined
by the General Partner. 
 “Certificate” means any instrument or document that is required under the laws of the State of
Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by any of the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in
Section 8.2) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution
of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction. 

“Class” means a class of REIT Shares or Partnership Units, as the context may require. 

“Class D Conversion Rate” means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class D Unit
and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. 
 “Class D REIT Shares” means the REIT
Shares referred to as “Class D” shares in the Prospectus. 
 “Class D Unit” means a Partnership Unit entitling
the holder thereof to the rights of a holder of a Class D Unit as provided in this Agreement. 
 “Class I REIT Shares”
means the REIT Shares referred to as “Class I” shares in the Prospectus. 
 “Class I Unit” means a Partnership
Unit entitling the holder thereof to the rights of a holder of a Class I Unit as provided in this Agreement. 
 “Class S Conversion
Rate” means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class S Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. 

“Class S REIT Shares” means the REIT Shares referred to as “Class S” shares in the Prospectus. 

“Class S Unit” means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class S Unit as
provided in this Agreement. 

  
 3 








 “Class T Conversion Rate” means the fraction, the numerator of which is the Net
Asset Value Per Unit for each Class T Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit. 

“Class T REIT Shares” means the REIT Shares referred to as “Class T” shares in the Prospectus. 

“Class T Unit” means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class T Unit as
provided in this Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended, and as hereafter amended from
time to time. Reference to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Common Share Ownership Limit” shall have the meaning set forth in the Articles of Incorporation. 

“Director” shall have the meaning set forth in the Articles of Incorporation. 

“Event of Bankruptcy” as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt
under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court
proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a
debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is
commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 

“Excepted Holder Limit” shall have the meaning set forth in the Articles of Incorporation. 

“General Partner” means Blackstone Real Estate Income Trust, Inc., a Maryland corporation, and any Person who becomes a
substitute or additional General Partner as provided herein, and any of their successors as General Partner, in such Person’s capacity as a General Partner of the Partnership. 

“General Partnership Interest” means any Partnership Interest held by the General Partner, other than any Partnership
Interest it holds as a Limited Partner. 
 “Hurdle Amount” for any period during a calendar year means that amount that
results in a 5% annualized internal rate of return on the Net Asset Value of the Partnership Units outstanding at the beginning of the then-current calendar year and all Partnership Units issued 

  
 4 








 
since the beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Partnership Units and all
issuances of Partnership Units over the period and calculated in accordance with recognized industry practices. The ending Net Asset Value of the Partnership Units used in calculating the internal rate of return will be calculated before giving
effect to any allocation or accrual to the Performance Allocation and any applicable stockholder servicing fee expenses, provided that the calculation of the Hurdle Amount for any period will exclude any Partnership Units repurchased during such
period, which Partnership Units will be subject to the Performance Allocation upon such repurchase as described in Section 5.3(b). 

“Indemnitee” means (i) any Person made a party to a proceeding by reason of its status as the General Partner or a
director, officer or employee of the General Partner or the Partnership, (ii) the Adviser, (iii) the Special Limited Partner and (iv) such other Persons (including Affiliates of the General Partner or the Partnership) as the General
Partner may designate from time to time, in its sole and absolute discretion. 
 “Joint Venture” means any joint venture or
partnership arrangement (other than the Partnership) in which the Partnership or any of its Subsidiaries is a co-venturer or partner established to acquire or hold assets of the Partnership. 

“Limited Partner” means the General Partner in its capacity as a Limited Partner, and any other Person identified as a
Limited Partner on Exhibit A, upon the execution and delivery by such Person of an additional limited partner signature page, and any Person who becomes a Substitute Limited Partner, in such Person’s capacity as a Limited Partner in
the Partnership. 
 “Limited Partnership Interest” means the ownership interest of a Limited Partner in the Partnership at
any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with
all the provisions of this Agreement and of such Act. A Limited Partnership Interest may be expressed as a number of Partnership Units. 

“Listing” means the listing of the shares of the General Partner’s common stock on a national securities exchange. Upon
such Listing, the shares shall be deemed “Listed.” 
 “Loss” has the meaning provided in Section 5.1(g).

 “Loss Carryforward Amount” shall initially equal zero and shall cumulatively increase by the absolute value of any
negative annual Total Return and decrease by any positive annual Total Return, provided that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the
Total Return related to any Partnership Units repurchased during such year, which Partnership Units will be subject to the Performance Allocation upon such repurchase as described in Section 5.3(b). 

“Net Asset Value” means (i) for any Partnership Units, the net asset value of such Partnership Units, determined as of
the last business day of each month as described in the Prospectus and (ii) for any REIT Shares, the net asset value of such REIT Shares, determined as of the last business day of each month as described in the Prospectus. 

  
 5 








 “Net Asset Value Per Unit” means, for each Class of Partnership Unit, the net
asset value per unit of such Class of Partnership Unit, determined as of the last business day of each month as described in the Prospectus. 

“Net Asset Value Per REIT Share” means, for each Class of REIT Shares, the net asset value per share of such Class of REIT
Shares, determined as of the last business day of each month as described in the Prospectus. 
 “Notice of Redemption”
means the Notice of Exercise of Redemption Right substantially in the form attached as Exhibit B. 
 “Offer”
has the meaning set forth in Section 7.1(c). 
 “Offering” means an offer and sale of REIT Shares to the public. 

“Partner” means any General Partner, Special Limited Partner or Limited Partner. 

“Partner Nonrecourse Debt Minimum Gain” means an amount with respect to each Partner’s nonrecourse debt (as defined in
U.S. Treasury Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in U.S. Treasury Regulations
Section 1.752-1(a)(2)) determined in accordance with U.S. Treasury Regulations Section 1.704-2(i)(3). 

“Partnership” means BREIT Operating Partnership L.P., a Delaware limited partnership. 

“Partnership Interest” means an ownership interest in the Partnership held by a Limited Partner, the General Partner or the
Special Limited Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this
Agreement. 
 “Partnership Minimum Gain” has the meaning specified in U.S. Treasury Regulations Sections 1.704-2(b)(2) and
1.704-2(d). 
 “Partnership Record Date” means the record date established by the General Partner for the distribution of
cash pursuant to Section 5.2, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution. 

“Partnership Representative” has the meaning described in Section 10.5(a). 

“Partnership Unit” means a fractional, undivided share of the Partnership Interests (other than the General Partnership
Interest and the Special Limited Partnership Interest) of all Partners issued hereunder, including Class T Units, Class S Units, Class D Units and Class I Units. The allocation of Partnership Units of each Class among the Partners shall be as
set forth on Exhibit A. 

  
 6 








 “Percentage Interest” means the percentage ownership interest in the Partnership
of each Partner, as determined by dividing the Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. The Percentage Interest of each Partner shall be as set forth on Exhibit A. 

“Performance Allocation” has the meaning set forth in Section 5.2(c). 

“Person” means an individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified
under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of
Section 509(a) of the Code, joint stock company or other legal entity. 
 “Profit” has the meaning provided in
Section 5.1(g) hereof. 
 “Property” means any Real Property, Real Estate Securities or other investment in which the
Partnership holds an ownership interest. 
 “Prospectus” means the prospectus included in the most recent effective
registration statement filed by the General Partner with the Commission with respect to the applicable Offering, as such prospectus may be amended or supplemented from time to time. 

“Real Estate Securities” means equity and debt securities of both publicly traded and private companies, including REITs and
pass-through entities, that own Real Property or loans secured by real estate, including investments in commercial mortgage-backed securities and derivative instruments, owned by the General Partner or the Partnership directly or indirectly through
one or more of its Affiliates. 
 “Real Property” means land, rights in land (including leasehold interests) and any
buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. 

“Redemption Price” means the Value of the REIT Shares Amount as of the end of the Specified Redemption Date.
“Value” means, for any Class of REIT Shares: (i) if such Class of REIT Shares are Listed, the average closing price per share for the previous 30 trading days, or (ii) if such Class of REIT Shares are not Listed, the Net Asset
Value Per REIT Share for REIT Shares of that Class. 
 “Redemption Right” has the meaning provided in Section 8.5(a).

 “Regulations” means the Federal income tax regulations promulgated under the Code, as amended and as hereafter amended
from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations. 

  
 7 








 “Regulatory Allocations” has the meaning set forth in Section 5.1(h). 

“REIT” means a corporation, trust, association or other legal entity (other than a real estate syndication) that is engaged
primarily in investing in equity interests in real estate (including fee ownership and leasehold interests) or in loans secured by real estate or both as defined pursuant to Sections 856 through 860 of the Code and any successor or other provisions
of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder. 

“REIT Expenses” means (i) costs and expenses relating to the formation and continuity of existence and operation of the
General Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes of this defined term, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses
or fees payable to any director, officer, or employee of the General Partner or service providers to the General Partner (including service providers affiliated with the Adviser), (ii) costs and expenses relating to any public offering and
registration of securities by the General Partner and all filings, statements, reports, fees and expenses incidental thereto, including, without limitation, underwriting discounts and selling commissions applicable to any such offering of
securities, any stockholder servicing fees, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of
any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports and communications by the General Partner under federal, state or local laws or regulations, including
filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) the
management fee payable to the Adviser under the Advisory Agreement and other fees and expenses payable to other services providers of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any issuing or
redemption of Partnership Interests and/or REIT Shares, and (viii) all other operating or administrative costs of the General Partner incurred in the ordinary course of its business on behalf of or in connection with the Partnership. 

“REIT Share” means a common share of the General Partner (or successor entity, as the case may be), including Class T
REIT Shares, Class S REIT Shares, Class D REIT Shares and Class I REIT Shares. 
 “REIT Shares Amount” means a number of
REIT Shares having the same Class designation as the Class of Partnership Units offered for exchange by a Tendering Party equal to such number of Partnership Units; provided that in the event the General Partner issues to all holders of REIT Shares
rights, options, warrants or convertible or exchangeable securities entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “rights”), and the rights have not expired at
the Specified Redemption Date, then the REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to
rights. 

  
 8 








 “Related Party” means, with respect to any Person, any other Person whose
ownership of shares of the General Partner’s capital stock would be attributed to the first such Person under Code Section 544 (as modified by Code Section 856(h)(1)(B)). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor statute thereto. Reference
to any provision of the Securities Act shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

“Service” means the United States Internal Revenue Service. 

“Special Limited Partner” means BREIT Special Limited Partner L.L.C., a Delaware limited liability company, which shall be a
limited partner of the Partnership and recognized as such under applicable Delaware law, but not a “Limited Partner” within the meaning of this Agreement (other than to the extent it owns Partnership Units). 

“Special Limited Partnership Interest” means the interest of the Special Limited Partner in the Partnership representing
solely its right as the holder of an interest in distributions described in Section 5.3 (and any corresponding allocations of income, gain, loss and deduction under this Agreement), and not any interest in Partnership Units it may own from time
to time. 
 “Specified Redemption Date” means the first business day of the month following the month of the day that is
45 days after the receipt by the General Partner of the Notice of Redemption. 
 “Subsidiary” means, with respect to
any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

“Substitute Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3.

 “Survivor” has the meaning set forth in Section 7.1(d). 

“Tax Matters Partner” has the meaning described in Section 10.5(a). 

“Tendered Units” has the meaning provided in Section 8.5(a). 

“Tendering Party” has the meaning provided in Section 8.5(a). 

“Total Return” for any period since the end of the prior calendar year shall equal the sum of: (i) all distributions
accrued or paid (without duplication) on the Partnership Units outstanding at the end of such period since the beginning of the then-current calendar year plus (ii) the change in aggregate Net Asset Value of such Partnership Units since
the beginning of such year, before giving effect to (x) changes resulting solely from the proceeds of issuances of Partnership Units, (y) any allocation or accrual to the Performance Allocation and (z) any applicable stockholder
servicing fee expenses (including any payments made to the General Partner for payment of such expenses). For the avoidance of doubt, the calculation of Total Return will (i)

  
 9 








 
include any appreciation or depreciation in the Net Asset Value of Partnership Units issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of
such Partnership Units. 
 “Transfer” has the meaning set forth in Section 9.2(a). 

1.2. Interpretation. The definitions in Section 1.1 shall apply equally to both the singular and plural forms
of the terms defined. Wherever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine and neuter forms. For all purposes of this Agreement, the term “control” and variations thereof
shall mean possession of the authority to direct or cause the direction of the management and policies of the specified entity, through the direct or indirect ownership of equity interests therein, by contract or otherwise. As used in this
Agreement, the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” As used in this Agreement, the terms “herein,” “hereof” and
“hereunder” shall refer to this Agreement in its entirety. Any references in this Agreement to “Sections” or “Articles” shall, unless otherwise specified, refer to Sections or Articles, respectively, in this
Agreement. Any references in this Agreement to an “Exhibit” shall, unless otherwise specified, refer to an Exhibit attached to this Agreement, as such Exhibit may be amended from time to time. Each such Exhibit shall be deemed
incorporated in this Agreement in full. 
 ARTICLE 2 

PARTNERSHIP FORMATION AND IDENTIFICATION 

2.1. Formation. The Partnership was formed as a limited partnership pursuant to the Act and all other pertinent laws of the
State of Delaware, for the purposes and upon the terms and conditions set forth in this Agreement. 
 2.2. Name, Office and Registered
Agent. The name of the Partnership is BREIT Operating Partnership L.P. The specified office and principal place of business of the Partnership shall be 345 Park Avenue, New York, New York 10154. The General Partner may at any
time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is Intertrust Corporate Services Delaware Ltd., 200 Bellevue
Parkway, Suite 200, Bellevue Park Corporate Center, Wilmington, Delaware, 19809. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered agent. 

2.3. Partners. 

(a) The General Partner of the Partnership is Blackstone Real Estate Income Trust, Inc., a Maryland corporation. Its principal place of
business is the same as that of the Partnership. 
 (b) The Limited Partners are the General Partner (in its capacity as Limited Partner)
and any other Persons identified as Limited Partners on Exhibit A hereto. 
 (c) The Special Limited Partner is BREIT Special
Limited Partner L.L.C., a Delaware limited liability company. Its principal place of business is the same as that of the Partnership. 

  
 10 








 2.4. Term and Dissolution. 

(a) The Partnership commenced upon the filing for record of the Certificate in the office of the Secretary of State of the State of Delaware
on August 5, 2016, and shall continue indefinitely, except that the Partnership shall be dissolved upon the first to occur of any of the following events: 

(i) The occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a
General Partner unless the business of the Partnership is continued pursuant to Section 7.3(b); provided that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of the
dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner or partners, either
alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement; 

(ii) The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the
Partnership (provided that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as
such note or notes are paid in full); or 
 (iii) The election by the General Partner that the Partnership should be
dissolved. 
 (b) Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.3(b)),
the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel any Certificate(s) and liquidate the Partnership’s assets and apply and distribute the proceeds thereof in accordance with Section 5.7.
Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those necessary to satisfy the Partnership’s
debts and obligations), or (ii) distribute the assets to the Partners in kind. 
 2.5. Filing of Certificate and Perfection of
Limited Partnership. The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, any and all amendments to the Certificate(s) and all requisite fictitious name statements and notices in
such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business. 

2.6. Certificates Representing Partnership Units. At the request of a Limited Partner, the General Partner, at its option, may
issue (but in no way is obligated to issue) a 

  
 11 








 
certificate specifying the number and Class of Partnership Units owned by the Limited Partner as of the date of such certificate. Any such certificate (i) shall be in form and substance as
approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect: 
 This
certificate is not negotiable. The Partnership Units represented by this certificate are governed by and transferable only in accordance with the provisions of the Limited Partnership Agreement of BREIT Operating Partnership L.P., as amended from
time to time. 
 ARTICLE 3 

BUSINESS OF THE PARTNERSHIP 

The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted
by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, and in a manner such that the
General Partner will not be subject to any taxes under Section 857 or 4981 of the Code (to the extent the General Partner determines not being subject to such taxes is desirable), unless the General Partner otherwise ceases to qualify as a
REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or
incidental to the foregoing. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Articles of Incorporation. The
General Partner on behalf of the Partnership shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of
Section 7704 of the Code. 
 ARTICLE 4 

CAPITAL CONTRIBUTIONS AND ACCOUNTS 

4.1. Capital Contributions. The General Partner and the Limited Partners have made capital contributions to the Partnership in
exchange for the Partnership Interests set forth opposite their names on Exhibit A. Notwithstanding the foregoing, the General Partner may keep Exhibit A current through separate revisions to the books and records of the
Partnership that reflect periodic changes to the capital contributions made by the Partners and redemptions and other purchases of Partnership Units by the Partnership, and corresponding changes to the Partnership Interests of the Partners, without
preparing a formal amendment to this Agreement. 
 4.2. Class T Units, Class S Units, Class D Units and Class I Units. The
General Partner is hereby authorized to cause the Partnership to issue Partnership Units designated as Class T Units, Class S Units, Class D Units and Class I Units. Each such Class shall have the rights and obligations attributed to that Class
under this Agreement. 

  
 12 








 4.3. Additional Capital Contributions and Issuances of Additional Partnership
Interests. Except as provided in this Section 4.3 or in Section 4.4, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute
additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.3. 

(a) Issuances of Additional Partnership Interests. 

(i) General. The General Partner is hereby authorized to cause the Partnership to issue such additional
Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall
be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners, including but not limited to, Partnership Units issued in connection with the issuance of REIT Shares of or other interests
in the General Partner, Class I Units issued to the Special Limited Partner with respect to payments made pursuant to the Performance Allocation, Class I Units issued to the Adviser as a management fee pursuant to the Advisory Agreement and
Partnership Units issued in connection with acquisitions of properties. Any additional Partnership Interests issued thereby may be issued in one or more classes (including the Classes specified in this Agreement or any other Classes), or one or more
series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be
determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss,
deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of
Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless: 

(1) the additional Partnership Interests are issued in connection with an issuance of Additional Securities by the General
Partner in accordance with Section 4.3(a)(iii); 
 (2) the additional Partnership Interests are issued in exchange for
property owned by the General Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests; or 

(3) the additional Partnership Interests are issued to all Partners holding Partnership Units in proportion to their respective
Percentage Interests. 
 Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership
to issue Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. 

  
 13 








 (ii) Adjustment Events. In the event the General Partner
(i) declares or pays a dividend on any Class of its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of any Class of its outstanding REIT Shares in REIT Shares, (ii) subdivides any Class of its outstanding REIT
Shares, or (iii) combines any Class of its outstanding REIT Shares into a smaller number of REIT Shares with respect to any Class of REIT Shares, then a corresponding adjustment to the number of outstanding Partnership Units of the applicable
Class necessary to maintain the proportionate relationship between the number of outstanding Partnership Units of such Class to the number of outstanding REIT Shares of such Class shall automatically be made. Additionally, in the event that any
other entity shall become General Partner pursuant to any merger, consolidation or combination of the General Partner with or into another entity (the “Successor Entity”), the number of outstanding Partnership Units of each Class shall be
adjusted by multiplying such number by the number of shares of the Successor Entity into which one REIT Share of such Class is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation
or combination. Any adjustment to the number of outstanding Partnership Units of any Class shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event; provided, however, that if
the General Partner receives a Notice of Redemption after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, or such merger, consolidation or combination, the number of outstanding
Partnership Units of any Class shall be determined as if the General Partner had received the Notice of Redemption immediately prior to the record date for such dividend, distribution, subdivision or combination or such merger, consolidation or
combination. If the General Partner takes any other action affecting the REIT Shares other than actions specifically described above and, in the opinion of the General Partner such action would require an adjustment to the number of Partnership
Units to maintain the proportionate relationship between the number of outstanding Partnership Units to the number of outstanding REIT Shares, the General Partner shall have the right to make such adjustment to the number of Partnership Units, to
the extent permitted by law, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances. 

(iii) Upon Issuance of Additional Securities. Upon the issuance by the General Partner of any Additional
Securities (including pursuant to the General Partner’s distribution reinvestment plan) other than to all holders of REIT Shares, the General Partner shall contribute any net proceeds from the issuance of such Additional Securities and from any
exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership in return for, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or
exchangeable securities of the Partnership having designations, preferences and other rights such that their economic interests are substantially similar to those of the Additional Securities; provided, however, that the General Partner is
allowed to issue Additional Securities in connection with an acquisition of assets that would not be owned 

  
 14 








 
directly or indirectly by the Partnership, but if and only if, such acquisition and issuance of Additional Securities have been approved and determined to be in or not opposed to the best
interests of the General Partner and the Partnership; provided further, that the General Partner is allowed to use net proceeds from the issuance and sale of such Additional Securities to repurchase REIT Shares pursuant to a share repurchase
plan. Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so
long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. Without limiting the foregoing, if the General Partner issues REIT Shares of any Class for a cash purchase
price and contributes all of the net proceeds of such issuance to the Partnership as required hereunder, the General Partner shall be issued a number of additional Partnership Units having the same Class designation as the issued REIT Shares equal
to the number of such REIT Shares of that Class issued by the General Partner the proceeds of which were so contributed. 
 (b)
Certain Deemed Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares, to the extent that the General Partner shall make Capital Contributions to the Partnership of the proceeds
therefrom, if the proceeds actually received and contributed by the General Partner in respect of the REIT Shares the proceeds of which were so contributed are less than the gross proceeds of such issuance as a result of any underwriter’s
discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance and the
Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.5 and in connection with the required issuance of additional Partnership Units to the General Partner for such Capital Contributions
pursuant to Section 4.3(a). In connection with any and all issuances of REIT Shares pursuant to the General Partner’s distribution reinvestment plan, the General Partner shall be deemed to have made Capital Contributions to the Partnership
in the aggregate amount of the distributions that have been reinvested in respect of the REIT Shares issued by the General Partner in return for an equal number of Partnership Units having the same Class designation as the issued REIT Shares. 

4.4. Additional Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for
additional Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, (ii) elect to have the General Partner or any of its
Affiliates provide such Additional Funds to the Partnership through loans, purchase of additional Partnership Interests or otherwise (which the General Partner or such Affiliates will have the option, but not the obligation, of providing) or
(iii) cause the Partnership to issue additional Partnership Interests and admit additional Limited Partners to the Partnership in accordance with Section 4.3. 

4.5. Capital Accounts. A separate capital account (a “Capital Account”) shall be established and maintained for each
Partner in accordance with Regulations Section 1.704-1(b)(2)(iv) and a Partner shall have a single Capital Account with respect to all Partnership Interests held by such Partner. If (i) a new or existing Partner acquires an additional
Partnership Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership 

  
 15 








 
distributes to a Partner more than a de minimis amount of Partnership property or money as consideration for a Partnership Interest, (iii) the Partnership is liquidated within the
meaning of Regulation Section 1.704-1(b)(2)(ii)(g), or (iv) the Partnership grants a Partnership Interest (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Partnership,
the General Partner may revalue the property of the Partnership to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with
Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership’s property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g),
which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners
pursuant to Section 5.1 if there were a taxable disposition of such property for its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the
date of the revaluation. 
 4.6. Percentage Interests. If the number of outstanding Partnership Units increases or decreases
during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such
Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the
taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the
date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the
adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted
Percentage Interests. 
 4.7. No Interest on Contributions. No Partner shall be entitled to interest on its Capital
Contribution. 
 4.8. Return of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital
Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn
Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence. 
 4.9. No Third
Party Beneficiary. No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy
hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the
rights or obligations of the Partners herein set forth to make Capital 

  
 16 








 
Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred
or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited
Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money
or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such
Partner nor an asset or property of the Partnership. 
 ARTICLE 5 

PROFITS AND LOSSES; DISTRIBUTIONS 

5.1. Allocation of Profit and Loss. 

(a) General Partner Gross Income Allocation. There shall be specially allocated to the General Partner an amount of
(i) first, items of Partnership income and (ii) second, items of Partnership gain during each fiscal year or other applicable period, before any other allocations are made hereunder, in an amount equal to the excess, if any, of the
cumulative reimbursements made to the General Partner under Section 6.5(b) (other than reimbursements which would properly be treated as “guaranteed payments” or which are attributable to the reimbursement of expenses which would
properly be either deductible by the Partnership or added to the tax basis of any Partnership asset) over the cumulative allocations of Partnership income and gain to the General Partner under this Section 5.1(a). 

(b) General Allocations. The items of Profit and Loss of the Partnership for each fiscal year or other applicable period, other
than any items allocated under Section 5.1(a), shall be allocated among the Partners in a manner that will, as nearly as possible (after giving effect to the allocations under Section 5.1(a), 5.1(c), 5.1(d), 5.1(e), 5.1(h) and 5.3) cause
the Capital Account balance of each Partner at the end of such fiscal year or other applicable period to equal (i) the amount of the hypothetical distribution that such Partner would receive if the Partnership were liquidated on the last day of
such period and all assets of the Partnership, including cash, were sold for cash equal to their Carrying Values, taking into account any adjustments thereto for such period, all liabilities of the Partnership were satisfied in full in cash
according to their terms (limited with respect to each nonrecourse liability to the Carrying Value of the assets securing such liability) and the remaining cash proceeds (after satisfaction of such liabilities) were distributed in full pursuant to
Section 5.2, minus (ii) the sum of such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain and the amount, if any and without duplication, that the Partner would be obligated to contribute to the
capital of the Partnership, all computed as of the date of the hypothetical sale of assets. Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic effect to the
provisions of this Agreement, taking into account facts and circumstances as the General Partner deems reasonably necessary for this purpose. 

  
 17 








 (c) Regulatory Allocations. Notwithstanding any other provision of this Agreement:

 (i) Minimum Gain Chargeback. If there is a net decrease in Partnership Minimum Gain or Partner Nonrecourse
Debt Minimum Gain (determined in accordance with the principles of U.S. Treasury Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Partnership taxable year, the Partners shall be specially allocated items of Partnership income and gain for
such year (and, if necessary, subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to U.S. Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated
shall be determined in accordance with U.S. Treasury Regulations Section 1.704-2(f). This Section 5.1(c)(i) is intended to comply with the minimum gain chargeback requirements in such U.S. Treasury Regulations Sections and shall be
interpreted consistently therewith; including that no chargeback shall be required to the extent of the exceptions provided in U.S. Treasury Regulations Sections 1.704-2(f) and 1.704-2(i)(4). 

(ii) Qualified Income Offset. If any Partner unexpectedly receives any adjustments, allocations, or distributions
described in U.S. Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate the deficit Capital
Account balance created by such adjustments, allocations or distributions as promptly as possible; provided that an allocation pursuant to this Section 5.1(c)(ii) shall be made only to the extent that a Partner would have a deficit Capital
Account balance in excess of such sum after all other allocations provided for in this IV have been tentatively made as if this Section 5.1(c)(ii) were not in this Agreement. This Section 5.1(c)(ii) is intended to comply with the
“qualified income offset” requirement of the Code and shall be interpreted consistently therewith. 
 (iii)
Gross Income Allocation. If one or more Partners has a deficit Capital Account at the end of any Fiscal Year that is in excess of the sum of (i) the amount each such Partner is obligated to restore, if any, pursuant to any
provision of this Partnership Agreement, and (ii) the amount each such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of U.S. Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner
shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible (in proportion to the amount of such deficit); provided that an allocation pursuant to this Section 5.1(c)(iii) shall be made
only if and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article 5 have been tentatively made as if Section 5.1(c)(ii) and this Section 5.1(c)(iii)
were not in this Partnership Agreement. 
 (iv) Payee Allocation. If any payment to any person that is treated
by the Partnership as the payment of an expense is recharacterized by a taxing authority as a Partnership distribution to the payee as a partner, such payee shall be specially allocated, in the manner determined by the General Partner, an amount of
Partnership gross income and gain as quickly as possible equal to the amount of the distribution. 

  
 18 








 (v) Nonrecourse Deductions. Nonrecourse Deductions shall be
allocated pro rata based on the number of Partnership Units held by each Partner. “Partner Nonrecourse Deductions” has the meaning specified in U.S. Treasury Regulations Section 1.704-2(i)(2). 

(vi) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated to
the Partner who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable in accordance with U.S. Treasury Regulations Section 1.704-2(j). “Partner Nonrecourse
Deductions” has the meaning specified in U.S. Treasury Regulations Section 1.704-2(i)(2). 
 (vii) Any special
allocations of income or gain pursuant to Section 5.1(c)(ii) or Section 5.1(c)(iii) hereof shall be taken into account in computing subsequent allocations pursuant to Section 5.1(b) and this Section 5.1(c)(viii), so that the net
amount of any items so allocated and all other items allocated to each Partner shall, to the extent possible, be equal to the net amount that would have been allocated to each Partner if such allocations pursuant to Section 5.1(c)(ii) or
Section 5.1(c)(iii) had not occurred. 
 (d) Allocations Between Transferor and Transferee. If a Partner transfers any
part or all of its Partnership Interest, the distributive shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner
either (i) as if the Partnership’s fiscal year had ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the
respective portions of such fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various
items of Profit and Loss between the transferor and the transferee Partner. 
 (e) Definition of Profit and Loss.
“Profit” and “Loss” and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with the accounting method used by the Partnership for U.S. federal income tax purposes with the
following adjustments: (i) all items of income, gain, loss or deduction allocated pursuant to Sections 5.1(c)(i) through (iii) shall not be taken into account in computing such taxable income or loss; (ii) any income of the
Partnership that is exempt from U.S. federal income taxation and not otherwise taken into account in computing Profit and Loss shall be added to such taxable income or loss; (iii) if the Carrying Value of any asset differs from its adjusted tax
basis for U.S. federal income tax purposes, any depreciation, amortization, gain or loss resulting from a disposition of such asset shall be calculated with reference to such Carrying Value; (iv) upon an adjustment to the Carrying Value of any
asset pursuant to the definition of Carrying Value (other than an adjustment in respect of depreciation, amortization or cost recovery deductions), the amount of the adjustment shall be included as gain or loss in computing such taxable income or
loss; (v) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or cost recovery deductions with respect to such asset for purposes of Profit and
Loss shall be an amount which bears the same ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other 

  
 19 








 
cost recovery deductions bears to such adjusted tax basis (provided that if the U.S. federal income tax depreciation, amortization or other cost recovery deduction is zero, the Partners may use
any reasonable method for purposes of determining depreciation, amortization or other cost recovery deductions in calculating Profit and Loss; and (vi) except for items in (i) above, any expenditures of the Partnership not deductible in
computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing Profit and Loss pursuant to this definition shall be treated as deductible items. 

(f) Tax Allocations. All items of income, gain, loss, deduction and credit of the Partnership shall be allocated among the
Partners for federal, state and local income tax purposes consistent with the manner that the corresponding constituent items of Profit and Loss shall be allocated among the Partners pursuant to this Partnership Agreement in the manner determined by
the General Partner, except as may otherwise be provided herein or by the Code. Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic effect to the provisions of this
Agreement, taking into account facts and circumstances as the General Partner deems reasonably necessary for this purpose. 
 (g)
Curative Allocations. The allocations set forth in Section 5.1(c) of this Agreement (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. The General Partner is authorized to
offset all Regulatory Allocations either with other Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 5.1(g). Therefore, notwithstanding any other provision
of this Section 5.1 (other than the Regulatory Allocations), the General Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such
offsetting allocations are made, each Partner’s Capital Account is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items
were allocated pursuant to Sections 5.1(a) and (b). 
 5.2. Distribution of Cash. 

(a) The Partnership shall distribute cash on a quarterly (or, at the election of the General Partner, more or less frequently) basis, in an
amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in accordance with Section 5.2(b). The
Partnership shall be deemed to have distributed cash to the General Partner in an amount equal to the amount of distributions by the General Partner that are reinvested in REIT Shares issued by the General Partner pursuant to the General
Partner’s distribution reinvestment plan, and the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of such distributions in return for an equal number of Partnership Units having the
same Class designation as the issued REIT Shares. 
 (b) Except for distributions pursuant to Section 5.6 in connection with the
dissolution and liquidation of the Partnership and subject to the provisions of Sections 5.2(c), 5.2(d), 5.2(e), 5.3 and 5.4, all distributions of cash (including any deemed distributions pursuant to Section 5.2(a)) shall be made to the
Partners in amounts proportionate to the aggregate Net Asset Value 

  
 20 








 
of the Partnership Units held by the respective Partners on the Partnership Record Date, except that the amount distributed per Partnership Unit of any Class may differ from the amount per
Partnership Unit of another Class on account of differences in Class-specific expense allocations with respect to REIT Shares as described in the Prospectus or for other reasons as determined by the Board of Directors of the General Partner. Any
such differences shall correspond to differences in the amount of distributions per REIT Share for REIT Shares of different Classes, with the same adjustments being made to the amount of distributions per Partnership Unit for Partnership Units of a
particular Class as are made to the distributions per REIT Share by the General Partner with respect to REIT Shares having the same Class designation. 

(c) Notwithstanding the foregoing, so long as the Advisory Agreement has not been terminated (including by means of non-renewal), the Special
Limited Partner shall be entitled to a distribution (the “Performance Allocation”), promptly following the end of each year (which shall accrue on a monthly basis) in an amount equal to: 

(i) First, if the Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for that period
and (ii) the Loss Carryforward Amount (any such excess, “Excess Profits”), 100% of such Excess Profits until the total amount allocated to the Special Limited Partner equals 12.5% of the sum of (x) the Hurdle Amount for that
period and (y) any amount allocated to the Special Limited Partner pursuant to this clause; and 
 (ii) Second,
to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits. 
 Any amount by which Total Return falls below
the Hurdle Amount and that does not constitute Loss Carryforward Amount will not be carried forward to subsequent periods. 
 With respect
to all Partnership Units that are repurchased at the end of any month in connection with repurchases of REIT Shares pursuant to the General Partner’s share repurchase plan, the Special Limited Partner shall be entitled to such Performance
Allocation in an amount calculated as described above calculated in respect of the portion of the year for which such Partnership Units were outstanding, and proceeds for any such Partnership Unit repurchase will be reduced by the amount of any such
Performance Allocation. 
 Distributions on the Performance Allocation may be payable in cash or Class I Units at the election of the
Special Limited Partner. If the Special Limited Partner elects to receive such distributions in Class I Units, the Special Limited Partner will receive the number of Class I Units that results from dividing the Performance Allocation by the Net
Asset Value per Class I Unit at the time of such distribution. If the Special Limited Partner elects to receive such distributions in Class I Units, the Special Limited Partner may request the Partnership to redeem such Class I Units from the
Special Limited Partner at any time thereafter pursuant to Section 8.5. 
 The measurement of the change in Net Asset Value Per Unit
for the purpose of calculating the Total Return is subject to adjustment by the Board of Directors of the General Partner to account for any dividend, split, recapitalization or any other similar change in the


  
 21 








 
Partnership’s capital structure or any distributions that the Board of Directors of the General Partner deems to be a return of capital if such changes are not already reflected in the
Partnership’s net assets. 
 The Special Limited Partner will not be obligated to return any portion of the Performance Allocation paid
due to the subsequent performance of the Partnership. 
 In the event the Advisory Agreement is terminated (including by means of
non-renewal), the Special Limited Partner will be allocated any accrued Performance Allocation with respect to all Partnership Units as of the date of such termination. 

(d) To the extent the Partnership is required by law to withhold or to make tax payments (including interest and penalties thereon) on behalf
of or with respect to any Partner (“Tax Advances”), the General Partner may withhold such amounts and make such tax payments as so required. All Tax Advances made on behalf of a Partner shall, at the option of the General Partner,
(i) be promptly paid to the Partnership by the Partner on whose behalf such Tax Advances were made or (ii) be repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have been
made to such Partner or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. Whenever the General Partner selects the option set forth in clause (ii) of the
immediately preceding sentence for repayment of a Tax Advance by a Partner, for all other purposes of this Partnership Agreement such Partner shall be treated as having received all distributions unreduced by the amount of such Tax Advance. Each
Partner hereby agrees to indemnify and hold harmless the Partnership and the General Partner and any member or officer of the General Partner from and against any liability with respect to Tax Advances required on behalf of or with respect to such
Partner. Each Partner shall furnish the General Partner with such information, forms and certifications as it may require and as are necessary to comply with the regulations governing the obligations of withholding tax agents, as well as such
information, forms and certifications as are necessary with respect to any withholding taxes imposed by countries other than the United States and represents and warrants that the information and forms furnished by it shall be true and accurate in
all respects. The amount of any taxes paid by or withheld from receipts of the Partnership (or any investment in which the Partnership invests that is treated as a flow-through entity for U.S. federal income tax purposes) allocable to a Partner from
an Investment shall be deemed to have been distributed to each Partner to the extent that the payment or withholding of such taxes reduced distribution proceeds otherwise distributable to such Partner as provided herein. 

(e) In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash
distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged. 

5.3. REIT Distribution Requirements. The General Partner shall use its commercially reasonable efforts to cause the Partnership
to distribute amounts sufficient to enable the General Partner to make stockholder distributions that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the
Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 

  
 22 








 5.4. No Right to Distributions in Kind. No Partner shall be entitled
to demand property other than cash in connection with any distributions by the Partnership. 
 5.5. Limitations on Return of Capital
Contributions. Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a
Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the
fair market value of the Partnership’s assets. 
 5.6. Distributions Upon Liquidation. Immediately before liquidation of
the Partnership, Class T Units will automatically convert to Class I Units at the Class T Conversion Rate, Class S Units will automatically convert to Class I Units at the Class S Conversion Rate and Class D Units will automatically convert to Class
I Units at the Class D Conversion Rate. Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans, and after payment of any accrued Performance Allocation
to the Special Limited Partner, any remaining assets of the Partnership shall be distributed to each holder of Class I Units, ratably with each other holder of Class I Units, which will include all converted Class T Units, Class S Units and Class D
Units, in such proportion as the number of outstanding Class I Units held by such holder bears to the total number of outstanding Class I Units then outstanding. 

Notwithstanding any other provision of this Agreement, the amount by which the value, as determined in good faith by the General Partner, of
any property other than cash to be distributed in kind to the Partners exceeds or is less than the Carrying Value of such property shall, to the extent not otherwise recognized by the Partnership, be taken into account in computing Profit and Loss
of the Partnership for purposes of crediting or charging the Capital Accounts of, and distributing proceeds to, the Partners, pursuant to this Agreement. 

To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to
assure that adequate funds are available to pay any contingent debts or obligations. 
 5.7. Substantial Economic Effect. It
is the intent of the Partners that the allocations of Profit and Loss under this Agreement have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation of losses attributable
to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a manner consistent
with such intent. 

  
 23 








 ARTICLE 6 

RIGHTS, OBLIGATIONS AND 

POWERS OF THE GENERAL PARTNER 

6.1. Management of the Partnership. 

(a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage
and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement and without limiting
any powers of the Adviser pursuant to the Advisory Agreement, the powers of the General Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership: 

(i) to acquire, purchase, own, operate, lease and dispose of any Property; 

(ii) to construct buildings and make other improvements on the properties owned or leased by the Partnership; 

(iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including secured
and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests) of the
Partnership; 
 (iv) to borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection
therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s
assets; 
 (v) to pay, either directly or by reimbursement, for all operating costs and general administrative expenses of
the Partnership to third parties or to the General Partner or its Affiliates as set forth in this Agreement; 
 (vi) to
guarantee or become a co-maker of indebtedness of the General Partner or any Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and
secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 

(vii) to use assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with this
Agreement, including, without limitation, payment, either directly or by reimbursement, of all operating costs and general administrative expenses of the General Partner, the Partnership or any Subsidiary of either, to third parties or to the
General Partner as set forth in this Agreement; 

  
 24 








 (viii) to lease all or any portion of any of the Partnership’s assets,
whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine; 

(ix) to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of or against the Partnership,
on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or the Partnership’s assets; 

(x) to file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or
in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 
 (xi) to make or
revoke any election permitted or required of the Partnership by any taxing authority; 
 (xii) to maintain such insurance
coverage for public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such
amounts and such types, as the General Partner shall determine from time to time; 
 (xiii) to determine whether or not to
apply any insurance proceeds for any property to the restoration of such property or to distribute the same; 
 (xiv) to
establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the
General Partner may deem necessary or appropriate in connection with the Partnership business and to pay therefor such remuneration as the General Partner may deem reasonable and proper; 

(xv) to retain other services of any kind or nature in connection with the Partnership business, and to pay therefor such
remuneration as the General Partner may deem reasonable and proper; 
 (xvi) to negotiate and conclude agreements on behalf
of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner; 
 (xvii) to
maintain accurate accounting records and to file all federal, state and local income tax returns on behalf of the Partnership; 

(xviii) to distribute Partnership cash or other Partnership assets in accordance with this Agreement; 

(xix) to form or acquire an interest in, and contribute property to, any further limited or general partnerships, joint
ventures or other relationships that the General Partner deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other Person in which it has an equity interest
from time to time); 

  
 25 








 (xx) to establish Partnership reserves for working capital, capital expenditures,
contingent liabilities, or any other valid Partnership purpose; 
 (xxi) to merge, consolidate or combine the Partnership
with or into another Person; 
 (xxii) to do any and all acts and things necessary or prudent to ensure that the Partnership
will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code; and 

(xxiii) to take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform
any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all actions consistent with allowing the
General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. 

(b) Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third
parties, the General Partner shall not have any obligations hereunder except to the extent that Partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require
the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 

6.2. Delegation of Authority. The General Partner may delegate any or all of its powers, rights and obligations hereunder to any
Person, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person (which may include the Adviser) may, under supervision of the General Partner, perform any acts or
services for the Partnership as the General Partner may approve. 
 6.3. Indemnification and Exculpation of Indemnitees. 

(a) To the fullest extent permitted by law, the Partnership shall indemnify and hereby agrees to indemnify and hold harmless an Indemnitee
from and against any and all losses, claims, damages, liabilities, joint or several, costs and expenses (including reasonable legal fees and expenses), judgments, fines, settlements, penalties and other amounts arising from any and all claims,
demands, actions, suits or proceedings, civil, criminal, administrative or investigative, of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by any Indemnitee and that relate to the operations of the
Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was material to the matter
giving rise to the proceeding and constituted willful misconduct or gross negligence; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; 

  
 26 








 
or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. The termination of any proceeding by settlement,
judgment, order or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that an Indemnitee did not act in good faith and in a manner that the Indemnitee believed to be in or not opposed to the best interests of
the Partnership or that the Indemnitee’s conduct constituted fraud, willful misconduct, gross negligence, a material breach of this Agreement, a breach of its fiduciary duty or, with respect to any criminal action or proceeding, an Indemnitee
had no reasonable cause to believe his conduct was unlawful. Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership. 

(b) The Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance
of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership
as authorized in this Section 6.3 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 

(c) The indemnification provided by this Section 6.3 shall be in addition to any other rights to which an Indemnitee or any other Person
may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 

(d) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall
determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person
against such liability under the provisions of this Agreement. 
 (e) For purposes of this Section 6.3, the Partnership shall be deemed
to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or
beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3; and actions taken or omitted by the Indemnitee
with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the
best interests of the Partnership. 
 (f) In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the
indemnification provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be denied indemnification in whole or in part under
this Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement and the Articles of Incorporation. 

(h) The provisions of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and
shall not be deemed to create any rights for the benefit of any other Persons. 

  
 27 








 6.4. Liability and Obligations of the General Partner. 

(a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the
Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission not amounting to willful misconduct or gross negligence. The General Partner shall not be in breach of any duty that
the General Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this
Agreement. 
 (b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself and its
stockholders collectively, and that neither the General Partner nor its Board of Directors is under any obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or
the tax consequences of some, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and the
Limited Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner directly
owns a controlling interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall be
resolved in favor of the stockholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General
Partner has acted in good faith. 
 (c) Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the
General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or
negligence on the part of any such agent appointed by it in good faith. 
 (d) Notwithstanding any other provisions of this Agreement or the
Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or
advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT, (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the
Code, or (iii) to ensure that the Partnership will not be classified as a “publicly traded partnership” under section 7704 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited
Partners. 
 (e) Any amendment, modification or repeal of this Section 6.4 or any provision hereof shall be prospective only and shall
not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment, modification or repeal with respect to matters
occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 

  
 28 








 6.5. Reimbursement of General Partner. 

(a) Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding
distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 

(b) The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and
absolute discretion, for all Administrative Expenses incurred by the General Partner. 
 6.6. Outside Activities. 

(a) Subject to Section 6.8 hereof, the Articles of Incorporation and any agreements entered into by the General Partner or its
Affiliates with the Partnership or any of its Subsidiaries, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner shall be entitled to and may have, directly or indirectly, business interests and engage in
business activities in addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited Partners shall have any
rights by virtue of this Agreement in any such business ventures, interests or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any
such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to communicate or offer any opportunities or interest in any such business ventures, interests and activities to the
Partnership or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person, even if it may raise a conflict of interest with the Limited Partners or the
Partnership. The General Partner will not be liable for breach of any fiduciary or other duty by reason of the fact that such party pursues or acquires for, or directs such opportunity or interest to another Person or does not communicate or offer
such opportunity or interest to the Partnership. 
 (b) No Limited Partner shall, by reason of being a Limited Partner in the Partnership,
have any right to participate in any manner in any profits or income earned or derived by or accruing to the General Partner and its respective Affiliates, or the respective members, partners, officers, directors, employees, stockholders, agents or
representatives thereof from the conduct of any business other than the business of the Partnership or from any transaction in instruments effected by the General Partner and its Affiliates or the respective members, partners, stockholders,
officers, directors, employees or agents thereof for any account other than that of the Partnership. 

  
 29 








 6.7. Transactions With Affiliates. 

(a) Any Affiliate of the General Partner or the Adviser may be employed or retained by the Partnership and may otherwise deal with the
Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner
determines to be fair and reasonable. 
 (b) The Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an
equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any
Subsidiary or any other Person. 
 (c) The Partnership may transfer assets to joint ventures, other partnerships, corporations or other
business entities in which it is or thereby becomes a participant, and in which any of its Affiliates may or may not be a participant, upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement,
applicable law, the Articles of Incorporation and the REIT status of the General Partner. 
 (d) Except as expressly permitted by this
Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are, in the General
Partner’s sole discretion, on terms that are fair and reasonable to the Partnership and in compliance with the Articles of Incorporation. 

6.8. Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether
tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the
Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any
Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions
of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded
as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 

6.9. Repurchases and Exchanges of REIT Shares. 

(a) Repurchases. If the General Partner repurchases any REIT Shares (other than REIT Shares repurchased with proceeds received from the
issuance of other REIT Shares), then the General Partner shall cause the Partnership to purchase from the General Partner a number of Partnership Units having the same Class designation as the redeemed REIT Shares for that Class of Partnership Units
on the same terms that the General Partner repurchased such REIT Shares (including any applicable discount to Net Asset Value). 
 (b)
Exchanges. If the General Partner exchanges any REIT Shares of any Class (“Exchanged REIT Shares”) for, or converts any REIT Shares of any Class to, REIT Shares of a different Class (“Received REIT Shares”), then the
General Partner shall, and shall cause the Partnership to, exchange or convert a number of Partnership Units having the same Class designation as the Exchanged REIT Shares, for Partnership Units having the same Class designation as the Received REIT
Shares on the same terms that the General Partner exchanged or converted the Exchanged REIT Shares. 

  
 30 








 6.10. No Duplication of Fees or Expenses. The Partnership may not
incur or be responsible for any fee or expense (in connection with an Offering or otherwise) that would be duplicative of fees and expenses paid by the General Partner. 

ARTICLE 7 
 CHANGES
IN GENERAL PARTNER 
 7.1. Transfer of the General Partner’s Partnership Interest. 

(a) The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as
provided in, or in connection with a transaction contemplated by, Section 7.1(c), (d) or (e). 
 (b) Except as otherwise provided
in Section 6.4(b) or Section 7.1(d) or (e) hereof, the General Partner shall not engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in
connection with a change in the General Partner’s state of incorporation or organizational form) in each case which results in a change of control of the General Partner (a “Transaction”), unless: 

(i) the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners is obtained; 

(ii) as a result of such Transaction all Limited Partners will receive for each Partnership Unit of each Class an amount of
cash, securities, or other property equal to the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share having the same Class designation as that Partnership Unit in consideration of such REIT
Share; provided that if, in connection with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each holder of Partnership
Units shall be given the option to exchange its Partnership Units for the greatest amount of cash, securities, or other property which a Limited Partner holding Partnership Units would have received had it (1) exercised its Redemption Right and
(2) sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the Redemption Right immediately prior to the expiration of the Offer; or 

(iii) the General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do not
receive cash, securities, or other property in the Transaction or (B) all Limited Partners receive in exchange for their Partnership Units of each Class, an amount of cash, securities, or other property (expressed as an amount per REIT Share)
that is no less than the greatest amount of cash, securities, or other property (expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares having the same Class designation as the Partnership Units being
exchanged. 

  
 31 








 (c) Notwithstanding Section 7.1(c), the General Partner may merge with or into or
consolidate with another entity if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Survivor”), other than Partnership Units held by the General Partner, are
contributed, directly or indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Survivor in good faith and
(ii) the Survivor expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this
Section 7.1(d). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount and the REIT Shares Amount after any such merger or consolidation so as to approximate the existing method for such calculation as
closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Shares of each Class
or options, warrants or other rights relating thereto, and which a holder of Partnership Units of any Class could have acquired had such Partnership Units been exchanged immediately prior to such merger or consolidation. Such amendment to this
Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for in Section 4.3(a)(ii). The Survivor also shall in good faith modify the definition
of REIT Shares and make such amendments to Section 8.5 so as to approximate the existing rights and obligations set forth in Section 8.5 as closely as reasonably possible. The above provisions of this Section 7.1(d) shall similarly
apply to successive mergers or consolidations permitted hereunder. 
 In respect of any transaction described in the preceding paragraph,
the General Partner is required to use its commercially reasonable efforts to structure such transaction to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the occurrence of or their participation
in such transaction, provided such efforts are consistent with the exercise of the Board of Directors’ fiduciary duties to the stockholders of the General Partner under applicable law. 

(d) Notwithstanding Section 7.1(c), a General Partner may transfer all or any portion of its General Partnership Interest to (A) a
wholly-owned Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner. 

  
 32 








 7.2. Admission of a Substitute or Additional General Partner. A
Person shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied: 

(a) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and
provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the
admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 in connection with such admission shall have been performed; 

(b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall have provided the
Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 

(c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel and the state or any other
jurisdiction as may be necessary) that (x) the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act and (y) none of the actions taken in connection with the admission of such
Person as a substitute or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal tax purposes, or (ii) the loss of any Limited Partner’s limited liability. 

7.3. Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General Partner. 

(a) Upon the occurrence of an Event of Bankruptcy as to the sole remaining General Partner (and its removal pursuant to Section 7.4(a))
or the death, withdrawal, removal or dissolution of the sole remaining General Partner (except that, if the sole remaining General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as
to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and
terminated unless the Partnership is continued pursuant to Section 7.3(b). The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 shall not be deemed
to be the withdrawal, dissolution or removal of the General Partner. 
 (b) Following the occurrence of an Event of Bankruptcy as to the
sole remaining General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of the sole remaining General Partner (except that, if the sole remaining General Partner is, on the date of
such occurrence, a partnership, the withdrawal of, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is
continued by the remaining partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership by selecting, subject to Section 7.2 and any other provisions of this
Agreement, a substitute General Partner by consent of the Limited Partners holding a majority of the Percentage Interests of all Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute
General Partner, the relationship with the Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement. 

  
 33 








 7.4. Removal of a General Partner. 

(a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed to be
removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death or dissolution of, Event of Bankruptcy as to, or removal of, a partner in, such partnership shall be deemed
not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause. 

(b) If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3,
such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by the Limited Partners in accordance with Section 7.3(b) and otherwise admitted to the
Partnership in accordance with Section 7.2. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General Partnership Interest of such removed
General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and the Limited Partners holding a majority of the
Percentage Interests of all Limited Partners within 10 days following the removal of the General Partner. If the parties are unable to agree upon an appraiser, the removed General Partner and the Limited Partners holding a majority of the
Percentage Interests of all Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within 30 days of the
General Partner’s removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by
more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed
General Partner’s General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership Interest shall be the average of
the two appraisals closest in value. 
 (c) The General Partnership Interest of a removed General Partner, during the time after default
until transfer under Section 7.4(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the Partnership, and shall
not be entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall receive and be entitled only
to retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b). 

(d) All Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be
legally necessary, desirable and sufficient to effect all the foregoing provisions of this Section. 

  
 34 








 ARTICLE 8 

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 

8.1. Management of the Partnership. The Limited Partners shall not participate in the management or control of
Partnership business nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner. 

8.2. Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful
attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all documents, certificates,
and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and shall survive the
death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. 

8.3. Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities,
contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner
shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership. 

8.4. Ownership by Limited Partner of Corporate General Partner or Affiliate. No Limited Partner shall at any time,
either directly or indirectly, own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction with other stock or other interests owned by other Limited Partners would, in the
opinion of counsel for the Partnership, jeopardize the classification of the Partnership as a partnership for federal tax purposes. The General Partner shall be entitled to make such reasonable inquiry of the Limited Partners as is required to
establish compliance by the Limited Partners with the provisions of this Section. 
 8.5. Redemption Right. 

(a) Subject to this Section 8.5 and the provisions of any agreements between the Partnership and one or more Limited Partners with
respect to Partnership Units held by them, each Limited Partner other than the General Partner, after holding any Partnership Units for at least one year, shall have the right (subject to the terms and conditions set forth herein) to require the
Partnership to redeem (a “Redemption”) all or a portion of such Partnership Units (the “Tendered Units”) in exchange (a “Redemption Right”) for REIT Shares issuable on, or the Cash Amount payable on, the Specified
Redemption Date, as determined by the General Partner in its 

  
 35 








 
sole discretion. Any Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General Partner) by the Limited Partner exercising the
Redemption Right (the “Tendering Party”). Within 15 days of receipt of a Notice of Redemption, the Partnership will send to the Limited Partner submitting the Notice of Redemption a response stating whether the General Partner has
determined the applicable Partnership Units will be redeemed for REIT Shares or the Cash Amount. In either case, the Limited Partner shall be entitled to withdraw the Notice of Redemption if (i) it provides notice to the Partnership that it
wishes to withdraw the request and (ii) the Partnership receives the notice no less than two business days prior to the Specified Redemption Date. Notwithstanding the foregoing, the Special Limited Partner and the Adviser shall have the right
to require the Partnership to redeem all or a portion of their Class I Units pursuant to this Section 8.5 at any time irrespective of the period the Partnership Units have been held by the Special Limited Partner or the Adviser. The Partnership
shall redeem any such Class I Units of the Special Limited Partner or the Adviser for the Cash Amount unless the Board of Directors of the General Partner determines that any such redemption for cash would be prohibited by applicable law or this
Agreement, in which case such Class I Units will be redeemed for an amount of Class I REIT Shares with an aggregate Net Asset Value equivalent to the aggregate Net Asset Value of such Class I Units. 

No Limited Partner, other than the Special Limited Partner and the Adviser, may deliver more than two Notices of Redemption during each
calendar year. A Limited Partner other than the Special Limited Partner and the Adviser may not exercise the Redemption Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the
Partnership Units held by such Partner. The Tendering Party shall have no right, with respect to any Partnership Units so redeemed, to receive any distribution paid with respect to Partnership Units if the record date for such distribution is on or
after the Specified Redemption Date. 
 (b) If the General Partner elects to redeem Tendered Units for REIT Shares rather than cash, then
the Partnership shall direct the General Partner to issue and deliver such REIT Shares to the Tendering Party pursuant to the terms set forth in this Section 8.5(b), in which case, (i) the General Partner, acting as a distinct legal
entity, shall assume directly the obligation with respect thereto and shall satisfy the Tendering Party’s exercise of its Redemption Right, and (ii) such transaction shall be treated, for federal income tax purposes, as a transfer by the
Tendering Party of such Tendered Units to the General Partner in exchange for REIT Shares. The percentage of the Tendered Units tendered for Redemption by the Tendering Party for which the General Partner elects to issue REIT Shares (rather than
cash) is referred to as the “Applicable Percentage.” In making such election to acquire Tendered Units, the Partnership shall act in a fair, equitable and reasonable manner that neither prefers one group or class of Limited Partners over
another nor discriminates against a group or class of Limited Partners. If the Partnership elects to redeem any number of Tendered Units for REIT Shares rather than cash, on the Specified Redemption Date, the Tendering Party shall sell such number
of the Tendered Units to the General Partner in exchange for a number of REIT Shares equal to the product of the REIT Shares Amount and the Applicable Percentage. The product of the Applicable Percentage and the REIT Shares Amount, if applicable,
shall be delivered by the General Partner as duly authorized, validly issued, fully paid and non-assessable REIT Shares free of any pledge, lien, encumbrance or restriction, other than the Aggregate Share Ownership Limit (as calculated in accordance
with the Articles of Incorporation) and other restrictions provided in the Article of 

  
 36 








 
Incorporation, the bylaws of the General Partner, the Securities Act and relevant state securities or “blue sky” laws. Notwithstanding the provisions of Section 8.5(a) and this
Section 8.5(b), the Tendering Parties shall have no rights under this Agreement that would otherwise be prohibited under the Articles of Incorporation. 

(c) In connection with an exercise of Redemption Rights pursuant to this Section 8.5, the Tendering Party shall submit the following to
the General Partner, in addition to the Notice of Redemption: 
 (1) A written affidavit, dated the same date as the Notice
of Redemption, (a) disclosing the actual and constructive ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Tendering Party and (ii) any Related Party and
(b) representing that, after giving effect to the Redemption, neither the Tendering Party nor any Related Party will own REIT Shares in excess of the Aggregate Share Ownership Limit (or, if applicable the Excepted Holder Limit); 

(2) A written representation that neither the Tendering Party nor any Related Party has any intention to acquire any additional
REIT Shares prior to the closing of the Redemption on the Specified Redemption Date 
 (3) An undertaking to certify, at and
as a condition to the closing of the Redemption on the Specified Redemption Date, that either (a) the actual and constructive ownership of REIT Shares by the Tendering Party and any Related Party remain unchanged from that disclosed in the
affidavit required by Section 8.5(c)(1) or (b) after giving effect to the Redemption, neither the Tendering Party nor any Related Party shall own REIT Shares in violation of the Aggregate Share Ownership Limit (or, if applicable, the
Excepted Holder Limit); and 
 (4) Any other documents as the General Partner may reasonably require. 

(d) Any Cash Amount to be paid to a Tendering Party pursuant to this Section 8.5 shall be paid on the Specified Redemption Date;
provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 180 days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide
financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of Tendered Units hereunder to occur as quickly as reasonably
possible. 
 (e) Notwithstanding any other provision of this Agreement, the General Partner shall place appropriate restrictions on the
ability of the Limited Partners to exercise their Redemption Rights to prevent, among other things, (a) any person from owning shares in excess of the Common Share Ownership Limit, the Aggregate Share Ownership Limit and the Excepted Holder
Limit, (b) the General Partner’s common stock from being owned by less than 100 persons, the General Partner from being “closely held” within the meaning of section 856(h) of 

  
 37 








 
the Code, and as and if deemed necessary to ensure that the Partnership does not constitute a “publicly traded partnership” under section 7704 of the Code. If and when the General
Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a “Restriction Notice”) to each of the Limited Partners holding Partnership Units, which notice shall be
accompanied by a copy of an opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid having the Partnership be treated as a “publicly traded partnership” under
section 7704 of the Code. 
 (f) A redemption fee may be charged (other than to the Adviser, Special Limited Partner or their Affiliates) in
connection with an exercise of Redemption Rights pursuant to this Section 8.5. 
 ARTICLE 9 

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 

9.1. Purchase for Investment. 

(a) Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of his Partnership
Interest is made as a principal for his account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. 

(b) Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest or any fraction thereof, whether
voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer
such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 
 9.2. Restrictions
on Transfer of Limited Partnership Interests. 
 (a) Subject to the provisions of Section 9.2(b) and (c), no Limited Partner
may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at
judicial sale or otherwise (collectively, a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion; provided that the Special Limited Partner may transfer all or
any portion of its Limited Partnership Interest, or any of its economic rights as a Limited Partner, to any of its Affiliates without the consent of the General Partner. Any such purported transfer undertaken without such consent shall be considered
to be null and void ab initio and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith. 

(b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented to as
contemplated by clause (a) above or 

  
 38 








 
clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Partnership Interest pursuant to this Article 9 or pursuant to a redemption of all of its
Partnership Units pursuant to Section 8.5. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 

(c) Notwithstanding Section 9.2(a) and subject to Sections 9.2(d), (e) and (f) below, a Limited Partner may Transfer,
without the consent of the General Partner, all or a portion of its Partnership Interest to (i) a parent or parent’s spouse, natural or adopted descendant or descendants, spouse of such descendant, or brother or sister, or a trust created
by such Limited Partner for the benefit of such Limited Partner and/or any such person(s), of which trust such Limited Partner or any such person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or
(iii) if the Limited Partner is an entity, its beneficial owners. 
 (d) No Limited Partner may effect a Transfer of its Limited
Partnership Interest, in whole or in part, without the consent of the General Partner, which may be withheld in its sole and absolute discretion, if, in the opinion of legal counsel for the Partnership, such proposed Transfer would require the
registration of the Limited Partnership Interest under the Securities Act or would otherwise violate any applicable federal or state securities or blue sky law (including investment suitability standards). 

(e) No Transfer by a Limited Partner of its Partnership Interest, in whole or in part, may be made to any Person without the consent of the
General Partner, which may be withheld in its sole and absolute discretion, if (i) in the opinion of legal counsel for the Partnership, the transfer would result in the Partnership’s being treated as an association taxable as a corporation
(other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code and the General Partner determines such treatment would be in the best interest of the Partnership), (ii) in the opinion of legal counsel for the
Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code, (iii) in the opinion of
legal counsel for the Partnership, the transfer would cause the Partnership not to qualify for the safe harbor described in U.S. Treasury Regulations Section 1.7704-1(h), or (iv) such transfer is effectuated through an “established
securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code. 

(f) No transfer by a Limited Partner of any Partnership Interest may be made to a lender to the Partnership or any Person who is related
(within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner,
which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender may be required to enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount
any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a Partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code.

 (g) Any Transfer in contravention of any of the provisions of this Article 9 shall be void and ineffectual and shall not be binding
upon, or recognized by, the Partnership. 
 (h) Prior to the consummation of any Transfer under this Article 9, the transferor and/or
the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer. 

  
 39 








 9.3. Admission of Substitute Limited Partner. 

(a) Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall
be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner and
upon the satisfactory completion of the following: 
 (i) The assignee shall have accepted and agreed to be bound by the
terms and provisions of this Agreement by executing a counterpart or an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the General Partner may require in order to effect the admission of such Person
as a Limited Partner. 
 (ii) To the extent required, an amended Certificate evidencing the admission of such Person as a
Limited Partner shall have been signed, acknowledged and filed for record in accordance with the Act. 
 (iii) The assignee
shall have delivered a letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 

(iv) If the assignee is a corporation, partnership or trust, the assignee shall have provided the General Partner with evidence
satisfactory to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the terms and provisions of this Agreement. 

(v) The assignee shall have executed a power of attorney containing the terms and provisions set forth in Section 8.2
hereof. 
 (vi) The assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner and
filing and publication costs in connection with its substitution as a Limited Partner. 
 (vii) The assignee has obtained the
prior written consent of the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion. 

(b) For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall be
treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer
documents or the date on which the General Partner has received all necessary instruments of transfer and substitution. 
 (c) The General
Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as
promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person as a Limited Partner of the Partnership. 

  
 40 








 9.4. Rights of Assignees of Partnership Interests. 

(a) Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership shall not be
obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. 

(b) Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but does not become a
Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner desiring to make
an assignment of its Limited Partnership Interest. 
 9.5. Effect of Bankruptcy, Death, Incompetence or Termination of a Limited
Partner. The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not
cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies,
his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as
the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

 9.6. Joint Ownership of Interests. A Partnership Interest may be acquired by two individuals as joint tenants with right of
survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest shall be required to constitute the
action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the counsel for the Partnership that the
actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a right of survivorship, the
Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held Partnership Interest until it shall have received notice
of such death. Upon notice to the General Partner from either owner, the General Partner shall cause the Partnership Interest to be divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former
owners. 

  
 41 








 ARTICLE 10 

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 

10.1. Books and Records. At all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at
the Partnership’s specified office true and complete books of account in accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a
copy of the Certificate of Limited Partnership and all Certificates of amendment thereto, (c) copies of the Partnership’s federal, state and local income tax returns and reports, (d) copies of this Agreement and amendments thereto and
any financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of collection, duplication and
mailing, shall be entitled to inspect or copy such records during ordinary business hours. 
 10.2. Custody of Partnership Funds; Bank
Accounts. 
 (a) All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such
banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 

(b) All deposits and other funds not needed in the operation of the business of the Partnership may be invested in any manner determined by
the General Partner in its sole discretion. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment permitted by this Section 10.2(b). 

10.3. Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be the calendar year. 

10.4. Annual Tax Information and Report. Within 90 days after the end of each fiscal year of the Partnership (subject to
reasonable delays in the event of the late receipt of any necessary financial statements of the Person in which the Partnership holds a Property), the General Partner shall furnish to each person who was a Limited Partner at any time during such
year the tax information necessary to file such Limited Partner’s individual tax returns as required by law. 
 10.5. Tax Matters
Partner; Tax Elections; Special Basis Adjustments. 
 (a) The General Partner shall (i) for taxable years beginning on or
before December 31, 2017, be the “Tax Matters Partner” of the Partnership within the meaning of Section 6231(a)(7) of the Code and (ii) for taxable years beginning on or after January 1, 2018, act as or appoint the
“Partnership Representative” within the meaning of Section 6223(a) of the Code (as amended by the Bipartisan Budget Act of 2015). As Tax Matters Partner or Partnership Representative, as applicable, the General Partner (or its
appointee) shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner or Partnership Representative. The General Partner (or its appointee) shall have


  
 42 








 
the right to retain professional assistance in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner (or its appointee) on
behalf of the Partnership as Tax Matters Partner or Partnership Representative, as applicable, shall constitute Partnership expenses. 
 (b)
All elections required or permitted to be made by the Partnership under the Code or any applicable state, local or foreign tax law shall be made by the General Partner in its sole and absolute discretion 

(c) In the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option of the General
Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Partnership’s assets. Notwithstanding anything contained in Article 5, any adjustments made pursuant to Section 754 of the Code shall affect only
the successor in interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other Partners for any purpose under this Agreement. Each Partner will furnish the
Partnership with all information necessary to give effect to such election. 
 10.6. Reports to Limited Partners. As soon as
practicable after the close of each fiscal year, but in no event later than the date on which the General Partner mails its annual report to holders of the REIT Shares, the General Partner shall cause to be mailed to each Limited Partner an annual
report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted
accounting principles. The annual financial statements shall be audited by accountants selected by the General Partner. 
 ARTICLE 11

 AMENDMENT OF AGREEMENT; MERGER 

The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the
Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any other partnership or business entity (as defined in Section 17-211 of the Act) in a transaction pursuant to Section 7.1(c),
(d) or (e) hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall require the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited
Partners: 
 (a) any amendment affecting the operation of the Redemption Right (except as provided in Section 8.5(d), 7.1(c) or 7.1(d))
in a manner adverse to the Limited Partners; 
 (b) any amendment that would adversely affect the rights of the Limited Partners to receive
the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.3; 

(c) any amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited Partners, other than with respect to
the issuance of additional Partnership Units pursuant to Section 4.3; or 
 (d) any amendment that would impose on the Limited Partners
any obligation to make additional Capital Contributions to the Partnership. 

  
 43 








 ARTICLE 12 

GENERAL PROVISIONS 

12.1. Notices. All communications required or permitted under this Agreement shall be in writing and shall be deemed to have
been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth in Exhibit A; provided, however, that any Partner may
specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office. 

12.2. Survival of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to
the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns. 
 12.3.
Additional Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this
Agreement or the Act. 
 12.4. Severability. If any provision of this Agreement shall be declared illegal, invalid, or
unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 

12.5. Entire Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and
supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. 

12.6. Pronouns and Plurals. When the context in which words are used in the Agreement indicates that such is the intent, words
in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require. 

12.7. Headings. The Article headings or sections in this Agreement are for convenience only and shall not be used in
construing the scope of this Agreement or any particular Article. 
 12.8. Counterparts. This Agreement may be executed in
several counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same
counterpart. 
 12.9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware. 

  
 44 








 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Agreement
of Limited Partnership, all as of the date first set forth above. 
  

					
	GENERAL PARTNER:
	
	BLACKSTONE REAL ESTATE INCOME TRUST, INC.
		
	By:	 	 /s/ Judy Turchin

		 	Name:	 	Judy Turchin
		 	Title:	 	Chief Legal Officer and Chief Compliance Officer
	
	SPECIAL LIMITED PARTNER:
	
	BREIT SPECIAL LIMITED PARTNER L.L.C.
		
	By:	 	 /s/ Judy Turchin

		 	Name:	 	Judy Turchin
		 	Title:	 	Authorized Signatory









 EXHIBIT A 
  

																															
	 Partner
	  	 Type of

Interest
	  	Contribution	 	  	Agreed Value of
Contribution	 	  	Class T
Units	 	  	Class S
Units	 	  	Class D
Units	 	  	Class I
Units	 	  	Percentage
Interest	 
	 GENERAL PARTNER:
	  		  				  				  				  				  				  				  			
	 Blackstone Real Estate Income Trust, Inc.

345 Park Avenue

New York, NY 10154
	  	General Partnership Interest	  	 	N/A	  	  	$	 N/A	  	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  
		  	Limited Partnership Interest	  	$	200,000	  	  	$	200,000	  	  	 	0	  	  	 	0	  	  	 	0	  	  	 	20,000	  	  	 	0	  
									
	 LIMITED PARTNERS:
	  		  				  				  				  				  				  				  			
		  		  				  				  				  				  				  				  			
		  		  				  				  				  				  				  				  			
		  		  				  				  				  				  				  				  			
		  		  				  				  				  				  				  				  			
		  		  				  				  				  				  				  				  			
		  		  				  				  				  				  				  				  			
	 Totals
	  		  	$	 	  	  	$	 	  	  				  				  				  				  			
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 SPECIAL LIMITED PARTNER: 

BREIT Special Limited Partner L.L.C. 
 345 Park Avenue 

New York, NY 10154 

  
 A-1 








 EXHIBIT B 

NOTICE OF EXERCISE OF REDEMPTION RIGHT 

In accordance with Section 8.5 of the Limited Partnership Agreement (the “Agreement”) of BREIT Operating Partnership L.P., the
undersigned hereby irrevocably (i) presents for redemption                      Partnership Units in BREIT Operating Partnership L.P. in
accordance with the terms of the Agreement and the Redemption Right referred to in Section 8.5 thereof, (ii) surrenders such Partnership Units and all right, title and interest therein, and (iii) directs that the Cash Amount or REIT
Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Redemption Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered,
such REIT Shares be registered or placed in the name(s) and at the address(es) specified below. 
  

							
	Dated:              ,         	 		 		 	  

		 		 		 	(Name of Limited Partner)
				
		 		 		 	  

		 		 		 	(Signature of Limited Partner)
				
		 		 		 	  

		 		 		 	(Mailing Address)
				
		 		 		 	  

		 		 		 	(City) (State) (Zip Code)
				
		 		 		 	  

		 		 		 	Signature Guaranteed by:

  

			
	If REIT Shares are to be issued, issue to:
		
	Name:	 	  

	
	Social Security or
	Tax I.D. Number:                                
                         


  
 B-1