Document:

EX-10.4

 Exhibit 10.4 

FORM OF ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Escrow Agreement”), dated as of
            , 2016, is entered into by and among Blackstone Real Estate Income Trust, Inc., a Maryland corporation (the “Company”), Blackstone Advisory Partners L.P., a
Delaware limited partnership, as dealer manager for the Company (the “Dealer Manager”), and UMB Bank, N.A., as escrow agent (the “Escrow Agent”). 

WHEREAS, the Company is registering for sale in a public offering (the “Offering”) a maximum of $5,000,000,000 in
shares of its common stock, $10.00 par value per share, consisting of Class T common stock, Class S common stock, Class D common stock and Class I common stock (collectively, the “Shares”), pursuant to the
Company’s Registration Statement on Form S-11 (File No. 333-            ), as amended from time to time; 

WHEREAS, the Dealer Manager has been engaged by the Company to offer and sell the Shares on a best-efforts basis in the Offering
through a network of participating broker-dealers (the “Dealers”); 
 WHEREAS, the Company and the Dealer Manager
desire to establish an escrow account (the “Escrow Account”) as further described herein and to deposit funds contributed by subscribers subscribing to purchase Shares (“Subscribers”) with the Escrow Agent in the
Escrow Account, to be held for the benefit of the Subscribers and the Company until such time as subscriptions for the Minimum Amount (as defined below) has been deposited into the Escrow Account in accordance with the terms of this Escrow
Agreement; 
 WHEREAS, DST Systems, Inc. (the “Processing Agent”) has been engaged to receive, examine for
“good order” and facilitate subscriptions into the Escrow Account as further described herein and to act as record keeper, maintaining on behalf of the Escrow Agent the ownership records for the Escrow Account; and 

WHEREAS, the Escrow Agent is willing to accept appointment as escrow agent upon the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises set forth above and other good and valuable consideration, the receipt of which is
hereby acknowledged, the parties hereto agree as follows: 
  

	1.	Escrow of Subscriber Funds. 

 (a) On or before the commencement of the Offering,
the Company shall establish the Escrow Account with the Escrow Agent, which shall be entitled “UMB Bank, N.A., as Escrow Agent for Blackstone Real Estate Income Trust, Inc.” All funds received from Subscribers in payment for the Shares
(“Subscriber Funds”) which comply with the instructions set forth in Section 2(a) will be delivered to the Escrow Agent promptly following the day upon which such Subscriber Funds are received by the Processing Agent and such
subscription is accepted by the Company, and shall, upon receipt of good and collected funds by the Escrow Agent, be retained in the Escrow Account by the Escrow Agent and invested as stated below. Subscriber Funds also may be wired directly to the
Escrow Account using wire instructions provided by the Escrow Agent. Such Subscriber Funds shall be retained in the Escrow Account by the Escrow Agent and invested as set forth in Section 8 and shall be deposited within one (1) business
day of receipt.  
 (b) Escrow Agent shall have no duty to make any disbursement, investment or other use of Subscriber Funds until
and unless it has good and collected funds. In the event that any checks deposited in 

 
the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for
any and all reasonable costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it
hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by a Subscriber to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws. 

 

	2.	Operation of the Escrow. 

 (a) Until such time as the Company has received subscriptions
for Shares resulting in gross subscription proceeds equal to the Minimum Offering (as defined below) and the funds in the Escrow Account are disbursed from the Escrow Account in accordance with Section 2(b) hereof, Subscribers will be
instructed to make checks, drafts, wires, Automated Clearing House (ACH) or money orders (“Instruments of Payment”) for subscriptions payable to the order of “UMB Bank, N.A., as Escrow Agent for Blackstone Real Estate Income
Trust, Inc.”. Completed subscription agreements and Instruments of Payment for the purchase price shall be remitted to the address designated for the receipt of such agreements and Instruments of Payment. Any Instruments of Payment made payable
to a party other than the Escrow Agent shall be returned to the Dealer Manager or the Dealer who submitted such Instrument of Payment. When the Dealer’s internal supervisory procedures are conducted at the site at which the Instruments of
Payment and the Subscription Materials (as defined below) are initially received by the Dealer, by the end of the next business day after receipt of any Instruments of Payment and Subscription Materials, the Dealer will send to the Escrow Agent such
Instruments of Payment along with each Subscriber’s name, address, executed IRS Form W-9, number and class of Shares purchased and purchase price remitted and any other subscription documentation (the “Subscription Materials”).
When the Dealer’s internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer shall transmit the Instruments of Payment and the Subscription Materials to the Final Review Office
by the end of the next business day after receipt of any Instruments of Payment and Subscription Materials, and then the Final Review Office will, by the end of the next business day following its receipt of the Instruments of Payment and the
Subscription Materials, forward the Instruments of Payment and the Subscription Materials to the Escrow Agent. To the extent that subscription agreements and payments are remitted by the Processing Agent, the Company, the Dealer Manager or a Dealer,
the Processing Agent, the Company, the Dealer Manager or a Dealer, as applicable, will furnish to the Escrow Agent a list detailing information regarding such subscriptions as set forth in Exhibit A. The Processing Agent will promptly deliver
all monies received in good order from Subscribers (or from the Company, the Dealer Manager or Dealers transmitting monies and subscriptions from Subscribers) for the payment of Shares to the Escrow Agent for deposit in the Escrow Account. Deposits
shall be held in the Escrow Account until such funds are disbursed in accordance with Section 2. Prior to disbursement of the funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Company or
any of its affiliates. If any of the Instruments of Payment are returned to the Escrow Agent for nonpayment prior to the satisfaction of the Minimum Amount, the Escrow Agent shall promptly notify the Processing Agent and the Company in writing via
mail, email or facsimile of such nonpayment, and the Escrow Agent is authorized to debit the Escrow Account, as applicable, in the amount of such returned payment as well as any interest earned on the amount of such payment and the Processing Agent
shall delete the appropriate account from the records maintained by the Processing Agent. The Processing Agent will maintain a written account of each sale, which account shall set forth, among other things, the following information: (i) the
Subscriber’s name and address, (ii) the number and class of Shares purchased by such Subscriber, and (iii) the amount paid by such Subscriber for such Shares. Prior to the satisfaction of the Minimum Amount, neither the Company nor
the Dealer Manager will be entitled to any funds received into the Escrow Account. Notwithstanding the foregoing, prior to the satisfaction of the Minimum Amount, upon the written request of a Subscriber (which may be delivered by the Company or
Dealer Manager) to withdraw their purchase order and request 

  
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a full refund, the Escrow Agent shall disburse directly to such Subscriber the principal amount of the subscription payment from such Subscriber received by the Escrow Agent plus any interest
accrued thereon. 
 (b) If at any time on or prior to the Expiration Date (as defined below), the subscription proceeds received by the
Escrow Agent are equal to or greater than $150,000,000, excluding Shares purchased by the Company’s sponsor, its affiliates and the Company’s officers and directors (“Minimum Amount”), the Company shall deliver to the
Escrow Agent a written instruction from an officer of the Company stating that the Minimum Amount has been timely raised and authorizing the delivery of all Subscriber Funds in the Escrow Account to the Company. Thereafter, the Escrow Agent shall
(i) promptly disburse to the Company, by check or wire transfer, the funds in the Escrow Account representing the principal amount of the gross subscription payments from Subscribers received by the Escrow Agent and (ii) within five
(5) business days after the first business day of the succeeding month, disburse to such Subscribers any interest accrued thereon; provided, however, that the Escrow Agent shall not disburse those funds of a Subscriber whose
subscription has been rejected or rescinded of which the Escrow Agent has been notified in writing by the Company, or otherwise in accordance with the Company’s written request. 

(c) After the satisfaction of the provisions of this Section 2 with respect to the disbursement of funds, in the event that the
Company receives subscriptions made payable to the Escrow Agent, subscription proceeds may continue to be received in the Escrow Account, but to the extent that the process shall not be subject to escrow due to the Company reaching the Minimum
Amount, the proceeds shall not be subject to this Escrow Agreement, and at the written instruction of the Company to the Escrow Agent, shall be disbursed as directed by the Company. The terms of this Section 2(c) shall survive the
assignment or termination of this Escrow Agreement and the resignation or removal of the Escrow Agent. 
 (d) If, as of the close of
business on the one year anniversary of the commencement of the Offering (the “Expiration Date”), the funds in the Escrow Account do not equal or exceed the Minimum Amount, within ten (10) days following the Expiration Date,
the Escrow Agent shall promptly return directly to each Subscriber (i) by check or wire transfer, the Subscriber Funds deposited in the Escrow Account on behalf of such Subscriber (unless earlier disbursed in accordance with this Escrow
Agreement), or (ii) the Instruments of Payment delivered to the Escrow Agent with respect to such Subscriber’s subscription if such Instrument of Payment has not been processed for collection prior to such time, in either case, together
with any interest income thereon. Notwithstanding the above, in the event the Escrow Agent has not received an executed IRS Form W-9 at such time for each Subscriber, the Escrow Agent and shall remit an amount to the Subscribers in accordance with
the provisions hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any interest income on subscription proceeds attributable to each Subscriber for whom the Escrow Agent
does not possess an executed IRS Form W-9. However, the Escrow Agent shall not be required to remit any payments until the Escrow Agent has collected funds represented by such payments. 

 

	3.	Identity of Subscribers. 

 The Company, Processing Agent or the Dealer Manager shall
furnish to the Escrow Agent with each delivery of an Instrument of Payment, a list of the Subscribers who have paid for the Shares showing the name, address, tax identification number, amount and class of Shares subscribed for and the amount paid
and deposited with the Escrow Agent. This information comprising the identity of Subscribers shall be provided to the Escrow Agent in the format set forth on Exhibit A to this Escrow Agreement (the “List of Subscribers”). All
Subscriber Funds so deposited shall not be subject to any liens or charges by the Company, the Dealer Manager or the Escrow Agent, or judgments or creditors’ claims against the 

  
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Company, until released to the Company as hereinafter provided. The Company understands and agrees that the Company shall not be entitled to any Subscriber Funds on deposit in the Escrow Account
and no such funds shall become the property of the Company except when released to the Company pursuant to this Escrow Agreement. The Company, the Dealer Manager and the Escrow Agent will treat all Subscriber information as confidential. The Escrow
Agent shall not be required to accept any funds from Subscribers that are not accompanied by the information on the List of Subscribers. 
  

	4.	Rejected Subscriptions. 

 In the event the Escrow Agent receives written notice from the
Company or the Dealer Manager that the Company or Dealer Manager has rejected a Subscriber’s subscription, the Escrow Agent shall pay directly to the applicable Subscriber, within ten (10) business days after receiving notice of the
rejection, by first class United States Mail at the address appearing on the List of Subscribers, or at such other address or wire instructions as are furnished to the Escrow Agent by the Subscriber in writing, all collected sums paid by the
Subscriber for Shares and received by the Escrow Agent, together with all interest earned thereon. 
  

	5.	Term of Escrow. 

 Unless otherwise provided in this Escrow Agreement, final termination
of this Escrow Agreement shall occur on the earliest of the date that (a) all funds held in the Escrow Account are distributed either to the Company or to Subscribers and the Company has informed the Escrow Agent in writing to close the Escrow
Account, (b) all funds held in the Escrow Account are distributed to a successor escrow agent upon written instructions from the Company or (c) the Escrow Agent receives written notice from the Company or the Dealer Manager that the
Company terminated the Offering and any funds held in the Escrow Account are distributed in accordance with this Escrow Agreement. After the termination of this Escrow Agreement, the Company and the Dealer Manager shall not deposit, and the Escrow
Agent shall not accept, any additional amounts representing payments by prospective Subscribers. 
  

	6.	Duty and Limitation on Liability of the Escrow Agent. 

 (a) The Escrow Agent’s
rights and responsibilities shall be governed solely by this Escrow Agreement. The Escrow Agent shall at all times comply with applicable securities or other laws in performing its duties pursuant to this Escrow Agreement provided the Escrow Agent
shall be deemed in compliance with the foregoing and protected in relying upon the written direction of the Company and shall have no independent obligation to evaluate whether an act or omission complies with applicable securities or other laws.
Neither the Offering documents, nor any other agreement or document shall govern the Escrow Agent even if such other agreement or document is referred to herein, is deposited with, or is otherwise known to, the Escrow Agent. 

(b) The Escrow Agent shall be under no duty to determine whether the Company or the Dealer Manager is complying with the requirements of the
Offering or applicable securities or other laws in tendering the Subscriber Funds to the Escrow Agent. The Escrow Agent shall not be responsible for, or be required to enforce, any of the terms or conditions of any Offering document or other
agreement between the Company or the Dealer Manager and any other party. 
 (c) The Escrow Agent may conclusively rely upon and shall be
fully protected in acting upon any statement, certificate, notice, request, consent, order, opinion or advice of counsel, or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.
The Escrow Agent shall have no duty or liability to verify any such statement, certificate, notice, request, consent, order or other document. Upon or before the execution of this Escrow Agreement, the Company and the Dealer Manager shall deliver to
the Escrow Agent authorized signers’ lists in the form of Exhibit B  

  
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to this Escrow Agreement. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification, termination or rescission of this Escrow Agreement or any of the terms hereof,
unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall give its prior written consent thereto. The Escrow Agent shall not be
responsible, may conclusively rely upon and shall be protected, indemnified and held harmless by the Company and by the Dealer Manager, acting severally but not jointly, for the sufficiency or accuracy of the form of, or the execution, validity,
value or genuineness of any document or property received, held or delivered by it hereunder, or of the signature or endorsement thereon, or for any description therein; nor shall the Escrow Agent be responsible or liable in any respect on account
of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document, property or this Escrow Agreement. 

(d) The Escrow Agent shall be under no obligation to institute and/or defend any action, suit or proceeding in connection with this Escrow
Agreement unless first indemnified to its reasonable satisfaction pursuant to the terms herein. 
 (e) The Escrow Agent may consult outside
counsel of its own choice with respect to any question arising under this Escrow Agreement and the Escrow Agent shall not be liable for any action taken or omitted in good faith upon the advice of such counsel. 

(f) The Escrow Agent shall not be liable for any action taken or omitted by it except to the extent that a court of competent jurisdiction
determines that the Escrow Agent’s gross negligence, recklessness or willful misconduct was the primary cause of loss. 
 (g) The
Escrow Agent is acting solely as escrow agent hereunder and owes no duties, covenants or obligations, fiduciary or otherwise, to any person by reason of this Escrow Agreement, except as otherwise explicitly set forth in this Escrow Agreement, and no
implied duties, covenants or obligations, fiduciary or otherwise shall be read into this Escrow Agreement against the Escrow Agent. The Escrow Agent shall have no duty to enforce any obligation of any person, other than as provided herein. The
Escrow Agent shall be under no liability to anyone by reason of any failure on the part of any party hereto or any maker, endorser or other signatory of any document or any other person to perform such person’s obligations under any such
document. The Escrow Agent is not responsible or liable in any manner for the sufficiency, correctness, genuineness or validity of this Escrow Agreement or with respect to the form of execution of the same. The Escrow Agent shall not be liable for
any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith, and in the exercise of its own best judgment. 

(h) In the event of any disagreement between any of the parties to this Escrow Agreement, or between any of them and any other person,
including any Subscriber, resulting in adverse or conflicting claims or demands being made in connection with the matters covered by this Escrow Agreement, or in the event that the Escrow Agent is in doubt as to what action it should take hereunder,
the Escrow Agent may, at its option, refuse to comply with any claims or demands on it, or refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be
or become liable in any way or to any person for its failure or refusal to act, and the Escrow Agent shall be entitled to continue so to refrain from acting until (i) the rights of all interested parties shall have been fully and finally
adjudicated by a court of competent jurisdiction, or (ii) all differences shall have been adjudged and all doubt resolved by agreement among all of the interested persons, and the Escrow Agent shall have been notified thereof in writing signed
by all such persons. Notwithstanding the foregoing, the Escrow Agent may in its discretion obey the order, judgment, decree or levy of any court, with jurisdiction, and the Escrow Agent is hereby authorized in its sole discretion to comply with and
obey any such orders, judgments, decrees or levies. In the event that the Escrow Agent shall become involved in any arbitration or litigation relating to the Subscriber Funds, the Escrow Agent is 

  
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authorized to comply with any decision reached through such arbitration or litigation. 

(i) In the event that any controversy should arise with respect to this Escrow Agreement, the Escrow Agent shall have the right, at its
option, to institute an interpleader action in any court of competent jurisdiction to determine the rights of the parties. 
 (j) IN NO
EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION. 
 (k) The parties agree that the Escrow Agent had no role in
the preparation of the Offering documents, has not reviewed any such documents, and makes no representations or warranties with respect to the information contained therein or omitted therefrom. 

(l) The Escrow Agent shall have no obligation, duty or liability with respect to compliance with any federal or state securities, disclosure
or tax laws concerning the Offering documents or the issuance, offering or sale of the Shares. 
 (m) The Escrow Agent shall have no duty or
obligation to monitor the application and use of the Subscriber Funds once transferred to the Company, that being the sole obligation and responsibility of the Company. 
  

	7.	Escrow Agent’s Fee. 

 The Escrow Agent shall be entitled to compensation for its
services as stated in the fee schedule attached hereto as Exhibit C, which compensation shall be paid by the Company or any of its affiliates. The fee agreed upon for the services rendered hereunder is intended as full compensation for the
Escrow Agent’s services as contemplated by this Escrow Agreement; provided, however, that in the event that the conditions for the disbursement of funds under this Escrow Agreement are not fulfilled, or the Escrow Agent renders any material
service not contemplated in this Escrow Agreement with the Company’s consent, or there is any assignment of interest in the subject matter of this Escrow Agreement, or any material modification hereof with the Company’s consent, or if any
material controversy arises hereunder, or the Escrow Agent is made a party to any litigation relating to this Escrow Agreement, or the subject matter hereof, then the Escrow Agent shall be reasonably compensated for such extraordinary services and
reimbursed for all reasonable costs and expenses, including reasonable attorney’s fees and expenses, occasioned by any delay, controversy, litigation or event, and the same shall be paid by the Company or any of its affiliates. The
Company’s obligations under this Section 7 shall survive the resignation or removal of the Escrow Agent and the assignment or termination of this Escrow Agreement. 

 

	8.	Investment of Subscriber Funds; Income Allocation and Reporting. 

 (a) The Escrow Agent
shall promptly invest the Subscriber Funds, including any and all interest and investment income, in accordance with the written instructions provided to the Escrow Agent and signed by the Company. In the absence of written investment instructions
from the Company, the Escrow Agent shall deposit and invest the Subscriber Funds, including any and all interest and investment income, in UMB Money Market Special, a UMB money market deposit account. Any interest received by the Escrow Agent with
respect to the Subscriber Funds, including reinvested interest shall become part of the Subscriber Funds, and shall be disbursed pursuant to this Escrow Agreement. The Company agrees that, for tax reporting purposes, all interest or other taxable
income earned on the Subscriber Funds in any 

  
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tax year shall be taxable to the to the person or entity receiving the interest or other taxable income. Notwithstanding anything herein to the contrary, funds in the Escrow Account may only be
invested in “Short Term Investments” in compliance with Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. 
 (b) The
Escrow Agent shall be entitled to sell or redeem any such investments as the Escrow Agent deems necessary to make any payments or distributions required under this Escrow Agreement. The Escrow Agent shall have no responsibility or liability for any
loss which may result from any investment or sale of investment made pursuant to this Escrow Agreement. The parties acknowledge that the Escrow Agent is not providing investment supervision, recommendations, or advice. 

(c) At any time pursuant to this Escrow Agreement interest income earned on Subscriber Funds deposited in the Escrow Account (“Escrow
Income”) is to be paid to a Subscriber, the Escrow Agent shall promptly provide directly to such Subscriber the amount of Escrow Income payable to such Subscriber; provided that the Escrow Agent is in possession of such Subscriber’s
executed IRS Form W-9. In the event an executed IRS Form W-9 is not received for each Subscriber the Escrow Agent shall have no obligation to return Escrow Income to any Subscriber until after it has received an executed and valid IRS Form W-9
executed by the Subscriber and shall remit an amount to the Subscribers in accordance with the provisions hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any Escrow
Income attributable to those Subscribers for whom the Escrow Agent does not possess an executed IRS Form W-9. Escrow Income shall be remitted to Subscribers at the address provided by the Dealer Manager or the Company to the Escrow Agent, which the
Escrow Agent shall be entitled to rely upon, and without any deductions for escrow expenses. 
 (d) The Company agrees to indemnify and hold
the Escrow Agent harmless from and against any and all taxes, additions for late payment, interest, penalties and other expenses that may be assessed against the Escrow Agent on or with respect to the Subscriber Funds unless any such tax, addition
for late payment, interest, penalties and other expenses shall be determined by a court of competent jurisdiction to have been caused by the Escrow Agent’s gross negligence, recklessness or willful misconduct. The terms of this paragraph shall
survive the assignment or termination of this Escrow Agreement and the resignation or removal of the Escrow Agent. 
  

	9.	Notices. 

 All notices, requests, demands, and other communications under this Escrow
Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on the business day of transmission if sent by facsimile to the
facsimile number given below, with written confirmation of receipt, (c) on the business day after delivery to Federal Express or similar overnight courier or the Express Mail service maintained by the United States Postal Service, or
(d) on the fifth business day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly addressed, return receipt requested, to the party as follows,
provided, however, that notice to the Escrow Agent will be deemed given upon receipt by the Escrow Agent: 

  
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	If to the Company:	  	 Blackstone Real Estate Income Trust, Inc.

345 Park Avenue, 42nd Floor

New York, New York 10154
 Attn:
[            ]
 Facsimile No.:
[            ]

		
	If to Dealer Manager:	  	 Blackstone Advisory Partners L.P.
 345 Park
Avenue, 32nd Floor
 New York, New York 10154

Attn: [            ]

		
	If to Escrow Agent:	  	 UMB Bank, N.A.
 1010 Grand Blvd, 4th
Floor
 Mail Stop: 1020409
 Kansas City, MO 64106

Attn: [            ]

Phone: [            ]

Facsimile: [            ]

 Any party may change its address for purposes of this Section 9 by giving the other party written notice of the
new address in the manner set forth above. 
  

	10.	Indemnification of Escrow Agent. 

 The Company and the Dealer Manager hereby severally
but not jointly indemnify, defend and hold harmless the Escrow Agent from and against, any and all loss, liability, cost, damage and expense, including, without limitation, reasonable counsel fees and expenses, which the Escrow Agent may suffer or
incur by reason of any action, claim or proceeding brought against the Escrow Agent arising out of or relating in any way to this Escrow Agreement or any transaction to which this Escrow Agreement relates unless such loss, liability, cost, damage or
expense is finally determined by a court of competent jurisdiction to have been caused by the gross negligence, recklessness or willful misconduct of the Escrow Agent. The terms of this Section 10 shall survive the assignment or
termination of this Escrow Agreement and the resignation or removal of the Escrow Agent. 
  

	11.	Resignation. 

 The Escrow Agent may resign upon thirty (30) calendar days’
advance written notice to the Company. In the event of any such resignation, a successor escrow agent, which shall be a bank or trust company organized under the laws of the United States of America, shall be appointed by the Company. Any such
successor escrow agent shall deliver to the Company a written instrument accepting such appointment, and thereupon shall succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to receive the Subscriber Funds from
the Escrow Agent. The Escrow Agent shall promptly pay the Subscription Amounts in the Escrow Account, including interest thereon, to the successor escrow agent. If a successor escrow agent is not appointed within the thirty (30) calendar day
period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent or interplead the Subscriber Funds with such court, whereupon the Escrow Agent’s duties hereunder shall terminate.

  

	12.	Removal. 

 The Escrow Agent may be removed by the Company at any time by written notice
provided to the Escrow Agent, which instrument shall become effective on the date specified in such written notice. The removal of the Escrow Agent shall not deprive the Escrow Agent of its compensation earned prior to such removal. In the event of
any such removal, a successor escrow agent, which shall be a bank or trust company organized under the laws of the 

  
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United States of America, shall be appointed by the Company. Any such successor escrow agent shall deliver to the Company a written instrument accepting such appointment, and thereupon shall
succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to receive the Subscriber Funds from the Escrow Agent. The Escrow Agent shall promptly pay the Subscriber Funds in the Escrow Account, including interest
thereon, to the successor escrow agent. If a successor escrow agent is not appointed by the Company within the thirty (30) day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor
escrow agent. 
  

	13.	Maintenance of Records. 

 The Escrow Agent shall maintain accurate records of all
transactions hereunder. Promptly after the termination of this Escrow Agreement, and as may from time to time be reasonably requested by the Company before such termination, the Escrow Agent shall provide the Company with a copy of such
records, certified by the Escrow Agent to be a complete and accurate account of all transactions hereunder. The authorized representatives of the Company and the Dealer Manager shall also have access to the Escrow Agent’s books and records to
the extent relating to its duties hereunder, during normal business hours upon reasonable notice to the Escrow Agent. 
  

	14.	Successors and Assigns. 

 Except as otherwise provided in this Escrow Agreement, no
party hereto shall assign this Escrow Agreement or any rights or obligations hereunder without the prior written consent of the other parties hereto and any such attempted assignment without such prior written consent shall be void and of no force
and effect. This Escrow Agreement shall inure to the benefit of and shall be binding upon the successors and permitted assigns of the parties hereto. Any corporation or association into which the Escrow Agent may be converted or merged, or with
which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets in whole or in part, or any corporation or association resulting from any such conversion, sale, merger,
consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor escrow agent under this Escrow Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor,
without the execution or filing of any instrument or paper or the performance any further act. 
  

	15.	Governing Law; Jurisdiction. 

 This Escrow Agreement shall be construed, performed, and
enforced in accordance with, and governed by, the internal laws of the State of New York, without giving effect to the principles of conflicts of laws thereof. Each party hereby consents to the personal jurisdiction and venue of any court of
competent jurisdiction in the State of New York. 
  

	16.	Severability. 

 In the event that any part of this Escrow Agreement is declared by any
court or other judicial or administrative body to be null, void, or unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this Escrow Agreement shall remain in full force and effect. 

 

	17.	Amendments; Waivers. 

 This Escrow Agreement may be amended or modified, and any of the
terms, covenants, representations, warranties, or conditions hereof may be waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving compliance. Any waiver by any party of any condition, or
of the breach of any provision, term, covenant, representation, or warranty contained in this Escrow Agreement, in any one or more instances, shall not be deemed to be nor construed as further or continuing waiver of any such condition, or of the
breach of any other provision, term, covenant, representation, or warranty of this Escrow Agreement. The Company and the Dealer Manager agree that 

  
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any requested waiver, modification or amendment of this Escrow Agreement shall be consistent with the terms of the Offering. 

 

	18.	Entire Agreement. 

 This Escrow Agreement contains the entire understanding among the
parties hereto with respect to the escrow contemplated hereby and supersedes and replaces all prior and contemporaneous agreements and understandings, oral or written, with regard to such escrow. 

 

	19.	References to Escrow Agent. 

 No printed or other matter in any language (including,
without limitation, the Offering document, any supplement or amendment relating thereto, notices, reports and promotional material) which mentions the Escrow Agent’s name or the rights, powers, or duties of the Escrow Agent shall be issued by
the Company or the Dealer Manager, or on the Company’s or Dealer Manager’s behalf unless the Escrow Agent shall first have given its specific written consent thereto. 

 

	20.	Section Headings. 

 The section headings in this Escrow Agreement are for reference
purposes only and shall not affect the meaning or interpretation of this Escrow Agreement. 
  

	21.	Counterparts. 

 This Escrow Agreement may be executed in counterparts, each of which
shall be deemed an original, but all of which shall constitute the same instrument. 
  

	22.	Electronic Transactions. 

 The parties hereto agree that the transactions described
herein may be conducted and related documents may be stored by electronic means. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such
original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 
  

	23.	Patriot Act Compliance; Tax Matters. 

 Pursuant to the subscription agreement completed
by Subscribers, the Company and the Dealer Manager agree to provide the Escrow Agent completed IRS Forms W-9 (or IRS Forms W-8, in the case of non-U.S. persons) and other forms and documents that the Escrow Agent may reasonably request
(collectively, “Tax Reporting Documentation”) at the time of execution of this Escrow Agreement and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time to time.
The parties hereto understand that if such Tax Reporting Documentation is not so certified to the Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code, as it may be amended from time to time, to withhold a portion of any
interest or other income earned on the investment of monies or other property held by the Escrow Agent pursuant to this Escrow Agreement. The Company shall be treated as the owner of the Subscriber Funds for federal and state income tax purposes and
the Company will report all income, if any, that is earned on, or derived from, the Subscriber Funds as its income, in such proportions, in the taxable year or years in which such income is properly includible and pay any taxes attributable thereto.

  
 10 

 [Signature page follows] 

IN WITNESS WHEREOF, the parties hereto have caused this Escrow Agreement to be executed the day and year first set forth above. 

 

	
	Blackstone Real Estate Income Trust, Inc.
	
	  

	 Name:

Title:

	
	
	Blackstone Advisory Partners L.P., as Dealer Manager
	
	  

	 Name:

Title:

	
	
	UMB BANK, N.A., as Escrow Agent
	
	  

	 Name: Lara L. Stevens

Title:   Vice President

	

  
 11 

 EXHIBIT A 

LIST OF SUBSCRIBERS 
 Pursuant to the
Escrow Agreement dated             , 2016 by and between Blackstone Real Estate Income Trust, Inc. (the “Company”), Blackstone Advisory Partners L.P. (the “Dealer
Manager”) and UMB Bank, N.A., as escrow agent (the “Escrow Agent”), the following investors have paid money for the purchase of the Shares in the Company and the money has been deposited with the Escrow Agent: 

 

	1.	Name of Subscriber: 

	  	Address: 

	  	Tax Identification Number: 

	  	Amount and class of Securities subscribed for: 

	  	Amount of money paid and deposited with Escrow Agent: 

  

	2.	Name of Subscriber: 

	  	Address: 

	  	Tax Identification Number: 

	  	Amount and class of Securities subscribed for: 

	  	Amount of money paid and deposited with Escrow Agent: 

  
 12 

 EXHIBIT B 

CERTIFICATE AS TO AUTHORIZED SIGNATURES 

[To be provided] 
 The specimen signatures
shown below are the specimen signatures of the individuals who have been designated as Authorized Representatives of, and are authorized to initiate and approve transactions of all types for the above-mentioned account on behalf of Blackstone Real
Estate Income Trust, Inc. 
  

					
	Name/Title	 	 	 	Specimen Signature
			
	  
	 	 	 	  

			
	  
	 	 	 	  

			
	  
	 	 	 	  

			
	  
	 	 	 	  

  
 13 

 EXHIBIT C 

ESCROW AGENT FEE 

  
 14EX-10.5

 Exhibit 10.5 

TRADEMARK LICENSE AGREEMENT  

This TRADEMARK LICENSE AGREEMENT (“Agreement”) is effective as of the [    ]th day of
[             , 2016] (“Effective Date”) among Blackstone TM L.L.C. (the “Licensor”), on the one hand, and Blackstone Real Estate Income Trust, Inc., a
corporation organized under the laws of the State of Maryland, and BREIT Operating Partnership L.P., a Delaware limited partnership (individually and together, “Licensee”), on the other hand. 

WHEREAS, Licensor is the owner of the service mark, corporate name and trade name “Blackstone”, including U.S. Registration Nos.
1,986,927 and 2,374,887 (the “Mark”); 
 WHEREAS, Licensee is a real estate operating company that intends to conduct its
operations as a real estate investment trust (the “Licensee Business”); and 
 WHEREAS, Licensee desires to operate the
Licensee Business using the Company Name (as defined below) and Licensor is willing to permit Licensee to use the Company Name. 
 NOW,
THEREFORE, in consideration of the premises and the mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

1. Grant of Rights; Sublicensing.  

Section 1.1. License Grant. Subject to the terms and conditions herein, Licensor hereby grants to Licensee a fully paid-up,
royalty-free, non-exclusive, non-transferable (subject to Section 8), worldwide license to use the Mark during the Term of this Agreement, solely (a) in connection with the Licensee Business and (b) as part of the trademark, corporate
name or trade name “Blackstone Real Estate Income Trust, Inc.,” “BREIT” or “Blackstone Operating Partnership L.P.” (including in the form set forth on Schedule A hereto) (collectively, the “Company
Name” ). Licensee shall have no right to use the Mark standing alone or to use any modification, stylization or derivative of (or, other than as set forth on Schedule A hereto, a logo containing) the Mark without the prior written
consent of Licensor in its sole discretion. 
 Section 1.2. Sublicensing. Licensee shall not sublicense its rights under
this Agreement except to a current or future majority-owned subsidiary of Licensee, and then only with the prior written consent of Licensor, provided that (a) no such subsidiary shall use the Mark as part of a name other than the Company Name
without the prior written consent of Licensor in its sole discretion and (b) any such sublicense shall terminate automatically, with no need for written notice, if (x) such entity ceases to be a majority-owned subsidiary, (y) this
Agreement terminates for any reason or (z) Licensor gives notice of such termination. Licensee shall be responsible for any such sublicensee’s compliance with the provisions of this Agreement, and any breach by a sublicensee of any such
provision shall constitute a breach of this Agreement by Licensee. 
 Section 1.3. Subsidiaries. Neither Licensee nor any of
its current or future subsidiaries shall use a new trademark, corporate name, trade name or logo that contains the 

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

4. Use of the Company Name. 

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

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

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

  
 2 

 5. Termination. 

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

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

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

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

  
 3 

 7. Representations and Warranties; Limitations. 

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

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

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

  
 4 

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

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

			
	 LICENSOR:
  

Blackstone TM L.L.C.
 345 Park Avenue

New York, NY 10154
 Attention: John G. Finley

Facsimile: 212.583.5749
	 	 LICENSEE:
  

Blackstone Real Estate Income Trust, Inc.
 345 Park Avenue

New York, NY 10154
 Attention: Leon Volchyok

Facsimile: 646.482.8986

 Section 10.2. Integration. This Agreement contains the entire agreement and understanding
among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements (including, without limitation, any prior agreements between the Licensee and Adviser), understandings, inducements and
conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the
terms hereof 
 Section 10.3. Recordation of Licenses. Licensee shall be entitled to (i) record a “short form”
of this Agreement, but not this Agreement in its entirety, in those jurisdictions 

  
 5 

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

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

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

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

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

  
 6 

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

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

  
 7 

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

									
	BLACKSTONE TM L.L.C.	 		 	BLACKSTONE REAL ESTATE INCOME TRUST, INC.
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
				
		 		 		 	BREIT OPERATING PARTNERSHIP L.P.
					
		 		 		 	By	 	Blackstone Real Estate Income Trust, Inc., as general partner
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

  
 8 

 SCHEDULE A 

[To Come] 

  
 9

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