exhibit 10. 6 street smart. world wise. street smart. world wise. street smart. world wise. valuation services agreement june 9, 2016 mr. paul quinlan blackstone real estate income trust, inc. 345 park avenue new york, ny 10154 dear mr. quinlan : this agreement by and between altus group u. s. inc. ( “ altus ” or “ we ” or “ us ” ) and blackstone real estate income trust, inc. and breit operating partnership l. p. ( together, the “ reit ” or “ you ” or “ client ” ), shall become effective on the date that the reit commences operations. bx reit advisors l. l. c. ( “ blackstone ” ) acts as investment adviser of the reit and is primarily responsible for the valuation of the reit ’ s properties and investments. this agreement sets forth the scope of services, consisting of either a monthly valuation process ( “ monthly valuation services ” ) or a daily valuation process ( “ daily valuation services ” ), which altus will provide to the reit and to blackstone to assist in its valuation services to the reit. the reit currently contemplates using monthly valuation services, which may be converted to daily valuation services. the terms of the monthly valuation services and daily valuation services to blackstone are included herein. objective the objective of this agreement is to provide the services described in “ scope of services ” below and in exhibit a hereto ( “ services ” ) to the reit and blackstone that will include, among other things, appraisal review, review of internal valuations, conducting appraisals ( under certain circumstances ), review of valuation guidelines, and possible maintenance and administration of internet - based systems ( altus databridge ) that will assist blackstone in the coordination of its valuation process. if the reit elects to receive daily valuation services, the parties hereto shall confer, diligently and in good faith, and agree upon the scope of services for such daily valuation. scope of services altus ’ valuation advisory services responsibilities include performing reviews of third - party appraisal reports, performing reviews of blackstone ’ s internal valuation results, conducting appraisals ( under certain circumstances ) and performing reviews of valuation guidelines. the review process will be for the purpose of valuation confirmation, reasonableness of cash flow assumptions, engagement compliance and compliance with uniform standards of professional apprai