<SUBMISSION>
<ACCESSION-NUMBER>0000950133-08-003291
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20080926
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20081001
<DATE-OF-FILING-DATE-CHANGE>20081001
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>NATIONAL RETAIL PROPERTIES, INC.
<CIK>0000751364
<ASSIGNED-SIC>6798
<IRS-NUMBER>561431377
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-11290
<FILM-NUMBER>081099798
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>450 S ORANGE AVE
<STREET2>SUITE 900
<CITY>ORLANDO
<STATE>FL
<ZIP>32801
<PHONE>407-666-7348
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>450 SOUTH ORANGE AVE
<STREET2>SUITE 900
<CITY>ORLANDO
<STATE>FL
<ZIP>32801
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>COMMERCIAL NET LEASE REALTY INC
<DATE-CHANGED>19930510
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CNL REALTY INVESTORS INC /DE/
<DATE-CHANGED>19930429
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CNL REALTY INVESTORS INC
<DATE-CHANGED>19920831
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>w67462e8vk.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of<BR>
The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>
Date of Report (Date of earliest event reported): September&nbsp;26, 2008</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><FONT style="border-bottom: 1px solid #000000">NATIONAL RETAIL PROPERTIES, INC.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-11290</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>56-1431377</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>450 South Orange Avenue <BR>
Suite&nbsp;900<BR>
Orlando, Florida</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>32801</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Registrant&#146;s telephone number, including area code <B>(407)&nbsp;265-7348</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Not applicable<BR>

<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>(Former name or former address, if changed since last report.)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>













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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">












<!--TOC-->
<!--/TOC-->




<!-- link1 "Item&nbsp;8.01. Other Events" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01. Other Events.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;26, 2008, the registrant entered into an Underwriting Agreement with Citigroup
Global Markets Inc. and Banc of America Securities LLC, as representatives of the underwriters
named therein (the &#147;Representatives&#148;), for the public offering of 3,000,000 shares of the
registrant&#146;s common stock, par value $0.01 per share (the &#147;Common Stock&#148;). The registrant also
granted the underwriters an option to purchase up to 450,000 additional shares of Common Stock
to cover over-allotments. The Representatives notified the registrant of the underwriters&#146;
intent to exercise the full over-allotment option of 450,000 shares of Common Stock on September
26, 2008. The offering, including the settlement of the over-allotment shares, is expected to
close on October&nbsp;1, 2008.
</DIV>
<!-- link1 "Item&nbsp;9.01. Financial Statements and Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Exhibits.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exhibits listed in the following index relate to the Registration Statement on Form S-3
(No.&nbsp;333-132095) of the registrant and are filed herewith for incorporation by reference into
such Registration Statement.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Underwriting Agreement, dated September&nbsp;26, 2008, by and among the
registrant and Citigroup Global Markets Inc. and Banc of America
Securities LLC, as the representatives of the several underwriters
named therein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Pillsbury Winthrop Shaw Pittman LLP regarding the legality
of the securities being issued by the registrant.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Pillsbury Winthrop Shaw Pittman LLP regarding certain
material tax issues relating to the registrant.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Pillsbury Winthrop Shaw Pittman LLP to the filing of
Exhibit&nbsp;5.1 herewith (included in its opinion filed as Exhibit&nbsp;5.1).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Pillsbury Winthrop Shaw Pittman LLP to the filing of
Exhibit&nbsp;8.1 herewith (included in its opinion filed as Exhibit&nbsp;8.1).</TD>
</TR>

</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">NATIONAL RETAIL PROPERTIES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                 /s/ Kevin B. Habicht
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Kevin B. Habicht&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President,<br>
Chief Financial Officer,<br>
Assistant Secretary and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: October&nbsp;1, 2008
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXHIBIT INDEX" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT INDEX
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement, dated September&nbsp;26, 2008, by and among
the registrant and Citigroup Global Markets Inc. and Banc of
America Securities LLC, as the representatives of the several
underwriters named therein.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Pillsbury Winthrop Shaw Pittman LLP regarding the
legality of the securities being issued by the registrant.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Pillsbury Winthrop Shaw Pittman LLP regarding
certain material tax issues relating to the registrant.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Pillsbury Winthrop Shaw Pittman LLP to the filing
of Exhibit&nbsp;5.1 herewith (included in its opinion filed as
Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Pillsbury Winthrop Shaw Pittman LLP to the filing
of Exhibit&nbsp;8.1 herewith (included in its opinion filed as
Exhibit&nbsp;8.1).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>w67462exv1w1.htm
<DESCRIPTION>EX-1.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv1w1</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;1.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B><I>Execution Version</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">NATIONAL RETAIL PROPERTIES, INC.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">3,000,000 Shares of Common Stock

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(Par Value $0.01 Per Share)

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">UNDERWRITING AGREEMENT

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">September&nbsp;26, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CITIGROUP GLOBAL MARKETS INC.<BR>
388 Greenwich Street<BR>
New York, New York 10013

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BANC OF AMERICA SECURITIES LLC<BR>
One Bryant Park<BR>
New York, New York 10036

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">As the Representatives of the<BR>
several Underwriters named in <U>Schedule&nbsp;I</U> hereto
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Retail Properties, Inc., a Maryland corporation (the &#147;<B>Company</B>&#148;), proposes to issue
and sell to the several Underwriters (the &#147;<B>Underwriters</B>&#148;) named in <U>Schedule&nbsp;I</U> hereto for
whom you are acting as Representatives (the &#147;<B>Representatives</B>&#148;) 3,000,000 shares (the &#147;<B>Firm Shares</B>&#148;)
of its common stock, par value $0.01 per share (the &#147;<B>Common Stock</B>&#148;). The Company also proposes to
grant to the Underwriters an option to purchase up to an additional 450,000 shares of Common Stock
solely to cover over-allotments (the &#147;<B>Option Shares</B>&#148;; the Option Shares, together with the Firm
Shares, hereinafter called the &#147;<B>Shares</B>&#148;). The respective amounts of the Shares to be so purchased
by the several Underwriters are set forth opposite their names in <U>Schedule&nbsp;I</U> hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the Representatives, you have advised the Company (a)&nbsp;that you are authorized to enter into
this underwriting agreement (the &#147;<B>Agreement</B>&#148;) on behalf of the several Underwriters, and (b)&nbsp;that
the several Underwriters are willing, acting severally and not jointly, to purchase the number of
Shares set forth opposite their names in <U>Schedule&nbsp;I</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company wishes to confirm as follows its agreement with you in connection with the
purchase of the Shares by the several Underwriters.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Registration Statement and Prospectus</U>. The Company has prepared and filed with the
Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) in accordance with the provisions of the
Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder
(collectively, the &#147;<B>Act</B>&#148;), an automatic shelf registration statement, as defined in Rule&nbsp;405, on
Form S-3 (file number 333-132095) under the Act (&#147;<B>Registration Statement 333-132095</B>&#148;), which
registration statement included a combined prospectus dated February&nbsp;28, 2006 (the &#147;<B>Basic
Prospectus</B>&#148;), relating to an indeterminate aggregate offering price or number of, among other
securities, the Shares, and has filed with, or transmitted for filing to, or shall promptly
hereafter file with or transmit for filing to, the Commission a supplement to the prospectus
included in such registration statement (the &#147;<B>Prospectus Supplement</B>&#148;) specifically relating to the
Shares and the plan of distribution thereof pursuant to Rule&nbsp;424. Registration Statement
333-132095, including any amendments thereto filed prior to the Execution Time, became effective
upon filing. Except where the context otherwise requires, Registration Statement 333-132095, on
each date and time that such registration statement and any post-effective amendment or amendments
thereto became or becomes effective (each, an &#147;<B>Effective Date</B>&#148;), including all documents filed as
part thereof and including any information contained in a Prospectus (as defined below)
subsequently filed with the Commission pursuant to Rule 424(b) and deemed part of such registration
statement, collectively, are herein called the &#147;<B>Registration Statement</B>,&#148; and the Basic Prospectus,
as supplemented by the final Prospectus Supplement, in the form first used by the Company in
connection with confirmation of sales of the Shares, is herein called the &#147;<B>Prospectus</B>&#148;; and the
term &#147;<B>Preliminary Prospectus</B>&#148; means any preliminary form of the Prospectus Supplement. The Basic
Prospectus together with the Preliminary Prospectus, as amended or supplemented, immediately prior
to the date and time that this Agreement is executed and delivered by the parties hereto (the
&#147;<B>Execution Time</B>&#148;) is hereafter called the &#147;<B>Pricing Prospectus</B>,&#148; and any &#147;issuer free writing
prospectus&#148; (as defined in Rule&nbsp;433) relating to the Shares is hereafter called an &#147;<B>Issuer Free
Writing Prospectus</B>.&#148; The Pricing Prospectus, as supplemented by the Issuer Free Writing
Prospectuses, if any, attached and listed in <U>Schedule&nbsp;II</U> hereto or that the parties hereto
shall hereafter expressly agree in writing to treat as part of the Disclosure Package (as defined
below), if any, is hereafter called the &#147;<B>Disclosure Package</B>.&#148; Any reference in this Agreement to
the Registration Statement, the Disclosure Package, the Prospectus or any amendment or supplement
thereto shall be deemed to refer to and include the documents incorporated by reference therein
pursuant to Item&nbsp;12 of Form S-3 under the Act (the &#147;<B>Incorporated Documents</B>&#148;), as of each Effective
Date or the Execution Time or the date of the Prospectus, as the case may be (it being understood
that the several specific references in this Agreement to documents incorporated by reference in
the Registration Statement, the Disclosure Package or the Prospectus are for clarifying purposes
only and are not meant to limit the inclusiveness of any other definition herein). For purposes of
this Agreement, all references to the Registration Statement, the Disclosure Package or the
Prospectus or any amendment or supplement thereto shall be deemed to include the copy filed with
the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (<B>&#147;EDGAR&#148;</B>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All references in this Agreement to financial statements and schedules and other information
which is &#147;contained,&#148; &#147;included,&#148; &#147;stated&#148; or &#147;described&#148; in the Registration Statement, the
Disclosure Package or the Prospectus (and all other references of like import) shall be deemed to
mean and include all such financial statements and schedules and other information which is or is
deemed to be incorporated by reference in the Registration Statement,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Disclosure Package or the Prospectus, as the case may be; and all references in this
Agreement to amendments or supplements to the Registration Statement, the Disclosure Package or the
Prospectus shall be deemed to include the filing of any document under the Securities Exchange Act
of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder (the
&#147;<B>Exchange Act</B>&#148;), which is or is deemed to be incorporated by reference in the Registration
Statement, the Disclosure Package or the Prospectus, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Agreement to Sell and Purchase</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company hereby agrees, subject to all the terms and conditions set forth herein, to
issue and sell to the Underwriters and, upon the basis of the representations, warranties and
agreements of the Company herein contained and subject to all the terms and conditions set forth
herein, each Underwriter agrees, severally and not jointly, to purchase from the Company, at a
purchase price of $23.05 per Share, the number of Firm Shares set forth opposite their respective
names on <U>Schedule&nbsp;I</U> to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Subject to the terms and conditions and in reliance upon the representations and
warranties herein set forth, the Company hereby grants an option to the several Underwriters to
purchase, severally and not jointly, up to the number of Option Shares set forth in <U>Schedule
I</U> hereto at the same purchase price set forth in Section&nbsp;2(a), less an amount per share equal
to any dividends or distributions declared by the Company and payable on the Firm Shares but not
payable on the Option Shares. Said option may be exercised only to cover over-allotments in the
sale of the Firm Shares by the Underwriters. Said option may be exercised in whole or in part at
any time on or before the 30th day after the date of the Prospectus upon written, electronic or
telegraphic notice by the Representatives to the Company setting forth the number of Option Shares
as to which the several Underwriters are exercising the option and the settlement date (each, an
&#147;<B>Option Closing Date</B>&#148;). Each purchase date must be at least one (1)&nbsp;Business Day after the written
notice is given and may not be earlier than the Closing Date for the Firm Shares nor later than ten
(10)&nbsp;Business Days after the date of such notice. The number of Option Shares to be purchased by
each Underwriter shall be the same percentage of the total number of the Option Shares to be
purchased by the several Underwriters as such Underwriter is purchasing of the Firm Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Offering by Underwriters</U>. It is understood that the several Underwriters propose
to offer the Shares for sale to the public as soon after this Agreement has become effective as in
their judgment is advisable and initially to offer the Shares upon the terms set forth in the
Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Underwriter, severally and not jointly, represents and agrees that, unless it has or
shall have obtained, as the case may be, the prior written consent of the Company, it has not made
and will not make any offer relating to the Shares that would constitute an Issuer Free Writing
Prospectus or that would otherwise constitute a &#147;free writing prospectus&#148; (as defined in Rule&nbsp;405)
required to be filed by the Company with the Commission or retained by the Company under Rule&nbsp;433,
other than the free writing prospectus, if any, containing the information contained in the final
term sheet prepared and filed pursuant to Section 5(t) hereto; <U>provided</U> that
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the prior written consent of the parties hereto shall be deemed to have been given in respect of
any Free Writing Prospectuses included in <U>Schedule&nbsp;II</U> hereto and any electronic road show.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Delivery of the Shares and Payment Therefor</U>. Delivery of and payment for the
Shares shall be made at 10:00&nbsp;a.m., New York City time, on October&nbsp;1, 2008, or at such time on such
later date not more than three (3)&nbsp;Business Days after the foregoing date as the Representatives
shall designate, which date and time may be postponed by mutual written agreement of the
Representatives and the Company (such date and time of delivery and payment for the Shares being
herein called the &#147;<B>Closing Date</B>&#148;) or on the applicable Option Closing Date (or at such other time
on the same or on such other date, in any event not later than the third Business Day thereafter,
as the Underwriters and the Company may agree in writing). Delivery of the Shares shall be made
against payment by the Representatives of the purchase price thereof, to or upon the order of the
Company by wire transfer payable in same-day funds to an account specified by the Company. The
Shares will be delivered to the Representatives for the respective accounts of the several
Underwriters through the facilities of The Depository Trust Company (&#147;<B>DTC</B>&#148;) and will be made
available for inspection by the Representatives at the offices of Pillsbury Winthrop Shaw Pittman
LLP, New York, New York, not later than 1:00 p.m., New York time on the Business Day before the
Closing Date, or the applicable Option Closing Date, as the case may be, or such other date, time
and place as the Representatives and the Company may agree. The certificates evidencing the Shares
to be purchased hereunder, if Shares are issued in certificated form, shall be made available to,
or at the direction of, the Representatives in New York City for inspection and packaging not later
than 9:30 a.m., New York City time, on the Business Day next preceding the Closing Date or any
Option Closing Date, as the case may be. The certificates evidencing the Shares to be purchased
hereunder, if Shares are issued in certificated form, shall be delivered to, or at the direction
of, the Representatives on the Closing Date or the Option Closing Date, as the case may be, against
payment of the purchase price therefor by wire transfer of immediately available funds to the order
of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Agreements of the Company</U>. The Company agrees with the Underwriters as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If, at the time this Agreement is executed and delivered, it is necessary for a
post-effective amendment to the Registration Statement to be declared effective before the offering
of the Shares may commence, the Company will use its best efforts to cause such post-effective
amendment to become effective as soon as possible and will advise the Representatives promptly and,
if requested by the Representatives, will confirm such advice in writing, immediately after such
post-effective amendment has become effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If, at any time prior to the filing of the Prospectus pursuant to Rule&nbsp;424(b), any event
occurs as a result of which the Disclosure Package would (x)&nbsp;include any untrue statement of a
material fact or omit to state any material fact necessary to make the statements therein in the
light of the circumstances under which they were made or the circumstances then prevailing not
misleading or (y)&nbsp;conflict with the information contained in the Registration Statement, the
Company will (i)&nbsp;notify promptly the Representatives so that any use of the Disclosure Package may
cease until it is amended or supplemented; (ii)&nbsp;amend or supplement the Disclosure Package to
correct such statement, omission or conflicting information; and (iii)
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">supply any amendment or supplement to the Representatives in such quantities as may be
reasonably requested.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company will advise the Representatives promptly and, if requested by the
Representatives, will confirm such advice in writing: (i)&nbsp;of any review, issuance of comments, or
request by the Commission or its staff on or for an amendment of or a supplement to the
Registration Statement, any Preliminary Prospectus or the Prospectus or for additional information
regarding the Company, its affiliates or its filings with the Commission, whether or not such
filings are incorporated by reference into the Registration Statement, any Preliminary Prospectus
or the Prospectus; (ii)&nbsp;of the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or of the suspension of qualification of the Shares for
offering or sale in any jurisdiction or the initiation of any proceeding for such purpose or any
examination pursuant to Section 8(e) of the Act relating to the Registration Statement or Section
8A of the Act in connection with the offering of the Shares; (iii)&nbsp;of the receipt by the Company of
any notification with respect to the suspension of the qualification of the Shares for sale in any
jurisdiction or the institution or threatening of any proceeding for such purpose; and (iv)&nbsp;within
the period of time referred to in the first sentence in subsection (f)&nbsp;below, of any change in the
Company&#146;s condition (financial or other), business, prospects, properties, net worth or results of
operations, or of the happening of any event, which results in any statement of a material fact
made in the Registration Statement or the Prospectus (as then amended or supplemented) being untrue
or which requires the making of any additions to or changes in the Registration Statement or the
Prospectus (as then amended or supplemented) in order to state a material fact required by the Act
to be stated therein or necessary in order to make the statements therein not misleading, or of the
necessity to amend or supplement the Prospectus (as then amended or supplemented) to comply with
the Act or any other law. If at any time the Commission shall issue any stop order suspending the
effectiveness of the Registration Statement, the Company will make every reasonable effort to
obtain the withdrawal of such order at the earliest possible time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Company will furnish to the Representatives and counsel to the Representatives,
without charge: (i)&nbsp;ten (10)&nbsp;signed copies of the Registration Statement as originally filed with
the Commission and of each amendment thereto, including financial statements and all exhibits to
the Registration Statement; (ii)&nbsp;such number of conformed copies of the Registration Statement as
originally filed and of each amendment thereto, but without exhibits, as the Underwriters may
request; (iii)&nbsp;such number of copies of the Incorporated Documents, without exhibits, as the
Representatives may request; and (iv)&nbsp;ten (10)&nbsp;copies of the exhibits to the Incorporated
Documents. The Company will pay all of the expenses of printing or other production of all
documents relating to the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Company will not file any amendment to the Registration Statement or make any
amendment or supplement to the Prospectus or, prior to the end of the period of time referred to in
the first sentence in subsection (f)&nbsp;below, file any document which upon filing becomes an
Incorporated Document, of which the Representatives shall not previously have been advised or to
which, after the Representatives shall have received a copy of the document proposed to be filed,
the Representatives shall reasonably object; and no such further document, when it is filed, will
contain an untrue statement of a material fact or will omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the circumstances under which they were made, not misleading. The Company will give the
Representatives notice of its intention to make any other filing pursuant to the Exchange Act from
the Execution Time to the Closing Time and will furnish the Representatives with copies of any such
documents a reasonable amount of time prior to such proposed filing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;As soon after the execution and delivery of this Agreement as possible and thereafter from
time to time for such period as in the opinion of counsel for the Underwriters a prospectus is
required by the Act to be delivered (or in lieu thereof, the notice referred to in Rule 173(a)
under the Act) in connection with sales by the Underwriters or any dealer (including circumstances
where such requirement may be satisfied pursuant to Rule&nbsp;172), the Company will file promptly all
reports and any definitive proxy or information statements required to be filed by the Company with
the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act and the Company
will expeditiously deliver to the Underwriters and each dealer, without charge, as many copies of
the Prospectus (and of any amendment or supplement thereto), any Preliminary Prospectus and any
Issuer Free Writing Prospectus as the Representatives may request. The Company consents to the use
of the Prospectus (and of any amendment or supplement thereto) in accordance with the provisions of
the Act and with the securities or blue sky laws of the jurisdictions in which the Shares are
offered by the several Underwriters and by all dealers to whom Shares may be sold, both in
connection with the offering and sale of the Shares and for such period of time thereafter as the
Prospectus is required by the Act to be delivered (or in lieu thereof, the notice referred to in
Rule 173(a) under the Act) in connection with sales by any Underwriters or dealers. If during such
period of time: (i)&nbsp;any event shall occur as a result of which, in the judgment of the Company, or
in the opinion of counsel for the Underwriters, the Prospectus as supplemented would include an
untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances when the Prospectus is delivered to a
purchaser, not misleading; or (ii)&nbsp;if it is necessary to supplement the Prospectus or amend the
Registration Statement (or to file under the Exchange Act any document which, upon filing, becomes
an Incorporated Document) in order to comply with the Act, the Exchange Act or any other law, the
Company will promptly notify the Representatives of such event and forthwith prepare and, subject
to the provisions of paragraph (e)&nbsp;above, file with the Commission an appropriate supplement or
amendment thereto (or to such document), and will expeditiously furnish to the Underwriters and
dealers a reasonable number of copies thereof. In the event that the Company and the
Representatives agree that the Prospectus should be amended or supplemented, the Company, if
requested by the Representatives, will promptly issue a press release announcing or disclosing the
matters to be covered by the proposed amendment or supplement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Company will: (i)&nbsp;cooperate with the Underwriters and with counsel for the
Underwriters in connection with the registration or qualification of the Shares for offering and
sale by the Underwriters and by dealers under the securities or blue sky laws of such jurisdictions
as the Underwriters may designate; (ii)&nbsp;maintain such qualifications in effect so long as required
for the distribution of the Shares; (iii)&nbsp;pay any fee of the Financial Industry Regulatory
Authority, Inc., in connection with its review of the offering; and (iv)&nbsp;file such consents to
service of process or other documents necessary or appropriate in order to effect such registration
or qualification; <U>provided</U> that in no event shall the Company be obligated to qualify to do
business in any jurisdiction where it is not now so qualified or to take any action which
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">would subject it to service of process in suits, other than those arising out of the offering
or sale of the Shares, in any jurisdiction where it is not now so subject.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The Company agrees that, unless it has or shall have obtained the prior written consent of
the Representatives, it has not made and will not make any offer relating to the Shares that would
constitute an Issuer Free Writing Prospectus or that would otherwise constitute a &#147;free writing
prospectus&#148; (as defined in Rule&nbsp;405) required to be filed by the Company with the Commission or
retained by the Company under Rule&nbsp;433, other than the free writing prospectus containing the
information contained in the final term sheet prepared and filed pursuant to Section 5(t) hereto;
<U>provided</U> that the prior written consent of the parties hereto shall be deemed to have been
given in respect of the Free Writing Prospectuses included in <U>Schedule&nbsp;II</U> hereto and any
electronic road show. Any such free writing prospectus consented to by the Representatives or the
Company is hereinafter referred to as a &#147;<B>Permitted Free Writing Prospectus</B>.&#148; The Company agrees
that (x)&nbsp;it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus
as an Issuer Free Writing Prospectus and (y)&nbsp;it has complied and will comply, as the case may be,
with the requirements of Rules&nbsp;164 and 433 applicable to any Permitted Free Writing Prospectus,
including in respect of timely filing with the Commission, legending and record keeping.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Company will make generally available to its security holders and to the
Representatives a consolidated earnings statement, which need not be audited, covering a 12-month
period commencing after the effective date of this Agreement and ending not later than 15&nbsp;months
thereafter, as soon as practicable after the end of such period, which consolidated earnings
statement shall satisfy the provisions of Section&nbsp;11(a) of the Act and Rule&nbsp;158 under the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;During the period commencing on the date hereof and ending on the date occurring three (3)
years hereafter, the Company will furnish to the Representatives: (i)&nbsp;as soon as available, if
requested, a copy of each report of the Company mailed to stockholders or filed with the
Commission; and (ii)&nbsp;from time to time such other information concerning the Company as the
Representatives may reasonably request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;If this Agreement shall terminate or shall be terminated after execution pursuant to any
provisions hereof, or if this Agreement shall be terminated by the Underwriters because of any
inability, failure or refusal on the part of the Company to comply with the terms or fulfill any of
the conditions of this Agreement, the Company shall reimburse the Underwriters for all
out-of-pocket expenses (including fees and expenses of counsel for the Underwriters) incurred by
the Underwriters in connection herewith.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;The Company will apply the net proceeds from the sale of the Shares substantially in
accordance with the description set forth in the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;If Rule&nbsp;430A, 430B or 430C of the Act is employed, the Company will timely file the
Prospectus pursuant to Rule 424(b) under the Act and will advise the Underwriters of the time and
manner of such filing.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;The Company has not taken, nor will it take, directly or indirectly, any action designed
to, or that might reasonably be expected to cause or result in, under the Exchange Act or
otherwise, stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;The Company will comply and will use its best efforts to cause its tenants to comply in
all material respects with all applicable Environmental Laws (as hereinafter defined).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;The Company will use its best efforts to continue to qualify as a real estate investment
trust (a &#147;<B>REIT</B>&#148;) under the Internal Revenue Code of 1986, as amended (the &#147;<B>Code</B>&#148;), and to continue
to have each of its corporate subsidiaries (other than its taxable REIT subsidiaries) comply with
all applicable laws and regulations necessary to maintain a status as a REIT or a &#147;qualified REIT
subsidiary&#148; under the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;The Company will use all reasonable best efforts to do or perform all things required to
be done or performed by the Company prior to the Closing Date to satisfy all conditions precedent
to the delivery of the Shares pursuant to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;The Company will not, without the prior written consent of the Representatives, offer,
sell, contract to sell, pledge or otherwise dispose of or enter into any transaction that is
designed to, or might reasonably be expected to, result in the disposition (whether by actual
disposition or effective economic disposition due to cash settlement or otherwise) by the Company
or any affiliate of the Company or any person in privity with the Company or any affiliate of the
Company, directly or indirectly, including the filing (or participation in the filing) of a
registration statement with the Commission in respect of, or establish or increase a put equivalent
position or liquidate or decrease a call equivalent position within the meaning of Section&nbsp;16 of
the Exchange Act, any debt securities or guarantees thereon and any shares of Common Stock
(excluding the Shares) or any securities convertible into or exercisable or exchangeable for,
shares of Common Stock; or publicly announce an intention to effect any such transaction, until
sixty (60)&nbsp;days from the date of the Prospectus; <U>provided</U>, <U>however</U>, that the
Company may (i)&nbsp;issue and sell Common Stock pursuant to the conversion or exchange of convertible
or exchangeable securities or the exercise of warrants or options, in each case outstanding at the
Execution Time, (ii)&nbsp;grant employee stock options and restricted shares pursuant to the terms of
any equity incentive plan in effect at the Execution Time, (iii)&nbsp;issue and sell Common Stock or
securities convertible into Common Stock in connection with the acquisition of Properties (as
hereinafter defined) or in connection with joint ventures or similar arrangements, so long as the
recipients agree in writing not to sell or transfer the Common Stock or securities convertible into
Common Stock for a period of sixty (60)&nbsp;days from the date of the Prospectus without the prior
written consent of the Representatives, (iv)&nbsp;issue and sell Common Stock pursuant to the dividend
reinvestment and stock purchase plan of the Company in effect at the Execution Time, and (v)
issuances, for no consideration, of no more than 100 shares of Common Stock to one or more persons
unaffiliated with the Company as door or drawing prizes in connection with the Company&#146;s marketing
efforts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;The Company will comply with all applicable securities and other applicable laws, rules
and regulations, including, without limitation, the Sarbanes-Oxley Act of
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2002 (the &#147;<B>Sarbanes-Oxley Act</B>&#148;), and will use its best efforts to cause the Company&#146;s
directors and officers, in their capacities as such, to comply with such laws, rules and
regulations, including, without limitation, the provisions of the Sarbanes-Oxley Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;Unless requested otherwise by the Representatives, the Company will prepare a final term
sheet, containing solely a description of final terms of the Shares and the offering thereof, in
the form and substance approved by the Representatives and attached as <U>Exhibit&nbsp;A</U> hereto and
will file such final term sheet with the Commission as soon as practical after the Execution Time.
The Company will file any other Issuer Free Writing Prospectus to the extent required by Rule&nbsp;433
under the Securities Act and will pay any required registration fee for this offering pursuant to
Rule&nbsp;456(b)(1) under the Securities Act within the time period required by such rule (without
regard to the proviso therein relating to the four (4)&nbsp;Business Days extension to the payment
deadline) and in any event prior to the Closing Date. The Company will retain, pursuant to
reasonable procedures developed in good faith, copies of each Issuer Free Writing Prospectus that
is not filed with the Commission in accordance with Rule 433(g) under the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;The Company will use best efforts to complete all required filings with the New York Stock
Exchange and other necessary actions in order to cause the Shares to be listed and admitted and
authorized for trading on the New York Stock Exchange, subject to notice of issuance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Representations and Warranties of the Company</U>. The Company hereby represents and
warrants to each of the Underwriters:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Basic Prospectus and each Preliminary Prospectus, if any, included as part of the
registration statement as originally filed or as part of any amendment or supplement thereto, or
filed pursuant to Rule&nbsp;424 under the Act, complied when so filed in all material respects with the
provisions of the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company and the transactions contemplated by this Agreement meet all of the
requirements for using Form S-3 under the Act pursuant to the standards for such form in effect
currently and immediately prior to October&nbsp;21, 1992. The Registration Statement, including any
amendments thereto filed prior to the Execution Time, became effective upon filing. No stop order
suspending the effectiveness of the Registration Statement is in effect, and no proceedings or
examination under Section 8(d) or 8(e) of the Act are pending before or, to the best of the
Company&#146;s knowledge, threatened by the Commission. The Company is not the subject of a pending
proceeding under Section&nbsp;8A of the Act in connection with the offering of the Shares. The
Registration Statement meets the requirements set forth in Rule&nbsp;415(a)(1)(x) under the Act and
complies in all other material respects with such Rule. The Registration Statement, in the form in
which it became effective, and also in such form as it may be when any post-effective amendment
thereto shall become effective, and the Preliminary Prospectus and the Prospectus and any
supplement or amendment thereto, each when filed with the Commission under Rule 424(b) under the
Act, complied or will comply in all material respects with the provisions of the Act and the
Exchange Act. The Company has not received from the Commission any notice pursuant to Rule
401(g)(2) of the Act objecting to the use of the automatic shelf registration statement form. On
each Effective Date and at the Execution Time,
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Registration Statement did not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements made
therein not misleading. On the date of any filing pursuant to Rule&nbsp;424(b) and on the Closing Date
and each Option Closing Date, the Prospectus (together with any supplement thereto) will not,
include any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not
misleading. The representation and warranty contained in this Section&nbsp;6(b) does not apply to
statements in or omissions from the Registration Statement, the Disclosure Package or the
Prospectus made in reliance upon and in conformity with information relating to the Underwriters
furnished to the Company in writing by or on behalf of the Underwriters expressly for use therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i)&nbsp;The Disclosure Package, and (ii)&nbsp;each electronic road show, if any, when taken
together as a whole with the Disclosure Package, did not at the Execution Time, and will not on the
Closing Date and each Option Closing Date, contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The preceding sentence does not apply to
statements in or omissions from the Disclosure Package made in reliance upon and in conformity with
information relating to the Underwriters furnished to the Company in writing by or on behalf of the
Underwriters expressly for use therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i)&nbsp;At the time of filing the Registration Statement, (ii)&nbsp;at the time of the most recent
amendment thereto for the purposes of complying with Section&nbsp;10(a)(3) of the Act (whether such
amendment was by post-effective amendment, incorporated report filed pursuant to Sections&nbsp;13 or
15(d) of the Exchange Act or form of prospectus), (iii)&nbsp;at the time the Company or any person
acting on its behalf (within the meaning, for this clause only, of Rule&nbsp;163(c)) made any offer
relating to the Shares in reliance on the exemption in Rule&nbsp;163, and (iv)&nbsp;at the Execution Time
(with such date being used as the determination date for purposes of this clause (iv)), the Company
was or is (as the case may be) a &#147;well-known seasoned issuer&#148; as defined in Rule&nbsp;405.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i)&nbsp;At the earliest time after the filing of the Registration Statement that the Company
or another offering participant made a <I>bona fide </I>offer (within the meaning of Rule&nbsp;164(h)(2)) of
the Shares and (ii)&nbsp;as of the Execution Time (with such date being used as the determination date
for purposes of this clause (ii)), the Company was not and is not an Ineligible Issuer (as defined
in Rule&nbsp;405), without taking account of any determination by the Commission pursuant to Rule&nbsp;405
that it is not necessary that the Company be considered an Ineligible Issuer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Each Issuer Free Writing Prospectus and the final term sheet prepared and filed pursuant
to Section 5(t) hereof does not include any information that conflicts with the information
contained in the Registration Statement, including any Incorporated Document by reference therein
and any prospectus supplement deemed to be a part thereof that has not been superseded or modified.
The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing
Prospectus based upon and in conformity with written information furnished to the Company by any
Underwriter through the Representatives specifically for use therein, it being understood and
agreed that the only such information furnished by or on behalf of any Underwriter consists of the
information described as such in Section&nbsp;12 hereof.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Incorporated Documents heretofore filed, when they were filed (or, if any amendment
with respect to any such document was filed, when such amendment was filed), conformed in all
material respects with the requirements of the Exchange Act and the rules and regulations of the
Commission thereunder. The Company has given the Representatives notice of any filings made
pursuant to the Exchange Act within 48 hours prior to the Execution Time. No such document when it
was filed (or, if an amendment with respect to any such document was filed, when such amendment was
filed), contained an untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements made therein, in light
of the circumstances under which they were made, not misleading.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The Shares have been duly and validly authorized and conform in all material respects to
the description thereof contained in the Registration Statement, the Disclosure Package and the
Prospectus and, when issued and delivered pursuant to this Agreement, will be fully paid and
non-assessable free and clear of any pledge, lien, encumbrance, security interest or other claim,
and the issuance and sale of the Shares by the Company is not subject to preemptive or other
similar rights arising by operation of law, under the articles of incorporation, by-laws or other
organizational documents of the Company or under any agreement to which the Company or any one of
its subsidiaries is a party; no person has a right of participation or first refusal with respect
to the sale of the Shares by the Company. The form of certificate for the Shares will be in valid
and sufficient form in compliance with Maryland law and the New York Stock Exchange requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Immediately following the Closing Date, 77,859,356 shares of Common Stock of the Company
will be issued and outstanding (excluding any Option Shares); all of the outstanding shares of
Common Stock of the Company have been duly and validly authorized and issued and are fully paid and
nonassessable and are free of any preemptive or similar rights. Except as disclosed in the
Registration Statement, the Disclosure Package and the Prospectus (or any amendment or supplement
thereto), there are no outstanding (i)&nbsp;securities or obligations of the Company or any of its
subsidiaries convertible into or exchangeable for any equity interests of the Company or any such
subsidiary, (ii)&nbsp;warrants, rights or options to subscribe for or purchase from the Company or any
such subsidiary any such equity interests or any such convertible or exchangeable securities or
obligations or (iii)&nbsp;obligations of the Company or any such subsidiary to issue any equity
interests, any such convertible or exchangeable securities or obligation, or any such warrants,
rights or options. Except as disclosed in the Registration Statement, the Disclosure Package and
the Prospectus (or any amendment or supplement thereto), there are no persons with registration or
other similar rights to have any equity or debt securities, including securities which are
convertible into or exchangeable for equity securities, registered pursuant to the Registration
Statement or otherwise registered by the Company under the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Each of the Company and each of its subsidiaries is a corporation, limited liability
company, partnership or trust, as applicable, duly organized, validly existing and in good standing
under the laws of the state of its formation, as set forth on <U>Schedule&nbsp;III</U> hereto, with
full corporate, limited liability company, partnership or trust power, as applicable, and authority
to own, lease and operate its properties and to conduct its business as described in the
Registration Statement, the Disclosure Package and the Prospectus, and each is duly registered and
qualified
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to conduct its business, and is in good standing, in each jurisdiction or place where the
nature of its properties or the conduct of its business requires such registration or
qualification, except where the failure so to register or qualify does not have a material adverse
effect on the condition (financial or other), prospects, earnings, business, properties, net worth
or results of operations of the Company and its subsidiaries taken as a whole, whether or not
arising from transactions in the ordinary course of business (&#147;<B>Material Adverse Effect</B>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Neither the Company nor any of its subsidiaries does any business in Cuba.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;Other than as set forth on <U>Schedule&nbsp;III</U> hereto, the Company has no subsidiary or
subsidiaries and does not control, directly or indirectly, any corporation, partnership, joint
venture, association or other business association. The issued shares of capital stock of each of
the Company&#146;s subsidiaries have been duly authorized and validly issued, are fully paid and
non-assessable and are owned legally and beneficially by the Company free and clear of any security
interests, liens, encumbrances, equities or claims.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;There are no legal or governmental actions, suits or proceedings pending or, to the
knowledge of the Company, threatened, against the Company or any of its subsidiaries, or to which
the Company or any properties of the Company or any of its subsidiaries is subject, that (A)&nbsp;are
required to be described in the Registration Statement or the Prospectus but are not described as
required; (B)&nbsp;could reasonably be expected to have a material adverse effect on the performance of
this Agreement or the consummation of any of the transactions contemplated hereby; or (C)&nbsp;could
reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated in
the Disclosure Package and the Prospectus (exclusive of any supplement thereto). There are no
statutes, regulations, capital expenditures, off-balance sheet transactions, contingencies or
agreements, contracts, indentures, leases or other instruments or documents of a character that are
required to be described in the Registration Statement or the Prospectus or to be filed or
incorporated by reference as an exhibit to the Registration Statement or any Incorporated Document
that are not described, filed or incorporated as required by the Act or the Exchange Act (and the
Pricing Prospectus contains in all material respects the same description of the foregoing matters
contained in the Prospectus). The statements in the Prospectus under the heading &#147;Federal Income
Tax Considerations&#148; and in the Pricing Prospectus and the Prospectus Supplement under the heading
&#147;Certain Federal Income Tax Considerations&#148; fairly summarize the matters therein described.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;Neither the Company nor any of its subsidiaries is: (A)&nbsp;in violation of (i)&nbsp;its
respective articles of incorporation or by-laws, (ii)&nbsp;any law, ordinance, administrative or
governmental rule or regulation applicable to the Company or its subsidiaries, which violation
would have a Material Adverse Effect, or (iii)&nbsp;any decree of any court or governmental agency or
body having jurisdiction over the Company or its subsidiaries; or (B)&nbsp;in default in any material
respect in the performance of any obligation, agreement, condition or covenant (financial or
otherwise) contained in any bond, debenture, note or any other evidence of indebtedness or in any
material agreement, indenture, lease or other instrument to which the Company or any of its
subsidiaries is a party or by which the Company or its subsidiaries or any of their respective
properties may be bound, and no such default is foreseeable.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (A)&nbsp;As of the date of this Agreement, the Company owns either directly or through
investment interests, 1,049 properties (the &#147;<B>Properties</B>&#148;). To the best of the Company&#146;s knowledge,
neither the Company nor any of its subsidiaries is in violation of any municipal, state or federal
law, rule or regulation concerning any of their Properties, which violation would have a Material
Adverse Effect; (B)&nbsp;to the best of the Company&#146;s knowledge, each of the Properties complies with
all applicable zoning laws, ordinances and regulations in all material respects and, if and to the
extent there is a failure to comply, such failure does not materially impair the value of any of
such Properties and will not result in a forfeiture or reversion of title thereof; (C)&nbsp;neither the
Company nor any of its subsidiaries has received from any governmental authority any written notice
of any condemnation of, or zoning change affecting any of, the Properties, and the Company does not
know of any such condemnation or zoning change which is threatened and which if consummated would
have a Material Adverse Effect; (D)&nbsp;the leases under which the Company leases the Properties as
lessor (the &#147;<B>Leases</B>&#148;) are in full force and effect and have been entered into in the ordinary
course of business of the Company; (E)&nbsp;the Company and each of its subsidiaries has complied with
its respective obligations under the Leases in all material respects and the Company does not know
of any default by any other party to the Leases which, alone or together with other such defaults,
would have a Material Adverse Effect; and (F)&nbsp;all liens, charges, encumbrances, claims or
restrictions on or affecting the Properties and assets (including the Properties) of the Company
and its subsidiaries that are required to be disclosed in the Prospectus are disclosed therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;Neither the issuance and sale of the Shares, the execution, delivery or performance of
this Agreement by the Company, nor the consummation by the Company of the transactions contemplated
hereby (including the application of the proceeds from the sale of the Shares), nor the fulfillment
of the terms hereof: (A)&nbsp;requires any consent, approval, authorization or other order of, or
registration or filing with, any court, regulatory body, administrative agency or other
governmental body, agency or official (except such as may be required for the registration of the
Shares under the Act, the listing of the Shares on the New York Stock Exchange and compliance with
the securities or blue sky laws of various jurisdictions), or conflicts or will conflict with or
constitutes or will constitute a breach or violation of, or a default under, the articles of
incorporation or by-laws of the Company or any of its subsidiaries; or (B)&nbsp;conflicts or will
conflict with or constitutes or will constitute a breach of, or a default under, any agreement,
indenture, lease or other instrument to which the Company or any of its subsidiaries is a party or
by which the Company or any properties of the Company or any of its subsidiaries may be bound, or
violates or will violate any statute, law, regulation or filing or judgment, injunction, order or
decree applicable to the Company or any of its subsidiaries or any properties of the Company or any
of its subsidiaries, or will result in the creation or imposition of any lien, charge or
encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to the
terms of any agreement or instrument to which the Company or any of its subsidiaries is a party or
by which the Company or any of its subsidiaries may be bound, or to which any property or assets of
the Company or any of its subsidiaries is subject.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;To the Company&#146;s knowledge, Ernst &#038; Young LLP, who has certified or shall certify certain
financial statements and schedules included or incorporated by reference in the Registration
Statement, the Pricing Prospectus and the Prospectus (or any amendment or supplement thereto), is
and was during the periods covered by the financial statements on which
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">we reported, an independent registered public accounting firm with respect to the Company as
required by the Act and the Exchange Act and the applicable published rules and regulations
thereunder and by the Public Company Accounting Oversight Board. To the Company&#146;s knowledge, KPMG
LLP, who has certified or shall certify certain financial statements and schedules included or
incorporated by reference in the Registration Statement, the Pricing Prospectus and the Prospectus
(or any amendment or supplement thereto), was during the period covered by the financial statements
on which we reported and as of February&nbsp;22, 2008, an independent registered public accounting firm
with respect to the Company as required by the Act and the Exchange Act and the applicable
published rules and regulations thereunder and by the Public Company Accounting Oversight Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;The financial statements, together with related schedules and notes, included or
incorporated by reference in the Registration Statement, the Pricing Prospectus and the Prospectus
(and any amendment or supplement thereto), present fairly in all material respects the financial
position, results of operations and changes in financial position of the Company and its
subsidiaries on the basis stated in the Registration Statement and the Incorporated Documents at
the respective dates or for the respective periods to which they apply. Such statements and
related schedules and notes have been prepared in accordance with generally accepted accounting
principles consistently applied throughout the periods involved, except as disclosed therein. The
other financial and statistical information and data included or incorporated by reference in the
Registration Statement, the Pricing Prospectus and the Prospectus (and any amendment or supplement
thereto) are accurately presented and prepared on a basis consistent with such financial statements
and the books and records of the Company and its subsidiaries. The pro forma financial statements
and other pro forma financial information included, or incorporated by reference in, the
Registration Statement, the Pricing Prospectus and the Prospectus include assumptions that provide
a reasonable basis for presenting the significant effects directly attributable to the transactions
and events described therein, the related pro forma adjustments give appropriate effect to those
assumptions, and the pro forma adjustments reflect the proper application of those adjustments to
the historical financial statement amounts in the pro forma financial statements included in the
Prospectus, the Pricing Prospectus and the Registration Statement. The pro forma financial
statements included in the Prospectus, the Pricing Prospectus and the Registration Statement comply
as to form in all material respects with the applicable accounting requirements of Regulation&nbsp;S-X
under the Act and the pro forma adjustments have been properly applied to the historical amounts in
the compilation of those statements. The Company has filed with the Commission all financial
statements, together with related schedules and notes, required to be filed pursuant to Regulation
S-X under the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;The Company has the corporate power to issue, sell and deliver the Shares as provided
herein; the execution and delivery of, and the performance by the Company of its obligations under,
this Agreement have been duly and validly authorized by the Company, and this Agreement has been
duly executed and delivered by the Company and constitutes the valid and legally binding agreement
of the Company, enforceable against the Company in accordance with its terms, except as may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors&#146; rights generally and by general principles of equity and to the extent that rights to
indemnity and contribution hereunder may be limited by federal or state securities laws.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;Except as disclosed in the Registration Statement, the Disclosure Package and the
Prospectus (or any amendment or supplement thereto), subsequent to the respective dates as of which
such information is given in the Registration Statement, the Disclosure Package and the Prospectus
(or any amendment or supplement thereto), neither the Company nor any of its subsidiaries has
incurred any liability or obligation (financial or other), direct or contingent, or entered into
any transaction (including any off-balance sheet activities or transactions), not in the ordinary
course of business, that is material to the Company and its subsidiaries, and there has not been
any change in the capital stock, or material increase in the short-term debt or long-term debt
(including any off-balance sheet activities or transactions), of either the Company or its
subsidiaries, or any material adverse change, or any development involving or which may reasonably
be expected to involve, a prospective material adverse change, in the condition (financial or
other), business, prospects, net worth or results of operations of either the Company or its
subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;The Company and each of its subsidiaries has good and marketable title to all property
(real and personal) described in the Disclosure Package and the Prospectus as being owned by each
of them (including the Properties), free and clear of all liens, claims, security interests or
other encumbrances that would materially and adversely affect the value thereof or materially
interfere with the use made or presently contemplated to be made thereof by them as described in
the Prospectus, except such as are described in the Registration Statement, the Disclosure Package
and the Prospectus, or in any document filed as an exhibit to the Registration Statement, and each
property described in the Disclosure Package and the Prospectus as being held under lease by the
Company or any of its subsidiaries is held by it under a valid, subsisting and enforceable lease.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;The &#147;significant subsidiaries&#148; of the Company as defined in Section&nbsp;1-02(w) of Regulation
S-X are set forth in <U>Schedule&nbsp;III</U> hereto (the &#147;<B>Significant Subsidiaries</B>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;The Company has not distributed and, prior to the later to occur of (x)&nbsp;the Closing Date
and (y)&nbsp;completion of the distribution of the Shares, will not distribute, any offering material in
connection with the offering and sale of the Shares other than the Registration Statement, the
Disclosure Package or the Prospectus. The Company has not, directly or indirectly: (i)&nbsp;taken any
action designed to cause or to result in, or that has constituted or which might reasonably be
expected to constitute, the stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Shares; or (ii)&nbsp;since the filing of the
Registration Statement (A)&nbsp;sold, bid for, purchased, or paid anyone any compensation for soliciting
purchases of, the Shares or (B)&nbsp;paid or agreed to pay to any person any compensation for soliciting
another to purchase any other securities of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;The Company and each of its subsidiaries possess all certificates, permits, licenses,
franchises and authorizations of governmental or regulatory authorities (the &#147;<B>permits</B>&#148;) as are
necessary to own their respective properties and to conduct their respective businesses in the
manner described in the Disclosure Package and the Prospectus, where such failure to possess could
have a Material Adverse Effect, subject to such qualifications as may be set forth in the
Disclosure Package and the Prospectus. The Company and each of its subsidiaries has fulfilled and
performed all of their respective material obligations with respect to such permits, and no event
has occurred which allows, or after notice or lapse of time would allow, revocation
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or termination thereof or which would result in any other material impairment of the rights of
the holder of any such permit, subject in each case to such qualification as may be set forth in
the Disclosure Package and the Prospectus. Except as described in the Disclosure Package and the
Prospectus, exclusive of any supplement thereto, neither the revocation or modification of any
permit singly or in the aggregate, nor the announcement of an unfavorable decision, ruling or
finding with respect to any permit, would have a Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;The Company and each of its subsidiaries have established and maintain disclosure controls
and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) that are designed to
ensure that information required to be disclosed by the Company in the reports that it files or
submits under the Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the Commission&#146;s rules and forms and is accumulated and communicated to the
Company&#146;s management, including its chief executive officer and chief financial officer, or persons
performing similar functions, as appropriate to allow timely decisions regarding required
disclosure; and the Company and each of its subsidiaries maintain a system of internal control over
financial reporting sufficient to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles and which includes policies and procedures that (i)
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the
transactions and dispositions of the assets of the Company and each of its subsidiaries, (ii)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles and that receipts
and expenditures of the Company and each of its subsidiaries are being made only in accordance with
the authorization of management, and (iii)&nbsp;provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisitions, use or dispositions of assets that could have a
material effect on the financial statements. The Company&#146;s disclosure controls and procedures have
been evaluated for effectiveness as of the end of the period covered by the Company&#146;s most recently
filed periodic report on Form 10-Q or 10-K, as the case may be, which precedes the date of the
Prospectus and were effective in all material respects to perform the functions for which they were
established. Based on the most recent evaluation of its internal control over financial reporting,
the Company was not aware of (i)&nbsp;any material weaknesses in the design or operation of internal
control over financial reporting or (ii)&nbsp;any fraud, whether or not material, that involves
management or other employees who have a significant role in the Company&#146;s internal control over
financial reporting. There has been no change in the Company&#146;s internal control over financial
reporting that has occurred during its most recently completed fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the Company&#146;s internal control over
financial reporting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;There is and has been no failure on the part of the Company and any of the Company&#146;s
directors or officers, in their capacities as such, to comply with any provision of the
Sarbanes-Oxley Act and the rules and regulations promulgated in connection therewith, including,
without limitation, Section&nbsp;402 related to loans to insiders and Sections&nbsp;302 and 906 related to
certifications.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;To the Company&#146;s knowledge, neither the Company and its subsidiaries nor any employee or
agent of the Company and its subsidiaries has made any payment of funds
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the Company or its subsidiaries or received or retained any funds in violation of any law,
rule or regulation, which payment, receipt or retention of funds is of a character required to be
disclosed in the Disclosure Package or the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any
director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is aware
of or has taken any action, directly or indirectly, that would result in a violation by such
persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (the &#147;FCPA&#148;), including, without limitation, making use of the mails or any means or
instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to
pay or authorization of the payment of any money, or other property, gift, promise to give, or
authorization of the giving of anything of value to any &#147;foreign official&#148; (as such term is defined
in the FCPA) or any foreign political party or official thereof or any candidate for foreign
political office, in contravention of the FCPA; and the Company, its subsidiaries and, to the
knowledge of the Company, its affiliates have conducted their businesses in compliance with the
FCPA and have instituted and maintain policies and procedures designed to ensure, and which are
reasonably expected to continue to ensure, continued compliance therewith.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;The operations of the Company and its subsidiaries are and have been conducted at all
times in compliance with applicable financial recordkeeping and reporting requirements and the
money laundering statutes and the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any governmental agency
(collectively, the &#147;Money Laundering Laws&#148;) and no action, suit or proceeding by or before any
court or governmental agency, authority or body or any arbitrator involving the Company or any of
its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of
the Company, threatened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any
director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is
currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S.
Treasury Department (&#147;OFAC&#148;); and the Company will not directly or indirectly use the proceeds of
the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other person or entity, for the purpose of financing the activities of any
person currently subject to any U.S. sanctions administered by OFAC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;No labor problem or dispute with the employees of the Company and/or any of its
subsidiaries or any of the Company&#146;s or its subsidiaries&#146; principal suppliers, contractors or
customers, exists, is threatened or imminent that could result in a Material Adverse Effect. To
the Company&#146;s knowledge, no labor problem or dispute with the Company&#146;s or its subsidiaries&#146;
tenants exists, is threatened or imminent that could result in a Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;The Company has filed all foreign, federal, state and local tax returns that are required
to be filed, which returns are complete and correct, or has requested extensions thereof (except in
any case in which the failure so to file would not have a Material Adverse
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effect, except as set forth in the Disclosure Package and the Prospectus) and has paid all
taxes required to be paid by it and any other assessment, fine or penalty levied against it, to the
extent that any of the foregoing is due and payable, except for any such assessment, fine or
penalty that is currently being contested in good faith or as would not have a material adverse
effect on the condition (financial or otherwise), prospects, earnings, business or properties of
the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the
ordinary course of business, except as set forth in the Disclosure Package and the Prospectus
(exclusive of any supplement thereto).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;No holder of any security of the Company has any right to require registration of the
Shares or any other security of the Company because of the filing of the Registration Statement or
consummation of the transactions contemplated by this Agreement, which right has not been waived in
connection with the transactions contemplated by this Agreement. The holders of outstanding shares
of capital stock of the Company are not entitled to preemptive or other rights to subscribe for the
Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;The Company and its subsidiaries own or possess all patents, trademarks, trademark
registrations, service marks, service mark registrations, trade names, copyrights, licenses,
inventions, trade secrets and rights described in the Disclosure Package and the Prospectus as
being owned by them or necessary for the conduct of their respective businesses. The Company is
not aware of any claim to the contrary or any challenge by any other person to the rights of the
Company and its subsidiaries with respect to the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;The Company is not now, and after sale of the Shares to be sold by the Company hereunder
and the application of the net proceeds from such sale as described in the Pricing Prospectus and
the Prospectus under the caption &#147;Use of Proceeds,&#148; will not be, an &#147;investment company&#148; within the
meaning of the Investment Company Act of 1940, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) (i)&nbsp;To the best of the Company&#146;s knowledge, the Company, its subsidiaries, the Properties and
the operations conducted thereon comply and heretofore have complied with all applicable
Environmental Laws, and no expenditures are required or advisable to maintain or achieve such
compliance, except as disclosed in environmental site assessment reports obtained by the Company on
or before the date hereof in connection with the purchase of any of the Properties and in the
written summary maintained by the Company of the status of ongoing environmental projects at
Properties, each of which have been directly provided to the Underwriters or their counsel
(collectively, the &#147;<B>Environmental Reports</B>&#148;) and except for those circumstances that have not had
and will not have, singly or in the aggregate, a Material Adverse Effect.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;Neither the Company nor any of its subsidiaries has at any time and, to the
best of the Company&#146;s knowledge, no other party has at any time, handled, buried,
stored, retained, refined, transported, processed, manufactured, generated,
produced, spilled, allowed to seep, leak, escape or leach, or be pumped, poured,
emitted, emptied, discharged, injected, dumped, transferred or otherwise disposed of
or dealt with, Hazardous Materials (as defined below) on, to, under or from the
Properties, except as disclosed in Environmental Reports and except for those
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">circumstances that have not had and will not have a Material Adverse Effect.
Neither the Company nor any of its subsidiaries intends to use the Properties or any
subsequently acquired properties for the purpose of handling, burying, storing,
retaining, refining, transporting, processing, manufacturing, generating, producing,
spilling, seeping, leaking, escaping, leaching, pumping, pouring, emitting,
emptying, discharging, injecting, dumping, transferring or otherwise disposing of or
dealing with Hazardous Materials; <U>provided</U>, <U>however</U>, the tenants of
the Company may use Properties for their intended purpose, which may involve the
handling, storing and transporting of Hazardous Materials.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iii)&nbsp;To the best of the Company&#146;s knowledge, no seepage, leak, escape, leach,
discharge, injection, release, emission, spill, pumping, pouring, emptying or
dumping of Hazardous Materials into any surface water, groundwater, soil, air or
other media on or adjacent to the Properties has occurred, is occurring or is
reasonably expected to occur, except as is disclosed in the Environmental Reports
and except for those circumstances that will not have a Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iv)&nbsp;Neither the Company nor any of its subsidiaries has received notice from any
Governmental Authority or other person of, or has knowledge of, any occurrence or
circumstance which, with notice, passage of time, or failure to act, would give rise
to any claim under or pursuant to any Environmental Law or under common law
pertaining to Hazardous Materials on or originating from the existing Properties or
any act or omission of any party with respect to the existing Properties, except as
disclosed in the Environmental Reports and except for those circumstances that will
not have a Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(v)&nbsp;To the best of the Company&#146;s knowledge, none of the Properties is included or
proposed for inclusion on any federal, state, or local lists of sites which require
or might require environmental cleanup, including, but not limited to, the National
Priorities List or CERCLIS List issued pursuant to CERCLA (as defined below) by the
United States Environmental Protection Agency or any analogous state list, except as
is disclosed in the Environmental Reports and except for those circumstances that
will not have a Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(vi)&nbsp;In the ordinary course of its business, the Company periodically reviews the
effect of Environmental Laws on the business, operations and properties of the
Company and its subsidiaries, in the course of which it identifies and evaluates
associated costs and liabilities (including, without limitation, any capital or
operating expenditures required for clean-up, closure of properties or compliance
with Environmental Laws, or any permit, license or approval, any related constraints
on operating activities and any potential liabilities to third parties). On the
basis of such review, the Company has reasonably concluded that such associated
costs and liabilities would not, singly or in the aggregate, have a Material Adverse
Effect, whether or not arising from transactions in the ordinary course of business,
except as set forth in or contemplated in the Disclosure Package and the Prospectus.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, &#147;<B>Hazardous Material</B>&#148; shall include, without limitation, any flammable
explosives, radioactive materials, hazardous materials, hazardous wastes, hazardous or toxic
substances, or related materials, asbestos, polychlorinated biphenyls (&#147;<B>PCBs</B>&#148;), petroleum products
and by-products and substances defined or listed as &#147;hazardous substances,&#148; &#147;toxic substances,&#148;
&#147;hazardous waste,&#148; or &#147;hazardous materials&#148; in any Federal, state or local Environmental Law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, &#147;<B>Environmental Law</B>&#148; shall mean all laws, common law duties, regulations or
ordinances (including any orders or agreements) of any Federal, state or local governmental
authority having or claiming jurisdiction over any of the Properties (a &#147;<B>Governmental Authority</B>&#148;)
that are designed or intended to protect the public health and the environment or to regulate the
handling of Hazardous Materials, including, without limitation, the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, as amended (42 U.S.C. Section&nbsp;9601 et seq.)
(&#147;<B>CERCLA</B>&#148;), the Hazardous Material Transportation Act, as amended (49 U.S.C. Section&nbsp;1801 et seq.),
the Resource Conservation and Recovery Act, as amended (42 U.S.C. Section&nbsp;6901 et seq.), the
Federal Water Pollution Control Act, as amended (33 U.S.C. Section&nbsp;1251 et seq.), and the Clean Air
Act, as amended (42 U.S.C. Section&nbsp;7401 et seq.), and any and all analogous future federal or
present or future state or local laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;The Company is organized in conformity with the requirements for qualification as a real
estate investment trust under Sections&nbsp;856 through 860 of the Code and the rules and regulations
thereunder. As of the close of every taxable year during the Company&#146;s existence, the Company has
had no earnings and profits accumulated in a non-REIT year within the meaning of
Section&nbsp;857(a)(2)(B) of the Code. The Company&#146;s past and proposed method of operation have enabled
it, and will enable it, to meet the requirements for taxation as a REIT under the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;The Company has ten (10<B>) </B>&#147;taxable REIT subsidiaries&#148; within the meaning of Section&nbsp;856(l)
of the Code and with respect to each such &#147;taxable REIT subsidiary,&#148; the election under
Section&nbsp;856(l)(1)(b) of the Code has been, or will be, timely made and has not been revoked or
taxable REIT subsidiary status was imposed under the provisions of Section&nbsp;856(l)(2) of the Code.
Each of the Company&#146;s corporate subsidiaries, except for its taxable REIT subsidiaries, is in
compliance with all requirements applicable to a REIT or a &#147;qualified REIT subsidiary&#148; within the
meaning of Section&nbsp;856(i) of the Code and all applicable regulations under the Code, and the
Company is not aware of any fact that would negatively impact such qualifications. Each of the
Company&#146;s non-corporate subsidiaries qualifies as a partnership or a disregarded entity for federal
income tax purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;The Company and each of its subsidiaries is insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as are prudent and customary in
the businesses in which they are engaged and the value of their properties. All policies of
insurance and fidelity or surety bonds insuring the Company or any of its subsidiaries or their
respective businesses, assets, employees, officers and directors are in full force and effect. The
Company and its subsidiaries are in compliance with the terms of such policies and instruments in
all material respects and there are no claims by the Company or any of its subsidiaries under any
such policy or instrument as to which any insurance company is
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">denying liability or defending under a reservation of rights clause. Neither the Company nor
any of its subsidiaries has been refused any insurance coverage sought or applied for, and the
Company does not have any reason to believe that the Company and each of its subsidiaries will not
be able to renew its respective existing insurance coverage as and when such coverage expires or to
obtain similar coverage from similar insurers as may be necessary to continue their respective
businesses at a cost that would not have a Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;The Company and its subsidiaries have title insurance on each of the Properties owned in
fee simple in amounts at least equal to the cost of acquisition of such property; with respect to
an uninsured loss on any of the Properties, the title insurance shortfall would not have a Material
Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;No subsidiary of the Company is currently prohibited, directly or indirectly, from paying
any dividends to the Company, from making any other distribution on such subsidiary&#146;s capital
stock, from repaying to the Company any loans or advances to such subsidiary from the Company or
from transferring and of such subsidiary&#146;s assets or property to the Company or any other
subsidiary of the Company, except as described in the Disclosure Package and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;There are no transfer taxes or other similar fees or charges under Federal law or the
laws of any state, or any political subdivision thereof, required to be paid in connection with the
execution and delivery of this Agreement or the issuance by the Company or sale by the Company of
the Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;Each of the Company and its subsidiaries has fulfilled its obligations, if any, under the
minimum funding standards of Section&nbsp;302 of the United States Employee Retirement Income Security
Act of 1974 (&#147;<B>ERISA</B>&#148;) and the regulations and published interpretations thereunder with respect to
each &#147;plan&#148; (as defined in Section&nbsp;3(3) of ERISA and such regulations and published
interpretations) in which employees of the Company and its subsidiaries are eligible to
participate. Each such plan is in compliance in all material respects with the presently
applicable provisions of ERISA and such regulations and published interpretations. Neither the
Company nor any of its subsidiaries has incurred any unpaid liability to the Pension Benefit
Guaranty Corporation (other than for the payment of premiums in the ordinary course) or to any such
plan under Title IV of ERISA.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;To the knowledge of the Company, no stock options awards granted by the Company have been
retroactively granted, or the exercise or purchase price of any stock option award determined
retroactively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;The Company&#146;s authorized capitalization is as set forth in the Registration Statement,
the Disclosure Package and the Prospectus; the capital stock of the Company conforms in all
material respects to the description thereof contained in the Registration Statement, the
Disclosure Package and the Prospectus; the outstanding shares of Common Stock of the Company have
been duly and validly authorized and issued in compliance with all Federal and state securities
laws, and are fully paid and non-assessable.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)&nbsp;Application has been made to list the Shares on the New York Stock Exchange.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Indemnification and Contribution</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company agrees to indemnify and hold harmless each Underwriter, the directors,
officers, employees, affiliates and agents of each Underwriter and each person who controls any
Underwriter, within the meaning of either the Act or the Exchange Act, against any and all losses,
claims, damages or liabilities, joint or several, to which they or any of them may become subject
under the Act, the Exchange Act or other Federal or state statutory law or regulation, at common
law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) (i)&nbsp;arise out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement for the registration of the Shares as
originally filed or in any amendment thereof, or in the Basic Prospectus, any Preliminary
Prospectus, the Prospectus or the Disclosure Package; or (ii)&nbsp;arise out of or are based upon 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; or (iii)&nbsp;arise out of or are based upon a
breach of the representations and warranties in this Agreement. The Company agrees to reimburse
each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by
them in connection with investigating or defending any such loss, claim, damage, liability or
action; <U>provided</U>, <U>however</U>, that the Company will not be liable in any such case
arising in connection with this Section&nbsp;7 to the extent that any such loss, claim, damage or
liability arises out of or is based upon any such untrue statement or alleged untrue statement or
omission or alleged omission made therein in reliance upon and in conformity with written
information furnished to the Company by or on behalf of any Underwriter through the Representatives
specifically for inclusion therein. This indemnity agreement will be in addition to any liability,
which the Company may otherwise have.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the
Company, each of its directors, each of its officers who signs the Registration Statement, and each
person who controls the Company within the meaning of either the Act or the Exchange Act, to the
same extent as the foregoing indemnity from the Company to each Underwriter, but only with
reference to written information relating to such Underwriter furnished to the Company by or on
behalf of such Underwriter through the Representatives in writing specifically for inclusion in the
documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to
any liability, which any Underwriter may otherwise have. The Company acknowledges that the only
information furnished in writing by or on behalf of the several Underwriters for inclusion in any
Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus is as set forth in
Section&nbsp;12 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Promptly after receipt by an indemnified party under this Section&nbsp;7 of notice of the
commencement of any action, such indemnified party will, if a claim in respect thereof is to be
made against the indemnifying party under this Section&nbsp;7, notify the indemnifying party in writing
of the commencement thereof; but the failure so to notify the indemnifying party: (i)&nbsp;will not
relieve it from liability under paragraph (a)&nbsp;or (b)&nbsp;above unless and to the extent it did not
otherwise learn of such action and such failure results in the forfeiture by the indemnifying party
of substantial rights and defenses; and (ii)&nbsp;will not, in any event,
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">relieve the indemnifying party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraph (a)&nbsp;or (b)&nbsp;above. The indemnifying party shall be
entitled to appoint counsel of the indemnifying party&#146;s choice at the indemnifying party&#146;s expense
to represent the indemnified party in any action for which indemnification is sought (in which case
the indemnifying party shall not thereafter be responsible for the fees and expenses of any
separate counsel retained by the indemnified party or parties except as set forth below);
<U>provided</U>, <U>however</U>, that such counsel shall be satisfactory to the indemnified
party. Notwithstanding the indemnifying party&#146;s election to appoint counsel to represent the
indemnified party in an action, the indemnified party shall have the right to employ separate
counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs
and expenses of such separate counsel if: (i)&nbsp;the use of counsel chosen by the indemnifying party
to represent the indemnified party would present such counsel with a conflict of interest; (ii)&nbsp;the
actual or potential defendants in, or targets of, any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably concluded that
there may be legal defenses available to it and/or other indemnified parties which are different
from or additional to those available to the indemnifying party; (iii)&nbsp;the indemnifying party shall
not have employed counsel satisfactory to the indemnified party to represent the indemnified party
within a reasonable time after notice of the institution of such action; or (iv)&nbsp;the indemnifying
party shall authorize the indemnified party to employ separate counsel at the expense of the
indemnifying party. An indemnifying party will not, without the prior written consent of the
indemnified parties, settle or compromise, or consent to the entry of any judgment with respect to
any pending or threatened claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action), unless such settlement, compromise or consent (x)
includes an unconditional release of each indemnified party from all liability arising out of such
claim, action, suit or proceeding and (y)&nbsp;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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event that the indemnity provided in paragraph (a)&nbsp;or (b)&nbsp;of this Section&nbsp;7 is
unavailable to, or insufficient to hold harmless, an indemnified party for any reason, the Company
and the Underwriters severally agree to contribute to the aggregate losses, claims, damages and
liabilities (including legal or other expenses reasonably incurred in connection with investigating
or defending the same) (collectively &#147;<B>Losses</B>&#148;) to which the Company and one or more of the
Underwriters may be subject in such proportion as is appropriate to reflect the relative benefits
received by the Company, on the one hand, and by the Underwriters, on the other, from the offering
of the Shares; <U>provided</U>, <U>however</U>, that in no case shall any Underwriter (except as
may be provided in any agreement among the Underwriters relating to the offering of the Shares) be
responsible for any amount in excess of the underwriting discount or commission applicable to the
Shares purchased by the Underwriters hereunder. If the allocation provided by the immediately
preceding sentence is unavailable for any reason, the Company and the Underwriters severally shall
contribute in such proportion as is appropriate to reflect not only such relative benefits but also
the relative fault of the Company, on the one hand, and of the Underwriters, on the other, in
connection with the statements or omissions which resulted in such Losses as well as any other
relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to
the total net proceeds from the offering (before deducting expenses) received by it, and benefits
received by the Underwriters shall be deemed to be equal
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to the total underwriting discounts and commissions, in each case as set forth on the
cover page of the Prospectus. Relative fault shall be determined by reference to, among other
things: (i)&nbsp;whether any untrue or any alleged untrue statement of a material fact or the omission
or alleged omission to state a material fact relates to information provided by the Company, on the
one hand, or the Underwriters, on the other; (ii)&nbsp;the intent of the parties and their relative
knowledge; (iii)&nbsp;access to information; and (iv)&nbsp;the opportunity to correct or prevent such untrue
statement or omission. The Company and the Underwriters agree that it would not be just and
equitable if contribution were determined by pro rata allocation or any other method of allocation
which does not take account of the equitable considerations referred to above. Notwithstanding the
provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the
meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this Section&nbsp;7, each person who
controls an Underwriter within the meaning of either the Act or the Exchange Act and each director,
officer, employee and agent of an Underwriter shall have the same rights to contribution as the
Underwriters, and each person who controls the Company within the meaning of either the Act or the
Exchange Act, each officer of the Company who shall have signed the Registration Statement and each
director of the Company shall have the same rights to contribution as the Company, subject in each
case to the applicable terms and conditions of this paragraph (d).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Conditions of Underwriters&#146; Obligations</U>. The obligations of the Underwriters to
purchase the Shares hereunder are subject to the following conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)&nbsp;The Prospectus, and any supplement thereto, have been filed in the manner and within
the time period required by Rule&nbsp;424(b) (without reference to Rule&nbsp;424(b)(8)); the final term sheet
contemplated by Section 5(b) hereto and any other material required to be filed by the Company
pursuant to Rule 433(d) shall have been filed with the Commission within the applicable time
periods prescribed for such filings by Rule&nbsp;433 and (ii)&nbsp;any request of the Commission for
additional information (to be included in the Registration Statement or the Prospectus or
otherwise) shall have been complied with to the satisfaction of the Underwriters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Subsequent to the Execution Time, or, if earlier, the dates as of which information is
given in the Registration Statement (exclusive of any amendment thereto), the Disclosure Package
and the Prospectus (exclusive of any amendment thereof), there shall not have occurred: (i)&nbsp;any
change, or any development involving a prospective change, in or affecting the condition (financial
or otherwise), earnings, business, properties, net worth, or results of operations of the Company
and its subsidiaries, whether or not arising from transactions in the ordinary course of business,
except as set forth in the Disclosure Package and the Prospectus (exclusive of any amendments or
supplements thereto subsequent to the date of this Agreement), the effect of which, in the sole
judgment of the Representatives is so material and adverse as to make it impractical or inadvisable
to proceed with the offering or delivery of the Shares as contemplated by the Registration
Statement (exclusive of any amendments thereto), the Disclosure Package and the Prospectus
(exclusive of any supplement thereto); or (ii)&nbsp;any event or development relating to or involving
the Company and its subsidiaries or any officer or director of the Company and its subsidiaries
which makes any statement made in the Disclosure Package or the Prospectus untrue or which, in the
opinion of the Company and its counsel or the Representatives and their counsel, requires the
making of any addition to or
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">change in the Disclosure Package in order to state a material fact required by the Act or any
other law to be stated therein, or necessary in order to make the statements therein not
misleading, if amending or supplementing the Disclosure Package to reflect such event or
development would, in the opinion of the Representatives, adversely affect the market for the
Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Representatives shall have received on the Closing Date and, if applicable, each
Option Closing Date an opinion of Pillsbury Winthrop Shaw Pittman LLP, counsel for the Company,
dated as of such date and addressed to the Representatives, to the effect that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(i)&nbsp;The Company and each of the Significant Subsidiaries: (x)&nbsp;is a
corporation, limited liability company, partnership or trust duly
incorporated and validly existing in good standing under the laws of its
state of formation, with full corporate, partnership or trust power, as
applicable, and authority to own, lease and operate its properties and to
conduct its business as described in the Registration Statement, the
Disclosure Package and the Prospectus (and any amendment or supplement
thereto); and, (y)&nbsp;based solely on certificates of public officials and
officers of the Company and the Significant Subsidiaries, are duly
registered and qualified to conduct their business; and (z)&nbsp;based solely on
certificates of public officials, are in good standing in each jurisdiction
or place where the nature of its properties or the conduct of its business
requires such registration or qualification, except where the failure so to
register or qualify does not have a material adverse effect on the condition
(financial or other), business, properties, net worth or results of
operations of the Company and the Significant Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(ii)&nbsp;To the knowledge of such counsel, the Company has no subsidiary or
subsidiaries and does not control, directly or indirectly, any corporation,
partnership, joint venture, association or other business association other
than as set forth on <U>Schedule&nbsp;III</U> hereto. To the knowledge of such
counsel, the subsidiaries that meet the definition of &#147;Significant
Subsidiary,&#148; as such term is defined in Section&nbsp;210.1-02 of Regulation&nbsp;S-X
are set forth on <U>Schedule&nbsp;III</U> hereto. The issued shares of capital
stock of each of the Company&#146;s subsidiaries have been duly authorized and
validly issued, are fully paid and non-assessable and are owned legally and
beneficially by the Company and, to the knowledge of such counsel, after due
inquiry, free and clear of any security interests, liens, encumbrances,
equities or claims;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(iii)&nbsp;The authorized capital stock and debt securities of the Company
conform in all material respects as to legal matters to the description
thereof contained under the captions &#147;Description of Debt Securities,&#148;
&#147;Description of Preferred Stock,&#148; &#147;Description of Depositary Shares,&#148;
&#147;Description of Common Stock&#148; and &#147;Description of Warrants&#148; in the Basic
Prospectus; and, except as set forth in the Disclosure Package and the
Prospectus, no options, warrants or other rights to purchase,
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">agreements or other obligations to issue, or rights to convert any
obligations into or exchange any securities for, shares of capital stock of
or ownership interests in the Company are outstanding;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(iv)&nbsp;All the shares of capital stock of the Company outstanding prior to the
issuance of the Shares have been duly authorized and validly issued, and are
fully paid and non-assessable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(v)&nbsp;The Shares have been duly authorized and, when issued and delivered
pursuant to the Agreement and paid for by the Underwriters pursuant to the
Agreement, will be fully paid and non-assessable; the Shares conform in all
material respects as to legal matters to the description thereof contained
under the caption &#147;Description of Common Stock&#148; in the Basic Prospectus;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(vi)&nbsp;The holders of outstanding shares of capital stock of the Company are
not entitled to statutory preemptive or other statutory rights to subscribe
for the Shares; and, except as set forth in the Disclosure Package and the
Prospectus, to the knowledge of such counsel, no options, warrants or other
rights to purchase, agreements or other obligations to issue, or rights to
convert any obligations into or exchange any securities for, shares of
capital stock of or ownership interests in the Company are outstanding;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(vii)&nbsp;To the knowledge of such counsel, no holder of securities of the
Company is entitled to have such securities registered under the
Registration Statement which right has not been waived in connection with
the transactions contemplated by this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(viii)&nbsp;The form of certificate for the Shares conforms to the requirements
of the New York Stock Exchange and Maryland General Corporation Law, if any;
the Shares have been duly authorized for listing, subject to official notice
of issuance, on the New York Stock Exchange;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(ix)&nbsp;The Registration Statement has become effective under the Act; any
required filing of the Basic Prospectus, any Preliminary Prospectus or the
Prospectus, and any supplements thereto, pursuant to Rule 424(b) or any
required filing of an Issuer Free Writing Prospectus has been made in the
manner and within the time period required by Rule 424(b) and Rule&nbsp;433,
respectively; to the knowledge of such counsel, no stop order suspending the
effectiveness of the Registration Statement has been issued, no proceedings
for that purpose have been instituted or threatened;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(x)&nbsp;The Company has the corporate power and authority to enter into this
Agreement and to issue, sell and deliver the Shares to the Underwriters as
provided herein. This Agreement has been duly authorized, executed and
delivered by the Company;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(xi)&nbsp;To the knowledge of such counsel, neither the Company nor any of its
subsidiaries is, or with the giving of notice or the lapse of time or both,
would be: (A)&nbsp;in violation of its respective articles of incorporation,
by-laws or other organizational documents; or (B)&nbsp;in default in the
performance of any agreement set forth on <U>Schedule&nbsp;IV</U> hereto (each,
a &#147;<B>Material Agreement</B>&#148;), except as disclosed in the Prospectus;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(xii)&nbsp;Neither the issue, offer, sale or delivery of the Shares, the
execution, delivery or performance by the Company of this Agreement,
compliance by the Company with the provisions hereof nor consummation by the
Company of the transactions contemplated hereby (including the application
of the proceeds from the sale of the Shares): (A)&nbsp;conflicts or will
conflict with or constitutes or will constitute or result in a breach of, or
a default under, (1)&nbsp;the articles of incorporation, by-laws or other
organizational documents of the Company or any of the Significant
Subsidiaries or (2)&nbsp;any material agreement, indenture, lease or other
instrument to which the Company or any of its subsidiaries is a party or by
which the Company or any properties of the Company or any of its
subsidiaries is bound (other than any financial covenants contained therein
as to which such counsel needs express no opinion) (x)&nbsp;that is a Material
Agreement or (y)&nbsp;which is otherwise known to such counsel; or (B)&nbsp;results or
will result in the creation or imposition of any lien, charge or encumbrance
upon any property or assets of the Company or its subsidiaries, pursuant to
any of the Material Agreements; or (C)&nbsp;violates or will violate any statute,
law, rule or regulation of the United States of America, the State of
Maryland or the State of New York, or judgment, order or decree applicable
to the Company or any of its subsidiaries of any court, regulatory body,
administrative agency, governmental body, arbitrator or other authority
having jurisdiction over the Company or any of its subsidiaries or any of
its or their properties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(xiii)&nbsp;No consent, approval, authorization or other order of, or
registration or filing with, any court, regulatory body, administrative
agency or other governmental body, agency, or official is required on the
part of the Company (except as have been obtained under the Act as have been
obtained (subject to official notice of issuance) from the New York Stock
Exchange or such as may be required under state securities or blue sky laws
governing the purchase and distribution of the Shares) for the valid
issuance and sale of the Shares to the Underwriters as contemplated by this
Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(xiv) (A)&nbsp;The Registration Statement, the Preliminary Prospectus and the
Prospectus, and any supplements or amendments thereto (except for the
financial statements and the notes thereto and the schedules and other
financial and statistical data included therein, as to which such counsel
need not express any opinion), comply as to form in all material respects
with the requirements of the Act; and (B)&nbsp;each of the Incorporated
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">Documents (except for the financial statements and the notes thereto and the
schedules and other financial and statistical data included therein, as to
which counsel need not express any opinion) complies as to form in all
material respects with the Exchange Act and the rules and regulations of the
Commission thereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(xv)&nbsp;To the knowledge of such counsel, there are no agreements, contracts,
indentures, leases or other instruments or documents that are required to be
described in the Registration Statement or the Prospectus (or any amendment
or supplement thereto) or to be filed or incorporated by reference as an
exhibit to the Registration Statement or any Incorporated Document that are
not described, filed or incorporated as required, as the case may be;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(xvi)&nbsp;Such counsel is not aware of any certificates, authorizations,
licenses or permits required by any federal regulatory authority which are
necessary for the Company and/or its subsidiaries to conduct their
respective businesses other than any such certificates, authorizations,
licenses or permits which have been obtained or where such failure to
possess such certificates, authorizations, licenses or permits could not
reasonably be expected to have a Material Adverse Effect. To the knowledge
of such counsel, neither the Company nor any of its subsidiaries has
received any notice of proceedings relating to the revocation or
modification of any certificate, authorization, license or permit issued by
any federal, state, municipal or foreign regulatory authority which, singly
or in the aggregate, if the subject of an unfavorable decision, ruling or
finding, would result in a Material Adverse Effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(xvii)&nbsp;The Company is not subject to registration as an investment company
under the Investment Company Act of 1940, as amended, and the transactions
contemplated by this Agreement (including the application of the proceeds
from the sale of the Shares), will not cause the Company to become an
investment company subject to registration under the Investment Company Act
of 1940, as amended;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(xviii)&nbsp;The Company was a &#147;real estate investment trust&#148; as defined by
Section&nbsp;856(a) of the Code for its taxable years ended December&nbsp;31, 1984
through December&nbsp;31, 2007, and its current and proposed method of operation
and ownership will enable it to meet the requirements for qualification and
taxation as a REIT under the Code for its taxable year ending December&nbsp;31,
2008 and for all future taxable years; and the statements in the Basic
Prospectus set forth under the caption &#147;Federal Income Tax Considerations&#148;
and in the Pricing Prospectus and the Prospectus Supplement under the
caption &#147;Certain Federal Income Tax Considerations,&#148; insofar as they purport
to describe or summarize certain provisions of the agreements, statutes or
regulations referred to therein, are accurate descriptions or summaries in
all material respects, and the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">discussion thereunder expresses the opinion of Pillsbury Winthrop Shaw
Pittman LLP insofar as it relates to matters of United States federal income
tax law and legal conclusions with regard to those matters;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(xix)&nbsp;The statements in the Disclosure Package and the Prospectus, insofar
as they are descriptions of contracts or agreements or constitute statements
of law or legal conclusions, are accurate and present fairly the information
required to be shown in all material respects; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(xx)&nbsp;Based on a polling of the attorneys currently employed by Pillsbury
Winthrop Shaw Pittman LLP who have logged time to the Company from September
26, 2005, to the date hereof, that, to the knowledge of such counsel, there
is no action, suit or proceeding pending or threatened in writing against
the Company or any of its subsidiaries before any court or governmental
agency, authority or body or any arbitrator having jurisdiction over the
Company or any of its subsidiaries required to be described in the
Registration Statement or Prospectus (or any amendment or supplement
thereto);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(xxi)&nbsp;Although counsel has not undertaken, except as otherwise indicated in
its opinion, to determine independently, and does not assume any
responsibility for, the accuracy, completeness or fairness of the statements
in the Registration Statement, such counsel has participated in the
preparation of the Registration Statement, the Disclosure Package and the
Prospectus, including review and discussion of the contents thereof
(including review and discussion of the contents of all Incorporated
Documents), and nothing has come to the attention of such counsel that has
caused it to believe that the Registration Statement (including the
Incorporated Documents), at the Effective Time, or the Disclosure Package,
at the Execution Time and as of the date of such opinion, or the Prospectus,
as of its date and as of the Closing Date and each Option Closing Date,
contained an untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make the
statements therein not misleading or that any amendment or supplement to the
Prospectus, as of its respective date, and as of the date of such opinion
contained any untrue statement of a material fact or omitted to state a
material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading (it
being understood that such counsel need express no opinion with respect to
the financial statements and the notes thereto and the schedules and other
financial, accounting and statistical data included in the Registration
Statement, the Disclosure Package or the Prospectus or any Incorporated
Document).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Representatives shall have received on the Closing Date and, if applicable, each
Option Closing Date an opinion of Hunton &#038; Williams LLP, counsel for the
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underwriters, dated as of such date and addressed to the Representatives with respect to such
matters as the Underwriters may request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Representatives shall have received letters addressed to the Underwriters and dated as
of the date hereof, the Closing Date and, if applicable, each Option Closing Date from each of KPMG
LLP and Ernst &#038; Young LLP, independent registered public accounting firms, substantially in the
form heretofore approved by the Underwriters; <U>provided</U> that the letter delivered on the
Closing Date or any applicable Option Closing Date shall use a &#147;cut-off&#148; date no more than three
(3)&nbsp;Business Days prior to the Closing Date or such Option Closing Date, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (A)&nbsp;No stop order suspending the effectiveness of the Registration Statement shall have
been issued and no proceedings for that purpose shall have been taken or, to the knowledge of the
Company, shall be contemplated by the Commission at or prior to the Closing Date or any Option
Closing Date; (B)&nbsp;there shall not have been any change in the capital stock of the Company nor any
material increase in the short-term or long-term debt (including any off-balance sheet activities
or transactions) of the Company and its subsidiaries (other than in the ordinary course of
business) from that set forth or contemplated in the Registration Statement, the Disclosure Package
or the Prospectus (or any amendment or supplement thereto); (C)&nbsp;there shall not have been, since
the respective dates as of which information is given in the Registration Statement, the Disclosure
Package and the Prospectus (or any amendment or supplement thereto), except as may otherwise be
stated in the Registration Statement, the Disclosure Package and Prospectus (or any amendment or
supplement thereto), any material adverse change in the condition (financial or other), business,
prospects, properties, net worth or results of operations of the Company or its subsidiaries;
(D)&nbsp;the Company and its subsidiaries shall not have any liabilities or obligations (financial or
other), direct or contingent (whether or not in the ordinary course of business), that are material
to the Company or its subsidiaries, other than those reflected in the Registration Statement or the
Disclosure Package and the Prospectus (or any amendment or supplement thereto); and (E)&nbsp;all the
representations and warranties of the Company contained in this Agreement shall be true and correct
at and as of the Execution Time and on and as of the Closing Date and each Option Closing Date as
if made at and as of such time or on and as of such date, and the Representatives shall have
received a certificate, dated the Closing Date and each Option Closing Date and signed by either
the chief executive officer or chief operating officer and the chief financial officer of the
Company (or such other officers as are acceptable to the Representatives), to the effect set forth
in this Section&nbsp;8(f) and in Section&nbsp;8(g) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Company shall not have failed at or prior to the Closing Date and each Option Closing
Date to have performed or complied with any of its agreements herein contained and required to be
performed or complied with by it hereunder, at or prior to the Closing Date and each Option Closing
Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Subsequent to the Execution Time, there shall not have been any decrease in the rating of
any of the Company&#146;s debt securities by any &#147;nationally recognized statistical rating organization&#148;
(as defined for purposes of Rule 436(g) under the Act) or any notice given of any intended or
potential decrease in any such rating or of a possible change in any such rating that does not
indicate the direction of the possible change.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Company shall have completed all required filings with the New York Stock Exchange and
other necessary actions in order to cause the Shares to be listed and admitted and authorized for
trading on the New York Stock Exchange, subject only to notice of issuance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;On or about the date of this Agreement, but in no event later than the Closing Date, the
Representatives shall have received &#147;lock-up&#148; agreements relating to sales and certain other
dispositions of shares of Common Stock or certain other securities, each substantially in the form
of <U>Exhibit&nbsp;B</U> attached hereto, from the persons set forth on <U>Schedule&nbsp;V</U> attached
hereto, and all of such &#147;lock-up&#148; agreements shall be in full force and effect on the Closing Date
and, if applicable, each Option Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;The Company shall have furnished or caused to be furnished to the Representatives such
further certificates and documents as the Representatives shall have requested.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All such opinions, certificates, letters and other documents will be in compliance with the
provisions hereof only if they are satisfactory in form and substance to the Representatives and
their counsel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or document signed by any officer of the Company and delivered to the
Underwriters, or to counsel for the Underwriters, shall be deemed a representation and warranty by
the Company to the Underwriters as to the statements made therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the conditions specified in this Section&nbsp;8 shall not have been fulfilled in all
material respects when and as provided in this Agreement, or if any of the opinions and
certificates mentioned above or elsewhere in this Agreement shall not be in all material respects
reasonably satisfactory in form and substance to the Representatives and counsel for the
Underwriters, this Agreement and all obligations of the Underwriters hereunder may be canceled by
the Representatives at, or at any time prior to, the Closing Date or any Option Closing Date, with
respect to any Option Shares remaining to be purchased. Notice of such cancellation shall be given
to the Company in writing or by telephone or facsimile confirmed in writing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Closing Date and each Option Closing Date, the documents required to be
delivered by this Section&nbsp;8 shall be delivered at the offices of Hunton &#038; Williams LLP, Attn:
Andrew A. Gerber, Esq., counsel for the Underwriters, at 101 South Tryon Street, Suite&nbsp;3500,
Charlotte, North Carolina on or prior to such date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Expenses</U>. The Company agrees to pay the following costs and expenses and all other
costs and expenses incident to the performance by the Company of its obligations hereunder:
(i)&nbsp;the preparation, printing or reproduction, and filing with the Commission of the registration
statement (including financial statements and exhibits thereto), each Preliminary Prospectus, if
any, the Prospectus, each Issuer Free Writing Prospectus and each amendment or supplement to any of
them; (ii)&nbsp;the printing (or reproduction) and delivery (including postage, air freight charges and
charges for counting and packaging) of such copies of the registration statement, each Preliminary
Prospectus, the Prospectus, each Issuer Free Writing Prospectus , the Incorporated Documents, and
all amendments or supplements to any of them, as may be
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">reasonably requested for use in connection with the offering and sale of the Shares; (iii)&nbsp;the
preparation, printing, authentication, issuance and delivery of certificates for the Shares,
including any stamp or other taxes in connection with the original issuance and sale of the Shares;
(iv)&nbsp;the printing (or reproduction) and delivery of this Agreement, the preliminary and
supplemental blue sky memoranda and all other agreements or documents printed (or reproduced) and
delivered in connection with the offering of the Shares; (v)&nbsp;the registration or qualification of
the Shares for offer and sale under the securities or blue sky laws of the several states as
provided in Section&nbsp;5(g) hereof (including the reasonable fees, expenses and disbursements of
counsel for the Underwriters relating to the preparation, printing or reproduction, and delivery of
the preliminary and supplemental blue sky memoranda and such registration and qualification);
(vi)&nbsp;the filing fees and the fees and expenses of counsel for the Underwriters in connection with
any filings required to be made with the Financial Industry Regulatory Authority, Inc.; (vii)&nbsp;the
transportation and other expenses incurred by or on behalf of Company representatives in connection
with presentations to prospective purchasers of the Shares; and (viii)&nbsp;the fees and expenses of the
Company&#146;s accountants and counsel (including local and special counsel) for the Company).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Default by an Underwriter</U>. If any one or more Underwriters shall fail to purchase
and pay for any of the Shares agreed to be purchased by such Underwriter or Underwriters hereunder
and such failure to purchase shall constitute a default in the performance of its or their
obligations under this Agreement, the remaining Underwriters shall be obligated severally to take
up and pay for (in the respective proportions which the number of Shares set forth opposite their
names in <U>Schedule&nbsp;I</U> hereto bears to the number of Shares set forth opposite the names of
all the remaining Underwriters) the Shares which the defaulting Underwriter or Underwriters agreed
but failed to purchase; <U>provided</U>, <U>however</U>, that in the event that the number of
Shares which the defaulting Underwriter or Underwriters agreed but failed to purchase shall exceed
10% of the aggregate number of Shares set forth in <U>Schedule&nbsp;I</U> hereto, the remaining
Underwriters shall have the right to purchase all, but shall not be under any obligation to
purchase any, of the Shares, and if such nondefaulting Underwriters do not purchase all the Shares,
this Agreement will terminate without liability to any nondefaulting Underwriter or the Company.
In the event of a default by any Underwriter as set forth in this Section&nbsp;10, the Closing Date
shall be postponed for such period, not exceeding five (5)&nbsp;Business Days, as the Representatives
shall determine in order that the required changes in the Registration Statement and the Prospectus
or in any other documents or arrangements may be effected. Nothing contained in this Agreement
shall relieve any defaulting Underwriter of its liability, if any, to the Company and any
nondefaulting Underwriter for damages occasioned by its default hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Termination of Agreement</U>. This Agreement shall be subject to termination in the
absolute discretion of the Representatives, without liability on the part of the Underwriters to
the Company, by notice to the Company, if, prior to the Closing Date: (i)&nbsp;there shall have
occurred any change, or any development involving a prospective change, in or affecting the
condition (financial or otherwise), earnings, business, properties, net worth, or results of
operations of the Company and its subsidiaries, whether or not arising from transactions in the
ordinary course of business, except as specifically addressed in the Disclosure Package or the
Prospectus (exclusive of any amendments or supplements thereto subsequent to the date of this
Agreement), the effect of which, in the sole judgment of the Representatives, is so material and
adverse as to make it impractical or inadvisable to proceed with the offering or delivery of the
Shares as contemplated
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by the Registration Statement (exclusive of any amendments thereto) and the Prospectus
(exclusive of any supplement thereto); (ii)&nbsp;there shall have occurred any downgrading in the rating
of any debt securities or preferred stock of the Company by any &#147;nationally recognized statistical
rating organization&#148; (as defined for purposes of Rule 436(g) under the Act), or any public
announcement that any such organization has under surveillance or review its rating of any debt
securities or preferred stock of the Company (other than an announcement with positive implications
of a possible upgrading, and no implication of a possible downgrading, of such rating);
(iii)&nbsp;trading in the Company&#146;s common stock or outstanding preferred stock shall have been
suspended by the Commission or the New York Stock Exchange or trading in securities generally on
the New York Stock Exchange, the American Stock Exchange or the Nasdaq National Market shall have
been suspended or materially limited; (iv)&nbsp;a general moratorium on commercial banking activities in
New York or Florida shall have been declared by either federal or state authorities; (v)&nbsp;the
Company or any of its subsidiaries shall have sustained a substantial loss by fire, flood, accident
or other calamity which renders it impracticable, in the reasonable judgment of the
Representatives, to consummate the sale of the Shares and the delivery of the Shares by the
Underwriters at the initial public offering price; or (vi)&nbsp;there shall have occurred any outbreak
or escalation of hostilities or other international or domestic calamity, crisis or change in
political, financial or economic conditions, the effect of which on the financial markets of the
United States is such as to make it, in the sole judgment of the Representatives, impracticable or
inadvisable to commence or continue the offering as contemplated by the Registration Statement
(exclusive of any amendments thereto) and the Prospectus (exclusive of any supplement thereto).
Notice of such termination may be given to the Company by telegram, telecopy or telephone and shall
be subsequently confirmed by letter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Information Furnished by the Underwriters</U>. The statements in the third, ninth and
tenth paragraphs under the heading &#147;Underwriting&#148; in any Preliminary Prospectus and in the
Prospectus Supplement, constitute the only information furnished by or on behalf of the
Underwriters as such information is referred to in the last sentence of Section 6(b) and Section
7(b) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<U>Representations and Indemnities to Survive</U>. The respective agreements,
representations, warranties, indemnities and other statements of the Company or its officers and of
the Underwriters set forth in or made pursuant to this Agreement will remain in full force and
effect, regardless of any investigation made by or on behalf of the Underwriters or the Company or
any of the officers, directors, employees, agents or controlling persons referred to in Section&nbsp;7
hereof, and will survive delivery of and payment for the Shares. The provisions of Sections&nbsp;5(k),
7 and 9 hereof shall survive the termination or cancellation of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<U>Absence of Fiduciary Relationship</U>. The Company acknowledges and agrees that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Underwriters have been retained solely to act as underwriters in connection with the
sale of the Shares and that no fiduciary, advisory or agency relationship between the Company and
the Underwriters has been created in respect of any of the transactions contemplated by this
Agreement or the process leading thereto, irrespective of whether any of the Underwriters has
advised or is advising the Company on other matters;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the price of the Shares set forth in this Agreement was established by the Company
following discussions and arms-length negotiations with the Representatives, and the Company is
capable of evaluating and understanding and understands and accepts the terms, risks and conditions
of the transactions contemplated by this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;it has been advised that the Underwriters and their affiliates are engaged in a broad
range of transactions which may involve interests that differ from those of the Company and that
the Underwriters have no obligation to disclose such interests and transactions to the Company by
virtue of any fiduciary, advisory or agency relationship; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;it waives, to the fullest extent permitted by law, any claims they may have against the
Underwriters for breach of fiduciary duty or alleged breach of fiduciary duty.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<U>Notices</U>. All communications hereunder will be in writing and effective only on
receipt, and, if sent to the Representatives, will be mailed, delivered or telefaxed to Citigroup
Global Markets Inc., 388 Greenwich Street, New York, New York 10013 and Banc of America Securities
LLC, Attention Syndicate Department, One Bryant Park, New York, New York 10036; or, if sent to the
Company, will be mailed, delivered or telefaxed to the office of the Company at 450 South Orange
Avenue, Suite&nbsp;900, Orlando, Florida 32801 (fax no.: 407-650-1044), Attention: Kevin B. Habicht,
Executive Vice President and Chief Financial Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;<U>Successors</U>. This Agreement has been made solely for the benefit of the
Underwriters, the Company, its directors and officers, and the other controlling persons referred
to in Section&nbsp;7 hereof and their respective successors and assigns, to the extent provided herein.
This Agreement will inure to the benefit of and be binding upon the parties hereto and their
respective successors and the officers and directors and controlling persons referred to in
Section&nbsp;7 hereof, and no other person shall acquire or have any right under or by virtue of this
Agreement. Neither the term &#147;successor&#148; nor the term &#147;successors and assigns&#148; as used in this
Agreement shall include a purchaser from the Underwriters of any of the Shares in his status as
such purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;<U>Integration</U>. This Agreement supersedes all prior agreements and understandings
(whether written or oral) between the Company and the Underwriters, or any of them, with respect to
the subject matter hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;<U>Applicable Law</U>. This Agreement will be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and to be performed within the
State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;<U>Waiver of Jury Trial</U>. The Company hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;<U>Counterparts</U>. This Agreement may be signed in one or more counterparts, each of
which shall constitute an original, and all of which together shall constitute one and the same
agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;<U>Headings</U>. The section headings used herein are for convenience only and shall not
affect the construction hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;<U>Definitions</U>. The terms that follow, when used in this Agreement, shall have the
meanings indicated:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Business Day</B>&#148; shall mean any day other than a Saturday, a Sunday or a legal holiday or a day
on which banking institutions or trust companies are authorized or obligated by law to close in New
York City.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Free Writing Prospectus</B>&#148; shall mean a free writing prospectus, as defined in Rule&nbsp;405.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Rule&nbsp;158</B>,&#148; &#147;<B>Rule&nbsp;163</B>,&#148; &#147;<B>Rule&nbsp;164</B>,&#148; &#147;<B>Rule&nbsp;172</B>,&#148; &#147;<B>Rule&nbsp;401</B>,&#148; &#147;<B>Rule&nbsp;405</B>,&#148; &#147;<B>Rule&nbsp;415</B>,&#148;
&#147;<B>Rule&nbsp;424</B>,&#148; &#147;<B>Rule&nbsp;433</B>&#148; and &#147;<B>Rule&nbsp;456</B>&#148; refer to such rules under the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Well-Known Seasoned Issuer</B>&#148; shall mean a well-known seasoned issuer, as defined in Rule&nbsp;405.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature page follows&#093;</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall
represent a binding agreement among the Company and the several Underwriters.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>NATIONAL RETAIL PROPERTIES, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Kevin B. Habicht
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kevin B. Habicht</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Officer, Assistant Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted and agreed to as of<BR>
the date first above written:

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left" nowrap><B>CITIGROUP GLOBAL MARKETS INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Julian Allen
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>

</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>BANC OF AMERICA SECURITIES LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bradley Smith
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each for itself and as a Representative of the other<BR>
Underwriters named on <U>Schedule&nbsp;I</U> hereto.

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page to Underwriting Agreement for Shares of Common Stock&#093;</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE I</B></U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>NATIONAL RETAIL PROPERTIES, INC.</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Number of Firm</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Number of Option</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Shares to be</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Shares to be</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Purchased</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Purchased</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Citigroup Global Markets Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,350,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banc of America Securities LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Raymond James &#038; Associates, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stifel, Nicolaus &#038; Company, Incorporated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BB&#038;T Capital Markets, a division of
Scott &#038; Stringfellow, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Janney Montgomery Scott LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Morgan Keegan and Company, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comerica Securities, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,625</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PNC Capital Markets LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,625</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE II</B></U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FREE WRITING PROSPECTUSES INCLUDED IN THE DISCLOSURE PACKAGE</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1) Final Term Sheet, dated September&nbsp;26, 2008, in the form attached as <U>Exhibit&nbsp;A</U> hereto, as
filed with the Commission on September&nbsp;26, 2008
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE&nbsp;III</B></U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>LIST OF SUBSIDIARIES AND JOINT VENTURES</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name of Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name of Subsidiary</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net Lease Realty I, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CNLRS Equity Ventures, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NNN Ster Florida, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NNN Equity Ventures, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NNN Ster Texas LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Net Lease Realty VI, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net Lease Funding, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WG Grand Prairie TX, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">National Retail Properties Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NNN BJ&#146;s Orlando FL, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">National Retail Properties, LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NNN RAD Monticello NY, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NNN GP Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CNLRS Acquisitions, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NNN LP Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CNLRS Bismark ND, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NNN Texas GP Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CNLRS Yosemite Park CO, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NNN TRS, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gator Pearson, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NNN Acquisitions, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NNN Brokerage Services, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NNN Development, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CNLRS RGI Bonita Springs LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Orange Avenue Mortgage Investments, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> CNLRS BEP, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mill Creek Day Centre, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CNLRS Rockwall, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CNL Commercial Mortgage Funding, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CNLRS Equity Ventures BEP, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NAPE Acquisition, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CNLRS Equity Ventures Rockwall, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CCMH I, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NNN Equity Ventures Harrison Crossing, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CCMH II, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NNN Harrison Crossing, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CCMH III, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NNN Retail FF Mabank LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CCMH IV, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NNN PBY LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CCMH V, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National Retail Exchange I 2008 LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CCMH VI, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CNLRS Equity Ventures Plano, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NNN Ster Paradise Valley Arizona LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Significant Subsidiaries</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">National Retail Properties, LP<BR>
NNN TRS, Inc.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Joint Ventures</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NNN Retail Properties Fund I LLC (National Retail Properties, LP owns 15% equity and is managing
member)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NNN Retail Properties Fund Sub I LLC (NNN Retail Properties Fund I LLC owns 100% equity and is sole
member)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NNN Retail Properties Fund Sub II LLC (NNN Retail Properties Fund I LLC owns 100% equity and is
sole member)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NNN Retail Properties Fund Sub III LLC (NNN Retail Properties Fund I LLC owns 100% equity and is
sole member)
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE&nbsp;IV</B></U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MATERIAL AGREEMENTS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indenture by and between the Company and U.S. Bank National Association, successor to Wachovia
Bank, National Association (f/k/a First Union National Bank), as trustee, dated as of March&nbsp;25,
1998.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Indenture No.&nbsp;1 by and between the Company and U.S. Bank National Association,
successor to Wachovia Bank, National Association (f/k/a First Union National Bank), as trustee,
dated as of March&nbsp;25, 1998.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Indenture No.&nbsp;2 by and between the Company and U.S. Bank National Association,
successor to Wachovia Bank, National Association (f/k/a First Union National Bank), as trustee,
dated as of June&nbsp;21, 1999.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Indenture No.&nbsp;3 by and between the Company and U.S. Bank National Association,
successor to Wachovia Bank, National Association (f/k/a First Union National Bank), as trustee,
dated as of September&nbsp;20, 2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Indenture No.&nbsp;4 by and between the Company and U.S. Bank National Association,
successor to Wachovia Bank, National Association (f/k/a First Union National Bank), as trustee,
dated as of May&nbsp;30, 2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Indenture No.&nbsp;5 by and between the Company and U.S. Bank National Association,
successor to Wachovia Bank, National Association (f/k/a First Union National Bank), as trustee,
dated as of June&nbsp;18, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Indenture No.&nbsp;6 by and between the Company and U.S. Bank National Association,
successor to Wachovia Bank, National Association (f/k/a First Union National Bank), as trustee,
dated as of November&nbsp;17, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Indenture No.&nbsp;7 by and between the Company and U.S. Bank, National Association,
successor to Wachovia Bank, National Association (f/k/a First Union National Bank), as trustee,
dated as of September&nbsp;13, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Indenture No.&nbsp;8 by and between the Company and U.S. Bank, National Association,
successor to Wachovia Bank, National Association (f/k/a First Union National Bank), as trustee,
dated as of September&nbsp;10, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Indenture No.&nbsp;9 by and between the Company and U.S. Bank, National Association,
successor to Wachovia Bank, National Association (f/k/a First Union National Bank), as trustee,
dated as of March&nbsp;4, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eighth Amended and Restated Line of Credit and Security Agreement, dated December&nbsp;13, 2005, by
and among the Company, certain lenders and Wachovia Bank, National Association, as the Agent,
relating to a $300,000,000 loan.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Amendment to Eighth Amended and Restated Line of Credit and Security Agreement, dated
February&nbsp;20, 2007, by and among the Company, certain lenders and Wachovia Bank, National
Association, as the Agent.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE V</B></U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>List of Individuals Signing Lock-Up Agreements Pursuant to Section&nbsp;8(j)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Paul E. Bayer<BR>
Kevin B. Habicht<BR>
Craig Macnab<BR>
Christopher P. Tessitore<BR>
Julian E. Whitehurst

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EXHIBIT A</B></U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FINAL TERM SHEET</B>

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Filed Pursuant to Rule&nbsp;433<BR>
Dated September&nbsp;26, 2008<BR>
Registration Statement No.&nbsp;333-132095<BR>
Supplementing Preliminary Prospectus Supplement Dated September&nbsp;25, 2008 and<BR>
Prospectus dated February&nbsp;28, 2006
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>3,000,000 Shares of Common Stock</B></FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Issuer:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National Retail Properties, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Exchange/Symbol:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE/NNN</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Price to Public:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;$23.05 per share</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Total Shares Offered:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;3,000,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Option to Purchase Additional Shares:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;450,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Closing Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;1, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CUSIP:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;637417106</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Joint Book-Running Managers:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citigroup Global Markets Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banc of America Securities LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Joint Lead Managers:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Raymond James &#038; Associates, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stifel, Nicolaus &#038; Company, Incorporated.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BB&#038;T Capital Markets, a
division of Scott &#038; Stringfellow, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janney Montgomery Scott LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Morgan Keegan &#038; Company Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Co-Managers:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Comerica Securities, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PNC Capital Markets LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>Shares of Common Stock
Outstanding After the
Offering:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;77,859,356 (excluding 450,000 shares if the
underwriters&#146; over-allotment option is
exercised in full)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Proceeds:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Approximately $69,150,000 (before deducting
the underwriting discount and other estimated
expenses)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Use of Proceeds:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We intend to use the net proceeds from this
offering to repay all of the outstanding
borrowings under our $400&nbsp;million credit
facility, to fund future property acquisitions
and for general corporate purposes.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The issuer has filed a registration statement (including a prospectus) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus in
that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for free by visiting
EDGAR on the SEC&#146;s web site at www.sec.gov. Alternatively, the issuer, any underwriter or any
dealer participating in the offering will arrange to send you the prospectus supplement and
accompanying prospectus if you request it by contacting Citigroup Global Markets Inc. toll-free at
1-800-831-9146 and/or to Banc of America Securities LLC, toll-free at 1-800-294-1322.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EXHIBIT B</B></U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#091;Letterhead of officer or director of National Retail Properties, Inc.&#093;</B>

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">September&nbsp;&#091;__&#093;, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CITIGROUP GLOBAL MARKETS INC.<BR>
388 Greenwich Street<BR>
New York, New York 10013

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BANC OF AMERICA SECURITIES LLC<BR>
One Bryant Park<BR>
New York, New York 10036

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each for itself and as Representatives of the several<BR>
Underwriters
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>Proposed Public Offering by&nbsp;National Retail Properties, Inc. </U></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, a stockholder and an officer of National Retail Properties, Inc.,&nbsp;a Maryland
corporation (the &#147;<B>Company</B>&#148;), understands that Citigroup Global Markets Inc. and Banc of America
Securities LLC (the &#147;<B>Representatives</B>&#148;) propose to enter into an Underwriting&nbsp;Agreement (the
&#147;<B>Underwriting&nbsp;Agreement</B>&#148;) with the Company providing for the public offering of shares (the
&#147;<B>Shares</B>&#148;) of the Company&#146;s common stock, par value $0.01 per share (the &#147;<B>Common Stock</B>&#148;). In
recognition of the benefit that such an offering will confer upon the undersigned as a stockholder
and an officer of the Company, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the undersigned agrees with each underwriter to be
named in the Underwriting Agreement that, during a period of sixty&nbsp;(60) days from the date of the
Underwriting&nbsp;Agreement, the undersigned will not, without the prior written consent of the
Representatives, directly or indirectly, (i)&nbsp;offer, pledge, sell, contract to sell, sell any option
or contract to purchase, purchase any option or contract to sell, grant any option, right or
warrant for the sale of, or otherwise dispose of or transfer any shares of the Company&#146;s Common
Stock or any securities convertible into or exchangeable or exercisable for Common Stock, whether
now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or
hereafter acquires the power of disposition, or file, or cause to be filed, any registration
statement under the Securities Act of 1933, as amended, with respect to any of the foregoing
(collectively, the &#147;<B>Lock-Up Shares</B>&#148;) or (ii)&nbsp;enter into any swap or any other agreement or any
transaction that transfers, in whole or in part, directly or indirectly, the economic consequence
of ownership of the Lock-Up Shares, whether any such swap or transaction is to be settled by
delivery of Common Stock or other securities, in cash or otherwise.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned also agrees and consents to the entry of stop transfer instructions with the
Company&#146;s transfer agent and registrar against the transfer of the Lock-Up Shares except in
compliance with the foregoing restrictions.
</DIV>
&nbsp;
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Print Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>w67462exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pillsbury Winthrop Shaw Pittman LLP<BR>
2300 N Street, NW | Washington, DC 20037-1122 | tel 202.663.8000 | fax 202.663.8007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">October&nbsp;1, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">National Retail Properties, Inc.<BR>
450 South Orange Avenue<BR>
Suite&nbsp;900<BR>
Orlando, Florida 32801

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to National Retail Properties, Inc., a Maryland corporation (the
&#147;Company&#148;), in connection with the registration statement on Form&nbsp;S-3 (No.&nbsp;333-132095), filed with
the Securities and Exchange Commission (the&nbsp;&#147;Commission&#148;) under the Securities Act of 1933 (the
&#147;Act&#148;), on February&nbsp;28, 2006 (the &#147;Registration Statement&#148;). Pursuant to the Registration
Statement, the Company proposes to issue and sell up to 3,450,000 shares of common stock, par value
$0.01 per share (the &#147;Common Shares&#148;), in accordance with the terms set forth in the prospectus
supplement dated September&nbsp;26, 2008 (the &#147;Prospectus Supplement&#148;) to the prospectus filed as part
of the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of giving the opinions hereinafter set forth, our examination of documents has
been limited to examination of copies of the following (each, a &#147;Document,&#148; and collectively, the
&#147;Documents&#148;):
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the First Amended and Restated Articles of Incorporation of the Company (the
&#147;Articles of Incorporation&#148;) as certified by the Maryland State Department of
Assessments and Taxation on September&nbsp;22, 2008, and as certified to us by the Executive
Vice President, Chief Financial Officer, Assistant Secretary and Treasurer of the
Company as of the date hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Third Amended and Restated Bylaws, as amended (the &#147;Bylaws&#148;), of the
Company as certified to us by the Executive Vice President, Chief Financial Officer,
Assistant Secretary and Treasurer of&nbsp;the Company as of the date hereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>resolutions of the&nbsp;Board of Directors of the Company adopted at a duly held
meeting on February&nbsp;23, 2006 and on February&nbsp;22, 2008 and resolutions of the Pricing
Committee of the Board of Directors of the Company adopted by
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">National Retail Properties, Inc.<BR>
October&nbsp;1, 2008<BR>
Page 2

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unanimous written consent on September&nbsp;26, 2008, each in the form certified to us by
the Executive Vice President, Chief Financial Officer, Assistant Secretary and
Treasurer of the Company as of the date hereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registration Statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Prospectus dated February&nbsp;28, 2006, in the form filed with the Commission
as a part of the Registration Statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Prospectus Supplement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an executed copy of the Underwriting Agreement dated September&nbsp;26, 2008 by and
among the Company and the several underwriters named therein (the &#147;Underwriting
Agreement&#148;); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a certificate of an officer of the Company dated as of the date hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon, subject to and limited by the foregoing and subject to the assumptions,
qualifications, limitations, and exceptions set forth below, we are of the opinion that the Common
Shares, when issued and delivered by the Company in accordance with the terms of the Underwriting
Agreement, will be validly issued, fully paid and nonassessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this opinion letter, we have not reviewed any documents other than the
Documents. In particular, we have not reviewed any document (other than the Documents) that is
referred to in or incorporated by reference into any Document reviewed by us. We have assumed that
there exists no provision in any document that we have not reviewed that is inconsistent with the
opinions stated herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this opinion letter, we have considered such matters of law and fact as we,
in our professional judgment, have deemed necessary or appropriate to render the opinions contained
herein. In rendering this opinion letter, we have assumed without independent investigation: (i)
that each entity (other than the Company) that is a party to any Document is, and has been at all
times relevant to this opinion letter, duly formed or organized, validly existing and in good
standing under the laws of the jurisdiction in which each is formed or organized; (ii)&nbsp;the due
authorization, execution and delivery of each Document by each of the parties thereto (other than
the Company); (iii)&nbsp;the completeness of all Documents; (iv)&nbsp;the genuineness of all signatures; (v)
the legal capacity of all individuals who have executed any of the Documents; (vi)&nbsp;the authenticity
of all Documents submitted to us as originals; (vii)&nbsp;the conformity to the original documents of
all Documents submitted to us as certified, photostatic, reproduced, facsimile or conformed copies
of valid existing agreements; (viii)&nbsp;the authenticity of all such latter Documents; and (ix)&nbsp;that
the statements regarding matters of fact in any of the Documents that we have examined are accurate
and complete. We have further assumed that there are no oral or written modifications or
amendments to any of the Documents, and that the executed versions of the Documents are identical
to any unexecuted forms or versions that we may have reviewed.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">National Retail Properties, Inc.<BR>
October&nbsp;1, 2008<BR>
Page 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is limited in all respects and for all purposes to the laws of the State of
Maryland as currently in effect (excluding the securities laws and blue sky laws of the State of
Maryland), and we express no opinion on the laws of any other jurisdiction, including federal laws
and rules and regulations relating thereto. Our opinions are rendered only with respect to
Maryland laws and rules, regulations and orders thereunder that are currently in effect. In
rendering the opinions set forth herein, we express no opinion concerning (i)&nbsp;the creation,
attachment, perfection or priority of any security interest, lien or other encumbrance, or (ii)&nbsp;the
nature or validity of title to any property. The opinions set forth in this letter are limited to
the matters and the transaction expressly addressed herein and no opinion is to be implied or may
be inferred beyond the opinions expressly stated in this letter. This opinion letter speaks only
as of the date hereof. We have no responsibility or obligation to update this letter or to take
into account changes in law, facts or any other developments of which we may later become aware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We express no opinion as to the enforceability of any provisions contained in the Underwriting
Agreement that constitute waivers that are prohibited by law prior to default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion letter as an exhibit to the Registration
Statement and to the use of our name in the Prospectus Supplement under the caption &#147;Legal
Matters.&#148; The giving of this consent, however, does not constitute an admission that we are
&#147;experts&#148; within the meaning of Section&nbsp;11 of the Act, or within the category of persons whose
consent is required by Section&nbsp;7 of the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Pillsbury Winthrop Shaw Pittman LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">PILLSBURY WINTHROP SHAW PITTMAN LLP

</DIV>


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</DIV>



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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;8.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Pillsbury Winthrop Shaw Pittman LLP<BR>
2300 N Street, NW  |  Washington, DC 20037-1122 | tel 202.663.8000 | fax 202.663.8007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">September&nbsp;26, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">National Retail Properties, Inc.<BR>
450 South Orange Avenue<BR>
Suite&nbsp;900<BR>
Orlando, FL 32801

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the filing by National Retail Properties, Inc. (the &#147;Company&#148;) of a
prospectus supplement dated September&nbsp;26, 2008 to the prospectus and registration statement on Form
S-3 filed on February&nbsp;28, 2006 (collectively, with all documents incorporated and deemed to be
incorporated by reference therein, the &#147;Registration Statement&#148;) with the Securities and Exchange
Commission, you have asked us to render an opinion with respect to the qualification of the Company
as a real estate investment trust (&#147;REIT&#148;) under sections 856 through 860 of the Internal Revenue
Code of 1986, as amended (the &#147;Code&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have served as special counsel for the Company in connection with the filing of the
Registration Statement and from time to time in the past have represented the Company on specific
matters as requested by the Company. Specifically for the purpose of this opinion, we have
examined and relied upon the following: copies of the Company&#146;s Articles of Incorporation and any
amendments thereto; the Registration Statement; copies of executed leases covering real property
owned by the Company; the Form 10-K, as amended, filed on February&nbsp;25, 2008; and the Company&#146;s Form
S-11 Registration Statement as filed with the Securities and Exchange Commission on August&nbsp;15,
1984.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not served as general counsel to the Company and have not been involved in decisions
regarding the day-to-day operation of the Company and its properties. We have, however, discussed
the mode of operation of the Company with its officers with a view to learning information relevant
to the opinions expressed herein and have received and relied upon a certificate from the Company
with respect to certain matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have discussed with management of the Company arrangements relating to the management of
its properties, the relationships of the Company with tenants of
such properties, and certain terms of leases of such properties to tenants, with a view to
assuring that (i)&nbsp;at the close of each quarter of the taxable years covered by this opinion, it met
the asset composition requirements set forth in section 856(c)(4), (ii)
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">National Retail Properties, Inc.<BR>
September&nbsp;26, 2008<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with respect to years covered by this opinion, it satisfied the 95% and 75% gross income tests
set forth in sections 856(c)(2) and (3), respectively, and (iii)&nbsp;with respect to tax years prior to
1998, it satisfied the 30% gross income test. We have further reviewed with management of the
Company the requirements that the beneficial ownership of a REIT be held by 100 or more persons for
at least 335/365ths of each taxable year and that a REIT must satisfy the diversity of ownership
requirements of section 856(h) as such requirements existed in the years covered by this opinion,
and we have been advised by management that at all times during the years covered by this opinion
(and specifically on each record date for the payment of dividends during 1984 through the date
hereof) the Company has maintained the records required by section 1.857-8 of the Treasury
Regulations, that no later than January&nbsp;30 of each year it sent the demand letters required by
section 1.857-8(d) of the Treasury Regulations, and that the actual ownership of the Company shares
was such that, to the best knowledge of its management (based upon responses to the aforesaid
demands, any filing of a Schedule&nbsp;13D or 13G under the Securities Exchange Act of 1934, as amended,
or any other sources of information), the Company satisfied the applicable requirements of section
856(h). Further, we have examined various property leases and lease supplements relating to the
properties that the Company owns, and although leases relating to certain properties that the
Company owns have not been made available to us, the Company has represented with respect to such
leases that they do conform in all material respects to a form of lease agreement provided to us.
On the basis of discussions with management of the Company, we are not aware that the Company&#146;s
election to be a REIT has been terminated or challenged by the Internal Revenue Service or any
other party, or that the Company has revoked its election to be a REIT for any such prior year so
as to make the Company ineligible to qualify as a REIT for the years covered by this opinion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the opinions set forth herein, we are assuming that copies of documents examined
by us are true copies of originals thereof and that the information concerning the Company set
forth in the Company&#146;s federal income tax
returns, and in the Registration Statement, as well as the information provided to us by the
Company&#146;s management are true and correct. We have no reason to believe that such assumptions are
not warranted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, we are of the opinion that (i)&nbsp;the Company was a &#147;real estate
investment trust&#148; as defined by section 856(a) for its taxable years ended December&nbsp;31, 1984
through December&nbsp;31, 2007, (ii)&nbsp;its current and proposed method of operation and ownership will
enable it to meet the requirements for qualification and taxation as a REIT for its taxable year
ending December&nbsp;31, 2008 and for all future taxable years, and (iii)&nbsp;the statements in the
prospectus set forth under the
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 18pt">Pillsbury
Winthrop Shaw Pittman LLP</div>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">National Retail Properties, Inc.<BR>
September&nbsp;26, 2008<BR>
Page 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">caption &#147;Federal Income Tax Considerations,&#148; and in the prospectus supplement set forth under
the caption &#147;Certain Federal Income Tax Considerations,&#148; insofar as they purport to describe or
summarize certain provisions of the agreements, statutes or regulations referred to therein, are
accurate descriptions or summaries in all material respects, and the discussion thereunder
expresses the opinion of Pillsbury Winthrop Shaw Pittman LLP insofar as it relates to matters of
United States federal income tax law and legal conclusions with regard to those matters. With
respect to the 2008&nbsp;year and all future years, however, we note that the Company&#146;s status as a real
estate investment trust at any time is dependent upon, among other things, its meeting the
requirements of section 856 throughout the year and for the year as a whole.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is based upon the existing provisions of the Code (or predecessor provisions, as
applicable), rules and regulations (including proposed regulations) promulgated thereunder, and
reported administrative and judicial interpretations thereof, all of which are subject to change,
possibly with retroactive effect. This opinion is limited to the specific matters covered hereby
and should not be interpreted to imply that the undersigned has offered its opinion on any other
matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
We also consent to the reference to Pillsbury Winthrop Shaw Pittman LLP under the caption &#147;Legal
Matters&#148; in the Registration Statement. In giving such consent, we do not consider that we are
&#147;experts,&#148; within the meaning of the term used in the Securities Act of 1933, as amended (the
&#147;Act&#148;), or the rules and
regulations of the Securities and Exchange Commission promulgated thereunder, with respect to
any part of the Registration Statement, including this opinion as an exhibit or otherwise, or
within the category of persons whose consent is required by Section&nbsp;7 of the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">PILLSBURY WINTHROP SHAW PITTMAN LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Pillsbury Winthrop Shaw Pittman LLP

</DIV>




<DIV align="right" style="font-size: 10pt; margin-top: 18pt">Pillsbury
Winthrop Shaw Pittman LLP</div>


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