Document:

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                                                                    Exhibit 10.3

                                ESCROW AGREEMENT

     ESCROW AGREEMENT dated as of this 22nd day of April 2005, by and between
ADVISORS REIT I, INC., a Maryland corporation (the "Company"), AMERICAN STOCK
TRANSFER & TRUST COMPANY, a financial institution chartered under the laws of
the State of New York (the "Agent").

                              W I T N E S S E T H:

     WHEREAS, the Company is directly offering securities in a public equity
financing (the "Financing") to investors who meet certain suitability standards
as prescribed by the Company's prospectus (the "Purchasers" or "Purchaser"); and

     WHEREAS, in connection with the Financing, such securities being sold are
shares of common stock ($0.01 par value)Shares (the "Shares" or "Share"); and

     WHEREAS, the Shares are being offered at a price of Ten Dollars ($10.00)
per Share (the "Offering Price"); and

     WHEREAS, the Company desires to sell in the Financing a minimum of One
Million (1,000,000) Shares (the "Minimum Amount") and a maximum of Two Million
Five Hundred Thousand (2,500,000) Shares (the "Maximum Amount"); and

     WHEREAS:

          (a)   The Financing will commence immediately upon the Securities and
Exchange Commission's approval of the Company's registration of its Form S-11
filing and will continue until the earlier of: (i) the sale of all Shares or
(ii) August 31 , 2005(the "Offering Period"), unless otherwise extended by the
Company;

          (b)   Once the Purchasers have subscribed and the Company has accepted
subscriptions for the Minimum Amount, the Company may conduct an initial closing
(the "First Closing") with respect to such Shares. Thereafter, the Company may
decide to conduct one or more closings for the sale of additional Shares (each,
together with the First Closing, a "Closing");

          (c)   Proceeds received from subscriptions for the Shares shall be
held in escrow by the Agent pending a Closing; and

          (d)   If the Minimum Amount is not sold at the per unit Offering Price
prior to the end of the Offering Period, the Financing will be terminated and
all funds received from Purchasers will be promptly returned, without interest,
penalty or deduction. The day that the Offering Period terminates is hereinafter
referred to as the "Termination Date." The Termination Date may be extended up
to March 31, 2006 by the Company.

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          NOW, THEREFORE, in consideration of the mutual promises herein
contained and intending to be legally bound, the parties hereby agree as
follows:

     1.   APPOINTMENT OF AGENT. The Company hereby appoints the Agent as escrow
agent in accordance with the terms and conditions set forth herein, and the
Agent hereby accepts such appointment.

     2.   DELIVERY OF SUBSCRIPTION PROCEEDS. All checks, drafts, or other
instruments or wire transfer funds received from Purchasers as payment for the
Shares will be delivered by National Financial Services ("NFS") to the Agent,
made payable to "American Stock Transfer & Trust Company, as Escrow Agent for
ADVISORS REIT I, INC., Inc." The Company will cause NFS to provide the Agent
with a chart setting forth, as to each Purchaser, his name, address, social
security number or employer identification number, amount of Shares purchased,
and the amount paid in connection with such purchase. The Agent is hereby
empowered on behalf of the Company to endorse and collect all checks, drafts,
wire funds transfers, promissory notes or other instruments received on account
of purchases of the Shares.

     3.   AGENT TO HOLD AND DISBURSE FUNDS. The Agent will hold in a special
non-interest bearing account established for the benefit of the Company and
disburse all funds received by it pursuant to the terms of this Escrow
Agreement, as follows:

          3.1   In the event that prior to the Termination Date the Agent has
received funds equal to or greater than the Minimum Amount (and such funds are
cleared within 10 days following the Termination Date) from the sale of Shares,
the Agent will, on the date of a Closing, pursuant to written instructions
signed by the Company, pay to the Company, and/or to any other person designated
in such instructions, the proceeds received by the Agent from the sale of such
Shares, provided that the Company's counsel has confirmed in writing that all
conditions for the release of the escrow funds have been met.

          3.2   In the event that prior to the Termination Date the Agent has
not received funds equal to or greater than the Minimum Amount (or such funds
have not cleared within three days of the Termination Date) from the sale of the
Shares, the Agent will return all funds to NFS, without interest, penalty or
deduction.

     4.   EXCULPATION AND INDEMNIFICATION OF AGENT.

          4.1   The Agent shall have no duties or responsibilities other than
those expressly set forth herein. The Agent shall have no duty to enforce any
obligation of any person to make any payment or delivery, or to direct or cause
any payment or delivery to be made, or to enforce any obligation of any person
to perform any other act. The Agent shall be under no liability to the other
parties hereto or to anyone else by reason of any failure on the part of any
party hereto or any maker, guarantor, endorser or other signatory of any
document or any other person to perform such person's obligations under any such
document. Except for amendments to this Agreement referred to below,

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and except for instructions given to the Agent by the Company relating to the
funds deposited with the Agent under this Agreement, the Agent shall not be
obligated to recognize any agreement between any and all of the persons referred
to herein, notwithstanding that references thereto may be made herein and
whether or not it has knowledge thereof.

          4.2   The Agent shall not be liable to the Company or to anyone else
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. The
Agent may rely conclusively and shall be protected in acting upon any order,
notice, demand, certificate, opinion or advice of counsel (including counsel
chosen by the Agent), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its
provisions, but also as to the truth and acceptability of any information
therein contained), which is believed by the Agent to be genuine and to be
signed or presented by the proper person or persons. The Agent shall not be
bound by any notice or demand, or any waiver, modification, termination or
rescission of this Agreement or any of the terms thereof, unless evidenced by a
writing delivered to the Agent signed by the proper party or parties and, if the
duties or rights of the Agent are affected, unless it shall give its prior
written consent thereto.

          4.3   The Agent shall not be responsible 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 any
signature or endorsement thereon, or for any lack of endorsement thereon, or for
any description therein; nor shall the Agent be responsible or liable to the
other parties hereto or to anyone else 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 or property or this Agreement. The
Agent shall have no responsibility with respect to the use or application of any
funds or other property paid or delivered by the Agent pursuant to the
provisions hereof. The Agent shall not be liable to the Company or to anyone
else for any loss which may be incurred by reason of any investment of any
monies which it holds hereunder provided the Agent has complied with the
provisions of Section 3.2 hereunder.

          4.4   The Agent shall have the right to assume in the absence of
written notice to the contrary from the proper person or persons that a fact or
an event by reason of which an action would or might be taken by the Agent does
not exist or has not occurred, without incurring liability to the other parties
hereto or to anyone else for any action taken or omitted, or any action suffered
by it to be taken or omitted, in good faith and in the exercise of its own best
judgment, in reliance upon such assumption.

          4.5   To the extent that the Agent becomes liable for the payment of
taxes, including withholding taxes, in respect of income derived from the
investment of funds held hereunder or any payment made hereunder, the Agent may
pay such taxes. The Agent shall be indemnified and held harmless against any
liability for taxes and for any penalties or interest in respect of taxes, on
such investment income or payments in the manner provided in Section 4.6.

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          4.6   The Agent will be indemnified and held harmless by the Company
from and against any and all expenses, including reasonable counsel fees and
disbursements, or loss suffered by the Agent in connection with any action, suit
or other proceeding involving any claim, or in connection with any claim or
demand, which in any way, directly or indirectly, arises out of or relates to
this Agreement, the services of the Agent hereunder, the monies or other
property held by it hereunder or any income earned from investment of such
monies, except for the Escrow Agent's gross negligence or misconduct. Promptly
after the receipt by the Agent or notice of any demand or claim or the
commencement of any action, suit or proceeding, the Agent shall, if a claim in
respect thereof is to be made against the Company, notify the Company thereof in
writing, but the failure by the Agent to give such notice shall not relieve the
Company from any liability which the Company may have to the Agent hereunder.

          4.7   For the purposes hereof, the term "expense or loss" shall
include all amounts paid or payable to satisfy any claim, demand or liability,
or in settlement of any claim, demand, action, suit or proceeding settled with
the express written consent of the Agent, and all costs and expenses, including,
but not limited to, reasonable counsel fees and disbursements, paid or incurred
in investigating or defending against any such claim, demand, action, suit or
proceeding.

     5.   TERMINATION OF AGREEMENT AND RESIGNATION OF AGENT.

          5.1   This Escrow Agreement shall terminate on the final disposition
of the monies and property held in escrow hereunder, provided that the rights of
the Agent and the obligations of the other parties hereto under Sections 4 and 7
shall survive the termination hereof.

          5.2   The Agent may resign at any time and be discharged from its
duties as Agent hereunder by giving the Company at least 30 days notice thereof.
As soon as practicable after its resignation, the Agent shall turn over to a
successor escrow agent appointed by the Company all monies and property held
hereunder upon presentation of the document appointing the new escrow agent and
its acceptance thereof. If no new Agent is so appointed within the 60-day period
following such notice of resignation, the Agent may deposit the aforesaid monies
and property with any court it deems appropriate.

     6.   FORM OF PAYMENTS BY AGENT.

          6.1   Any payments by the Agent to Purchasers or to persons other than
the Company pursuant to the terms of this Agreement shall be made by check,
payable to the order of each respective subscriber or other person.

          6.2   All amounts referred to herein are expressed in United States
Dollars and all payments by the Agent shall be made in such dollars.

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          7.    COMPENSATION OF AGENT. For services rendered, the Agent shall
receive as compensation a fee payable at the rate of Twenty Five Dollars
($25.00) per Purchaser, which fee shall be paid by the Company by no later than
the day when Agent disburses funds received by it from time to time pursuant to
the terms of this Escrow Agreement. The Agent shall also be entitled to
reimbursement from the Company for all expenses paid or incurred by it in the
administration of its duties hereunder, including, but not limited to, all
counsel, advisors' and Agents' fees and disbursements and all reasonable taxes
or other governmental charges. It is anticipated that such disbursement shall
not exceed $500.00 barring any unforeseen circumstances.

          8.    NOTICES. All notices, requests, demands and other communications
provided for herein shall be in writing, shall be delivered by hand or by
first-class mail, shall be deemed given when received and shall be addressed to
the parties hereto at their respective addresses listed below or to such other
persons or addresses as the relevant party shall designate as to itself from
time to time in writing delivered in like manner.

                If to the Company:      ADVISORS REIT I, INC.
                                        Suite 230
                                        8301 E. 21st North
                                        Wichita, Kansas 67206
                                        Attention: James L. Fritzemeier
                                        Tel # (316) 682-9398
                                        Fax # (316) 689-8650

                With a copy to:         Biggs Wilkerson, L.C.
                                        Suite 565
                                        7701 East Kellogg
                                        Wichita, Kansas 67207
                                        Attention: Michael R. Biggs
                                        Tel. # (316) 684-2929
                                        Fax # (316) 681-0153

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                If to the Agent:        American Stock Transfer & Trust Company
                                        59 Maiden Lane--Plaza Level
                                        New York, New York 10038
                                        Attention:  Henry Reinhold
                                        Tel. # (718) 921-8225
                                        Fax # (718) 921-8550

                With a copy to:         American Stock Transfer & Trust Company
                                        59 Maiden Lane--Plaza Level
                                        New York, New York 10038
                                        Attention:  Herbert J. Lemmer
                                        Tel. # (718) 921-8209
                                        Fax # (718) 331-1852

     9.   FURTHER ASSURANCES: From time to time on and after the date hereof,
the Company shall deliver or cause to be delivered to the Agent such further
documents and instruments and shall do and cause to be done such further acts as
the Agent shall reasonably request (it being understood that the Agent shall
have no obligation to make any such request) to carry out more effectively the
provisions and purposes of this Agreement, to evidence compliance herewith or to
assure itself that it is protected in acting hereunder.

     10.  CONSENT TO SERVICE OF PROCESS. The Company hereby irrevocably consents
to the jurisdiction of the courts of the State of New York and of any federal
court located in such State in connection with any action, suit or other
proceeding arising out of or relating to this Agreement or any action taken or
omitted hereunder, and waives personal service of any summons, complaint or
other process and agrees that the service thereof may be made by certified or
registered mail directed to the Company at its address for purposes of notices
hereunder.

     11.  MISCELLANEOUS.

          11.1  This Agreement shall be construed without regard to any
presumption or other rule requiring construction against the party causing such
instrument to be drafted. The terms "hereby", "hereof", "hereto", "hereunder"
and any similar terms, as used in this Agreement, refer to the Agreement in its
entirety and not only to the particular portion of this Agreement where the term
is used. The word "person" shall mean any natural person, partnership, company,
government and any other form of business or legal entity. All words or terms
used in this Agreement, regardless of the number or gender, in which they are
used, shall be deemed to include any other number and any other gender as the
context may require. This Agreement shall not be admissible in evidence to
construe the provisions of any prior agreement.

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          11.2  SUCCESSION AND ASSIGNMENT. This Agreement and the rights and
obligations hereunder of the Company may be assigned by the Company only to a
successor to the Company's entire business. This Agreement and the rights and
obligations hereunder of the Agent may be assigned by the Agent only to a
successor to its entire business. This Agreement shall be binding upon and inure
to the benefit of each party's respective successors, heirs and permitted
assigns. No other person shall acquire or have any rights under or by virtue of
this Agreement. This Agreement may not be changed orally or modified, amended or
supplemented without an express written agreement executed by the Agent and the
Company. This Agreement is intended to be for the sole benefit of the parties
hereto, and (subject to the provisions of this Section 11.2) their respective
successors, heirs and assigns, and none of the provisions of this Agreement are
intended to be, nor shall they be construed to be, for the benefit of any third
person.

          11.3  AMENDMENTS AND WAIVERS. This Agreement may be amended only with
the written consent of the Agent and the Company. No waiver of any right or
remedy hereunder shall be valid unless the same shall be in writing and signed
by the party giving such waiver. No waiver by any party with respect to any
condition, default or breach of covenant hereunder shall be deemed to extend to
any prior or subsequent condition, default or breach of covenant hereunder or
affect in any way any rights arising by virtue of any prior or subsequent such
occurrence.

          11.4  GOVERNING LAW. This Agreement shall be governed by and construed
in accordance with the internal laws of the State of New York. The
representations and warranties contained in this Agreement shall survive the
execution and delivery hereof and any investigations made by any party. The
headings in this Agreement are for purposes of reference only and shall not
limit or otherwise affect any of the terms hereof.

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     12.  EXECUTION IN COUNTERPARTS. 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 hereof, individually or taken together,
shall bear the signature of all of the parties reflected hereon as the
signatures.

     IN WITNESS WHEREOF, the parties have executed and delivered this Agreement
on the day and year first above written.

                                         AMERICAN STOCK TRANSFER & TRUST COMPANY

                                           By:  Herbert J. Lemmer /s/
                                                ---------------------
                                                Name: Herbert J. Lemmer
                                                Title: Senior Vice President

                                         ADVISORS REIT I, INC.

                                           By:  James L. Fritzemeier /s/
                                                -------------------------
                                                Name: James L. Fritzemeier
                                                Title: President<Page>

                                                                    Exhibit 10.4

                 FORM OF PROSPECTIVE INVESTOR REFERRAL AGREEMENT

                              ADVISORS REIT I, INC.
                             a Maryland corporation,
                          Suite 230, 8301 E. 21st North
                              Wichita, Kansas 67206

__________________, 2005

Ladies and Gentlemen:

     This Prospective Investor Referral Agreement (the "Agreement") is by and
between _______________________________ (the "RIA"), and Advisors REIT I, Inc.,
a Maryland corporation (the "Company"). The Company is directly offering for
sale up to 2,500,000 shares of common stock of the Company (the "Shares") and
has entered into this Agreement to define the relationship between the Company
and the RIA with regards to the potential offer and purchase of the Shares by
Prospective Investors (as hereafter defined) who are currently clients of the
RIA.

     The terms of the offering (the "Offering") are set forth in the Company's
Prospectus dated ____________, 2005 (with all exhibits, appendices, addenda and
supplements thereto, collectively referred to as the "Prospectus") included in
that certain Form S-11 Registration Statement as filed by the Company with the
Securities and Exchange Commission (the "Registration Statement"). The Offering
may be made available to the RIA's clients (the "Prospective Investors") subject
to the Prospective Investor's satisfaction of all of the terms and conditions of
the Offering and provided also that (i) the RIA does not charge any Prospective
Investors a commission or receive any other form of compensation solely because
their Prospective Investors purchase the Shares ("Commission"), it being
understood that such prohibition shall not apply to any investment advisory fee
that the RIA would be lawfully entitled to receive in the ordinary course of
providing investment advisory or management services for the Prospective
Investors; (ii) the Prospective Investor satisfies the "Suitability Standards"
set forth in the Prospectus; (iii) the Company may lawfully offer the Shares in
the state where the Prospective Investor resides; and (iv) the Offering has not
been fully subscribed or otherwise terminated.

     It is understood that a minimum investment of 1,000 shares ($10,000) is
required and that additional shares may be purchased in 25 share increments. It
is also acknowledged that the Shares are being offered to the public on a "best
efforts" basis (which means that no one is guarantying that any minimum amount

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will be sold) exclusively by the Company, and not through any underwriter or
participating broker-dealers.

     No shares will be sold until subscriptions totaling at least 1,000,000
shares ($10 million) have been obtained no later than August 31, 2005 (the
"Offering Termination Date") unless extended by the Company. If the minimum is
sold, the Company may, in its sole discretion, and without prior notice to the
RIA or its Prospective Investors, elect to extend the Offering to a date no
later than March 31, 2006 in states that permit extension. If the minimum amount
has not been received and accepted by December 31, 2005, no Shares will be sold
and the Offering will be terminated in accordance with the term of the
Prospectus.

1.   The RIA hereby agrees, represents and/or warrants:

     (a)  That the RIA (i) is qualified and duly registered to act as a
registered investment advisor within all states in which the Company will be
requested to offer or sell the Shares to the RIA's Prospective Investors, and
(ii) will maintain all such registrations and qualifications in good standing
for the duration of the Offering.

     (b)  That the RIA shall not directly or indirectly charge or seek any
commission or other compensation to/from any Prospective Investor or his/her
account by reason of the Prospective Investor's purchase of the Shares nor will
the RIA pay any compensation, including any commission or referral fee to anyone
by virtue of such investment by any Prospective Investor.

     (c)  That the RIA acknowledges that the Shares are available only to
persons who are account holders with National Financial Services, LLC or
Fidelity Brokerage Services, LLC.

     (d)  That with regard to the Offering, the RIA will act only as an
investment advisor to Prospective Investors, and not as an agent or employee of
the Company (or its affiliates).

     (e)  That the RIA acknowledges that Prospective Investors may only purchase
the Shares pursuant to the subscription agreement in the form attached to the
Prospectus (the "Subscription Agreement") and in accordance with the terms of
the Prospectus. The RIA hereby agrees to diligently make inquiries as required
by this Agreement, as set forth in the Prospectus, and as required by all
applicable laws regarding all Prospective Investors in order to ascertain
whether a purchase of the Shares is suitable for each such Prospective Investor.
Further, while the Offering does not contemplate any funds being received by the
RIA, if in fact any funds are received by the RIA with respect to any
Subscription Agreement, such funds shall be transmitted to National Financial
Services, LLC by no later than 12:00 p.m. (noon) on the next business day
following receipt

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thereof. No Subscription Agreement shall be effective unless and until accepted
by the Company in its sole discretion.

     (f)  That the RIA acknowledges that no telephonic subscriptions will be
allowed.

     (g)  That no Subscription Agreement will be honored unless the Prospective
Investor has executed our Subscription Agreement and either already has open or
must first open and fund an account with National Financial Services, LLC, an
affiliate of Fidelity Brokerage Services, LLC, with funds sufficient to pay the
full subscription price for the Shares subscribed for. The RIA acknowledges that
we will be relying on the information provided by each Prospective Investor,
including information regarding that Prospective Investor's net worth and other
pertinent information. The RIA acknowledges that any subscription may be
rejected by us in whole or in part, regardless of whether the subscriber meets
the minimum suitability standards. In addition to the Subscription Agreement and
Fidelity's standard customer account documents, the RIA acknowledges that each
Prospective Investor will also need to execute Fidelity's Alternative Investment
Addendum and Custody Agreement as well as pay $250.00 to cover a one time
alternative investment set up charge. The RIA acknowledges that if the shares
will be held in an IRA, then the Prospective Investor will also be required to
execute Fidelity's Request for Alternative Investment Subscription Agreement.
The Company will accept or reject each subscription by no later than August 31,
2005 unless we achieve the minimum offering prior to that date.

     (h)  Not to execute any sale of the Shares in an account over which the RIA
has discretionary authority to make investments without obtaining prior written
approval of the transaction by the owner of the account as evidenced by the
Prospective Investor's execution of the Subscription Agreement.

     (i)  To retain in the RIA's records and make available to the Company for a
period of at least six (6) years following the Offering's termination date,
information establishing that each Prospective Investor who purchases the Shares
pursuant to a Subscription Agreement is within the permitted class of
Prospective Investors under the requirements of the jurisdiction in which such
purchaser is a resident and the suitability standards set forth in the
Prospectus and the Subscription Agreement.

     (j)  That all persons who are referred to the Company by the RIA will be
strictly subject to confirmation and acceptance thereof by the Company exercised
in its sole discretion. The Company reserves the right in its sole and absolute
discretion to reject any such subscription and to accept or reject subscriptions
in the order of their receipt by the Company or otherwise.

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     (k)  That the RIA acknowledges that neither the RIA nor any other person is
authorized to give any information or make any representation other than those
contained in the Prospectus or in any supplemental sales literature furnished by
the Company for use in advising Prospective Investors regarding the advisability
of purchasing the Shares.

     (l)  That the RIA will reasonably assist its Prospective Investors and the
Company in correctly filling out all investment documents, including the
Subscription Agreement and Fidelity's standard customer account documents, all
of which the RIA acknowledges, must be completed in full in order for the
Subscription Agreement to be processed. At a minimum, this duty of the RIA shall
include providing Prospective Investor information in an electronic format
acceptable to the Company, National Financial Services, LLC and American Stock
Transfer & Trust Company, Inc. The RIA acknowledges and agrees that no Shares
will be sold to any Prospective Investor unless and until the RIA has executed
Section 5 of the Subscription Agreement. Each subscription will be accepted or
rejected by the Company by no later than August 31, 2005, and thereafter
assuming the Minimum offering has been raised, within 30 days after its receipt,
and no sale of shares will be completed until at least five business days after
the date on which the subscriber receives a copy of the Prospectus. The RIA
acknowledges that all Subscribers are encouraged to read the Prospectus in its
entirety.

     (m)  That in recommending to a Prospective Investor the purchase of the
Shares, the RIA will:

          (i)  Have reasonable grounds to believe, on the basis of information
obtained from the Prospective Investor concerning his/her investment objectives,
other investments, financial situation and needs, and any other information
known by the RIA, that:

               (a) The Prospective Investor meets the investor suitability
standards set forth in the Prospectus;

               (b) The Prospective Investor is or will be in a financial
position appropriate to enable him to realize to a significant extent the
benefits described in the Prospectus;

               (c) The Prospective Investor has a fair market net worth
sufficient to sustain the risks inherent in the investment, including loss of
investment and lack of liquidity; and

               (d) The investment is otherwise suitable for the Prospective
Investor, and

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          (ii) Maintain in its files for not less than six (6) years following
the Offering Termination Date, information describing the basis upon which the
determination of suitability was reached as to each Prospective Investor.

     (n)  That, prior to recommending a subscription for the Shares, the RIA
will inform the Prospective Investor of all pertinent facts relating to the
illiquidity and lack of marketability of the Shares, as appropriate, during the
term of the investment.

     (o)  To hereby undertake and agree to comply with all obligations
applicable to the RIA under all applicable laws, rules and regulations,
including those set forth by the NASD.

3.   That the Company shall have full authority to take such action as it may
deem advisable with respect to all matters pertaining to the Offering. The
Company shall be under no liability to the RIA except for lack of good faith and
for obligations expressly assumed by it in this Agreement. Nothing contained in
this Section is intended to operate as, and the provisions of this Section shall
not constitute, a waiver by the RIA of compliance with any provision of the
Securities Act of 1933, as amended (the "Securities Act"), the Exchange Act,
other applicable federal securities laws, applicable state securities laws, the
rules and regulations promulgated thereunder and the rules of the NASD.

4.   The Company will provide the RIA with such number of copies of the
Prospectus, and such number of copies of amendments and supplements thereto as
the RIA may reasonably request. The Company may provide the RIA with certain
supplemental sales material to be used by the RIA in connection with the
solicitation of purchasers of the Shares. Only approved sales material may be
used. As of the date of this Agreement, the Company anticipates that the
following sales material will be authorized for use in connection with this
Offering: (i) a brochure titled "ADVISORS REIT I, Inc. a Pillar of Strength in
your Investment Portfolio"; (ii) a cover letter transmitting the prospectus; and
(iii) a PowerPoint(R) presentation describing real estate investment in general,
and the Company, specifically. In the event the RIA elects to use such
supplemental sales material, the RIA agree that such material shall not be used
only if accompanied or preceded by the Prospectus, as it may be amended or
supplemented in the future.

5.   This Agreement may be terminated by the Company at any time upon written
notice to the RIA.

6.   In counseling Prospective Investors regarding the possible acquisition of
the Shares, the RIA agrees to comply with any applicable requirements of the
Securities Act, the Exchange Act, other applicable federal securities laws,
applicable state securities laws, the rules and regulations promulgated
thereunder and the rules of the NASD and, in particular, the RIA agrees that the

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RIA will not give any information or make any representations other than those
contained in the Prospectus and in any supplemental sales literature furnished
to the RIA by the Company.

7.   It is understood and agreed that under no circumstances will the RIA engage
in any activities hereunder in any state other than those for which the RIA is
duly licensed and for which permission has been granted by the Company to the
RIA, as evidenced by written acknowledgment by the Company that such state has
been cleared for offer and sale activity.

8.   The Company shall not be under any liability for, or in respect of the
value or validity of the Subscription Agreements, the Shares, or the performance
by any one of any agreement on its part, or for, or in respect of any matter
connected with, this Agreement, except for lack of good faith by the Company,
and for obligations expressly assumed by the Company herein.

9.   The RIA agrees to indemnify the Company, its officers, directors,
employees, independent contractors and agents to the extent the Company, its
officers, directors, employees, independent contractors and/or agents, or any of
them, incur any loss, costs, expense, liability, fine or other economic damage,
joint or several, by reason of the breach of any term, condition,
representation, warranty or agreement by the RIA or any of its officers,
directors, agents or employees.

10.  The Company shall indemnify the RIA, its officers, directors, employees,
independent contractors and agents to the extent and the RIA, its officers,
directors, employees, independent contractors and/or agents, or any of them,
incur any loss, costs, expense, liability, fine or other economic damage, joint
or several, to which they may become subject under the Securities Act or any
other statute or at common law and to reimburse the persons indemnified as above
for any legal and other expenses (including the cost of any investigation and
preparation) incurred by them in connection with any litigation, whether or not
resulting in any liability, but only in so far as such losses, claims, damages,
liabilities and litigation arise out of or are based upon any untrue statement
or alleged untrue statement of a material fact contained in the Registration
Statement or any amendment thereto or any application or other document filed in
order to qualify the Shares under the Blue Sky or securities laws of the states
where filings were made, or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, all as of the date when the Registration Statement or
such amendment, as the case may be, becomes effective, or any untrue statement
or alleged untrue statement of a material fact contained in the Prospectus (as
amended or supplemented if the Company shall have filed with the Commission any
amendments thereof or supplements thereto), or the omission or alleged omission
to state therein a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they

                                        6
<Page>

were made, not misleading; provided, however, that the indemnity agreement
contained in this paragraph shall not apply to the RIA or any person controlling
RIA in respect of any such losses, claims, damages, liabilities or actions
arising out of or based upon any such omission or alleged omission, if such
statement or omission was made in reliance upon information peculiarly within
the knowledge of the RIA and furnished in writing to the Company by the RIA
specifically for use in connection with the preparation of the Registration
Statement and Prospectus or any such amendment or supplement thereto.

11.  All representations, warranties, covenants and agreements of the RIA
contained herein shall survive the delivery, execution and closing of the
Offering.

12.  This Agreement will be governed by, subject to and construed in accordance
with the laws of the State of Kansas. This Agreement constitutes the entire
understanding between the parties hereto and supersedes any prior understandings
or written or oral agreements between them respecting the subject matter hereof.

13.  Any notice from the Company to the RIA shall be deemed to have been fully
given if mailed or sent to the RIA by facsimile at the address set forth below:

Address:    _____________________________
            _____________________________
            _____________________________
Phone:      _____________________________
Facsimile:  _____________________________

14.  The undersigned confirm by their signatures that they (i) have not and will
not charge any Commission as such term is defined herein by virtue of any
Prospective Investor's purchase of the Shares; (ii) shall only recommend the
purchase of Shares to Prospective Investors that the RIA has reasonable grounds
to believe are in compliance in the terms and requirements of this Agreement and
the Prospectus (iii) if and as requested, agree to discuss the Prospective
Investor's prospective purchase of Shares with the Prospective Investor; (iv)
will advise the Prospective Investor of all pertinent facts with regard to the
lack of liquidity and marketability of the Shares; (v) will deliver, or cause to
be delivered, a current Prospectus and related supplements, if any, to each
Prospective Investor; and (vi) have reasonable grounds to believe that the
purchase of Shares is a suitable investment for each Prospective Investor, that
each Prospective Investor meets the suitability standards applicable to that
Prospective Investor set forth in the Prospectus and related supplements, if
any, and to ensure that the Prospective Investor is in a financial position to
enable the Prospective Investor to realize the benefits of the proposed
investment and to suffer any loss that may also occur from their investment.

                                        7
<Page>

15.  Except as otherwise provided herein, all expenses incurred by the RIA in
the performance of its obligations hereunder, including, but not limited to,
expenses related to the Offering and any attorneys' fees, shall be at the RIA's
sole cost and expense, and the foregoing shall apply notwithstanding the fact
that the Offering is not consummated for any reason.

     Please accept and agree to this Prospective Investor Referral Agreement on
the foregoing terms and conditions by signing below and returning a copy of this
Agreement to us.

                                       Very truly yours,

                                           ADVISORS REIT I, INC.

          By:
                 -----------------------------------

          Name:
                 -----------------------------------

          Title:
                 -----------------------------------

ADVISORS REIT I, Inc.
Suite 230, 8301 E. 21st North
Wichita, Kansas  67206
Telephone: (316) 682-9398

     Re:  ADVISORS REIT I, Inc.
          Offering of Shares of Common Stock

Gentlemen:

     The undersigned agrees to the terms and conditions of this Agreement. The
undersigned confirms that it is duly licensed as a Registered Investment Advisor
and that it is qualified under federal law and the laws of the states in which
referrals are to be made by the undersigned.

Dated:________________, 2005

----------------------------------------
(Print Name of Firm)

By:
     -----------------------------------
(Authorized Representative)

                                        8

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