Document:

EX-10.3

 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT is made and entered into as of August 31, 2016 by and among BLACKSTONE REAL ESTATE INCOME TRUST, INC.,
a Maryland corporation (the “Company”), BREIT SPECIAL LIMITED PARTNER L.L.C., a Delaware limited liability company (the “Special Limited Partner”) and BX REIT ADVISORS L.L.C., a Delaware limited liability company
(the “Adviser”). 
 WHEREAS, the Company has filed a registration statement on Form S-11 (File No. 333-213043) in
connection with a proposed offering of shares of the Company’s Class T, Class S, Class D and Class I common stock, par value $0.01 per share (collectively, the “Common Shares”); 

WHEREAS, the Company, the Special Limited Partner and the Limited Partners party thereto have entered into that certain Amended and Restated
Limited Partnership Agreement of BREIT Operating Partnership L.P. (the “Operating Partnership”), dated as of August 25, 2016, that contemplates the issuance from time to time of Partnership Units of the Operating Partnership
(the “Partnership Units”) to the Special Limited Partner and the exchange from time to time of Partnership Units for Common Shares; 

WHEREAS, the Company, the Adviser and the Operating Partnership have entered into that certain Advisory Agreement, dated as of August 31,
2016, that contemplates the issuance from time to time of Common Shares to the Adviser and the issuance from time to time of Partnership Units to the Adviser and the exchange from time to time of Partnership Units for Common Shares; and 

WHEREAS, the Company wishes to provide the Special Limited Partner and the Adviser with certain registration rights with respect to the Common
Shares to be issued from time to time to the Special Limited Partner and the Adviser; 
 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” is defined in the preamble to this
Agreement. 
 “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 Registration Rights Agreement, as the same may be
amended, restated, supplemented, or otherwise modified from time to time. 
 “Automatic Shelf Registration Statement” shall
have the meaning specified in Rule 405 under the Securities Act. 
 “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. 

“Commission” means the Securities and Exchange Commission, or any other federal agency then administering the Securities Act
or the Exchange Act. 
 “Common Shares” is defined in the recitals to this Agreement. 

“Company” is defined in the preamble to this Agreement. 

“EDGAR” is defined in Section 3.1(e) of this 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. 
 “Holder” means (i) the Special Limited
Partner as owner of Registrable Securities, (ii) the Adviser as an owner of Registrable Securities, and (iii) any Person who becomes a Holder pursuant to Section 7.6. 

“Inspectors” is defined in Section 3.1(m) of this Agreement. 

“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. 
 “Minimum
Effective Period” is defined in Section 2.1(c) of this Agreement. 
 “Non-Shelf Demand
Registration” is defined in Section 2.1(c) of this Agreement. 
 “Non-Shelf Demand Registration
Notice” is defined in Section 2.1(c) of this Agreement. 
 “Non-Shelf Demand Registration
Statement” is defined in Section 2.1(c) of this Agreement. 
 “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. 
 “Piggy-Back Registration” is defined in Section 2.2(a) 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 

  
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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. 

“Registrable Securities” means the Common Shares and any Securities into which the 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, disposed of in accordance with such Registration Statement; (b) the date on which such Registrable Securities shall have ceased to be outstanding; or (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, Non-Shelf Demand Registration Statement or any Registration Statement filed in connection with a
Piggy-Back Registration) for a public offering and sale of the 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). 
 “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. 

  
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 “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 2.1(a) of this Agreement. 

“Shelf Offering” is defined in Section 2.1(b) of this Agreement. 

“Shelf Offering Notice” is defined in Section 2.1(b) of this Agreement. 

“Shelf Registration Notice” is defined in Section 2.1(a) 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. 
 “Special Limited
Partner” is defined in the preamble to this Agreement. 
 “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. 
 “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. Registration Rights 

2.1 Shelf Registration. (a) At any time and from time to time on or after the date that the Company is eligible to use a Shelf
Registration Statement in connection with a public offering of its securities held by any Holder, 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 the Holders 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 following delivery of the Shelf Registration Notice (if it is not an automatically effective Shelf Registration Statement) but in no event later than
90 days after the filing of such Shelf Registration Statement. To the extent 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 

  
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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”). 
 (b) Shelf Offerings. 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 3.1 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 2.1 of this Agreement. 

(c) Non-Shelf Demand Registration. At any time and from time, if the Company has not effected or is not diligently pursuing a
Shelf Registration Statement pursuant to Section 2.1(a) or the Company is not eligible to file a Shelf Registration Statement or the Shelf Registration Statement shall cease to be effective, any Holder may deliver to the
Company a written notice (a “Non-Shelf Demand Registration Notice”) informing the Company that the Holder requires the Company to register for resale some or all of such Holder’s Registrable Securities (a “Non-Shelf
Demand Registration”). Upon receipt of the Non-Shelf Demand Registration Notice, then the Company will use commercially reasonable efforts to file with the Commission as promptly as practicable after receiving the Non-Shelf Demand
Registration Notice, but in no event more than 45 days following receipt of such notice, a Registration Statement covering all requested Registrable Securities (the “Non-Shelf Demand Registration Statement”), and agrees to use
commercially reasonable efforts to cause the Non-Shelf Demand Registration Statement to be declared effective by the Commission as soon as reasonably practicable following the filing thereof, but in no event later than 90 days after the filing
of such Non-Shelf Demand Registration Statement. The Company agrees to use reasonable efforts to keep any Non-Shelf Demand Registration Statement continuously effective (including the preparation and filing of any amendments and supplements
necessary for that purpose) for a period of not less than 60 days (“Minimum Effective Period”). All offers and sales by a Holder under a Non-Shelf Demand Registration Statement shall be completed within the period during which
such Non-Shelf Demand Registration Statement remains effective and not the subject of any stop order, injunction or other order of the Commission. Upon notice that such Non-Shelf Demand Registration Statement is no longer effective, no Holder will
offer or sell the Registrable Securities under the Non-Shelf Demand Registration Statement. 
 (d) Notice to Holders. The
Company shall give written notice of the proposed filing of any Shelf Registration Statement or Non-Shelf Demand Registration Statement to all Holders as soon as practicable, and each Holder who wishes to participate in such Registration Statement
shall notify the Company in writing within five Business Days after the receipt by the Holder of the notice from the Company, and shall specify in such notice the number of Registrable Securities to be included in the applicable Registration
Statement. 

  
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 (e) Underwritten Offerings. If any registration or offering pursuant to
Section 2.1 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.

2.2 Piggy-Back Registration Rights. (a) To the extent a Holder’s Registrable Securities have not been registered
pursuant to Section 2.1(a), if (i) the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities by the Company for its own account (other than a Shelf
Registration Statement relating to primary offerings by the Company) or for any of the other security holders of the Company for their account (other than pursuant to Section 2.1) or (ii) equity securities of the Company are to
be sold in an underwritten offering (whether or not for the account of the Company) (other than pursuant to Section 2.1) pursuant to an Automatic Shelf Registration Statement or a Registration Statement covering the Registrable
Securities, then the Company shall (i) give prompt written notice of such proposed filing and/or offering to all Holders if an Automatic Shelf Registration Statement is used in such offering or, if an Automatic Shelf Registration Statement is
not used, those Holders with Registrable Securities included in such Registration Statement, as soon as practicable but in no event less than 10 Business Days prior to the anticipated filing date of the Registration Statement or anticipated
date of pricing of such underwritten offering, which notice shall, subject to the Holder agreeing in writing to keep such information confidential, describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing underwriter(s) or Agent, if any, of the offering, and (ii) offer to the Holders in such notice the opportunity to register the sale of or include in such offering, as applicable, such number
of Registrable Securities as such Holders may request in writing within five Business Days following receipt of such notice (a “Piggy-Back Registration”). If at any time after giving written notice of its intention to register any
securities and prior to the effective date of the Registration Statement filed in connection with such Piggy-Back Registration or prior to the pricing of any such underwritten offering, the Company shall determine for any reason not to register or
to delay registration of such securities or to discontinue such underwritten offering, as applicable, the Company may, at its election, give written notice of such determination to each Holder and, (x) in the case of a determination not to
register or to discontinue such offering, shall be relieved of its obligation to register any Registrable Securities in connection with such registration or undertake such offering, as applicable, and (y) in the case of a determination to delay
registering, shall be permitted to delay registering any Registrable Securities for the same period as the delay in registering such other securities. The Company shall cause all of the Registrable Securities requested to be included in a
non-underwritten registration to be included in such registration and shall use commercially reasonable efforts to cause the managing underwriter(s) of a proposed underwritten offering (or Agent with respect to an agented offering) to permit the
inclusion of the Registrable Securities requested in such underwritten or agented offering to be so included on the same terms and conditions as any similar securities of the Company included therein and shall use commercially reasonable efforts to
cause the managing underwriter(s) to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All Holders proposing to distribute their Registrable Securities through a
Piggy-Back Registration that involves an underwriter(s) or Agent shall (i) in connection with such distribution enter into an underwriting or agency agreement, as applicable, in reasonable and customary form with the

  
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underwriter(s) or Agent selected by the Company or the Person exercising demand registration rights, as applicable, and (ii) complete and execute all questionnaires, powers-of-attorney,
indemnities, opinions and other documents reasonably required under the terms of such underwriting agreement or agency agreement, as applicable; provided, that any such indemnities, contribution or expense reimbursement obligations shall
not be more onerous to the Holders than those set forth under Section 4 and Section 5 of this Agreement. 

(b) Withdrawal. Any Holder may elect to withdraw such Holder’s request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement or the pricing of an underwritten offering, as applicable. The Company (whether on its own
determination or as the result of a withdrawal by Persons making a demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of the Registration Statement without thereby
incurring any liability to the Holders. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the Holders in connection with such Piggy-Back Registration as provided in Section 5. 

Section 3. Additional Obligations of the Company and the Holders 

3.1 Obligations of the Company. Other than as explicitly set forth below, when the Company is required to effect the registration
of any Registrable Securities or facilitate or effect any offering pursuant to Section 2 of this Agreement, the Company shall: 

(a) use commercially reasonable efforts to (i) register or qualify the Registrable Securities by the time the applicable Registration
Statement is declared effective by the Commission under all 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 

  
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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) in the event that any Registrable Securities included in a Registration Statement subject to, or required by, this Agreement
remain unsold at the end of the period during which the Company is obligated to maintain the effectiveness of such Registration Statement, file a post-effective amendment to the Registration Statement for the purpose of removing such securities from
registered status; 
 (e) 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; 

(f) 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 each Selling Holder and 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 “cold 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 “cold 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 

  
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 (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. 
 (g) 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; 
 (h) 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, shall 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); 
 (i) 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; and, if the notification relates to any event described in either of
clauses (i) or (ii) of this Section 3.1(i), at the request of the Majority Selling Holders, the Company shall prepare and file with the Commission a post-effective amendment to the Registration Statement or a supplement to
the Prospectus and furnish to the Holders a reasonable number of copies of such post-effective amendment or supplement or file any other required document so that (x) such Registration Statement shall not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (y) such Prospectus shall not include an untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

  
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 (j) in the event that the 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 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; 

(k) 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; 

(l) 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; 
 (m) make the Company’s executive officers
available for customary presentations to investors to discuss the affairs of the Company at times that may be mutually and reasonably agreed upon (including to the extent customary, senior management participation in due diligence calls with the
underwriters (or Agent) and their counsel and, in the case of any marketed underwritten offering, participation in any road show as reasonably requested by the lead managing underwriters for such offering), and provide the Holders, the underwriters
and their respective counsel, accountants and other advisors (the “Inspectors”) reasonable access to its books and records as shall be reasonably requested in order to conduct a reasonable due diligence investigation within the
meaning of the Securities Act with respect to any applicable Registration Statement; provided, that such Inspectors agree to keep such information confidential (subject to customary exceptions) unless the disclosure of such information
is necessary to avoid or correct a misstatement or omission in such Registration Statement; 
 (n) 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) fairly and 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; 

  
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 (o) 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; 

(p) 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; 
 (q) 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 
 (r) 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 4. Indemnification; Contribution 

4.1 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, as follows: 
 (i) against any and all loss, liability, claim, damage, action, cost, judgment and expense
whatsoever (including reasonable fees, expenses and disbursements of attorneys and other professionals), as incurred, arising out of or based upon 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 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 arising out of or based upon 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; 
 (ii) against any and all loss, liability, claim, damage, action, cost, judgment and expense whatsoever
(including reasonable fees, expenses and disbursements of attorneys and other professionals), as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental agency or body,
commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; and 

(iii) against any and all cost or expense whatsoever, as incurred (including reasonable fees, expenses and disbursements of
attorneys and other professionals), reasonably incurred in investigating, preparing, defending against or participating in (as 

  
 11 

 
a witness or otherwise) any litigation, or investigation or proceeding by any third party or governmental agency or body, commenced or threatened, in each case whether or not a party, or any
claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or (ii) above; 

provided, however, that the indemnity provided pursuant to this Section 4.1 does not apply to any Holder with respect
to any loss, liability, claim, damage, action, cost, judgment or expense 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 the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto). 

4.2 Indemnification by Holder. 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, as follows: 

(i) against any and all loss, liability, claim, damage, action, cost, judgment and expense whatsoever, as incurred, arising out
of or based upon 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 arising out of or based upon
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; 

(ii) against any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, to the extent of the
aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged
untrue statement or omission, if such settlement is effected with the written consent of the Holder; and 
 (iii) against any
and all expense whatsoever, as incurred (including reasonable fees and disbursements of counsel), reasonably incurred in investigating, preparing, defending against or participating in (as a witness or otherwise) any litigation, or investigation or
proceeding by any governmental agency or body, commenced or threatened, in each case whether or not a party, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent
that any such expense is not paid under subparagraphs (i) or (ii) above; 
 provided, however, that the indemnity provided
pursuant to this Section 4.2 shall only apply with respect to any loss, liability, claim, damage, action, cost judgment or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or
omission made in 

  
 12 

 
reliance upon and in conformity with written information furnished to the Company by such Holder expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or
any amendment or supplement thereto). Notwithstanding the provisions of this Section 4.2, 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. 
 4.3 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 4.1 or 4.2 above, unless and only to the extent it did not otherwise learn of such action and the lack of notice by the indemnified
party results in the forfeiture by the indemnifying party of substantial rights and defenses, 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 4.1 or 4.2 above and the contribution obligation provided in Section 4.4 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 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

  
 13 

 
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. 
 4.4 Contribution. In
order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in Sections 4.1 and 4.2 above 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 4.4 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 4.4, 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 4.2 had been available under the circumstances. 

Notwithstanding the foregoing, no Person guilty of fraudulent 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 4.4, 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. 

4.5 Survival. The indemnification and contribution provisions in this Section 4 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. 

  
 14 

 Section 5. Registration Expenses 

The Company shall pay all expenses incident to the performance by the Company of its registration obligations under Section 2 above,
including (i) all expenses incurred in connection with the preparation, printing and distribution of any Registration Statement and Prospectus 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 (including reasonable 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 Financial Industry Regulatory Authority, Inc. 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 its officers and employees performing legal or accounting duties); (vii) the fees and expenses of any Person, including special experts, retained by the Company in connection with the
preparation of any Registration Statement; and (viii) the fees and disbursements of counsel representing the Holders registering Registrable Securities pursuant to the Registration Statement and/or participating in the offering, as applicable.
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 (other than 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. In addition, in an underwritten offering, all selling stockholders and the Company
shall bear the expenses of the underwriters, pro rata, in proportion to the respective amount of shares each sells in such offering. 

Section 6. 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

  
 15 

 
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 7. Miscellaneous 

7.1 Additional Agreements; Certain Transactions. 

(a) In the event that any 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 the Holders have, immediately after consummation of such transaction,
substantially the same rights from the Company or another issuer of securities, as applicable, as it has immediately prior to the consummation of such transaction in respect of the Registrable Securities under this Agreement. 

(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. 
 7.2 In-Kind Distributions. If any Holder
seeks to effectuate an in-kind distribution of all or part of its Registrable Securities to its direct or indirect equity holders, the Company will cooperate with such Holder and the Company’s transfer agent to facilitate such in-kind
distribution in the manner reasonably requested by such Holder and consistent with the Company’s obligations under the Securities Act. 

7.3 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. 

7.4 Amendments and Waivers. 

(a) The provisions of this Agreement, including the provisions of this Section 7.4, 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 Holders of two-thirds of the outstanding Registrable Securities. Any amendment or waiver effected in
accordance with this paragraph shall be binding upon each Holder, each future Holder, and the Company. 

  
 16 

 (b) Notice of any amendment, modification or supplement to this Agreement adopted in accordance
with this Section 7.4 shall be provided by the Company to the Holders prior to the effective date of such amendment, modification or supplement. 

7.5 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. 

7.6 Assignment. 

(a) Except as expressly provided in this Section 7.6, the rights of the parties hereto cannot be assigned and any purported
assignment or Transfer to the contrary shall be void ab initio. Subject to the terms and limitations contained this Section 7.6, any Holder may assign any of its rights under this Agreement, without the consent of the
Company, (x) to any Person to whom such Holder Transfers any Registrable Securities or any rights to acquire 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) in connection with a pledge of Registrable Securities to a bona fide lender. 

(b) Notwithstanding Section 7.6(a), no Holder may assign any of its rights under this Agreement to any Person to whom such
Holder Transfers any Registrable Securities if the Transfer of such Registrable Securities requires registration under the Securities Act. 

(c) The nature and extent of any rights assigned shall be as agreed to between the assigning party and the assignee. No Person may be assigned
any rights under this Agreement unless (x) the Company is given written notice by the assigning party at the time of such assignment stating the name and address of the assignee, identifying the securities of the Company as to which rights are
being assigned, and providing a description of the nature and extent of the rights that are being assigned and (y) the assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement as a “Holder”,
including the provisions of this Section 7.6. 
 (d) Notwithstanding the foregoing, the Special Limited Partner and the
Adviser may each assign its rights, under this Agreement without the prior written consent of the Company to one or more of its Affiliates; provided, that either (i) each of the Special Limited Partner and the Adviser remains
responsible for the obligations under this Agreement with respect to such assignee or (ii) the assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement as a “Holder”, including the provisions
of this Section 7.6. 
 7.7 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 4 and Section 7.6. 

  
 17 

 7.8 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:	  	 Blackstone Real Estate Income Trust, Inc.

345 Park Avenue, 42nd Floor
 New York, New York 10154

Attention: Chief Financial Officer
 Fax: (646) 253-8782

Email: paul.quinlan@blackstone.com

		
	with required copies to:	  	 Simpson Thacher & Bartlett LLP
 425
Lexington Avenue
 New York, New York 10017
 Attention: Andrew
R. Keller
 Fax: (212) 455-2502
 Email:
akeller@stblaw.com

		
		  	 Blackstone Real Estate Income Trust, Inc.

345 Park Avenue, 42nd Floor
 New York, New York 10154

Attention: Leon Volchyok
 Email:
leon.volchyok@blackstone.com

		
	(ii) if to the Special Limited Partner:	  	 BREIT Special Limited Partner L.L.C.
 c/o The
Blackstone Group L.P.
 345 Park Avenue
 New York, New York
10154
 Attention: Paul Quinlan
 Email:
paul.quinlan@blackstone.com

		
	with required copies to:	  	 Simpson Thacher & Bartlett LLP
 425
Lexington Avenue
 New York, New York 10017
 Attention: Michael
Wolitzer
 Email: mwolitzer@stblaw.com

		
		  	 BREIT Special Limited Partner L.L.C.
 c/o The
Blackstone Group L.P.
 345 Park Avenue
 New York, New York
10154
 Attention: Leon Volchyok
 Email:
leon.volchyok@blackstone.com

  
 18 

			
		
	(iii) if to the Adviser:	  	 BX REIT Advisors L.L.C.
 c/o The Blackstone
Group L.P.
 345 Park Avenue
 New York, New York 10154

Attention: General Counsel
 Email:
judy.turchin@blackstone.com

		
	with required copies to:	  	 Simpson Thacher & Bartlett LLP
 425
Lexington Avenue
 New York, New York 10017
 Attention: Michael
Wolitzer
 Email: mwolitzer@stblaw.com

		
		  	 BX REIT Advisors L.L.C.
 c/o The Blackstone
Group L.P.
 345 Park Avenue
 New York, New York 10154

Attention: Leon Volchyok
 Email:
leon.volchyok@blackstone.com

 (iv) if to any Holder other than the Special Limited Partner or the Adviser, to the address contained in the
records of the Company, or at such other address as the addressee may have furnished in writing to the sender as provided herein. 
 (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). 

7.9 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.

 7.10 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 

  
 19 

 
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. 

7.11 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. 

7.12 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. 

7.13 Severability. If any provision of the Agreement shall be held to be invalid, the remainder of the Agreement shall not be
affected thereby. 
 7.14 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. 

  
 20 

 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: 
  

					
	BLACKSTONE REAL ESTATE INCOME TRUST, INC.
		
	By:	 	 /s/ A.J. Agarwal

		 	Name:	 	A.J. Agarwal
		 	Title:	 	President
	
	HOLDERS:
	
	BREIT SPECIAL LIMITED PARTNER L.L.C.
		
	By:	 	 /s/ A.J. Agarwal

		 	Name:	 	A.J. Agarwal
		 	Title:	 	Authorized Signatory
	
	BX REIT Advisors L.L.C.
		
	By:	 	 /s/ A.J. Agarwal

		 	Name:	 	A.J. Agarwal
		 	Title:	 	Authorized Signatory

 [Signature Page to Registration Rights Agreement] 

  
 21EX-10.4

 Exhibit 10.4 

ESCROW AGREEMENT 
 THIS
ESCROW AGREEMENT (this “Escrow Agreement”), dated as of August 17, 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 D common stock, Class I common stock and Class T common stock (collectively, the “Shares”), pursuant to the Company’s Registration Statement on Form
S-11 (File No. 333- 213043), 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 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. 

  
 2 

 (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 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 

  
 3 

 
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 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 

  
 4 

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

  
 5 

 (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 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. 

  
 6 

 (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: 
  

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

345 Park Avenue, 42nd Floor

New York, New York 10154
 Attn: Leon Volchyok

Facsimile No.: (646) 253-8930

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

Attn: Douglas Krupa

  
 7 

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

Attn: Lara Stevens
 Phone: (816) 860-3017

Facsimile: (816) 860-3029

 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 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 

  
 8 

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

  
 9 

	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.

 [Signature page follows] 

  
 10 

 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.
	
	 /s/ Paul D. Quinlan

	Name:	 	Paul D. Quinlan
	Title:	 	Chief Financial Officer
	
	Blackstone Advisory Partners L.P., as Dealer Manager 
	
	 /s/ C.B. Richardson

	Name:	 	C.B. Richardson
	Title:	 	 Chief Compliance Officer

	
	UMB BANK, N.A., as Escrow Agent 
	
	 /s/ Lara L. Stevens

	Name:	 	Lara L. Stevens
	Title:	 	Vice President

  
 11 

 EXHIBIT A 

LIST OF SUBSCRIBERS 
 Pursuant to the
Escrow Agreement dated August 17, 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

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