Document:

EX-10.5

 EXHIBIT 10.5 

[Certain information marked as [***] has been excluded from Exhibit A to this Exhibit 10.5 because it is both (i) not material and (ii) the
type that the registrant treats as private or confidential.] 
 VALUATION SERVICES AGREEMENT 

This VALUATION SERVICES AGREEMENT (this “Agreement”) is made on January 30, 2019 by and between
Chatham Financial Corp., a Pennsylvania corporation (“Chatham Financial”), and Invesco Real Estate Income Trust Inc., a Maryland Corporation (“INVESCO”). 

WHEREAS, INVESCO intends to conduct (i) a private offering of its common stock pursuant to a confidential private
placement memorandum (as amended and supplemented from time to time, the “Memorandum”), and (ii) a public offering of its common stock pursuant to a registration statement on Form
S-11 (as amended and supplemented from time to time, the “Registration Statement”), at prices based upon the net asset value (“NAV”) per share for each class of
common stock being offered; and 
 WHEREAS, INVESCO desires that Chatham Financial perform valuations of (a) the
mortgage payables (“Property-Level Debt Valuations”) that encumber properties that INVESCO owns or may in the future acquire (the “Subject Properties”) and
(b) the entity-level debt of INVESCO (the “Entity-Level Debt Valuations” and together with the Property-Level Debt Valuations, the “Debt Valuations”), each in order to assist in the calculation of
NAV. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the
parties agree as follows: 
 1.    SERVICES. Chatham Financial will perform services set
for below in accordance with INVESCO’s valuation guidelines adopted by INVESCO’s board of directors (the “Board”), as amended from time to time (the “Valuation Guidelines”): 

(a)    Perform Debt Valuations on a staggered basis such that (i) the timing of the Debt Valuations
will be approximately evenly distributed throughout each quarter and each year and (ii) each Debt Valuations will be performed at least once per calendar quarter. Debt Valuations will be delivered to Invesco Advisers, Inc., the external adviser
to INVESCO, or any replacement advisor (the “Adviser”), promptly after such valuations becomes available. The professional staff members assigned to this engagement must be appropriately qualified to perform the work. The
resumes of professionals working on this engagement have been provided to INVESCO prior to the date hereof and shall be provided prior to each subsequent renewal of the term of this Agreement or upon any proposed change in such professionals working
on this engagement; provided, that Chatham Financial shall have received the approval of INVESCO prior to making any change in the professionals working on this engagement, such approval to be in INVESCO’s sole discretion. 

(b)    Independently assemble and maintain Excel or other models to ensure that property-specific
information provided by INVESCO is accurately reflected in the Debt Valuations. 
 (c)    Deliver the
following items to INVESCO within an agreed upon time frame: 
 i.    Draft and final
Debt Valuation reports; and 

 ii.    Explanation of current value
conclusions compared to previous values. 
 (d)    Provide interim Debt Valuations outside the quarterly
valuation cycle if (i) the Adviser or INVESCO notifies Chatham Financial of a property-specific material event and Chatham Financial in its judgment, believes that the value for the Debt Valuation has changed materially, (ii) as requested
by the Adviser or in the judgment of Chatham, as a result of a capital market material event, or (iii) Chatham Financial determines it necessary to confirm any Debt Valuation previously communicated to the Adviser. Chatham Financial shall
perform and deliver the new Debt Valuation to INVESCO within three business days of the material event unless Chatham Financial and the Adviser reasonably agree that additional time is necessary. 

(e)    With respect to the Debt Valuations, provide the Board with periodic valuation reports in
connection with regularly scheduled Board meetings, or at such other times as may be requested by the Board. 

(f)    Monitor, together with the Adviser, overall market conditions and communicate conditions Chatham
Financial believes could materially impact any of the Debt Valuations. 
 (g)    Meet with the Board at
least once per year, or more frequently as requested by the Board, to review the Valuation Guidelines and discuss the services provided by Chatham Financial to INVESCO. 

(h)    Review the Valuation Guidelines, in cooperation with the Adviser, at least annually and provide its
feedback on the operations of the valuation procedure described therein to INVESCO and the Adviser. 

(i)    Prepare, in cooperation with the Adviser, an annual plan to determine when the Debt Valuations will
occur. 
 2.    PAYMENT FOR SERVICES. To receive compensation for the
services rendered by Chatham, Chatham Financial shall submit an invoice to INVESCO and shall receive the amounts set forth in Exhibit A hereto in accordance with the terms and conditions set forth therein. Such amounts shall be paid
quarterly, in arrears, within thirty (30) business days after receipt by INVESCO of each invoice. 

3.    REPRESENTATIONS AND WARRANTIES. 

(a)    Representations and Warranties of INVESCO. INVESCO represents and warrants to
Chatham Financial that: 
 i.    It has been duly authorized by proper corporate action
to enter into this Agreement and perform its obligations hereunder. 
 ii.    The
execution, delivery and performance of this Agreement will not materially violate any provision of applicable law or any agreement or instrument to which it is bound. 

  
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 iii.    It has obtained and will
maintain any and all necessary approvals, orders, consents, authorizations, certificates, licenses, permits, or validations of, or exemptions or other actions by, or recordings or registrations with any federal, state and local governmental or
regulatory or supervisory authority, or any self-regulatory organization (each, a “Governmental Entity”) having jurisdiction over it that is or will be necessary in connection with the execution and delivery of this
Agreement, or its performance of or compliance with the terms and conditions of this Agreement. 

iv.    There are no actions, suits or proceedings pending or to the knowledge of INVESCO,
threatened against INVESCO which could reasonably be expected to have a material adverse effect on the ability of INVESCO to comply with the terms of this Agreement. 

v.    INVESCO or its agents will supply Chatham Financial with the property-specific
information regarding the Subject Properties underlying the Property Debt Valuations reasonably necessary to enable Chatham Financial to perform its duties pursuant to this Agreement. This information may include, but not be limited to: applicable
loan documents, property-level values and unlevered discount rates. 
 vi.    INVESCO or
its agents will promptly notify Chatham Financial of any material event of which it is reasonably aware that could impact the real estate or debt value related to one or more of the Subject Properties. 

(b)    Representations and Warranties of Chatham. Chatham Financial represents and warrants
to INVESCO that: 
 i.    It has been duly authorized by proper corporate action to enter
into this Agreement and perform its obligations hereunder. 
 ii.    The execution,
delivery and performance of this Agreement will not materially violate any provision of applicable law or any agreement or instrument to which it is bound. 

iii.    It has obtained and will maintain any and all necessary approvals, orders,
consents, authorizations, certificates, licenses, permits, or validations of, or exemptions or other actions by, or recordings or registrations that are or will be necessary in connection with the execution and delivery of this Agreement, or its
performance of or compliance with the terms and conditions of this Agreement. 

iv.    There are no actions, suits or proceedings pending, or to the knowledge of Chatham,
threatened against Chatham Financial which could reasonably be expected to have a material adverse effect on the ability of Chatham Financial to comply with the terms of this Agreement. 

v.    It will perform services in a professional and workmanlike manner. 

vi.    It will maintain professional liability and errors and omissions insurance coverage
as set forth in Section 12 hereof. 

  
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 4.    EFFECTIVE DATE. This
Agreement shall be effective as of the date first written above (the “Effective Date”). 
  

	 	5.	 CONFIDENTIALITY. 

(a)    Confidentiality Obligations. Neither party will disclose to any third party
without the prior written consent of the other party any confidential information which is received from the other party for the purposes of providing or receiving services pursuant to this Agreement which (i) if disclosed in tangible form, is
marked confidential, (ii) if disclosed in any other manner, is confirmed in writing as being confidential or (iii) if disclosed in tangible form or otherwise, is manifestly confidential; it being understood that the reports prepared by
Chatham Financial for INVESCO shall be considered confidential information. Each party agrees that any confidential information received from the other party shall only be used for the purposes of providing or receiving the services under this
Agreement or any other contract between the parties. 
 (b)    Exceptions to
Restrictions. The restrictions set forth in this Section 5 will not apply to any information which (i) is or becomes generally available to the public other than as a result of a breach of an obligation by the receiving
party, (ii) is acquired from a third party who, to the recipient’s knowledge, owes no obligation of confidence with respect to the information or (iii) is or has been independently developed by the recipient. 

(c)    Permitted Disclosure. Notwithstanding paragraphs (a) and (b) of this
Section 5, either party will be entitled to disclose confidential information of the other party to (i) the disclosing party’s insurers or legal advisors or (ii) a third party to the extent that such disclosure is required by any
court of competent jurisdiction or a governmental or regulatory authority or where there is a legal right, duty or requirement to disclose; provided, however, that where reasonably practicable (and without breaching any legal or regulatory
requirement), prompt notice in writing shall first be given to the other party. 
 (d)    Term of
Confidentiality. The parties’ respective confidentiality obligations will terminate two years after the expiration or termination of this Agreement. 

6.    ACKNOWLEDGEMENT. Chatham Financial acknowledges that
(i) the valuations included in the Debt Valuation reports provided pursuant hereto will be used or incorporated into INVESCO’s Registration Statement and periodic filings with the U.S. Securities and Exchange Commission (the
“SEC”), (ii) Chatham Financial will be named and described in the Registration Statement and in supplements to the prospectus included therein filed with the SEC, as INVESCO’s independent valuation advisor for
property-level and entity-level debt, (iii) Chatham Financial will be named as an expert in the Registration Statement and in supplements to the prospectus included therein filed with the SEC, (iv) in connection with the foregoing
subsections (i), (ii) and (iii), Chatham Financial will provide a consent in a form satisfactory to Chatham Financial and INVESCO to be attached as an exhibit to the Registration Statement, (v) Chatham’s provision of the aforementioned
consent is subject to INVESCO’s providing Chatham Financial a commercially reasonable opportunity to review and consent to references to Chatham Financial in any regulatory filing which require Chatham Financial to be named as an expert, and
(vi) this Agreement will be filed with the SEC. Chatham Financial also acknowledges that it will be named 

  
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as INVESCO’s independent valuation advisor for property-level and entity-level debt and its role in the calculation of NAV will be disclosed in the memorandum and other offering documents
related to the private placement of common stock by INVESCO. 
 7.     WORK PRODUCT. 

(a)    Permitted Disclosures. Client agrees to treat the Chatham Financial work product with
the utmost confidentiality and shall not disseminate, distribute, make available or otherwise publish the Chatham Financial work product to any third party except to (i) any third party service provider (such as Client’s attorneys,
accountants or consultants) using the Chatham Financial work product in the course of providing services for the sole benefit of Client, (ii) as required by statute, government regulation, legal process or judicial decree, provided that Chatham
Financial is informed of such disclosure (if permitted by law) so that Chatham Financial may attempt to object or limit such disclosure or (iii) as otherwise permitted under this Agreement.  

(b)    INVESCO Responsibilities. Chatham Financial will rely on information provided by
INVESCO, will not verify the accuracy of such information, and Chatham Financial shall not be responsible for any inaccuracy in such information. 

(c)    Intended Use. INVESCO agrees and understands that the Debt Valuation reports will be
subject to Chatham’s standard Assumptions and Limiting Conditions attached as Exhibit B hereto, which will be incorporated into the report. All users of the Debt Valuation reports are specifically cautioned to understand the Assumptions
and Limiting Conditions as well as any extraordinary assumptions and hypothetical conditions which may be employed by Chatham Financial and incorporated into the report. Moreover, all users should consider the report as only one factor together with
its independent investment considerations and underwriting criteria in its overall investment decision. 

(d)    Intended User. Chatham Financial is performing the Services for Client’s sole
use and not for any other purpose. Client acknowledges that any third parties who obtain access to the quarterly Debt Valuation reports are not authorized to use or rely upon it unless they are expressly permitted to rely thereon pursuant to this
Agreement or a separate reliance or consent letter issued by Chatham Financial at its sole discretion. 

8.    TERM OF AGREEMENT. This Agreement shall continue in force for a period of three years
from the Effective Date (“Initial Term”), with three successive one-year renewals. The renewal terms will automatically commence unless this Agreement is terminated by either party with
ninety (90) calendar days’ notice prior to the end of the Initial Term or any renewal term. Notwithstanding the foregoing, this Agreement may be terminated (i) by a party hereto immediately upon a material breach of this Agreement by the other
party; provided, however, that the breaching party has the opportunity to cure such breach, if curable within a thirty (30) calendar day period, (ii) by INVESCO immediately in the event that INVESCO determines (a) not to proceed with or discontinues
the private offering of its common stock pursuant to the Memorandum or (b) not to proceed with registration with the SEC or otherwise discontinues the public offering of INVESCO’s securities or (iii) by INVESCO with thirty
(30) calendar days’ notice upon the approval of the Board, including a majority of its independent directors. The 

  
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parties’ obligations under Sections 2, 5, 6, 7, 8, 10, 11, 13, 17 and 18 of this Agreement shall survive termination of this Agreement. Except as set forth herein or as otherwise required by
law, upon expiration or termination hereof, Chatham Financial shall have no further obligations under this Agreement including, without limitation, any obligation to update any quarterly Debt Valuation reports or related information. 

9.    INDEPENDENT ADVISOR. The parties agree that Chatham Financial is being retained as an
independent contractor to perform the Services and nothing in this Agreement shall be deemed to create any other relationship between Chatham Financial and INVESCO. Chatham Financial shall be solely responsible for the actions and inactions of
itself and of its affiliates, and their respective members, officers, directors, employees, advisors, legal counsel, contractors, and agents (“Chatham Financial Representatives”). Chatham Financial shall not, and is not
authorized to, enter into contracts or agreements on behalf of INVESCO or to otherwise create obligations of INVESCO to third parties. 

10.    INDEMNIFICATION. 

(a)    INVESCO agrees to indemnify and hold harmless Chatham Financial and Chatham Financial
Representatives (collectively, the “Indemnified Parties”), from and against any losses, claims, damages, demands, and liabilities (“Damages”), joint or several, related to or arising in any manner out
of INVESCO’s (i) gross negligence, fraud, or willful misconduct, (ii) material breach of the terms of this Agreement or (iii) violation of applicable law in connection with the performance of its duties under this Agreement (the
“Indemnified Activities”). Notwithstanding the foregoing, INVESCO shall not be liable in respect of any Damages that a court of competent jurisdiction shall have determined by final
non-appealable judgment resulted solely from the gross negligence, fraud or willful misconduct of an Indemnified Party. 

(b)    Chatham Financial agrees to indemnify and hold harmless INVESCO, its employees, directors, officers
and agents, from and against any Damages, joint or several, related to or arising in any manner out of Chatham’s (i) gross negligence, fraud, or willful misconduct, (ii) material breach of the terms of this Agreement or
(iii) violation of applicable law in connection with the performance of its duties under this Agreement. 

(c)    The indemnifying party agrees not to enter into any waiver, release or settlement of any threatened
or pending investigative, administrative, judicial or regulatory claim, action, proceeding or investigation arising in any manner out of any Indemnified Activities (collectively “Proceedings”) which would be binding on the
Indemnified Party (whether or not any Indemnified Party is a formal party to such Proceeding) without prior written consent of the Indemnified Party (which consent not to be unreasonably withheld), unless such waiver, release or settlement includes
and unconditional release of the applicable Indemnified Parties from all liability arising out of such Proceeding. 

(d)    This Section 10 shall remain operative and in full force and effect regardless of any
withdrawal, termination, or failure to initiate or consummate any transaction contemplated by this Agreement. 

  
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 11.    LIMITATION OF LIABILITY. ANYTHING
IN THE AGREEMENT TO THE CONTRARY NOTWITHSTANDING, UNDER NO CIRCUMSTANCES WHATSOEVER SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, PUNITIVE, OR INCIDENTAL DAMAGES OF ANY KIND WHATSOEVER.
IN NO EVENT WHATSOEVER SHALL CHATHAM FINANCIAL’S (OR ANY OF ITS AFFILIATES OR RESPECTIVE OFFICERS OR EMPLOYEES) TOTAL LIABILITY TO INVESCO, OR ANY OTHER PARTY ENTITLED TO MAKE A CLAIM, FOR DIRECT DAMAGES WITH RESPECT
TO THIS AGREEMENT OR THE SERVICES PROVIDED HEREIN, OR ANY OTHER DAMAGES WHATSOEVER, EXCEED IN THE TOTAL SUM OF FEES (EXCLUSIVE OF REIMBURSED EXPENSES) RECEIVED BY CHATHAM FINANCIAL UNDER THIS AGREEMENT OVER THE TWELVE MONTHS PRECEEDING THE CLAIM;
PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATION ON LIABILITY SHALL NOT APPLY TO ANY DAMAGES, LOSSES OR LIABILITY RESULTING FROM OR BASED UPON CHATHAM FINANCIAL’S FRAUD OR GROSS NEGLIGENCE, AS DETERMINED BY A FINAL JUDGMENT,
VERDICT OR ORDER BY A COURT OF COMPETENT JURISDICTION. 
 12.    INSURANCE. Chatham
Financial agrees to obtain and maintain and keep in full force and effect, at Chatham’s expense, the forms of insurance with the minimum limits of insurance stated in this Section 12. Each insurance policy will be maintained with an
insurer having a rating of at least an “A-” in the most currently available Best’s Insurance Reports. Chatham Financial will provide for at least thirty (30) days’ prior written notice
to INVESCO in the event of any cancellation or material reduction in limits. Chatham Financial will annually furnish INVESCO with certificates of insurance in satisfactory form, evidencing its compliance with these provisions. Chatham Financial will
maintain at least the following: 
  

	 	(a)	 Statutory workers’ compensation covering all state and local requirements; 

 

	 	(b)	 Employer’s liability with a limit of $1,000,000 for one or more claims arising from each accident;

  

	 	(c)	 Commercial general liability, written on an occurrence basis, with a minimum per occurrence combined single
limit of $1,000,000 and a minimum aggregate combined single limit of $2,000,000; 

  

	 	(d)	 Umbrella / Excess Liability Insurance with limits of no less than $10,000,000 per occurrence and in the
aggregate; 

  

	 	(e)	 Errors and Omissions insurance with limits of no less than $10,000,000 per occurrence and $10,000,000 in the
aggregate which includes coverage for third party claims arising out of the negligent act, error or omission of Chatham; and 

  

	 	(f)	 Fidelity bond (AKA crime insurance) at $5,000,000 per occurrence and aggregate, including third party
liability or INVESCO coverage. 

 13.    PUBLICATION. Chatham Financial
agrees that INVESCO may disclose Chatham’s name and capacity as an independent valuation advisor without restriction. 

  
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 14.    COLLECTION. If it becomes necessary
to place collection of the fees and expenses due Chatham Financial in the hands of a collection agent and/or an attorney (whether or not a legal action is filed) INVESCO agrees to pay all fees and expenses including reasonable attorney’s fees
incurred by Chatham Financial in connection with the collection or attempted collection thereof. 

15.    USE OF INVESCO NAME. Unless informed to the contrary by INVESCO in writing, Chatham
Financial may use the name of INVESCO in promotional materials, provided no reference is made to the services performed or properties involved. 

16.    THIRD PARTY BENEFICIARIES. INVESCO acknowledges that Chatham, in connection with its
engagement hereunder, is acting as an independent contractor with duties owing solely to INVESCO and that nothing in this Agreement is intended to confer upon any other person (other than the persons indemnified in Section 10 hereof) any
rights, benefits or remedies hereunder or by reason hereof. 
 17.    NOTICES. All
notices, requests, instructions, or documents required hereunder shall be in writing and delivered personally or via a recognized overnight delivery service mailed to the following: 

 

			
	 To INVESCO:

Invesco Real Estate Income Trust Inc.

2001 Ross Avenue, Suite 3400

Dallas, TX 75201
 Attn: Amy D.B.
White
	  	 To Chatham:

Chatham Financial Corp.
 235
Whitehorse Lane
 Kennett Square, PA 19348

Attn: General Counsel

 18.    AMENDMENT; ASSIGNMENT; OTHER MATTERS. 

(a)    Governing Law; Exclusive Jurisdiction; Jury Trial. 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 Georgia without giving effect to any provisions relating to conflict of laws that require the laws of another
jurisdiction to apply. The parties hereto (a) irrevocably consent to the exclusive jurisdiction of the state and federal courts located in the County of Fulton, Atlanta, Georgia in any action, suit or proceeding arising out of or relating to
this Agreement, and (b) irrevocably consent that any process or notice or motion or other application to the court or judge thereof may be served within or outside of the State of Georgia by registered or certified mail or nationally-recognized
overnight delivery service, or by personal service, provided a reasonable time for appearance is allowed. EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING, WHETHER AT LAW OR EQUITY, BROUGHT BY
ANY OF THEM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (b)    Entire Agreement. This
Agreement (including exhibits hereto) contains the entire agreement and understanding of the parties with respect to the subject matter hereof. This Agreement supersedes all prior oral and written agreements, if any, between the parties. This
Agreement shall be binding upon and inure to the benefit of INVESCO, Chatham, the other Indemnified Parties and their respective successors and assigns. 

  
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 (c)    Counterparts. This Agreement may be
executed in two or more counterparts and may be delivered by e-mail or facsimile, each of which shall be deemed to be an original, but all of which shall constitute one and the same Agreement. 

(d)    No Joint Venture. The parties are independent contractors and nothing in this
Agreement shall be construed to create a partnership, joint venture, agency relationship or other joint enterprise between them. 

(e)    Amendment. No change, modification or alteration of this Agreement shall be effective
unless in writing and signed by both parties. 
 (f)    Assignment. Neither party may
assign its rights and/or obligations hereunder without the prior written consent of the other party. 

(g)    Severability. The provisions of this Agreement are independent and severable from
each other. If any term, clause or provision of this Agreement is deemed invalid or unenforceable for any reason, the remainder of this Agreement shall remain valid and enforceable in accordance with its terms. 

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

									
	 Chatham Financial Corp.
	 		 	 INVESCO REAL ESTATE INCOME TRUST INC.

			
	 /s/ Mathew Henry
                    
	 		 	 /s/ R. Scott Dennis 

	 By:
	 	 Mathew Henry
	 		 	 By:
	 	 R. Scott Dennis

	 Its:
	 	 MD
	 		 	 Its:
	 	 Chief Executive Officer and President

	 Date:
	 	 2/20/2019
	 		 	 Date:
	 	 1/30/2019

  
 Signature Page to
Valuation Services Agreement 

 EXHIBIT A 

FEES 
 [***] 

  
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 EXHIBIT B 

ASSUMPTIONS AND LIMITING CONDITIONS 

The quarterly report has been based on, and is subject to, the following general assumptions and limiting conditions: 

 

	 	•	 	 The conclusions and recommendations reported are only applicable to the purpose, function, and terms stated in
this report, and shall not be used for any other purpose. 

  

	 	•	 	 Chatham Financial has assumed that the reader(s) of this report is well-versed in real estate and is a
sophisticated and knowledgeable business person(s). 

  

	 	•	 	 No responsibility is assumed for the legal description provided or for matters pertaining to legal or title
considerations. Titles to the properties are assumed to be good and marketable unless otherwise stated. It is assumed that the use of the land and improvements are confined within the boundaries or property lines of the properties described, and
that there are no encroachments or trespassing unless noted in the report. The report will not constitute a survey of the property analyzed. 

  

	 	•	 	 Responsible ownership and competent property management are assumed. 

 

	 	•	 	 All statements of fact in the report which are used as the basis of the Chatham’s analyses, opinions, and
conclusions are taken to be true and correct to Chatham’s actual knowledge and belief. Chatham Financial does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information or the condition of
the property furnished to Chatham Financial by INVESCO or others. The conclusions and any permitted reliance on and use of the report shall be subject to the assumptions, limitations, and qualifying statements contained herein.

  

	 	•	 	 Chatham Financial shall have no responsibility for legal matters, including zoning, or questions of survey or
title, soil or subsoil conditions, engineering or other similar technical matters. All engineering studies, if provided, are assumed to be correct. The plot plans and illustrative material in this report are included only to help the reader
visualize the property. 

  

	 	•	 	 It is assumed that there are no hidden or unapparent conditions of the properties, subsoil, or structures that
render it more or less valuable. No responsibility is assumed for detecting such conditions or for obtaining the engineering or environmental studies that may be required to discover them. 

 

	 	•	 	 It is assumed that the properties are in full compliance with all applicable federal, state, and local
environmental regulations and laws, unless the appraiser has been informed of such lack of compliance and it is stated, described, and considered in the report. It is assumed that all required licenses, certificates of occupancy, consents, and other
legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the conclusions contained in this report is based.

  
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	 	•	 	 It is assumed that the properties conform to all applicable zoning and use regulations and restrictions unless
nonconformity has been disclosed to Chatham, identified, described, and considered in the report. 

  

	 	•	 	 Chatham Financial shall not be required to give testimony as a witness or to appear in any capacity in any
legal or administrative hearing or procedure, or to have any continued service responsibility unless compensated in advance by the engager of this report according to their fee schedule then in effect. 

 

	 	•	 	 Unless otherwise stated in this report, Chatham Financial will not be considering the possible existence of
asbestos, urea-formaldehyde foam insulation, PCB transformer, or other toxic, hazardous, or contaminated substances and/or underground storage tanks (collectively “Hazardous Materials”) on or affecting the property, or the
cost or encapsulation or removal thereof. Chatham Financial is not qualified to detect Hazardous Materials and, unless otherwise stated, Chatham Financial has not been informed of any major or significant deferred maintenance of the property that
would require the expertise of a professional cost estimator or contractor. If such repairs are needed, the estimates are prepared by others. The conclusions are predicated on the assumption that there is no such material on or in the property that
would cause a loss in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them. INVESCO is urged to retain an expert in this field, if such expertise is desired.

  

	 	•	 	 In the event INVESCO intends to use the report in connection with a tax matter, INVESCO acknowledges that
Chatham Financial provides no warranty, representation, or prediction as to the outcome of such tax matter. Chatham Financial has no responsibility or liability to INVESCO or any other party for any such taxes, interests, penalties, or fees that may
be incurred. 

  

	 	•	 	 Chatham’s personnel are not engineers, professional building contractors, or environmental consultants.
Such additional expertise is not covered in the report and INVESCO agrees that, if such additional expertise is required, it shall be provided by others at the direction and discretion of INVESCO. No warranties are made by references to physical
property characteristics in terms of quality, condition, cost, suitability, soil conditions, flood risk, obsolescence, etc., and no liability is assumed for any engineering-related issues. 

 

	 	•	 	 Possession of this report or a copy thereof does not imply right of publication, nor use for any purpose by
anyone other than the person to whom it is addressed, without the written consent of Chatham. 

  

	 	•	 	 The liability of Chatham, and its affiliates, employees, officers, directors, and agents, is limited to
INVESCO. This report was prepared specifically for our INVESCO, to whom this report is addressed. 

  

	 	•	 	 INVESCO acknowledges that Chatham Financial is a corporation and agrees that any claim made by INVESCO arising
out of any act or omission of any director, officer, agent, or 

  
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employee of Chatham, in the execution or performance of its contractual or professional responsibilities shall be made solely against Chatham Financial and not against any such director, officer,
agent, or employee. 

  

	 	•	 	 The Americans with Disabilities Act (ADA) became effective January 26, 1992. Chatham Financial shall not
made a specific compliance survey and analysis of the properties to determine whether or not they are in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the properties, together with a
detailed analysis of the requirements for the ADA, could reveal that the properties are 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 Chatham
Financial shall have no direct evidence relating to this issue, Chatham Financial shall not consider possible non-compliance with the requirements of the ADA in estimating the value of the properties.

  
 14EX-10.6

 EXHIBIT 10.6 

EXCHANGE AND REGISTRATION RIGHTS AGREEMENT 

THIS EXCHANGE AND REGISTRATION RIGHTS AGREEMENT is made and entered into as of August 7, 2020 by and among INVESCO REAL ESTATE INCOME
TRUST INC., a Maryland corporation (the “Company”), and Massachusetts Mutual Life Insurance Company (“MM”). 

WHEREAS, the Company has confidentially submitted a draft of and intends to file a registration statement on Form S-11 in connection with a proposed initial public offering (“IPO”) of shares of the Company’s Class T, Class S, Class D, Class I and Class E common stock, par value
$0.01 per share (collectively, the “IPO Common Shares”); 
 WHEREAS, MM has agreed to purchase from the Company
Class N shares of common stock, par value $0.01 per share (the “Class N Shares”), in a private placement transaction (the “Private Placement”); and 

WHEREAS, the Company wishes to provide MM with certain exchange rights relating to the issuance of IPO Common Shares in exchange for the
Class N Shares and certain registration rights with respect to such exchanged IPO Common Shares. 
 NOW, THEREFORE, for the mutual
promises made herein and in the other agreements executed by the parties concurrently herewith or contemplated hereby, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as
follows: 
  

	Section 1.	 Definitions 

The following capitalized terms used herein have the following meanings: 

“Adviser” means Invesco Advisers, Inc. 

“Affiliate” of any Person means another Person that directly, or indirectly through one or more intermediaries, controls, is
controlled by or is under common control with such first Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of management and policies of
the other Person, whether through the ownership of voting securities, by contract, or otherwise. 
 “Agent” means the
principal placement agent on an agented placement of Registrable Securities. 
 “Agreement” means this Exchange and
Registration Rights Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Business Day” means any day, other than a Saturday or Sunday or a day on which commercial banks in New York, New York are
required by law or permitted to be closed. 
 “Bylaws” means the Bylaws of the Company, as amended, supplemented or
restated from time to time. 

  
 1 

 “Cash Amount” means the Transaction Price per Class N Share multiplied
by the number of Tendered Class N Shares. 
 “Charter” means the Articles of Amendment and Restatement of the Company
as amended, supplemented or restated from time to time. 
 “Class N Shares” is defined in the recitals
of this Agreement. 
 “Commission” means the Securities and Exchange Commission, or any other federal agency then
administering the Securities Act or the Exchange Act. 
 “Company” is defined in the preamble to this Agreement. 

“EDGAR” is defined in Section 5.1(e) of this Agreement. 

“End of Suspension Notice” is defined in Section 4.3. 

“Exchange” has the meaning in Section 2.1 of the Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder, all as the same shall be in effect at the time. 
 “Exchange Ratio” will be one Class N Share
for a number of shares of the class of the IPO Common Shares selected by the Exchanging Stockholder with an equivalent aggregate NAV per share as the NAV per Class N Share, in each case as of the most recently available month-end prior to the Specified Exchange Date. 
 “Exchanging Stockholders” has the
meaning in Section 2.1 of this Agreement. 
 “FINRA” means the Financial Industry Regulatory
Authority, Inc. 
 “First Closing” is defined in Section 2.1 of this Agreement. 

“Holder” means (i) MM as an owner of Registrable Securities and (ii) any Person who becomes a Holder pursuant to
Section 9.5. 
 “Investor” means (i) MM as an owner of Class N Shares and (ii) any
Person who becomes an Investor pursuant to Section 9.5. 
 “IPO” is defined in the recitals of
this Agreement. 
 “IPO Common Shares” is defined in the recitals to this Agreement. 

“IPO Common Shares Amount” means a number of IPO Common Shares equal to the product of (x) the number of Tendered
Class N Shares, less the number (if any) of Tendered Class N Shares that the Company elects to repurchase for the applicable Cash Amount pursuant to Section 2.2, and (y) the Exchange Ratio in effect on
the Specified Redemption Date with respect to such Tendered Class N Shares; provided, however, that in the event that the Company issues 

  
 2 

 
to all holders of IPO Common Shares as of a certain record date rights, options, warrants or convertible or exchangeable securities entitling the Company’s stockholders to subscribe for or
purchase IPO Common Shares, or any other securities or property (collectively, the “Rights”), with the record date for such Rights issuance falling within the period starting on the date of the Notice of Exchange and ending on the
day immediately preceding the Specified Exchange Date, which Rights will not be distributed before the relevant Specified Exchange Date, then the IPO Common Shares Amount shall also include such Rights that a holder of that number of IPO Common
Shares would be entitled to receive, expressed, where relevant hereunder, in a number of IPO Common Shares determined by the Company in good faith. 

“Losses” is defined in Section 6.1. 

“Majority Selling Holders” means those Selling Holders whose Registrable Securities included in such registration or
offering, as applicable, represent a majority of the Registrable Securities of all Selling Holders included therein. 

“Memorandum” means the confidential private placement memorandum of the Company regarding the private offer and sale of
Class N Shares, dated January 16, 2020, as supplemented by Supplement Number One thereto, dated August 7, 2020, as further amended or supplemented from time to time, including all schedules, exhibits and attachments thereto. 

“MM” has the meaning given to such term in the preamble hereto. 

“NAV” means the net asset value of the Company as determined pursuant to the valuation guidelines adopted by the
Company’s board of directors, as set forth in the Memorandum. 
 “Notice of Exchange” means the Notice of Exchange
substantially in the form of Exhibit A attached to this Agreement. 
 “Ownership Restrictions” is defined in
Section 2.5. 
 “Person” means any individual, corporation, partnership, joint venture, limited
liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Private Placement” is defined in the recitals of this Agreement. 

“Prospectus” means the prospectus or prospectuses included in any Registration Statement (including any “free writing
prospectus” (as defined in Rule 405 of the Securities Act) and any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in
reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and
by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference or deemed to be incorporated by reference in such prospectus or prospectuses. 

  
 3 

 “Qualified Party” means an “Accredited Investor” as defined in
Rule 501 promulgated under the Securities Act. 
 “Registrable Securities” means the IPO Common Shares issued to the
Exchanging Stockholders in exchange for Class N Shares and any Securities into which the IPO Common Shares may be converted or exchanged pursuant to any merger, consolidation, sale of all or any part of its assets, corporate conversion or other
extraordinary transaction of the Company held by a Holder (whether now held or hereafter acquired, and including any such Securities received by a Holder upon the conversion or exchange of, or pursuant to such a transaction with respect to, other
Securities held by such Holder). As to any particular Registrable Securities, such Securities shall cease to be Registrable Securities on the earliest to occur of: (a) the date on which a Registration Statement with respect to the sale of such
Registrable Securities shall have become effective under the Securities Act and such Registrable Securities shall have been sold, transferred or disposed of in accordance with such Registration Statement; (b) the date on which such Registrable
Securities shall have ceased to be outstanding; (c) any date on which Company counsel delivers a written opinion of counsel, which shall be in a form reasonably satisfactory to Holder’s counsel, to the effect that such Holder’s
Registrable Securities are eligible for sale without registration pursuant to Rule 144 (or any successor provision) under the Securities Act and without volume limitations or other restrictions on transfer thereunder; or (d) the date on which
such Registrable Securities have been sold to a third party and all transfer restrictions and restrictive legends with respect to such Registrable Securities are removed upon the consummation of such sale. 

“Registration Statement” means any registration statement filed by the Company with the Commission in compliance with the
Securities Act (including any Shelf Registration Statement) for a public offering and sale of the IPO Common Shares or other securities of the Company, including the Prospectus, amendments and supplements to such Registration Statement, including pre-and post-effective amendments, all exhibits and all materials incorporated by reference or deemed to be incorporated by reference in such Registration Statement (other than a registration statement (i) on
Form S-4 or Form S-8 or any successor form to Form S-4 or Form S-8 or in connection with
any employee or director welfare, benefit or compensation plan, (ii) covering only Securities proposed to be issued in exchange for Securities or assets of another entity, (iii) in connection with an exchange offer or an offering of
Securities exclusively to existing Security holders of the Company or its subsidiaries, (iv) relating to a transaction pursuant to Rule 145 of the Securities Act, (v) for an offering of debt that is convertible into equity Securities of
the Company, or (vi) solely for a dividend reinvestment plan). 
 “Rights” is defined in the definition of “IPO
Common Shares Amount.” 
 “Securities” means capital stock, limited partnership interests, limited liability company
interests, beneficial interests, warrants, options, notes, bonds, debentures, and other securities, equity interests, ownership interests and similar obligations of every kind and nature of any Person. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time. 

  
 4 

 “Selling Holders” means, with respect to a specified registration or
offering pursuant to this Agreement, the Holders whose Registrable Securities are proposed to be included in such registration or offering, as applicable. 

“Shelf Effectiveness Period” is defined in Section 3.1 of this Agreement. 

“Shelf Offering” is defined in Section 3.2 of this Agreement. 

“Shelf Offering Notice” is defined in Section 3.2 of this Agreement. 

“Shelf Registration Notice” is defined in Section 3.1 of this Agreement. 

“Shelf Registration Statement” means a Registration Statement on Form S-11, Form S-3 or another appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. 

“Specified Exchange Date” means the 30th Business Day following receipt
by the Company of a Notice of Exchange. 
 “Subscription Agreement” means the Subscription Agreement, dated August 7,
2020, between Massachusetts Mutual Life Insurance Company and the Company. 
 “Suspension Event” is defined in
Section 4.3. 
 “Suspension Notice” is defined in Section 4.3. 

“Tendered Class N Shares” is defined in Section 2.1 of this Agreement. 

“Transaction Price” means the price per share at which Class N Shares are offered in the Private Placement, which at the
First Closing will be $25.00 per share and thereafter will vary and will be equal to the Company’s NAV per Class N Share as of the last day of the immediately prior month, as determined monthly in accordance with the guidelines and
procedures adopted by the Company’s board of directors (as set forth in the Memorandum), or such other price per Class N Share which, in the Company’s sole discretion, more appropriately reflects the fair value of a Class N Share
if there has been a material change to the NAV per Class N Share since the last day of the prior month, as determined in accordance with the Subscription Agreement; provided, however, that the Transaction Price for purposes of the Cash
Amount payable pursuant to Section 2.3 shall in no event be less than the NAV per share of the Class N Shares as of the last day of the month immediately preceding the Specified Exchange Date. 

“Transfer” means and includes the act of selling, giving, transferring, creating a trust (voting or otherwise), assigning or
otherwise disposing of (other than pledging, hypothecating or otherwise transferring as security or any transfer upon any merger or consolidation) (and correlative words shall have correlative meanings); provided, however, that any transfer
or other disposition upon foreclosure or other exercise of remedies of a secured creditor after an event of default under or with respect to a pledge, hypothecation or other transfer as security shall constitute a Transfer. 

  
 5 

 “Underwriters’ Representative” means the managing underwriter, or in
the case of a co-managed underwriting, the managing underwriter designated as the Underwriters’ Representative by the co-managers. 

“WKSI” shall mean a well-known seasoned issuer, as defined in Rule 405 under the Securities Act. 

 

	Section 2.	 Exchange Rights 

 

	 	2.1	 If a Registration Statement with respect to an IPO has been declared effective by the Commission, each Investor
shall have the right at any time and from time to time on or after the fifth anniversary of the initial closing of the Private Placement (the “First Closing”) to cause the Company to exchange (an “Exchange”) all or
a portion of its Class N Shares (the “Tendered Class N Shares”) for the IPO Common Shares Amount. The Investor who is exercising its exchange right pursuant to this Section 2.1 (the
“Exchanging Stockholder”) shall have no right, with respect to any Tendered Class N Shares so exchanged, to receive any distributions paid on or after the Specified Exchange Date. Any Exchange shall be exercised pursuant to a
Notice of Exchange in the form attached hereto as Exhibit A, which shall, among other things, specify the class of IPO Common Shares the Investor elects to receive in the Exchange, delivered to the Company by the Exchanging Stockholder.

  

	 	2.2	 Notwithstanding Section 2.1 above, if an Investor has delivered to the Company a
Notice of Exchange then the Company may, in its sole and absolute discretion, elect to assume and satisfy the Company’s Exchange obligation and acquire some or all of the Tendered Class N Shares from the Exchanging Stockholder in exchange
for the Cash Amount (as of the Specified Exchange Date). The Company shall give such Exchanging Stockholder written notice of its election on or before the close of business on the tenth Business Day after its receipt of the Notice of Exchange. The
Cash Amount shall be payable to the Exchanging Stockholder by the Specified Exchange Date. 

  

	 	2.3	 The IPO Common Shares Amount, if applicable, shall be delivered as duly authorized, validly issued, fully paid
and nonassessable IPO Common Shares and, if applicable, free of any pledge, lien, encumbrance or restriction, other than those provided in the Charter or the Bylaws of the Company, the Securities Act, relevant state securities or blue sky laws and
this Agreement. Notwithstanding any delay in such delivery (but subject to Section 2.5), the Exchanging Stockholder shall be deemed the owner of such IPO Common Shares for all purposes, including without limitation, rights
to vote or consent, and receive dividends, as of the Specified Exchange Date. In addition, the IPO Common Shares for which the Tendered Class N Shares might be exchanged shall, if the Tendered Class N Shares are certificated, also bear
such restrictive legends that the Company determines are appropriate to mark transfer, ownership or other restrictions and limitations applicable to the IPO Common Shares. The Company shall pay by the Specified Exchange Date any cash proceeds to the
Exchanging Stockholder representing the difference between the NAV of the Class N Shares exchanged and the NAV of the IPO Common Shares received by the Exchanging Stockholder due to the Company’s determination not to issue fractional IPO
Common Shares, which determination shall be in the Company’s sole and absolute discretion.     

  

  
 6 

	 	2.4	 Each Investor covenants and agrees with the Company that all Tendered Class N Shares shall be delivered to
the Company free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims and/or encumbrances exist or arise with respect to such Tendered Class N Shares, the Company shall be under no obligation to acquire
or Exchange the same. Each Investor further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Tendered Class N Shares to the Company (or its designee), such Investor shall assume
and pay such transfer tax. 

  

	 	2.5	 Notwithstanding any other provision of this Agreement, (i) an Investor shall not be entitled to effect an
Exchange of Tendered Class N Shares to the extent the ownership or right to receive IPO Common Shares (or the applicable Cash Amount) pursuant to such Exchange could cause such Investor or any other Person to violate the restrictions on
ownership and transfer of the Company’s common stock set forth in the Charter (as modified by any waiver to the application of such restrictions that the Company’s board of directors, in its sole discretion, may grant from time to time,
including the waiver granted by the Company’s board of directors pursuant to the Request to Waive Stock Ownership Limit Letter, to be delivered prior to the Initial Closing (as defined in the Subscription Agreement), between Massachusetts
Mutual Life Insurance Company and the Company) (the “Ownership Restrictions”) and shall have no rights under this Agreement to acquire IPO Common Shares which would otherwise be prohibited by the Ownership Restrictions, and
(ii) any attempted Exchange of Tendered Class N Shares that would be in violation of the Ownership Restrictions shall be null and void ab initio. 

  

	 	2.6	 Notwithstanding anything herein to the contrary, (i) without the consent of the Company, each Investor may
effect an Exchange only one time in each fiscal quarter; (ii) without the consent of the Company, each Investor may not effect an Exchange for less than a number of Tendered Class N Shares with an aggregate NAV of $20 million, based
on the Company’s most recently available month-end NAV per share information or, if the Investor holds less than such number of Class N Shares, all of the Class N Shares held by such Investor;
(iii) without the consent of the Company, each Investor may not effect an Exchange during the period after the record date with respect to a distribution on the Class N Shares and before the record date established by the Company for a
distribution in respect of the IPO Common Shares to its stockholders of some or all of its portion of such distribution, provided the duration of such period shall not exceed 30 calendar days; (iv) the consummation of any Exchange (for IPO
Common Shares or the applicable Cash Amount) shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; and (v) each Exchanging
Stockholder shall continue to own all Class N Shares subject to any Exchange, and be treated as an owner with respect to such Class N Shares, until such Class N Shares are transferred to the Company and exchanged for IPO Common Shares
or the applicable Cash Amount, as applicable, on the Specified Exchange Date. 

  
 7 

	Section 3.	 Registration Rights 

 

	 	3.1	 If a Registration Statement with respect to an IPO has been declared effective by the SEC, then at any time and
from time to time on or after the fifth anniversary of the First Closing, any Holder may deliver to the Company a written notice (a “Shelf Registration Notice”) requiring the Company to prepare and file with the Commission a Shelf
Registration Statement with respect to resales of some or all Registrable Securities by such Holder as promptly as practicable after receiving the Shelf Registration Notice, but in no event more than 45 days following receipt of such notice. Unless
such Shelf Registration Statement shall become automatically effective, the Company shall use commercially reasonable efforts to cause the Shelf Registration Statement to become or be declared effective by the Commission for all of the Registrable
Securities covered thereby as promptly as practicable but in no event later than 90 days following delivery of the Shelf Registration Notice (if it is not an automatically effective Shelf Registration Statement). If the Company is a WKSI at the time
that the Shelf Registration Statement is to be filed, the Company shall file an automatic Shelf Registration Statement which covers such Registrable Securities. The Company agrees to use commercially reasonable efforts to keep the Shelf Registration
Statement (or a successor Registration Statement filed with respect to the Registrable Securities) continuously effective (including by filing a new Shelf Registration Statement if the initial Shelf Registration Statement expires) in order to permit
the Prospectus forming a part thereof to be lawfully delivered and the Shelf Registration Statement useable for resale of the Registrable Securities, so long as there are any Registrable Securities outstanding (the “Shelf Effectiveness
Period”). 

  

	 	3.2	 Subject to the limitations set forth in Section 3.3, upon the written request of a
Holder (“Shelf Offering Notice”) to the Company from time to time during the Shelf Effectiveness Period, the Company will use commercially reasonable efforts to facilitate a “takedown” of Registrable Securities off of the
Shelf Registration Statement by such Holder (“Shelf Offering”) by amending or supplementing the Prospectus related to the Shelf Registration Statement as may be reasonably requested by such Holder as promptly as reasonably
practicable upon receipt of the Shelf Offering Notice and taking other actions contemplated by Section 5.1 that may be applicable to such Shelf Offering. Neither the Company nor any stockholder of the Company (other than
the Holders) may include securities in any offering requested under Section 3. Notwithstanding anything to the contrary in this Agreement, the Company and its Affiliates shall have no obligation to assist any Holder in the
marketing, distribution or sales of the Registrable Securities and the Holders shall and shall cause their advisers and Affiliates to comply with any applicable securities laws and the Charter in connection with the marketing, distribution and sales
of the Registrable Securities. 

  
 8 

	 	3.3	 Notwithstanding anything to the contrary in this Agreement, no Holder may exercise the registration rights set
forth in this Section 3, and the Company will not be obligated to effect, or pay the registration expenses in respect of, more than three Registration Statements or three Shelf Offerings in total with respect to a
Holder’s Registrable Securities or two Registration Statements or two Shelf Offerings with respect to a Holder’s Registrable Securities in any 12-month period; provided, however, that a
request for registration will not count for the purposes of this limitation if (i) the Majority Selling Holders of the registration determine in good faith to withdraw (A) such Shelf Registration Notice prior to the filing of the
Registration Statement or (B) such Registration Statement (prior to the effective date of the Registration Statement relating to such request) due to (1) regulatory reasons, (2) because of a material adverse change in the business,
financial condition or prospects of the Company or (3) due to the exercise by the Company of its rights under Section 4 or (ii) the Registration Statement relating to such request is not declared effective within
90 days of the date such Registration Statement is first filed with the Commission (other than solely by reason of Holders refusing to proceed) and the Majority Selling Holders of the registration withdraw such Shelf Registration Notice prior to the
effective date of the Registration Statement relating to such request; provided, further, that any expenses incurred by the Company in connection with any Registration Statements that are not counted towards the limit set forth in this
Section 3.3 shall still be included for purposes of the aggregate fee limit for which the Company is responsible pursuant to Section 7.1. Notwithstanding anything to the contrary in this Agreement,
no Holder may exercise any registration rights set forth in this Section 3, including without limitation the ability to deliver Shelf Registration Notices and Shelf Offering Notices, with respect to Registrable Securities
with an aggregate value that is less than $20 million (based on the Company’s most recently available month-end NAV per share information); provided, however, that the foregoing limitation
will not apply to the exercise of such registration rights by a Holder if (i) such registration rights are exercised with respect to all of such Holder’s Registrable Securities and (ii) the aggregate value of all of such Holder’s
Registrable Securities at such time is at least $10 million (based on the Company’s most recently available month-end NAV per share information). 

 

	 	3.4	 Notice to Holders. The Company shall give written notice of the proposed filing of any Shelf
Registration Statement with respect to offerings of Registrable Securities to all Holders as soon as practicable (and in any event at least ten Business Days before the anticipated filing date of such Shelf Registration Statement), and each Holder
(other than the Holder which requested such Registration Statement pursuant to Section 3.1) who wishes to participate in such Shelf Registration Statement shall notify the Company in writing within five Business Days after
the receipt by a Holder of such notice from the Company, and shall specify in such notice the number of Registrable Securities to be included in the applicable Shelf Registration Statement. The Company shall use its commercially reasonable efforts
to include in each such Shelf Registration Statement such Registrable Securities for which the Company has received a request from the Holder within five Business Days after giving the notice. If the Holder decides not to include all

  
 9 

	 	
of its Registrable Securities in any Shelf Registration Statement thereafter filed by the Company, the Holder shall nevertheless continue to have the right to include any Registrable Securities
in any subsequent Shelf Registration Statements as may be filed by the Company with respect to offerings of Registrable Securities. The Company shall use its commercially reasonable efforts to effect the registration under the Securities Act of all
Registrable Securities which the Company has been so requested to register pursuant to the Holder’s request, to the extent required to permit the disposition of the Registrable Securities so requested to be registered. No registration effected
under this Section 3.4 shall relieve the Company of its obligations to effect any registration of the offer and sale of Registrable Securities upon request under Section 3.1 or
Section 3.2 hereof, subject to the limitations on the number of Registration Statements and Shelf Offerings set forth in the first sentence of Section 3.3. No election by a Holder to participate in
a Shelf Registration Statement pursuant to this Section 3.4 shall be deemed to count against such electing Holder for purposes of the limits on the number of Registration Statements and Shelf Offerings set forth in the
first sentence of Section 3.3. 

  

	 	3.5	 Underwritten Offerings. If any registration or offering pursuant to
Section 3.1 involves an underwritten offering (whether on a “firm,” “best efforts” or “all reasonable efforts” basis or otherwise), or an agented offering, the Majority Selling Holders shall
have the right to select the underwriter or underwriters and manager or managers to administer such underwritten offering or the placement agent or agents for such agented offering. 

 

	Section 4.	 Suspension 

  

	 	4.1	 Subject to the provisions of this Section 4 and a good faith determination by the Company
that it is in the best interests of the Company to postpone the effectiveness of a Registration Statement or suspend the use of any Registration Statement, following the effectiveness of such Registration Statement (and the filings with any U.S.
federal or state securities commission), the Company, by written notice to the Holders, may delay the effectiveness of a Registration Statement or direct Holders to suspend sales of the Registrable Securities pursuant to such Registration Statement
for such times as the Company reasonably may determine is necessary and advisable (but in no event for more than 45 consecutive days or 90 total days in any 365-day period), if any of the following events will
occur: (i) an underwritten public offering of IPO Common Shares by the Company if the Company is advised by the underwriters that the concurrent resale of the Registrable Securities by Holders pursuant to the Registration Statement would have a
material adverse effect on the Company’s underwritten public offering, (ii) there is material non-public information regarding the Company that (A) the Company determines not to be in the
Company’s best interest to disclose, (B) would, in the good faith determination of the Company, require a revision to the Registration Statement so that it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and (C) the Company is not otherwise required to disclose, or (iii) there is
a significant bona 

  
 10 

	 	
fide business opportunity (including the acquisition or disposition of assets (other than in the ordinary course of business), including any significant merger, consolidation, tender offer or
other similar transaction) available to the Company that the Company determines not to be in the Company’s best interests to disclose. If the Company shall postpone the filing of a Registration Statement, the Majority Selling Holders of the
registration who were to participate therein shall have the right to withdraw the request for registration. Any such withdrawal shall be made by giving written notice to the Company within 30 days after receipt of the Suspension Notice (as defined
below). Such withdrawn registration request shall not be treated as a request for a registration effected pursuant to Section 3.3 (and shall not be counted towards the number of registrations effected). 

 

	 	4.2	 Upon the earlier to occur of (i) the Company delivering to the Holders an End of Suspension Notice (as
defined below), or (ii) the end of the maximum permissible suspension period, the Company will use commercially reasonable efforts to promptly make effective, amend or supplement the Registration Statement so as to permit the Holders to begin
or resume sales of the Registrable Securities as soon as possible. 

  

	 	4.3	 In the case of an event that causes the Company to delay the effectiveness of a Registration Statement or
suspend the use of a Registration Statement (a “Suspension Event”), the Company will give written notice (a “Suspension Notice”) to the Holders to suspend sales of the Registrable Securities, if applicable, and such
notice will state that such delay or suspension will continue only for so long as the Suspension Event or its effect is continuing and the Company is taking all reasonable steps to terminate postponement or suspension of the effectiveness of the
Registration Statement as promptly as possible. Holders will not affect any sales of the Registrable Securities pursuant to such Registration Statement (or such filings) at any time after a Suspension Notice has been delivered by the Company prior
to receipt of an End of Suspension Notice (as defined below). If so directed by the Company, the Holders will deliver to the Company (at the reasonable expense of the Company) all copies other than permanent file copies then in Holders’
possession of the Prospectus covering the Registrable Securities at the time of receipt of the Suspension Notice. The Holders may commence effecting sales of the Registrable Securities pursuant to the Registration Statement (or such filings)
following further notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice will be given by the Company to the Holders in the manner described above promptly following the conclusion of
any Suspension Event and its effect. 

  

  
 11 

	Section 5.	 Additional Obligations of the Company and the Holders 

 

	 	5.1	 Obligations of the Company. When the Company is required to effect the registration of any Registrable
Securities or facilitate or effect any offering pursuant to Section 3 of this Agreement, the Company shall: 

  

	 	(a)	 use commercially reasonable efforts to (i) register or qualify the Registrable Securities within a
reasonable time after the applicable Registration Statement is declared effective by the Commission under up to five applicable state securities or “blue sky” laws of such jurisdictions as any Holder may reasonably request in writing,
(ii) keep each such registration or qualification effective during the period such Registration Statement is required to be kept effective pursuant to this Agreement, (iii) cooperate with the Holders and the underwriters or Agents, if any,
and their respective counsel in connection with any filings required to be made with FINRA or other applicable regulatory authorities, and (iv) to do any and all other similar acts and things that may be reasonably necessary or advisable to
enable the Holders to consummate the disposition of the Registrable Securities in each such jurisdiction; provided, however, that the Company shall not be required to (A) qualify generally to do business in any jurisdiction as a foreign
corporation or to register as a broker or dealer in any jurisdiction where it would not otherwise be required to so qualify or register but for this Agreement, (B) take any action that would cause it to become subject to any taxation in any
jurisdiction where it would not otherwise be subject to such taxation or (C) take any action that would subject it to the general service of process in any jurisdiction where it is not then so subject; 

 

	 	(b)	 promptly notify each Selling Holder of the receipt, and provide copies to the Selling Holders, of any comments
or other correspondence from staff of the Commission with respect to any Registration Statement and use commercially reasonable efforts to promptly respond to such comments and provide copies of such responses to the Selling Holders;

  

	 	(c)	 as promptly as practicable, prepare and file with the Commission, if necessary, such amendments and supplements
to the Registration Statement and the Prospectus used in connection with such Registration Statement or any document incorporated therein by reference or file any other required document as may be necessary to cause or maintain the effectiveness of
such Registration Statement for so long as such Registration Statement is required to be kept effective and to comply with the provisions of the Securities Act and the rules thereunder with respect to the disposition of all securities covered by
such Registration Statement and the instructions applicable to the registration form used by the Company; 

  

	 	(d)	 furnish, without charge, to the Holders such number of copies of the Registration Statement, each amendment and
supplement thereto (in each case including all exhibits, but excluding any documents to be incorporated by reference therein that are publicly available on the Commission’s Electronic Data Gathering, Analysis and Retrieval system
(“EDGAR”)), and the Prospectus included in such Registration Statement (including each preliminary Prospectus) in conformity with the requirements of the Securities Act as the Holders or any underwriter or Agent may reasonably
request for use in and in order to facilitate the public sale or other disposition of the Registrable Securities owned by the Holders; 

  

  
 12 

	 	(e)	 if a disposition of Registrable Securities takes the form of an underwritten or agented offering, any
“bought deal” or block trade, promptly enter into customary agreements (including, in the case of an underwritten offering, underwriting agreements in customary form, and including provisions with respect to indemnification and
contribution in customary form and consistent with the provisions relating to indemnification and contribution contained herein) and promptly take all other customary actions at such times as customarily occur in similar registered offerings in
order to facilitate the disposition of such Registrable Securities and in connection therewith, including: 

  

	 	(i)	 make such representations and warranties to the Selling Holders and the underwriters, if any, in form,
substance and scope as are customarily made by issuers in similar underwritten offerings; 

  

	 	(ii)	 obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and
substance) shall be reasonably satisfactory to the Selling Holders and the Underwriter’s Representative or Agent, if any) addressed to the underwriters, if any, covering the matters customarily covered in opinions requested in sales of
securities or underwritten offerings and such other matters as may be reasonably requested by such Selling Holders and the lead managing underwriter, and the Company shall furnish to each Selling Holder a signed counterpart of any such legal
opinion; 

  

	 	(iii)	 obtain “comfort” letters and updates thereof from the Company’s independent certified public
accountants addressed to the Selling Holders, if permissible, and the underwriters, if any, which letters shall be customary in form and shall cover matters of the type customarily covered in “comfort” letters to underwriters in connection
with primary underwritten offerings, and the Company shall furnish to each Selling Holder a signed counterpart of any such “comfort” letter; and 

  

	 	(iv)	 use commercially reasonable efforts to obtain executed lock-up
agreements from the officers and directors of the Company and from the holders of more than 5% of the Company’s equity securities (who are, or whose associated persons are, bound by the Company’s insider trading policy), if requested by
the underwriters for such time periods as the underwriters may reasonably request. 

  
 13 

	 	(f)	 promptly notify the Holders: (i) when the Registration Statement, any
pre-effective amendment, the Prospectus or any prospectus supplement related thereto or post-effective amendment to the Registration Statement has been filed, and, with respect to the Registration Statement or
any post-effective amendment, when the same has become effective, (ii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation or threat of any proceedings for that
purpose, and (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction or the
initiation of any proceeding for such purpose; 

  

	 	(g)	 use commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of a
Registration Statement or suspending the qualification or exemption from qualification under state securities or “blue sky” laws, and, if any such order suspending the effectiveness of a Registration Statement or suspending the
qualification or exemption from qualification under state securities or “blue sky” laws is issued, promptly use commercially reasonable efforts to obtain the withdrawal of such order at the earliest possible moment (and shall provide the
Holders with prompt notice thereof); 

  

	 	(h)	 after the filing of a Registration Statement and thereafter until the expiration of the period during which the
Company is required to maintain the effectiveness of the applicable Registration Statement as set forth in the applicable sections above, promptly notify the Holders: (i) of the existence of any fact of which the Company is aware or the
happening of any event which has resulted in (A) the Registration Statement, as then in effect, containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any
statements therein not misleading, (B) the Prospectus included in such Registration Statement containing an untrue statement of a material fact or omitting to state a material fact necessary to make any statements therein, in the light of the
circumstances under which they were made, not misleading or (C) the representations and warranties of or relating to the Company contained in any agreement for the sale of any Registrable Securities under a Registration Statement ceasing to be
true and correct in any material respect and (ii) of the Company’s reasonable determination that a post-effective amendment to the Registration Statement would be appropriate or required or that there exist circumstances not yet disclosed
to the public which make further sales under such Registration Statement inadvisable pending such disclosure and post-effective amendment; 

  

	 	(i)	 in the event that the IPO Common Shares are listed on a national securities exchange, use commercially
reasonable efforts to cause all such Registrable Securities to be listed, and to maintain the listing of such Registrable Securities, on the national securities exchange on which the IPO Common Shares are then listed and cause to be satisfied all
requirements and conditions of such securities exchange to the listing or quoting of such securities that are reasonably within the control of the Company including registering the applicable class of Registrable Securities under the Exchange Act,
if appropriate, and using commercially reasonable efforts to cause such registration to become effective pursuant to the rules of the Commission in accordance with the terms hereof; 

  
 14 

	 	(j)	 if requested by any Holder participating in the offering of Registrable Securities, incorporate in a prospectus
supplement or post-effective amendment such information concerning the Holder or the intended method of distribution as the Holder reasonably requests to be included therein and is reasonably necessary to permit the sale of the Registrable
Securities pursuant to the Registration Statement, including information with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other material terms of the offering; 

 

	 	(k)	 make available to its stockholders, as soon as practicable but no later than 90 days following the end of the 12-month period beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of each Registration Statement filed pursuant to this Agreement an earnings statement
satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

  

	 	(l)	 in connection with the preparation and filing of any Registration Statement, Prospectus or any amendments or
supplements thereto, (i) give the Selling Holders, the underwriters or Agent (if applicable) and their respective counsels the opportunity to review and provide comments on such Registration Statement, each Prospectus included therein or filed
with the Commission, and each amendment thereof or supplement thereto, (ii) in good faith consider such comments in any such documents prior to the filing thereof as the counsel to the Holders or underwriters may reasonably request, and
(iii) make available such of the Company’s representatives as shall be reasonably requested by the Holders or any underwriter for discussion of such documents; 

 

	 	(m)	 provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by
such Registration Statement from and after a date not later than the effective date of such Registration Statement; 

  

	 	(n)	 cooperate with the Holders to facilitate the timely delivery, preparation and delivery of certificates (or
evidence of direct registration), with requisite CUSIP numbers, representing Registrable Securities to be sold; 

  

	 	(o)	 to the extent the Company is a WKSI during the period in which this Agreement is in effect, use commercially
reasonable efforts to take such actions as under its control to remain a WKSI and not become an ineligible issuer during the period when any Registration Statement remains in effect; and 

  
 15 

	 	(p)	 take such other actions as are reasonably required in order to expedite or facilitate the disposition of
Registrable Securities included in each such registration. 

  

	Section 6.	 Indemnification; Contribution 

 

	 	6.1	 Indemnification by the Company. The Company agrees to indemnify and hold harmless each Holder and each
Person, if any, who controls any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and any of their partners, members, officers, directors, employees, agents, advisors or representatives,
against any and all loss, liability, claim, judgment, damage, action, cost, and expense whatsoever (including reasonable fees, expenses, disbursements of attorneys and other professionals, amounts paid in settlement and reasonable costs incurred in
investigating, preparing, defending against or participating in (as a witness or otherwise) any commenced or threatened litigation, investigation or proceeding) (collectively, “Losses”), as incurred, arising out of or based upon
(i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) pursuant to which the Registrable Securities were registered under the Securities Act, including all
documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or (ii) any untrue statement or alleged
untrue statement of a material fact contained in any Prospectus (or any amendment or supplement thereto), including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the indemnity provided pursuant to this Section 6.1 does not apply to any Holder
with respect to any Losses to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by such Holder expressly for
use in a Registration Statement (or any amendment thereto) or a Prospectus (or any amendment or supplement thereto). 

  

	 	6.2	 Indemnification by Holders. Each Holder (and each permitted assignee of such Holder, on a several basis)
severally and not jointly agrees to indemnify and hold harmless the Company, and each of its directors and officers (including each director and officer of the Company who signed a Registration Statement), and each Person, if any, who controls the
Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and all Losses, as incurred, arising out of or based upon (i) any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement (or any amendment thereto) pursuant to which the Registrable Securities of such Holder were registered under the Securities Act, including all documents incorporated therein by reference, or the omission
or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or (ii) any untrue statement or alleged untrue statement of a material

  
 16 

	 	
fact contained in any Prospectus (or any amendment or supplement thereto), including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the indemnity provided pursuant to this Section 6.2 shall
only apply with respect to any Losses to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by such Holder
expressly for use in a Registration Statement (or any amendment thereto) or a Prospectus (or any amendment or supplement thereto). Notwithstanding the provisions of this Section 6.2, a Holder and any permitted assignee
shall not be required to indemnify the Company, its officers, directors or control persons with respect to any amount in excess of the amount of the total net proceeds to the Holder or such permitted assignee, as the case may be, from sales of the
Registrable Securities of the Holder under the Registration Statement or Prospectus, as applicable, that is the subject of the indemnification claim. 

  

	 	6.3	 Conduct of Indemnification Proceedings. An indemnified party hereunder shall give reasonably prompt
notice to the indemnifying party of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify the indemnifying party (i) shall not relieve it from any liability which it may
have under the indemnity agreement provided in Section 6.1 or 6.2 above, unless and only to the extent that the indemnifying party is actually materially prejudiced by the failure to give notice, and then only to
such extent, and (ii) shall not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided under Section 6.1 or 6.2 above and
the contribution obligation provided in Section 6.4 below. If the indemnifying party so elects within a reasonable time after receipt of such notice, the indemnifying party may assume the defense of such action or
proceeding at such indemnifying party’s own expense with counsel chosen by the indemnifying party and approved by the indemnified party, which approval shall not be unreasonably withheld; provided, however, that the indemnifying party
will not settle, compromise or consent to the entry of any judgment with respect to any such action or proceeding without the written consent of the indemnified party unless such settlement, compromise or consent secures the unconditional release of
the indemnified party and does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party; and provided, further, that, if the indemnified party reasonably determines that
a conflict of interest exists where it is advisable for the indemnified party to be represented by separate counsel or that, upon advice of counsel, there may be legal defenses available to it which are different from or in addition to those
available to the indemnifying party (or in the situation where the indemnifying party fails to take reasonable steps necessary to defend diligently the action or proceeding within 20 Business Days after receiving notice from the indemnified party
that the indemnified party believes the indemnifying party has failed to do so), then the indemnifying party shall not be entitled to assume such defense and the indemnified party shall be entitled to separate counsel at the indemnifying
party’s expense, it 

  
 17 

	 	
being understood, however, that the indemnifying party shall not, in connection with any one such action, claim or proceeding or separate but substantially similar or related actions, claims or
proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one additional firm of attorneys (together with appropriate local counsel) at any time for
all such indemnified parties. If the indemnifying party is not entitled to assume the defense of such action or proceeding as a result of the second proviso to the preceding sentence, the indemnifying party’s counsel shall be entitled to
conduct the indemnifying party’s defense and counsel for the indemnified party shall be entitled to conduct the defense of the indemnified party, it being understood that both such counsel will cooperate with each other to conduct the defense
of such action or proceeding as efficiently as possible. If the indemnifying party is not so entitled to assume the defense of such action or does not assume such defense, the indemnifying party will not be liable for any settlement effected without
the written consent of the indemnifying party, not to be unreasonably withheld, delayed or conditioned. If an indemnifying party is entitled to assume, and assumes, the defense of such action or proceeding in accordance with this paragraph, the
indemnifying party shall not be liable for any fees and expenses of counsel for the indemnified party incurred thereafter in connection with such action or proceeding. 

 

	 	6.4	 Contribution. In order to provide for just and equitable contribution in circumstances in which the
indemnity agreement provided for in Section 6.1 and 6.2 is for any reason held to be unenforceable by a court of competent jurisdiction to any indemnified party although applicable in accordance with its terms, the
Company and the relevant Holder shall contribute to the aggregate losses, liabilities, claims, damages, actions, costs, judgments and expenses of the nature contemplated by such indemnity agreement incurred by the Company and the Holder, in such
proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Holder on the other hand, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages, actions, costs,
judgments or expenses. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether the action in question, including any untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact, relates to information supplied by the indemnifying party or the indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action. 

 The parties hereto agree that it would not be just or equitable if contribution pursuant to this
Section 6.4 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the
provisions of this Section 6.4, a Holder shall not be required to contribute any amount in excess of the amount that it would have been obligated to pay by way of indemnification if the indemnification provided for under
Section 6.2 had been available under the circumstances. Notwithstanding the foregoing, no Person guilty of fraudulent 

  
 18 

 
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any indemnifying party who was not guilty of such
fraudulent misrepresentation. For purposes of this Section 6.4, each Person, if any, who controls a Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and any of their
partners, members, officers, directors, employees, agents or representatives, shall have the same rights to contribution as the Holder, and each director of the Company, each officer of the Company who signed a Registration Statement and each
Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Company. In addition, no Person shall be obligated to
contribute hereunder for any amounts in payment for any settlement of any action or claim, effected without such Person’s written consent. 
  

	 	6.5	 Survival. The indemnification and contribution provisions in this Section 6
shall be a continuing right and shall survive the registration and sale of any securities by any Person entitled to indemnification or contribution, as applicable hereunder, and the expiration or termination of this Agreement. 

 

	Section 7.	 Registration Expenses 

 

	 	7.1	 The Company shall pay all expenses incident to the performance by the Company of its exchange obligations under
Section 2 and registration obligations under Section 3, up to a maximum aggregate amount of $1.0 million, including (i) all expenses incurred in connection with the preparation, printing
and distribution of any Registration Statements and Prospectuses and all amendments and supplements thereto, (ii) Commission and state securities registration, listing and filing fees, (iii) all fees and expenses of complying with
securities or “blue sky” laws other than fees and disbursements of counsel for the Holders in connection with “blue sky” qualifications of the securities and determination of their eligibility for investment under the laws of
such jurisdictions, (iv) all FINRA fees and fees of any applicable stock exchange, (v) fees and disbursements of counsel for the Company and fees and expenses for the independent certified public accountants retained by the Company
(including the expenses or costs associated with the delivery of any opinions or comfort letters), (vi) all internal expenses of the Company (including all salaries and expenses of the officers and employees of the Company and the Adviser performing
legal or accounting duties); and (vii) the fees and expenses of any Person, including special experts, retained by the Company in connection with the preparation of any Registration Statement for registration of Registrable Securities. Any of
the foregoing expenses in excess of the aggregate amount of $1.0 million will not be the responsibility of the Company and will be borne and paid solely by the Holders (on a pro rata basis). 

 

	 	7.2	 Each Holder shall be responsible for the payment of any brokerage and sales commissions, fees and disbursements
of the Holder’s accountants and other advisors, including legal counsel to the Holders, and any transfer taxes relating to the sale or disposition of the Registrable Securities by such Holder pursuant to this Agreement. The Company shall have
no obligation to pay any other costs or expenses incurred by the Holders, including underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the Holders thereof, which underwriting discounts or selling
commissions shall be borne by such Holders. 

  
 19 

	Section 8.	 Rule 144 Compliance 

The Company shall use commercially reasonable efforts to file as and when applicable, on a timely basis, all reports required to be filed by it
under the Exchange Act. The Company shall use commercially reasonable efforts to make and keep current public information available as specified in paragraph (c) of Rule 144 (or any successor rule) promulgated under the Securities Act. The
Company shall use commercially reasonable efforts to take such further action as may be reasonably required from time to time to enable the Holders to Transfer Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144 or any other exemption from registration. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not,
the specifics thereof, as well as any such other information as may be reasonably requested to allow such Holder to sell its Registrable Securities pursuant to Rule 144. In connection with any Transfer of Registrable Securities by a Holder pursuant
to Rule 144 promulgated under the Securities Act, the Company shall cooperate with the Holder to facilitate the timely preparation and delivery of certificates representing the Registrable Securities to be sold and not bearing any Securities Act
legend, and enable certificates for such Registrable Securities to be for such number of shares and registered in such names as Holder may reasonably request at least five Business Days prior to any sale of Registrable Securities hereunder or, if
practicable, and at the request of such Holder, have such Registrable Securities delivered electronically via DWAC through the Depository Trust Company. 
  

	Section 9.	 Miscellaneous 

 

	 	9.1	 Additional Agreements. 

 

	 	(a)	 In the event that any IPO Common Shares or other Securities are issued in respect of, or in exchange for, or in
substitution of the Registrable Securities by reason of any reorganization, recapitalization, reclassification, merger, consolidation, spin-off, partial or complete liquidation, share dividend, split-up, sale of assets, distribution to stockholders or combination of the shares or any other similar change in the Company’s capital structure, the Company agrees that appropriate adjustments shall be made
to this Agreement to ensure that each Holder has, immediately after consummation of such transaction, substantially the same rights from the Company or another issuer of Securities, as applicable, as it had immediately prior to the consummation of
such transaction in respect of the Registrable Securities under this Agreement. 

  
 20 

	 	(b)	 The Company shall not enter into any agreement with respect to the Company’s securities that is
inconsistent with the rights granted to the Holders under this Agreement, and no such agreement is currently in effect. 

  

	 	9.2	 Entire Agreement. This Agreement contains the entire agreement and understanding among the parties
hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the
subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. 

 

	 	9.3	 Amendments and Waivers. 

 

	 	(a)	 The provisions of this Agreement, including the provisions of this Section 9.3, may
not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the written consent of the Company and the Investors and Holders holding in the aggregate at least a majority of the
outstanding Class N Shares that were issued in the Private Placement and Registrable Securities that were issued in exchange for Class N Shares that were issued in the Private Placement, voting together as a single class. Any amendment or
waiver effected in accordance with this paragraph shall be binding upon each Investor and Holder, each future Investor and Holder, and the Company. 

  

	 	(b)	 Notice of any amendment, modification or supplement to this Agreement adopted in accordance with this
Section 9.3 shall be provided by the Company to the Holders prior to the effective date of such amendment, modification or supplement. 

 

	 	9.4	 No Implied Waivers: Remedies. No failure or delay on the part of any party in exercising any right,
privilege, power, or remedy under this Agreement, and no course of dealing shall operate as a waiver of any such right, privilege, power or remedy; nor shall any single or partial exercise of any right, privilege, power or remedy under this
Agreement preclude any other or further exercise of any such right, privilege, power or remedy or the exercise of any other right, privilege, power or remedy. No waiver shall be asserted against any party unless signed in writing by such party. The
rights, privileges, powers and remedies available to the parties are cumulative and not exclusive of any other rights, privileges, powers or remedies provided by statute, at law, in equity or otherwise. 

 

	 	9.5	 Assignment. 

  

	 	(a)	 Except as expressly provided in this Section 9.5, no Investor or Holder may assign
any of its rights under this Agreement without the prior consent of the Company and any purported assignment to the contrary shall be void ab initio; provided, however, that such consent shall not be required in

  
 21 

	 	
connection with (x) assignments to any Affiliate to whom such Investor or Holder Transfers any Class N Shares or Registrable Securities or any rights to acquire Class N Shares or
Registrable Securities so long as such Transfer is not made pursuant to an effective Registration Statement or pursuant to Rule 144 (or any successor provision thereto) under the Securities Act or (y) a pledge of Registrable Securities to a
bona fide lender. 

  

	 	(b)	 Notwithstanding anything herein to the contrary, no Investor or Holder may assign any of its rights under this
Agreement to any Person to whom such Investor or Holder Transfers any Registrable Securities if the Transfer of such Registrable Securities requires registration under the Securities Act. 

 

	 	(c)	 Notwithstanding anything herein to the contrary, no Person may be assigned any rights under this Agreement
unless the assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement as an “Investor” or “Holder,” including the provisions of this Section 9.5.

  

	 	9.6	 Successors and Assigns: No Third Party Beneficiaries. This Agreement will be binding upon and inure to
the benefit of the parties hereto and their successors and permitted assigns. This Agreement is not intended, and shall not be construed, to confer any rights or benefits on any Persons that are not party hereto other than as expressly set forth in
Section 6 and Section 9.5. 

  

	 	9.7	 Notices. 

  

	 	(a)	 All notices, demands or requests provided for or permitted to be given pursuant to this Agreement must be in
writing, to the following addresses: 

  

			
	 (i) if to the Company:
	 	 Invesco Real Estate Income Trust Inc.
 1555
Peachtree Street, N.E., Suite 1800,
 Atlanta, Georgia, 30309

Attention: Christopher Fischer
 Email:
Chris.Fischer@invesco.com

		
	 with a required copy to:
	 	 Alston & Bird LLP
 1201 W. Peachtree
Street NW
 Atlanta, GA 30309
 Attention: Rosemarie A.
Thurston
 Email: rosemarie.thurston@alston.com

  

	 	(ii)	 if to any Investor or Holder to the address contained in the records of the Company with a copy to the
Investor’s or Holder’s counsel, if known, or at such other address as the addressee may have furnished in writing to the sender as provided herein. 

  
 22 

	 	(b)	 Any notice or demand 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 or electronic mail, when received or (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). 

  

	 	9.8	 Specific Performance. The parties hereto acknowledge that the obligations undertaken by them hereunder
are unique and that there would be no adequate remedy at law if any party fails to perform any of its obligations hereunder, and accordingly agree that each party, in addition to any other remedy to which it may be entitled at law or in equity,
shall be entitled to (i) compel specific performance of the obligations, covenants and agreements of any other party under this Agreement in accordance with the terms and conditions of this Agreement and (ii) obtain preliminary injunctive
relief to secure specific performance and to prevent a breach or contemplated breach of this Agreement in any court of the United States or any State thereof having jurisdiction, and in any such case, no bond or security shall be required in
connection therewith. 

  

	 	9.9	 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 WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE
THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN 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 STATES 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. 

 

	 	9.10	 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 OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

  
 23 

	 	9.11	 Headings; References; Interpretation. The headings contained in this Agreement are solely for
convenience and reference and shall not limit or otherwise affect the meaning or interpretation of any of the terms or provisions of this Agreement. The references herein to Sections, unless otherwise indicated, are references to sections of this
Agreement. Whenever the words “include,” “includes,” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” Unless the context requires otherwise, all
words used in this Agreement in the singular number shall extend to and include the plural number, all words in the plural number shall extend to and include the singular number, and all words in any gender shall extend to and include all genders.
To the fullest extent permitted by law, this Agreement shall be construed without regard to any presumption or rule requiring construction against the party drafting or causing this instrument to be drafted. 

 

	 	9.12	 Severability. If any provision of the Agreement shall be held to be invalid, the remainder of the
Agreement shall not be affected thereby. 

  

	 	9.13	 Counterparts; Facsimile; PDF. This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this
Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Any facsimile or Adobe portable document format copies hereof or signature hereon shall, for all purposes, be deemed
originals. 

  
 24 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed
on its behalf as of the date first herein above set forth. 
  

			
	COMPANY:
	
	INVESCO REAL ESTATE INCOME TRUST INC.
		
	By:	 	 /s/ Beth A. Zayicek

	Name: Beth A. Zayicek
	Title: Chief Operating Officer
	
	INVESTOR:
	
	Massachusetts Mutual Life Insurance Company
		
	By:	 	 /s/ Andrew C. Dickey

	Name: Andrew C. Dickey
	Title: Head of Alternative and Private Equity

 Signature Page to Exchange and Registration Rights Agreement 

 EXHIBIT A 

NOTICE OF EXCHANGE 
  

	 	To:	 Invesco Real Estate Income Trust Inc. 1555 Peachtree Street, N.E., Suite 1800, Atlanta, Georgia, 30309

 This Notice of Exchange is delivered pursuant to the terms of the Exchange and Registration Rights Agreement, dated as
of August 7, 2020, by and between Invesco Real Estate Income Trust Inc. (the “Company”) and the Investors party thereto (the “Agreement”). All capitalized terms used and not otherwise defined herein have the
meanings given to such terms in the Agreement. 
 The undersigned Exchanging Stockholder hereby irrevocably tenders for Exchange
Class N Shares in accordance with the terms of the Agreement. The number of Tendered Class N Shares and the class of IPO Common Shares the Exchanging Stockholder elects to receive in the Exchange is specified on the signature page to this
Notice of Exchange. The undersigned Exchanging Stockholder: 
 (a) undertakes (i) to surrender the Tendered Class N Shares and any
certificate therefor at the closing of the Exchange and (ii) to furnish to the Company, prior to the Specified Exchange Date, the documentation, instruments and information required under Section 2 of the Agreement;

 (b) directs that the certified check representing the applicable Cash Amount, if the Company elects to redeem all or a portion of the
Tendered Class N Shares for cash pursuant to Section 2.2 of the Agreement, be delivered to the address specified below; 

(c) represents, warrants, certifies and agrees that: 

(i) the undersigned Exchanging Stockholder is a Qualified Party; 

(ii) the undersigned Exchanging Stockholder has, and at the closing of the Exchange will have, good, marketable and unencumbered title to the
Tendered Class N Shares, free and clear of the rights or interests of any other person or entity; 
 (iii) the undersigned Exchanging
Stockholder has, and at the closing of the Exchange will have, the full right, power and authority to tender and surrender the Tendered Class N Shares as provided herein; and 

(iv) the undersigned Exchanging Stockholder has obtained the consent or approval of all persons and entities, if any, having the right to
consent to or approve such exchange and surrender; 
 (d) acknowledges that it will continue to own the Tendered Class N Shares unless
and until the Exchange is closed and the Exchanging Stockholder receives (1) the IPO Common Shares Amount and/or (2) the applicable Cash Amount in exchange for such Tendered Class N Shares; and 

 (e) agrees to indemnify and hold harmless the Company and its affiliates, stockholders,
members, managers, officers, directors, agents and employees from and against any and all loss, damage, liability, or expense, including costs and reasonable attorneys’ fees, to which any such person may become subject or which they may incur
by reason of or in connection with any misrepresentation made by the Exchanging Stockholder in this Notice of Exchange, any breach of any of the Exchanging Stockholder’s representations or warranties set forth in this Notice of Exchange, or the
Exchanging Stockholder’s failure to fulfill any of its covenants or agreements under this Notice of Exchange. 

 All capitalized terms used herein and not otherwise defined shall have the same meaning
ascribed to them respectively in the Agreement. 
  

			
	Number of Tendered Class N Shares	  	                                
		
	Class of IPO Common Shares Stockholder Elects to Receive in the Exchange (Specify Class T, Class S, Class D, Class I or Class E Common Stock)	  	                                
		
	Dated:	  	
		
		  	Name of Stockholder:
		
		  	(Signature of Stockholder)
		
		  	(Street Address)
		
		  	(City) (State) (Zip Code)
		
		  	Signature Medallion Guaranteed by:
		
	Issue Check Payable/Shares to:	  	
		
	Name:	  	
		
	Social security or identifying number:

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