Document:

EX-10.5

 Exhibit 10.5 

TRADEMARK LICENSE AGREEMENT  

This TRADEMARK LICENSE AGREEMENT (“Agreement”) is effective as of the 31st day of August, 2016 (“Effective
Date”) among Blackstone TM L.L.C. (the “Licensor”), on the one hand, and Blackstone Real Estate Income Trust, Inc., a corporation organized under the laws of the State of Maryland, and BREIT Operating Partnership L.P., a
Delaware limited partnership (individually and together, “Licensee”), on the other hand. 
 WHEREAS, Licensor is the owner
of the service mark, corporate name and trade name “Blackstone”, including U.S. Registration Nos. 1,986,927 and 2,374,887 (the “Mark”); 

WHEREAS, Licensee is a real estate operating company that intends to conduct its operations as a real estate investment trust (the
“Licensee Business”); and 
 WHEREAS, Licensee desires to operate the Licensee Business using the Company Name (as defined
below) and Licensor is willing to permit Licensee to use the Company Name. 
 NOW, THEREFORE, in consideration of the premises and the
mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

1. Grant of Rights; Sublicensing.

Section 1.1. License Grant. Subject to the terms and conditions herein, Licensor hereby grants to Licensee a fully paid-up,
royalty-free, non-exclusive, non-transferable (subject to Section 8), worldwide license to use the Mark during the Term of this Agreement, solely (a) in connection with the Licensee Business and (b) as part of the trademark, corporate
name or trade name “Blackstone Real Estate Income Trust, Inc.,” “BREIT” or “Blackstone Operating Partnership L.P.” (including in the form set forth on Schedule A hereto) (collectively, the “Company
Name” ). Licensee shall have no right to use the Mark standing alone or to use any modification, stylization or derivative of (or, other than as set forth on Schedule A hereto, a logo containing) the Mark without the prior written
consent of Licensor in its sole discretion. 
 Section 1.2. Sublicensing. Licensee shall not sublicense its rights under this
Agreement except to a current or future majority-owned subsidiary of Licensee, and then only with the prior written consent of Licensor, provided that (a) no such subsidiary shall use the Mark as part of a name other than the Company Name
without the prior written consent of Licensor in its sole discretion and (b) any such sublicense shall terminate automatically, with no need for written notice, if (x) such entity ceases to be a
majority-owned subsidiary, (y) this Agreement terminates for any reason or (z) Licensor gives notice of such termination. Licensee shall be responsible for any such sublicensee’s compliance with
the provisions of this Agreement, and any breach by a sublicensee of any such provision shall constitute a breach of this Agreement by Licensee. 

Section 1.3. Subsidiaries. Neither Licensee nor any of its current or future subsidiaries shall use a new trademark,
corporate name, trade name or logo that contains the 

 
Mark without the prior written consent of Licensor in its sole discretion, and any resulting license shall be governed by a new agreement between the applicable parties and/or an amendment to
this Agreement. 
 Section 1.4. Reservation of Rights. All rights not expressly granted to Licensee in this Agreement are
reserved to Licensor. 
 2. Ownership. Licensee acknowledges and agrees that, as between the parties, Licensor is the
sole owner of all right, title and interest in and to the Mark. Licensee agrees not to do anything inconsistent with such ownership, including directly or indirectly challenging, contesting or otherwise disputing the validity or enforceability
of, or Licensor’s ownership of or right, title or interest in, the Mark (and the associated goodwill), including without limitation, arising out of or relating to any third-party claim, allegation, action, demand, proceeding or suit
(“Action”) regarding enforcement of this Agreement or involving any third party. The parties intend that any and all goodwill in the Mark arising from Licensee’s or any applicable sublicensee’s use of the Mark shall
inure solely to the benefit of Licensor. Notwithstanding the foregoing, in the event that Licensee is deemed to own any rights in the Mark, Licensee hereby irrevocably assigns (or shall cause such sublicensee to assign), without further
consideration, such rights to Licensor together with all goodwill associated therewith. 
 3. Registration. Licensor agrees
that Licensee may register the Company Name as a corporate name, provided that such registration shall not grant Licensee any interest in the Mark. Licensee shall not register a domain name or a social media identifier containing or comprising the
Mark without Licensor’s prior written consent, which shall not be unreasonably withheld, provided that (a) at Licensor’s option, Licensor may serve as the registrant or owner of record of such domain name or social media identifier,
and (b) if Licensor allows Licensee to serve as the registrant or owner of record of such domain name or social media identifier, such registration shall not grant Licensee any interest in the Mark. 

4. Use of the Company Name. 

Section 4.1. Quality Control. Licensee shall use the Mark in a manner consistent with Licensor’s high standards of and
reputation for quality, and in accordance with good trademark practice, wherever the Mark is used. Licensee shall not take any action that could reasonably be expected to be detrimental to the Mark or the goodwill associated
therewith. Licensee shall use with the Mark any applicable trademark notices as may be requested by Licensor or required under applicable laws. 

Section 4.2. Samples. Upon request by Licensor, Licensee shall furnish to Licensor representative samples of all
advertising and promotional materials in any media that use the Mark. Licensee shall make any changes to such materials that Licensor requests to comply with Section 4.1, or to preserve the validity of Licensor’s rights in the Mark.

 Section 4.3. Compliance with Laws. Licensee shall, at its sole expense, comply at all times with all applicable laws,
regulations, exchange and other rules and reputable industry practice pertaining to the Licensee Business and the use of the Mark. 

  
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 5. Termination. 

Section 5.1. Term. The term of this Agreement (“Term”) commences on the Effective Date and continues in
perpetuity, unless termination occurs pursuant to the other provisions of this Section 5. 
 Section 5.2. Termination
for Convenience. Either party may terminate this Agreement for any reason upon 90 days’ prior written notice to the other party; provided, however, that upon notification of termination by Licensee under this Section 5.2, Licensor may
elect to effect termination of this Agreement immediately at any time after 30 days from date of such notification. 

Section 5.3. Termination for Breach. If either party materially breaches one or more of its obligations hereunder, the
other party may terminate this Agreement, effective upon written notice, if the breaching party does not cure such breach within 15 days written notice thereof (or any mutually-agreed extension). Licensor may terminate this Agreement immediately,
effective upon written notice, if Licensee violates or attempts to violate Section 9. 
 Section 5.4. Termination of
Advisory Agreement. This Agreement shall terminate immediately if (a) BX REIT Advisors L.L.C. or another affiliate of Licensor is no longer acting as adviser (any such entity, the “Adviser”) to Licensee under the Advisory
Agreement, dated as of August 31, 2016 (as the same may be amended, modified or otherwise restated, the “Advisory Agreement”), or a similar agreement, or (b) if the Adviser is no longer an affiliate of Licensor. Upon
notification of termination or non-renewal of the Advisory Agreement by Licensee to Adviser, Licensor may elect to effect termination of this Agreement immediately at any time after 30 days from date of such notification. 

Section 5.5. Termination for Bankruptcy. Licensor has the right to terminate this Agreement immediately upon written notice
to Licensee if (a) either Licensee makes an assignment for the benefit of creditors; (b) either Licensee admits in writing its inability to pay debts as they mature; (c) a trustee or receiver is appointed for a substantial part of
either Licensee’s assets or (d) to the extent termination is enforceable under local law, a proceeding in bankruptcy is instituted against either Licensee which is acquiesced in, is not dismissed within 120 days, or results in an
adjudication of bankruptcy. In the event of any of the foregoing, Licensor shall have the right, in addition to its other rights and remedies, to suspend Licensee’s rights regarding the Mark while Licensee attempts to remedy the situation. 

Section 5.6. Effect of Termination; Survival. Upon termination of this Agreement for any reason, (a) Licensee shall
immediately, except as required by law, regulation or exchange rules, (i) cease all use of the Mark, (ii) at Licensor’s option, cancel or transfer to Licensor any corporate names, domain names or social media identifiers containing or
comprising the Mark and (iii) destroy all existing inventory of materials bearing the Mark, in each case, at Licensee’s expense; and (b) the parties shall cooperate so as to best preserve the value of the Mark and the Company Name.
Section 3, this Section 5.6, and Sections 7.2, 7.3, 8 and 9 shall survive termination of this Agreement. 
 6.
Infringement. Licensee shall notify Licensor promptly after it becomes aware of any actual or threatened infringement, imitation, dilution, misappropriation or other unauthorized use or conduct in derogation
(“Infringement”) of the Mark or the Company Name. Licensor shall have the sole right to bring any Action to remedy the foregoing, and Licensee shall cooperate with Licensor in same, at Licensor’s expense. 

  
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 7. Representations and Warranties; Limitations. 

Section 7.1. Each party represents and warrants to the other party that: 

(a) This Agreement is a legal, valid and binding obligation of the warranting party, enforceable against such party in accordance with its
terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to the effect of general principles of
equity (regardless of whether enforcement is considered in a proceeding at law or in equity); 
 (b) The warranting party is not subject to
any judgment, order, injunction, decree or award of any court, administrative agency or governmental body that would or might interfere with its performance of any of its material obligations hereunder; and 

(c) The warranting party has full power and authority to enter into and perform its obligations under this Agreement in accordance with its
terms. 
 SECTION 7.2. EXCEPT AS EXPRESSLY SET FORTH IN SECTION 7.1, LICENSOR MAKES NO REPRESENTATIONS OR WARRANTIES,
EXPRESS OR IMPLIED, WITH RESPECT TO THIS AGREEMENT, THE MARK OR THE COMPANY NAME, AND EXPRESSLY DISCLAIMS ALL SUCH REPRESENTATIONS AND WARRANTIES, INCLUDING ANY WITH RESPECT TO TITLE, NON-INFRINGEMENT, MERCHANTABILITY, VALUE, RELIABILITY OR FITNESS
FOR USE. LICENSEE’S USE OF THE COMPANY NAME IS ON AN “AS-IS” BASIS. 
 SECTION 7.3. EXCEPT WITH RESPECT TO
LICENSEE’S INDEMNIFICATION OBLIGATIONS UNDER SECTION 8, NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY FOR SPECIAL, INDIRECT, CONSEQUENTIAL, EXEMPLARY, PUNITIVE OR INCIDENTAL DAMAGES (INCLUDING LOST PROFITS OR GOODWILL, BUSINESS
INTERRUPTION AND THE LIKE) RELATING TO THIS AGREEMENT, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 
 8.
Indemnification. 
 Section 8.1. Indemnity by Licensee. Licensee will defend at its expense, indemnify and
hold harmless Licensor and its affiliates and their respective directors, officers, employees, agents and representatives from any losses, liabilities, damages, awards, settlements, judgments, fees, costs or expenses (including reasonable
attorneys’ fees and costs of suit) arising out of or relating to any third-party Action against any of them that arises out of or relates to (i) any breach by Licensee of this Agreement or its warranties, representations, covenants and
undertakings hereunder; (ii) Licensee’s operation of the Licensee Business; or (iii) any claim that Licensee’s use of the Mark, other than as explicitly authorized by this Agreement, Infringes the rights of a third party. 

  
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 Section 8.2. Indemnification Procedure. Licensor will promptly notify Licensee
in writing of any indemnifiable claim and promptly as practicable tender its defense to Licensee. Any delay in such notice will not relieve Licensee from its obligations to the extent it is not prejudiced thereby. Licensor will cooperate
with Licensee at Licensee’s expense. Licensee may not settle any indemnified claim without Licensor’s prior, written consent, in Licensor’s sole discretion. Licensor may participate in its defense with counsel of its own
choice at its own expense. 
 9. Assignments. Licensee may not assign, transfer, pledge, mortgage or otherwise encumber
this Agreement or its right to use the Mark, in whole or in part, without the prior written consent of Licensor in its sole discretion, except to a successor organization that is solely the result of a name change by Licensee. For the avoidance
of doubt, a merger, change of control, reorganization or sale of all or substantially all of the stock of Licensee shall be deemed an “assignment” requiring such consent, regardless of whether Licensee is the surviving
entity. Licensee acknowledges that its identity is a material condition that induced Licensor to enter into this Agreement. Any attempted action in violation of the foregoing shall be null and void ab initio and of no force or
effect, and shall result in immediate termination of this Agreement. In the event of a permitted assignment hereunder, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal
representatives, successors and permitted assigns as provided herein. 
 10. Miscellaneous. 

Section 10.1. Notice. Any notices that may or are required to be given hereunder by any party to another shall be deemed to
have been duly given if (i) personally delivered or delivered by facsimile, when received, (ii) sent by U.S. Express Mail or recognized overnight courier, on the second following business day (or third following business day if mailed
outside the United States) or (iii) delivered by electronic mail, when received: 
  

			
	LICENSOR:	  	LICENSEE:
		
	Blackstone TM L.L.C.	  	Blackstone Real Estate Income Trust, Inc.
	345 Park Avenue	  	345 Park Avenue
	New York, NY 10154	  	New York, NY 10154
	Attention: John G. Finley	  	Attention: Leon Volchyok
	Facsimile: 212.583.5749	  	Facsimile: 646.482.8986

 Section 10.2. Integration. This Agreement contains the entire agreement and understanding among
the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements (including, without limitation, any prior agreements between the Licensee and Adviser), understandings, inducements and conditions,
express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof

 Section 10.3. Recordal of Licenses. Licensee shall be entitled to (i) record a “short form” of this
Agreement, but not this Agreement in its entirety, in those jurisdictions 

  
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requiring such a recordal; and/or (ii) enter Licensee as a registered or authorized user of the Mark in those jurisdictions requiring such a recordal. Licensee shall bear all costs related
to such a recordal, and Licensor shall provide all commercially reasonable support necessary to effect such recordal of this Agreement. 

Section 10.4. Amendments. Neither this Agreement, nor any terms hereof, may be amended, supplemented or modified
except in an instrument in writing executed by the parties hereto. 
 Section 10.5. Governing Law. THIS AGREEMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATE DISTRICT COURT FOR ANY DISTRICT WITHIN SUCH STATE FOR THE PURPOSE OF ANY ACTION OR JUDGMENT RELATING TO OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED
HEREBY, AND TO THE LAYING OF VENUE IN SUCH COURT. 
 Section 10.6. Waiver of Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND
AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT. 

Section 10.7. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of a party
hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

Section 10.8. Costs and Expenses. Each party hereto shall bear its own costs and expenses (including the fees and
disbursements of counsel and accountants) incurred in connection with the negotiations and preparation of this Agreement, and all matters incident thereto. 

Section 10.9. Section Headings. The section and subsection headings in this Agreement are for convenience in reference only
and shall not be deemed to alter or affect the interpretation of any provisions hereof. 

  
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 Section 10.10. Counterparts. This Agreement may be executed by the parties to
this Agreement in any number of separate counterparts (including by facsimile), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

Section 10.11. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  
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 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the date first
written above. 
  

															
	BLACKSTONE TM L.L.C.	  		  	BLACKSTONE REAL ESTATE INCOME TRUST, INC.	  	
						
	By:	 	 /s/ John G. Finley
	  		  	By:	 	 /s/ Leon Volchyok
	  	
		 	Name:	  	John G. Finley	  		  		 	Name:	  	Leon Volchyok	  	
		 	Title:	  	Authorized Signatory	  		  		 	Title:	  	Chief Securities Counsel and Secretary	  	
						
		 		  		  		  	BREIT OPERATING PARTNERSHIP L.P.	  	
							
		 		  		  		  	By	 	Blackstone Real Estate Income Trust, Inc., as general partner	  	
							
		 		  		  		  	By:	 	 /s/ A.J. Agarwal
	  	
		 		  		  		  		 	Name:	  	A.J. Agarwal	  	
		 		  		  		  		 	Title:	  	President	  	

  
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 SCHEDULE A 

 
 

 
 Blackstone Real Estate Income Trust, Inc. 

  
 9EX-10.6

 Exhibit 10.6 
  

			
	 Street Smart. World Wise.
	  	

 VALUATION SERVICES AGREEMENT 

June 9, 2016 
 Mr. Paul Quinlan 

Blackstone Real Estate Income Trust, Inc. 
 345 Park Avenue 

New York, NY 10154 
 Dear Mr. Quinlan: 

This agreement by and between Altus Group U.S. Inc. (“Altus” or “we” or “us”) and Blackstone Real Estate Income Trust, Inc. and
BREIT Operating Partnership L.P. (together, the “REIT” or “you” or “Client”), shall become effective on the date that the REIT commences operations. BX REIT Advisors L.L.C. (“Blackstone”) acts as investment
adviser of the REIT and is primarily responsible for the valuation of the REIT’s properties and investments. This agreement sets forth the scope of services, consisting of either a monthly valuation process (“Monthly Valuation
Services”) or a daily valuation process (“Daily Valuation Services”), which Altus will provide to the REIT and to Blackstone to assist in its valuation services to the REIT. The REIT currently contemplates using Monthly Valuation
Services, which may be converted to Daily Valuation Services. The terms of the Monthly Valuation Services and Daily Valuation Services to Blackstone are included herein. 

OBJECTIVE 
 The objective of this agreement is to provide
the services described in “Scope of Services” below and in Exhibit A hereto (“Services”) to the REIT and Blackstone that will include, among other things, appraisal review, review of internal valuations, conducting
appraisals (under certain circumstances), review of valuation guidelines, and possible maintenance and administration of internet-based systems (Altus DataBridge) that will assist Blackstone in the coordination of its valuation process. If the REIT
elects to receive Daily Valuation Services, the parties hereto shall confer, diligently and in good faith, and agree upon the scope of services for such daily valuation. 

SCOPE OF SERVICES 
 Altus’ valuation advisory
services responsibilities include performing reviews of third-party appraisal reports, performing reviews of Blackstone’s internal valuation results, conducting appraisals (under certain circumstances) and performing reviews of valuation
guidelines. The review process will be for the purpose of valuation confirmation, reasonableness of cash flow assumptions, engagement compliance and compliance with Uniform Standards of Professional Appraisal Practice (USPAP), as well as compliance
with standards promoted by REIS. At the end of each month, a USPAP Standard 3-1 compliant report will be produced and delivered to Blackstone. 

	 	A.	Mandatory use of the Standard Executive Summary 

 It will be required that all external valuations
incorporate the use of the standard executive summary (“The Summary”). The Summary provides an itemized account of all significant valuation parameters presented in an easy-to-read Excel Workbook, and provides the reader with a quick
overview of the entire property and a summary comparison of valuation parameters from the previous period(s). The Summary is required for data collection input into Altus DataBridge. The Summary is consistent with NCREIF standards. 

 

	 	B.	Third-Party Appraisal Reviews 

 Altus’ valuation advisory services responsibilities include
performing reviews of third-party appraisal reports and coordination of third-party appraisers. For each property in the portfolio, a third-party appraisal report shall be completed at a minimum of once annually. Completed appraisals and supporting
cash flow models will be submitted to Altus for review and comment. Upon completion of the review process, the final appraisal reports will be submitted to the REIT. 

On an annual basis, Altus shall provide Blackstone with a list of proposed appraisal firms for Blackstone’s approval – upon receipt of such
approval, these firms will be designated as “Approved Appraisal Firms”. Blackstone may amend the list of Approved Appraisal Firms at any time at its discretion. In addition, for each property or investment, Altus shall provide Blackstone
with a list of potential appraisers from the list of Approved Appraisal Firms, including the proposed individual appraiser. Such list for each property or investment will also be subject to Blackstone’s approval. 

In accordance with Exhibit D, the review process will consist of analyzing the methods employed, evaluating key assumptions applied, and the support
thereof in the external appraisals. It will also include determining the appropriateness of the third-party appraiser’s methods and the reasonableness of its conclusions. Specific review criteria are established based on industry best practices
for a thorough appraisal review process. The criteria are intended to ensure that appraisals are accurately reviewed and all material changes in value are addressed. Third-party appraisers will consider the valuation of properties at a
portfolio-level when practical. 
 The respective Blackstone property manager will assist in verifying the accuracy of factual data in the external
appraisal reports. Data checked should include property description, accuracy of the rent roll, assumptions for the timing and rental terms of vacancy absorption, recommended market rents for each suite or unit, and the extent the market and the
property’s position within its market is appropriately identified and defined. 
 Altus will provide written acknowledgements (each, a “Review
Letter”) with respect to each third-party appraisal of a property that the appraised values are reasonable. 

  
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	 	C.	Review of Internal Valuations 

 The REIT’s properties will be externally appraised on an annual
basis in a staggered rotation. In addition, properties will be marked-to-market through an internal Blackstone valuation process on a monthly basis during the interim eleven months. The internal valuations will be prepared by Blackstone, and
supplied by Blackstone to Altus for review. While Blackstone maintains responsibility for the accuracy of the rent roll and analytical structures within the model, the scope of services is intended to include general review of the internal valuation
model and its analytical integrity. 
 Altus will work with Blackstone to ensure that all events which may have a significant impact on the REIT’s
valuation (“Material Events”) are reflected in internal valuation adjustments to the REIT. These Material Events may involve individual properties; specific property types, markets, or geographic regions; capital market events; or other
factors which Altus and Blackstone may consider to have a material impact on valuation. Examples of Material Events may include: a Chapter 11 filing by a national retailer with announced store closures involving REIT properties; an unexpected
default and mid-term move out by a significant tenant; transactional evidence indicating a shift in pricing for Class A apartment properties in top tier coastal markets; new leases; vacancies; etc. 

With specific consideration of the major assumptions and associated rates of return, Blackstone and Altus will jointly and separately review the recommended
internal valuation. The review may include consideration of any changes since the last external appraisal, the extent of any capital spending, and any information pertaining to the prevailing market and capital conditions, including any information
obtained from other external appraisals obtained during the period. The intent of the exercise is to create appropriately supported estimates of market value that are consistent with USPAP and the market value definition. 

Altus will provide a Review Letter with respect to each internally valued property on a monthly basis that the internal valuations are not unreasonable. 

 

	 	D.	Conducting Appraisals 

 If there are any unreconciled issues that result in a question as to the
reasonableness of a third-party appraisal value conclusion, Altus will, if requested, coordinate a new third-party appraisal or perform a valuation and issue a report (a “Restricted Appraisal Report”) on the particular property or
investment. The Restricted Appraisal Report valuation will supersede the third-party’s valuation conclusion at the discretion of Blackstone. 
  

	 	E.	Review of Valuation Guidelines 

 Altus will review your valuation guidelines and methodologies related to
investments in real property with Blackstone and your board of directors at least annually. Altus will discharge its responsibilities in accordance with your valuation guidelines. 

 

	 	F.	Altus DataBridge for Portfolio Review 

 The REIT and Blackstone will have, as part of the Services, full
access to the REIT’s entire portfolio through Altus DataBridge. Altus will provide and mandate the use of The Summary in an Excel Workbook to all third-party appraisers to capture a comprehensive list of data fields. The Summary data will be
collected and uploaded into Altus DataBridge, which will give Blackstone the ability to review draft and final appraisal assumptions, compare and analyze variances from its peer set, and access or create a variety of custom reports. 

  
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 The centralized database server will allow multiple users to simultaneously access the most recent information at
any time. Security clearance for user-roles will be implemented at all levels of the system. 
 FEES & EXPENSES 

Altus’ professional fee is based on our estimate of the Services’ complexity and the staff time required. Our fee estimates correspond to the scope
of services outlined above and reflect the current number of properties. Altus will consider the valuation of properties in the REIT at a portfolio-level when practical (which will be subject to revision as properties are sold or added). Any work
outside the scope of agreed upon services (“Additional Work”), alteration of the existing portfolio or the addition of other portfolios may result in a fee change. Any additional work will be agreed upon in writing, prior to the work
commencing, at a mutually agreed upon fee. Altus will examine its fees at the end of the initial, three-year term, and may propose adjustments to take effect during any renewal period upon written acceptance by Blackstone. 

Valuation advisory fees are stated on an annual basis and are found below. The annual fees may be subject to revision if the third-party appraiser for any
particular asset is changed or the scope of the services change. The fees for this agreement are outlined in Exhibit C and are in-line with what Altus charges other clients with similar scopes of work. 

BILLING 
 Altus will invoice the professional fees in
arrears on a quarterly basis. 
 Our fee estimate corresponds to the scope of services outlined above. We note that certain properties may lie outside the
above scope of services in that they will require additional analysis due to various factors, including: the availability of limited information for performing the analysis, the type of interest being appraised, the presence of a significant number
of tenants, or the need for additional supporting information. Any additional work may result in a fee change. Where additional work is required, we will notify you prior to starting the engagement as to our estimate of additional time required. Any
additional work will be agreed upon in writing, prior to the work commencing. 
 Our fee estimate is subject to upward/downward revision if the Services
entail more/less time than anticipated as a result of material scope changes required by Blackstone, or if material unforeseen problems caused by Blackstone are encountered. If it becomes necessary to increase/decrease the fee, we will discuss the
matter with you so that a mutually acceptable revision may be made. Altus will invoice the professional fees and related expenses on a quarterly basis. Additional services that are outside the scope of services noted above will be agreed upon in
writing, prior to the work commencing, at a mutually agreed upon fee. 

  
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 Invoices, provided they include reasonable sufficient detail, are due upon receipt. Invoices not paid after 60
days from issuance will be subject to a late fee calculated at a 3% per annum rate of interest. The REIT is responsible for all costs of collection, including attorney’s fees. 

OWNERSHIP OF DELIVERABLES 
 You will own all deliverables
prepared for and delivered to you under this agreement except as follows: we own our working papers, pre-existing materials, and any general skills, know-how, processes, or other intellectual property (including non-client specific versions of any
deliverables) which we may have discovered or created as a result of the Services. You have a non-exclusive, non-transferrable license to use such materials included in the deliverables for your own internal use as part of such deliverables. 

In addition to deliverables, we may develop software or electronic materials (including spreadsheets, documents, databases and other tools) to assist us with
an engagement. If we make these available to you, they are provided “as is” and your use of these materials is at your own risk. 
 DISPUTE
RESOLUTION 
 Any unresolved dispute relating in any way to the services or this agreement shall be resolved by arbitration. The arbitration will be
conducted in accordance with the Rules for Non-Administered Arbitration of the International Institute for Conflict Prevention and Resolution then in effect. The arbitration will be conducted before a panel of three arbitrators (with each of the
REIT and Altus picking one arbitrator and those two arbitrators picking the third arbitrator). The arbitration panel shall have no power to award nonmonetary or equitable relief of any sort. It shall also have no power to award damages inconsistent
with limitations of liability provisions in this agreement. 
 This agreement and any dispute relating to the services will be governed by and construed,
interpreted and enforced in accordance with the laws of the State of New York without giving effect to any provisions relating to conflict of laws that require the laws of another jurisdiction to apply. 

OTHER MATTERS 
 This agreement shall be effective as of
the date that the REIT commences operations. This agreement supersedes any prior understandings, proposals or agreements with respect to the Services. 

The services provided herein do not include the provision of legal advice and Altus makes no representations regarding questions of legal interpretation.
Blackstone should consult with its attorneys with respect to any legal matters or items that require legal interpretation under federal, state or other type of law or regulation. Changes in the law or in regulations and/or their interpretation may
take place after the date that our Services commence, or may be retrospective in impact; we accept no responsibility for changes in the law or regulations or their interpretation which may occur after the effective date of this agreement. 

Our role is advisory only. Blackstone is responsible for all management functions and decisions relating to the Monthly Valuation Services and Daily Valuation
Services, including evaluating and 

  
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accepting the adequacy of the scope of the services in addressing your needs. Blackstone is also responsible for the results achieved from using the services or deliverables. Blackstone will
designate a competent member of its management to oversee the services. It is Blackstone’s responsibility to establish and maintain your internal controls. Blackstone will provide accurate and complete information and reasonable assistance, and
Altus will perform the Services on that basis. 
 Either of us may request changes to the Services. Any reasonable adjustments to fees and timetable must be
agreed to in writing by Blackstone and Altus. Changes to the Services, including the provision of additional Services, must be agreed in writing. Unless otherwise agreed to in writing, any further Services we may agree to carry out (whether or not
agreed to in writing) will be subject to the terms of this agreement. 
 Client agrees that Altus may request to use the Client’s name in experience
citations, and will be allowed to use the Client’s name in such citations to the extent agreed upon in writing by the Client. 
 Altus will maintain
standards on ethical and professional obligations to protect the confidentiality of client information, client identity, and information on the work performed both during and after the term of the agreement. Altus will not publicly disclose client
names and engagements that are not a matter of public record, unless permission to do so has been granted in writing by Blackstone. Altus will refrain from sharing sensitive information with any client personnel not specifically authorized to
receive such information. 
 To the extent Blackstone authorizes in writing the use of their masked property data in the shared competitive data set,
Blackstone will receive in return access to peer data for benchmarking purposes. Altus agrees to maintain the anonymity of Blackstone’s property data. For purposes of this agreement, Blackstone does not currently agree to authorize the use of
its data in the shared competitive set. 
 Altus agrees that the Client may disclose Altus’ name and capacity as valuation advisor and independent
valuation consultant without restriction. 
 You agree that you will not, directly or indirectly, assign or transfer any rights, obligations or claims
against Altus arising out of this agreement to anyone other than Blackstone or affiliate. 
 Altus agrees that it will not, directly or indirectly, assign
or transfer any rights, obligations or claims against Blackstone arising out of this agreement to anyone. 
 If any provision of this agreement is found to
be unenforceable, the remainder of this agreement shall be enforced to the extent permitted by law. 
 TERM OF THE AGREEMENT 

Subject to the following paragraph, the term of this agreement shall be for a three-year period beginning with the commencement of operations of the REIT. This
term shall be automatically renewed on an annual basis thereafter unless the Client or Altus provides notice within 60 days of the end of the term. 

  
 6 

 This agreement may be terminated upon delivery of 30 days’ prior written notice by the Client without
Altus’s consent and without reasonable cause. The Client will be responsible for the payment of fees and expenses through the date of termination. Altus shall be entitled to terminate this agreement upon delivery of 30 days’ prior written
notice upon breach by the Client of any material provision of this agreement, including payment of fees and expenses. The indemnification and hold harmless provisions of this agreement shall survive any termination thereof, whether or not such
termination is unilateral. 
 INDEMNIFICATION 
 Altus
shall indemnify, defend and hold harmless the Client and its agents, affiliates, controlling persons, members, stockholders, successor and assigns, and each of their respective directors, officers, employees, from and against any losses, claims,
liabilities, costs, and expenses, including reasonable attorney fees (collectively, “Losses”), arising from or relating in any way to: (i) the lack of good faith, willful misconduct, or negligence of Altus or its employees and agents
in carrying out its duties and responsibilities under this agreement; (ii) any material breach of this agreement by Altus; (iii) any violation of applicable law by Altus in connection with the performance of duties under this agreement;
and (iv) any breach of any representation or warrant made under this agreement. 
 The Client shall indemnify, defend and hold harmless Altus and its
agents, affiliates, controlling persons, successors, and assigns, and each of their respective directors, officers, employees, from and against any and all actual, out of pocket Losses arising from: (i) willful misconduct, or gross negligence
of the Client or its employees and agents in carrying out its duties and responsibilities under this agreement; (ii) any material breach of this agreement by the Client; (iii) any material violation of applicable law by the Client in
connection with the performance of duties under this agreement; and (iv) any material breach of any representation or warrant made under this agreement. 

Altus’s maximum liability relating to services rendered under this report (regardless of form of action, whether in contract, negligence, or otherwise)
shall be limited to three times (3x) the cumulative fees paid by the Client and its affiliates to Altus. In no event shall either party be liable for consequential, special, incidental, or punitive losses, damages, or expenses (including,
without limitation, lost profits, opportunity costs, etc.) even if it has been advised of their possible existence. 
 CONDITIONS OF OUR WORK 

The valuation advisory services will be performed in accordance with and are subject to our Standard Conditions as defined in Exhibit B. 

  
 7 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set forth above. 

 

			
	Altus Group, U.S. Inc.
		
	By:	 	 /s/ Stephanie Dubicki

		
	Name:	 	Stephanie Dubicki
	Title:	 	Executive Vice President
	
	Blackstone Real Estate Income Trust, Inc.
		
	By:	 	 /s/ Paul D. Quinlan

		
	Name:	 	Paul D. Quinlan
	Title:	 	Chief Financial Officer and Treasurer

  
 8 

 EXHIBIT A 

Description of Specific Tasks and Functions 

  
 9 

 Description of Specific Tasks and Functions 

For Altus Reviewing Third-Party Appraisals 
 As part of the
on-going valuation of the portfolio, properties in the REIT will be externally appraised by third-party appraisers at a minimum of once every 12 months. After the initial third-party valuation of every property in the REIT, an appraisal schedule
will be established to allocate the assignments over the course of the upcoming years. With regard to these appraisal assignments, Altus as independent valuation advisor will: 
  

	1.	Collect the draft appraisal report (PDF) and analytical file (Argus model). 

  

	2.	Review the third-party appraiser’s analytical file for accuracy and appropriateness. 

  

	3.	Review the third-party appraiser’s analytical file with additional specific consideration given to mechanics of the reimbursement modeling. 

 

	4.	Communicate all significant findings from the draft appraisal review to Blackstone. 

  

	5.	Collect and review for edited content the final appraisal draft and analytical file. 

  

	6.	Incorporate all appraisal findings and analysis into Altus DataBridge. 

  

	7.	Maintain appropriate files documenting property valuations. 

 Description of Specific Tasks and Functions

 For Altus Reviewing Internal Valuations 
 Each
month, Blackstone will provide an updated valuation of each property to Altus, including notification of the occurrence of any Material Event it believes may cause a material valuation change in any of the REIT’s properties. Blackstone will
discuss its recommendations and provide a valuation for each internally valued property to Altus and Altus will confirm in its Review Letter that such internal valuation is not unreasonable. 

  
 10 

 EXHIBIT B 

Standard Conditions 

  
 11 

 STANDARD CONDITIONS – Appraisal Reviews 

The following Standard Conditions apply to real estate appraisal reviews by Altus Group U.S., Inc. (“Altus”). Special Conditions are added as
required. 
 Report Content: 
 Appraisal reviews are
performed and written reports are prepared in accordance with the Uniform Standards of Professional Appraisal Practice (Standard 3, Advisory Opinion AO-20, and Statement on Appraisal Standards No.9) of the Appraisal Foundation and with the Appraisal
Institute’s Standards of Professional Appraisal Practice and Code of Professional Ethics. 
 The appraisal review assumes market conditions as observed
as of the date of the work under review, and the effective date of the opinion in the work under review. These market conditions will be believed to be correct; however, the appraisers assume no liability should market conditions materially change
because of unusual or unforeseen circumstances. 
 No opinion is rendered as to property title, which is assumed to be good and marketable. Unless otherwise
stated in the report under review, no consideration is given to liens or encumbrances against the property. 
 It is assumed that legal, engineering, or
other professional advice, as may be required, has been or will be obtained from professional sources and that the appraisal review report will not be used for guidance in legal or technical matters such as, but not limited to, the existence of
encroachments, easements or other discrepancies affecting the legal description of the property. It is assumed that there are no concealed or dubious conditions of the subsoil or subsurface waters including water table and flood plain, unless
otherwise noted in the appraisal report under review. We further assume there are no regulations of any government entity to control or restrict the use of the property unless specifically referred to in the report under review. It is assumed that
the property will not operate in violation of any applicable government regulations, codes, ordinances or statutes. 
 No warranty or representations will
be made nor any liability assumed in the appraisal review for the structural soundness, quality, adequacy or capacities of said improvements and utility services, including the construction materials, particularly the roof, foundations, and
equipment, including the HVAC systems, if applicable. Should there be any question concerning the same, it is strongly recommended that an engineering, construction and/or environmental inspection be obtained. The value estimate(s) referred to in
the review report, unless noted otherwise, is predicated on the assumptions that all improvements, equipment and building services, if any, are structurally sound and suffer no concealed or latent defects or inadequacies other than those noted in
the appraisal report under review. We will call to your attention any apparent defects or material adverse conditions which come to our attention. 
 In the
absence of competent technical advice to the contrary or unless specifically stated in the appraisal report under review, it is assumed that the property being appraised is not adversely affected by concealed or unapparent hazards such as, but not
limited to asbestos, hazardous or contaminated substances, toxic waste or radioactivity. 

  
 12 

 Information furnished in the appraisal report under review and by others is presumed to be reliable, and where so
specified in the review report, has been re-verified; but no responsibility, whether legal or otherwise, is assumed for the accuracy of such information, and it cannot be guaranteed as being certain. No single item of information was completely
relied upon to the exclusion of other information. 
 Appraisal reports may contain estimates of future financial performance, estimates or opinions that
represent the view of a typical purchaser or of the market place of reasonable expectations at a particular point in time, but such information, estimates or opinions are not offered as predictions or as assurances that a particular level of income
or profit will be achieved, that events will occur, or that a particular price will be offered or accepted. Actual results achieved during the period covered by our prospective financial analyses will vary from those described in our report, and the
variations may be material. 
 Any proposed construction of rehabilitation referred to in the appraisal under review is assumed to be completed within a
reasonable time and in a workmanlike manner according to or exceeding currently accepted standards of design and methods of construction. 
 Any
inaccessible portions of the property or improvements not inspected, if a property inspection is part of the scope of this agreement, are assumed to be as reported or similar to the areas that are inspected. 

It should be specifically noted by any prospective mortgagee that the appraisal review assumes that the property will be competently managed, leased, and
maintained by financially sound owners over the expected period of ownership. This appraisal review does not entail an evaluation of management’s or owner’s effectiveness, nor are we responsible for future marketing efforts and other
management or ownership actions upon which actual results will depend. 
 The Americans with Disabilities Act (“ADA”) became effective
January 26, 1992. Altus will not make a specific compliance survey and analysis of the applicable property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance
survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the ADA. If so, this fact could have a negative effect upon the
value of the property. Since Altus has no direct evidence relating to this issue, Altus did not consider the effect on value from possible non-compliance with the requirements of ADA, unless otherwise stated in the appraisal report under review.

 Use of the Report: 
 The appraisal review report is
intended for the information of the person or persons to whom they are addressed, solely for the purposes stated therein, and should not be relied upon for any other purpose. The Client and Blackstone may distribute copies of the review report to
its prospective investors, clients, advisors, representatives, valuation review committee, auditors and as required by law as is reasonably necessary. Altus shall not have liability to parties other than Blackstone, the REIT (and its subsidiaries)
and their respective directors, officers, employees, agents, affiliates, controlling persons, successor and assigns. Neither our report, nor its contents, nor any reference to the appraisers or Altus, may be included or quoted in any offering
circular or registration statement, prospectus, sales brochure, other appraisal, loan or other agreement or document without our prior written permission. 

  
 13 

 The appraisal review applies only to the property described, the specific appraisal report under review, and for
the purpose so stated and should not be used for any other purpose. Any allocation of total price between land and the improvements as shown is invalidated if used separately or in conjunction with any other report. 

Neither the report nor any portions thereof (especially any conclusions as to value, the identity of the appraisers or Altus, or any reference to the
Appraisal Institute or other recognized appraisal organization or the designations they confer) shall be disseminated to the public through public relations media, news media, advertising media, sales media or any other public means of communication
without the prior written consent and approval of the appraisers and Altus except as may be required by law. The date(s) of the valuation to which the appraisal review conclusions apply is set forth in the letter of transmittal and within the body
of the report. The value is based on the purchasing power of the United States dollar as of that date. 
 Terms of the Engagement: 

Blackstone is in a position to have an informed judgment on the results of valuation review services performed by Altus. 

Appraisal review assignments are accepted with the understanding that there is no obligation to furnish services after completion of the original assignment.
If the need for subsequent service related to an appraisal review assignment (e.g., testimony, updates, conferences, reprint or copy service) is contemplated, special arrangements acceptable to Altus must be made in advance. The working papers for
this agreement have been and will continue to be (even after termination of this agreement) retained in our files for a maximum period of five years following the completion of each assignment, unless otherwise consented to by Client and are
available for your reference. 
 Unless otherwise stated, no effort has been made to determine the possible effect, if any, on the subject property of
energy shortage or future federal, state or local legislation, including any environmental or ecological matters or interpretations thereof. 
 We take no
responsibility for any events, conditions or circumstances affecting the subject property or its value, that take place subsequent to the effective date of value cited in the appraisal under review. 

  
 14 

 STANDARD CONDITIONS – Appraisals 

The following Standard Conditions apply to real estate appraisals by Altus. Special Conditions are added as required. 

Report Content: 
 Appraisals are performed and written
reports are prepared in accordance with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation and with the Appraisal Institute’s Standards of Professional Appraisal Practice and Code of Professional Ethics. 

Unless specifically stated, the value conclusion(s) contained in the appraisal applies to the real estate only, and does not include personal property,
machinery and equipment, trade fixtures, business value, goodwill or other non-realty items. The appraisal report covering the subject is limited to surface rights only, and does not include any inherent subsurface or mineral rights. Income tax
considerations have not been included or valued unless so specified in the appraisal. We make no representations as to the value changes that may be attributed to such considerations. 

The appraisal assumes market conditions as observed as of the date of our market research stated in the appraisal report. These market conditions will be
believed to be correct; however, the appraisers assume no liability should market conditions materially change because of unusual or unforeseen circumstances. 

No opinion is rendered as to property title, which is assumed to be good and marketable. Unless otherwise stated, no consideration is given to liens or
encumbrances against the property. Sketches, maps, photos, or other graphic aids included in appraisal reports are intended to assist the reader in ready identification and visualization of the property, and are not intended for technical purposes.

 It is assumed that legal, engineering, or other professional advice, as may be required, has been or will be obtained from professional sources and that
the appraisal report will not be used for guidance in legal or technical matters such as, but not limited to, the existence of encroachments, easements or other discrepancies affecting the legal description of the property. It is assumed that there
are no concealed or dubious conditions of the subsoil or subsurface waters including water table and flood plain, unless otherwise noted. We further assume there are no regulations of any government entity to control or restrict the use of the
property unless specifically referred to in the report. It is assumed that the property will not operate in violation of any applicable government regulations, codes, ordinances or statutes. 

The appraisal report is not intended to be an engineering report. We are not qualified as structural or environmental engineers, therefore we are not
qualified to judge the structural or environmental integrity of the improvements, if any. Consequently, no warranty or representations will made nor any liability assumed in the appraisal for the structural soundness, quality, adequacy or capacities
of said improvements and utility services, including the construction materials, particularly the roof, foundations, and equipment, including the HVAC systems, if applicable. Should there be any question concerning the same, it is strongly
recommended that an engineering, construction and/or environmental inspection be obtained. The value estimate(s) stated in the appraisal, unless noted otherwise, is predicated on the assumptions that all improvements, equipment and building
services, 

  
 15 

 
if any, are structurally sound and suffer no concealed or latent defects or inadequacies other than those noted in the appraisal. We will call to your attention any apparent defects or material
adverse conditions which come to our attention. 
 In the absence of competent technical advice to the contrary, it is assumed that the property being
appraised is not adversely affected by concealed or unapparent hazards such as, but not limited to asbestos, hazardous or contaminated substances, toxic waste or radioactivity. 

Information furnished by others is presumed to be reliable, and where so specified in the report, has been verified; but no responsibility, whether legal or
otherwise, is assumed for the accuracy of such information, and it cannot be guaranteed as being certain. No single item of information was completely relied upon to the exclusion of other information. 

Appraisal reports may contain estimates of future financial performance, estimates or opinions that represent Altus’s view of reasonable expectations at
a particular point in time, but such information, estimates or opinions are not offered as predictions or as assurances that a particular level of income or profit will be achieved, that events will occur, or that a particular price will be offered
or accepted. Actual results achieved during the period covered by our prospective financial analyses will vary from those described in our report, and the variations may be material. 

Any proposed construction of rehabilitation referred to in the appraisal is assumed to be completed within a reasonable time and in a workmanlike manner
according to or exceeding currently accepted standards of design and methods of construction. 
 Any inaccessible portions of the property or improvements
not inspected are assumed to be as reported or similar to the areas that are inspected. 
 It should be specifically noted by any prospective mortgagee that
the appraisal assumes that the property will be competently managed, leased, and maintained by financially sound owners over the expected period of ownership. This appraisal engagement does not entail an evaluation of management’s or
owner’s effectiveness, nor are we responsible for future marketing efforts and other management or ownership actions upon which actual results will depend. 

The Americans with Disabilities Act (“ADA”) became effective January 26, 1992. Altus will not make a specific compliance survey and analysis of
this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal
that the property is not in compliance with one or more of the requirements of the ADA. If so, this fact could have a negative effect upon the value of the property. Since Altus has no direct evidence relating to this issue, Altus did not consider
possible non-compliance with the requirements of ADA in estimating the value of the property. 
 Use of the Report: 

Altus is providing the services and deliverables solely for Client’s and Blackstone’s and their respective affiliates’ internal use and benefit.
Except as set forth herein, the services and deliverables are not for a third party’s use, benefit or reliance, and Altus disclaims any contractual or other 

  
 16 

 
responsibility or duty of care to others based upon these services or deliverables. Neither our report, nor its contents, nor any reference to Altus, may be included or quoted in any offering
circular or registration statement, prospectus, sales brochure, other appraisal, loan or other agreement or document without our prior written permission. 

The appraisal applies only to the property described and for the purpose so stated and should not be used for any other purpose. Any allocation of total price
between land and the improvements as shown is invalidated if used separately or in conjunction with any other report. 
 Neither the report nor any portions
thereof (especially any conclusions as to value, the identity Altus, or any reference to the Appraisal Institute or other recognized appraisal organization or the designations they confer) shall be disseminated to the public through public relations
media, news media, advertising media, sales media or any other public means of communication without the prior written consent and approval of Altus except as may be required by law. The date(s) of the valuation to which the appraisal review
conclusions apply is set forth in the letter of transmittal and within the body of the report. The value is based on the purchasing power of the United States dollar as of that date. 

Terms of the Engagement: 
 Appraisal assignments are
accepted with the understanding that there is no obligation to furnish services after completion of the original assignment. If the need for subsequent service related to an appraisal assignment (e.g., testimony, updates, conferences, reprint or
copy service) is contemplated, special arrangements acceptable to Altus must be made in advance. The working papers for this agreement have been and will continue to be (even after termination of this Agreement) retained in our files for a maximum
period of five years following the completion of each assignment, unless otherwise consented to by Client and are available for your reference. 
 Unless
otherwise stated, no effort has been made to determine the possible effect, if any, on the subject property of energy shortage or future federal, state or local legislation, including any environmental or ecological matters or interpretations
thereof. 
 We take no responsibility for any events, conditions or circumstances affecting the subject property or its value, that take place subsequent to
either the effective date of value cited in the appraisal or the date of our field inspection, whichever occurs first. 

  
 17 

 EXHIBIT E 

Standard Data Request Forms 

  
 18 

 Office Property (new appraisal) 

Information Request 
  

	1.	Current rent roll with rent steps and option information along with a summary of vacant space. 

  

	2.	Stacking plan. 

  

	3.	Details on any lease proposals/letters of intent, which are outstanding. 

  

	4.	Summary of current asking rent rates and terms (TI allowance, etc.) for vacant space. 

  

	5.	Operating statements for year-end 2011, 2012, 2013 and year-to-date 2014 along with variance explanations. 

  

	6.	Management’s detailed 20141 operating budget with supporting schedules and narrative (if available). 

 

	7.	Capital budget for 2014 (if available); future capital budget requirements (5-year plan if available). 

  

	8.	Copy of most recent real estate tax bill; if utilizing a tax consultant, please provide the appropriate contact. 

  

	9.	Copy of the management and leasing agreements. 

  

	10.	Competitive property survey if available. 

  

	11.	Legal Description 

  

	12.	Market report or recent market study applicable to the property if available. 

  

	13.	2010 and 2011 fully detailed tenant-by-tenant operating expense and tax billings (base years, caps, etc.). 

  

	14.	If available, any narrative summary of the subject’s existing physical, mechanical and structural components. 

  

	15.	Environmental and/or engineering reports, if available. 

  

	16.	Name & phone numbers of property manager and leasing representative. 

  

 

	1 	Note: dates to be updated. 

  
 19 

 Apartment Valuation (new appraisal) 

Information Request 
  

	1.	Current rent roll with rent information along with a summary of vacant space. 

  

	2.	Copy of standard lease agreement. 

  

	3.	Summary of current asking rent rates and terms (rent concessions) for vacant space. 

  

	4.	Operating statements for year-end, 2011, 2012 and 2013 along with variance explanations, if available. 

  

	5.	Management’s 2014 operating budget with supporting schedules and narrative, if available. 

  

	6.	Capital budget for 2014 and/or future capital budget requirements (5-year plan), if available. 

  

	7.	Copy of most recent real estate tax bill; if utilizing a tax consultant, please provide the appropriate contact. 

  

	8.	Copy of the management and leasing agreements. 

  

	9.	Competitive property survey along with information on comparable apartment complex sales. 

  

	10.	Name and phone/fax numbers of property manager, and leasing agent. 

  

	11.	Copy of ground lease, if applicable. 

  

	12.	Market report or recent market study applicable to the property. 

  

	13.	Description, cost estimates, and timing of any proposed expansions, renovations, rehabilitation or remodeling. 

  
 20 

 Industrial Property (new appraisal) 

Information Request 
  

	1.	Current rent roll with option information and summary of vacant space. 

  

	2.	Copies of tenant leases (major tenants only) and lease summaries or abstracts. Copy of standard lease agreement. 

  

	3.	Details on any lease proposals/letters of intent, which are outstanding. 

  

	4.	Summary of current asking rates and terms (TI allowance, etc.) for vacant space. 

  

	5.	Size (square feet) of office space in each suite and/or building. 

  

	6.	Operating statements for year-end 2011, 2012, 2013, and year-to-date 2014, along with variance explanations. 

  

	7.	Management’s 2014 operating budget with supporting schedules and narrative. 

  

	8.	Capital budget for 2014; future capital budget requirements (5-year plan if available). 

  

	9.	Copy of most recent real estate tax bill; if utilizing a tax consultant, please provide the appropriate contract. 

  

	10.	Copy of the management and leasing agreements. 

  

	11.	Description of the physical, mechanical, and structural components, information should include gross, rentable and usable areas; description. 

 

	12.	Engineering reports and environmental survey, if available. 

  

	13.	Site plan 

  

	14.	Competitive property survey. 

  

	15.	Name and phone/fax numbers of property manager, and leasing agent. 

  

	16.	Copy of ground lease, if applicable. 

  
 21 

 Retail Valuation (new appraisal) 

Information Request 
  

	1.	Current rent roll with rent steps and option information along with a summary of vacant space. 

  

	2.	Details on any lease proposals/letters of intent, which are outstanding. 

  

	3.	Operating statements for year-end 2011, 2012, 2013 and year-to-date 2014. 

  

	4.	Management’s detailed 2014 (if available) operating budget with supporting schedules and narrative. 

  

	5.	Tenant sales reports for year-end 2011-2013, if tenants report sales. 

  

	6.	Details regarding the methods of computing CAM, real estate tax, and other expense recoveries (e.g. narrative and/or worksheet description of the recovery methods in place). Typically, this involves two schedules for
each recovery. One schedule is tenant by tenant billing summary and the other schedule shows the calculation of the expense numerators and the square foot denominators. Year- end 2013 schedules with base years, caps, etc. would be helpful.

  

	7.	Capital budget for 2014 (if available); future capital budget requirements (5-year plan if available). 

  

	8.	Copy of most recent real estate tax bills. 

  

	9.	Lease Plan 

  

	10.	Site Plan 

  

	11.	Copies of all anchor and major tenant lease agreements. 

  

	12.	Copy of the management and leasing agreements. 

  

	13.	Name and contact information of leasing representative and property manager. 

  

	14.	Schedule of merchant’s association or marketing charges. 

  

	15.	Legal Description 

  

	16.	If available, any narrative summary of the subject’s existing physical, mechanical and structural components. 

  

	17.	Market report or recent market study applicable to the property. 

  

	18.	Environmental and/or engineering reports, if available. 

  
 22

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