<SEC-DOCUMENT>0001144204-12-004424.txt : 20120127
<SEC-HEADER>0001144204-12-004424.hdr.sgml : 20120127
<ACCEPTANCE-DATETIME>20120127161444
ACCESSION NUMBER:		0001144204-12-004424
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120124
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120127
DATE AS OF CHANGE:		20120127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		12552006

	BUSINESS ADDRESS:	
		STREET 1:		31850 NORTHWESTERN HGWY
		CITY:			FARMINGTON HILLS
		STATE:			MI
		ZIP:			48334
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		31850 NORTHWESTERN HIGHWAY
		CITY:			FARMINGTON HILLS
		STATE:			MI
		ZIP:			48334
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v300589_8k.htm
<DESCRIPTION>8-K CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>PURSUANT
TO SECTION 13 OR 15(d) OF THE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>SECURITIES
EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Date of
report (Date of earliest event reported): January 24, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">_________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>AGREE
REALTY CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">(Exact
name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">__________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maryland</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>1-12928</B></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>38-3148187</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; tab-stops: -.5in; text-autospace: none; text-align: center">(State
    or other jurisdiction of incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; tab-stops: -.5in; text-autospace: none; text-align: center">(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; tab-stops: -.5in; text-autospace: none; text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>31850
Northwestern Highway</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Farmington
Hills, Michigan 48334</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">(Address
of principal executive offices)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Registrant's
telephone number, including area code: <B>(248) 737-4190</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B><U>Not
Applicable</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">(Former
name or former address, if changed since last report)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">q</TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Written communications pursuant to Rule 425 Under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">q</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">q</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">q</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;Item 7.01 Regulation FD Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Agree Realty Corporation (the &ldquo;<U>Company</U>&rdquo;)
discloses the following recent developments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><B>Credit Facility Refinancing
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On October 26, 2011, the Company
replaced its $55 million and $5 million credit facilities with an $85 million unsecured revolving credit facility that matures
on October 26, 2014. Subject to customary conditions, at the Company&rsquo;s option, the credit facility may be extended for two
one-year terms and the total commitments under the credit facility may be increased up to an aggregate of $135 million. Borrowings
under the credit facility are priced at LIBOR plus 175 to 260 basis points, depending on the Company&rsquo;s leverage ratio, and
were LIBOR plus 185 basis points on January 20, 2012. As of January 20, 2012, the Company had approximately $60.9 million in principal
amount outstanding under the credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><B>Acquisition, Disposition
and Development Activities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Since September 30, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-bottom: 0; font-family: Symbol">&middot;</TD>
    <TD STYLE="padding-bottom: 0">The Company acquired five properties with a total of approximately 130,000 square feet of gross leasable area for purchase prices aggregating approximately $20.7 million.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&middot;</TD>
    <TD STYLE="padding-bottom: 0">The Company sold a Borders Group, Inc. (&ldquo;Borders&rdquo;) property in Norman, Oklahoma, for approximately $1.6 million.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-family: Symbol">&middot;</TD>
    <TD STYLE="padding-bottom: 0">The Company conveyed the Borders corporate headquarters property in Ann Arbor, Michigan, which was subject to a non-recourse mortgage loan in default, to the lender pursuant to a consensual deed-in-lieu-of-foreclosure process that satisfied the loan.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-family: Symbol">&middot;</TD>
    <TD STYLE="padding-bottom: 0">The Company entered into a settlement agreement that provided for the termination of the ground lease on a former Borders property in Ann Arbor, Michigan, and conveyed the retail portion of the property to the ground lessor and retained the office portion of the property.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the ordinary course of business, the
Company continually evaluates properties for acquisition and development. As of January 20, 2012, the Company was party to purchase
and sale agreements, subject to customary closing conditions, for the purchase of three properties with a total of approximately
146,000 square feet of gross leasable area for purchase prices aggregating approximately $17.8 million. In addition, as of January
20, 2012, the Company was party to letters of intent for the purchase of five properties with a total of approximately 58,000 square
feet of gross leasable area for purchase prices aggregating approximately $21.5 million. The Company is in various stages of due
diligence and underwriting as part of its evaluations of these eight potential acquisitions, and each is subject to significant
outstanding conditions and, in the case of the properties subject to letters of intent, the negotiation and execution of definitive
purchase and sale agreements. The Company can make no assurance that it will consummate any particular potential acquisition or,
if it does, what the terms or timing of any contemplated acquisition will be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On November 3, 2011, the Company
announced its purchase of a parcel of land in Southfield, Michigan, which was pre-leased to McDonald&rsquo;s under a 20-year ground
lease. McDonald&rsquo;s is currently constructing a building on the site, which is expected to be completed by the third quarter
of 2012. In addition, as of January 20, 2012, the Company had a pipeline of six potential development projects and one potential
redevelopment project in California, Florida and Michigan with a total of approximately 66,000 square feet of gross leasable area
and anticipated aggregate development costs of approximately $19.4 million. The Company can make no assurance that it will consummate
any particular potential development project or, if it does, what the terms or timing of any proposed development will be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 10.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 10.75pt"></P>

<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><B>Corporate Activity
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On January 9, 2012, the Company
issued 93,600 restricted shares of common stock to its officers and employees pursuant to the Company&rsquo;s 2005 Equity Incentive
Plan. The restricted shares of common stock vest in equal installments over a five-year period from the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><B>CAM </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Consistent with market practice,
the Company&rsquo;s leases for space in multi-tenant properties generally require the tenants to pay their proportionate share
of operating expenses, such as real estate taxes, insurance, and repairs and maintenance, also referred to as common area maintenance
or &ldquo;CAM&rdquo; charges. The related revenue from tenant billings for CAM charges is recognized as an operating cost reimbursement
in the same period the expense is recorded. In the Company&rsquo;s financial statements for the fiscal year ended December 31,
2011, which will be included in its annual report on Form 10-K for the fiscal year ended December 31, 2011, the Company expects
to record a liability of approximately $200,000 for potential disputes by tenants concerning their proportionate share of CAM charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 8.01 Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On January 24, 2012, the Company and Agree
Limited Partnership, for which the Company is the sole general partner, entered into an Underwriting Agreement with Raymond
James &amp; Associates, Inc., as representative of the several underwriters named in Schedule I thereto (the &ldquo;<U>Underwriting
Agreement</U>&rdquo;). Pursuant to the terms and conditions of the Underwriting Agreement, the Company agreed to sell 1,300,000
shares of common stock, par value $0.0001 per share, at a purchase price to the public of $24.75 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The offering closed on January 27,
2012, and the Company issued 1,300,000 shares pursuant to the Company&rsquo;s shelf registration statement on Form S-3 (File No.&nbsp;333-161520),
which was declared effective by the Securities and Exchange Commission on November&nbsp;16, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company received net proceeds
from the offering of approximately $30.5 million, after deducting the underwriting discount and estimated offering expenses payable
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the Underwriting Agreement,
the Company granted the underwriters an option to purchase up to 195,000 additional shares of common stock to cover overallotments,
if any. The option may be exercised, in whole or in part, until the 30th day following the date of the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>(d) Exhibits.</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-bottom: 12pt; font-weight: bold; text-decoration: underline">Exhibit Number</TD>
    <TD STYLE="width: 85%; padding-bottom: 12pt; font-weight: bold; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">1.1</TD>
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">Underwriting Agreement, dated as of January 24, 2012, among the Agree Realty Corporation, Agree Limited Partnership and Raymond James &amp; Associates, Inc., as representative of the several underwriters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">5.1</TD>
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">Opinion of DLA Piper LLP (US) regarding legality of the shares</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">8.1</TD>
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">Opinion of DLA Piper LLP (US) regarding tax matters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">23.1</TD>
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">Consent of DLA Piper LLP (US) (included in Exhibit 5.1 and Exhibit 8.1)</TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">AGREE REALTY CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Dated:&nbsp; January 27, 2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">BY:&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>/s/ <B>Alan D. Maximiuk</B></U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Alan D. Maximiuk</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Vice President, Chief Financial Officer and Secretary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B><U>EXHIBIT
INDEX</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: .4pt; font-weight: bold; text-decoration: underline; text-align: justify">Exhibit Number</TD>
    <TD STYLE="width: 77%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B><U>Description</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">1.1</TD>
    <TD STYLE="font-weight: normal">Underwriting Agreement, dated as of January 24, 2012, among the Agree Realty Corporation, Agree Limited Partnership and Raymond James &amp; Associates, Inc., as representative of the several underwriters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">5.1</TD>
    <TD STYLE="font-weight: normal">Opinion of DLA Piper LLP (US) regarding legality of the shares</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">8.1</TD>
    <TD STYLE="font-weight: normal">Opinion of DLA Piper LLP (US) regarding tax matters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">23.1</TD>
    <TD STYLE="font-weight: normal">Consent of DLA Piper LLP (US) (included in Exhibit 5.1 and Exhibit 8.1)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><B>Exhibit 1.1&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">AGREE
REALTY CORPORATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">1,300,000 Shares of Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Par Value $0.0001 Per Share)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">UNDERWRITING
AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">January 24, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Raymond James &amp; Associates, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">880 Carillon Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">St. Petersburg, FL 33716</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">As Representative of the several Underwriters named in <U>Schedule
I</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Agree Realty
Corporation, a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), and Agree Limited Partnership, a Delaware limited
partnership (the &ldquo;<B>Operating Partnership</B>&rdquo;), confirm their agreement with each of the Underwriters named in <U>Schedule
I</U> hereto (collectively, the <B>Underwriters</B>,&rdquo; which term shall also include any underwriter hereinafter
substituted as provided in Section<B> </B>11 hereof), for whom Raymond James &amp; Associates, Inc. is acting as
representative (in such capacity, if and as applicable, the <B>Representative</B>&rdquo;) with respect to (i) the sale by the
Company and the purchase by the Underwriters, acting severally and not jointly, of 1,300,000 shares (the &ldquo;<B>Firm
Shares</B>&rdquo;) of its common stock, par value $0.0001 per share (the &ldquo;<B>Common Stock</B>&rdquo;) and (ii) the
grant by the Company to the Underwriters, acting severally and not jointly, of the option described in Section 2(b) hereof to
purchase up to an additional 195,000 shares of Common Stock solely to cover over-allotments (the &ldquo;<B>Option
Shares</B>&rdquo;). The Firm Shares and the Option Shares are hereinafter called, collectively, the
&ldquo;<B>Shares.</B>&rdquo;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">1.&#9;</FONT><U>Registration
Statement and Prospectus</U>. The Company has prepared and filed on August 24, 2009 with the Securities and Exchange Commission
(the &ldquo;<B>Commission</B>&rdquo;) in accordance with the provisions of the Securities Act of 1933, as amended, and the rules
and regulations of the Commission thereunder (collectively, the &ldquo;<B>Act</B>&rdquo;), a shelf registration statement on Form
S-3 (No. 333-161520) under the Act, as amended on November 13, 2009 (&ldquo;<B>Registration Statement 333-161520</B>&rdquo;), which
registration statement included a prospectus dated November 13, 2009 (the &ldquo;<B>Basic Prospectus</B>&rdquo;), relating to the
issuance of up to $125,000,000 shares of Common Stock, shares of Preferred Stock, Depositary Shares, Warrants and Preferred Stock
Purchase Rights in unallocated amounts. The Company 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 &ldquo;<B>Prospectus
Supplement</B>&rdquo;) specifically relating to the Shares and the plan of distribution thereof pursuant to Rule 424. Registration
Statement 333-161520, including any amendments thereto filed prior to the Execution Time (as defined below), was declared effective
by the Commission on November 16, 2009. Except where the context otherwise requires, Registration Statement 333-161520, on each
date and time that such registration statement and any post-effective amendment or amendments thereto became or becomes effective
(each, an &ldquo;<B>Effective Date</B>&rdquo;), including all exhibits 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 by virtue of Rule 430(b) of the Act (the &ldquo;<B>Rule 430B Information</B>&rdquo;), collectively, are herein called
the &ldquo;<B>Registration Statement</B>,&rdquo; 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 &ldquo;<B>Prospectus</B>&rdquo;;
and the term &ldquo;<B>Preliminary Prospectus</B>&rdquo; means each preliminary form of the Prospectus Supplement used in connection
with the offering of the Shares that omitted Rule 430B Information, including the related Basic Prospectus in the form first filed
by the Company pursuant to Rule 424(b). 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 &ldquo;<B>Execution
Time</B>&rdquo;) is hereafter called the &ldquo;<B>Pricing Prospectus</B>,&rdquo; and any &ldquo;issuer free writing prospectus&rdquo;
(as defined in Rule 433) relating to the Shares is hereafter called an &ldquo;<B>Issuer Free Writing Prospectus</B>.&rdquo; The
Pricing Prospectus, as supplemented by the Issuer Free Writing Prospectuses, if any, listed in <U>Schedule 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) together
with the information included on <U>Exhibit A</U> all considered together, are hereafter collectively called the &ldquo;<B>Disclosure
Package</B>.&rdquo; 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 12 of Form S-3 under the Act (the &ldquo;<B>Incorporated Documents</B>&rdquo;), 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>&ldquo;EDGAR&rdquo;</B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All references
in this Agreement to financial statements and schedules and other information which is &ldquo;contained,&rdquo; &ldquo;included,&rdquo;
&ldquo;stated&rdquo; or &ldquo;described&rdquo; 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, 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 after the Execution Time of any document under the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder (collectively, the &ldquo;<B>Exchange
Act</B>&rdquo;), 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.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">2.&#9;</FONT><U>Agreement
to Sell and Purchase</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)&#9;</FONT>On
the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth,
the Company agrees to issue and sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not
jointly, agrees to purchase from the Company at a purchase price of $23.5125 per Share, the number of Firm Shares set forth
in <U>Schedule I</U> opposite the name of such Underwriter, plus any additional number of Firm Shares which such Underwriter
may become obligated to purchase pursuant to the provisions of Section 11 hereof, subject in each case, to such adjustments
among the Underwriters as the Representative in its sole discretion shall make to eliminate any sales or purchases of
fractional securities.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&#9;</FONT>In
addition, on the basis of the representations and warranties herein contained and subject to the terms and conditions herein set
forth, the Company hereby grants an option to the Underwriters, severally and not jointly, to purchase up to 195,000 Option Shares
at the same purchase price set forth in Section 2(a), <I>less</I> 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 and may be exercised in whole or in part at any time
on or before the 30th day after the date hereof upon written, electronic or telegraphic notice by the Representative to the Company
setting forth the number of Option Shares as to which the Underwriters are exercising the option and the settlement date (each,
an &ldquo;<B>Option Closing Date</B>&rdquo;). Any such time shall be determined by the Underwriter, but shall not be less than
one (1) 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) Business Days after the date of such notice. If the option is exercised as to all or any portion of the Option Shares,
each of the Underwriters, acting severally and not jointly, will purchase that proportion of the total number of Option Shares
then being purchased, which the number of Firm Shares set forth on <U>Schedule I</U> opposite the name of such Underwriter bears
to the total number of Firm Shares, subject in each case, to such adjustments as the Representative, in its sole discretion, shall
make to eliminate any sales or purchases of fractional securities.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">3.&#9;</FONT><U>Offering
by Underwriter</U>. It is understood that the 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Underwriters
represent and agree that, unless they have or shall have obtained, as the case may be, the prior written consent of the Company,
the Underwriters have 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 &ldquo;free writing prospectus&rdquo; (as defined in Rule 405, a &ldquo;<B>Free
Writing Prospectus</B>&rdquo;) required to be filed by the Company with the Commission or retained by the Company under Rule 433;
<I>provided</I> that the prior written consent of the parties hereto shall be deemed to have been given in respect of any Free
Writing Prospectuses listed in <U>Schedule II</U> hereto and any electronic road show.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">4.&#9;</FONT><U>Delivery
of the Shares and Payment Therefor</U>. Delivery of and payment for the Shares shall be made at 10:00 a.m., New York City time,
on January 27, 2012, or at such time on such later date not more than three (3) Business Days after the foregoing date as the Representative
shall designate, which date and time may be postponed by mutual written agreement of the Representative and the Company (such date
and time of delivery and payment for the Shares being herein called the &ldquo;<B>Closing Date</B>&rdquo;) 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 Representative and the Company may agree in writing). Delivery of the Shares shall be made against payment by
the Underwriter of the purchase price thereof, to or upon the order of the Company by wire transfer payable in immediately available
funds to an account specified by the Company. The Shares will be delivered to the Representative through the facilities of The
Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;), and the Company will make electronic transfer of the Shares in such names
and denominations as the Representative requests.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">5.&#9;</FONT><U>Agreements
of the Company</U>. The Company agrees with each Underwriter as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)&#9;</FONT>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 Representative promptly and, if requested by the Representative,
will confirm such advice in writing, immediately after such post-effective amendment has become effective.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&#9;</FONT>If,
at any time prior to the filing of the Prospectus pursuant to Rule 424(b), any event occurs as a result of which the Disclosure
Package would (x) 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)
conflict with the information contained in the Registration Statement, the Company will (i) notify promptly the Representative
so that any use of the Disclosure Package may cease until it is amended or supplemented; (ii) amend or supplement the Disclosure
Package to correct such statement, omission or conflicting information; and (iii) supply any amendment or supplement to the Representative
in such quantities as may be reasonably requested.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)&#9;</FONT>The
Company will advise the Representative promptly and, if requested by the Representative, will confirm such advice in
writing: (i) 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) 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) 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) within the period of time referred to in the first sentence in subsection (f) below, of any change in the
Company&rsquo;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.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)&#9;</FONT>On
request, the Company will furnish to the Representative and counsel to the Underwriters, without charge: (i)&nbsp;one (1) signed
copy 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 Representative may request; (iii)&nbsp;such number of copies
of the Incorporated Documents, without exhibits, as the Representative may request; and (iv)&nbsp;one (1) copy of the exhibits
to the Incorporated Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(e)&#9;</FONT>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) below, file any document which
upon filing becomes an Incorporated Document, of which the Representative shall not previously have been advised or to which,
after the Representative shall have received a copy of the document proposed to be filed, the Representative 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 the
circumstances under which they were made, not misleading. The Company will give the Representative 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
Representative with copies of any such documents a reasonable amount of time prior to such proposed filing.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(f)&#9;</FONT>After
the execution and delivery of this Agreement 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 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 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 each Underwriter
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
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 the Underwriters or any 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 Representative of such event and forthwith prepare and, subject to the provisions
of paragraph (e) 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 Representative agree that the Prospectus should be amended or supplemented, the Company, if requested by the Representative,
will promptly issue a press release announcing or disclosing the matters to be covered by the proposed amendment or supplement.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; font-variant: normal; text-align: justify; text-indent: 1in">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(g)&#9;</FONT>The
Company will: (i)&nbsp;cooperate with the Underwriters and their counsel 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; and (iii)&nbsp;file such consents to service of process or other documents necessary or appropriate in order to effect
such registration or qualification; <I>provided</I> 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 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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(h)&#9;</FONT>The
Company agrees that, unless it has or shall have obtained the prior written consent of the Representative, 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 Free Writing Prospectus required to be filed by the Company with the Commission or retained by the Company under Rule
433; <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 listed in <U>Schedule&nbsp;II</U> hereto and any electronic road show. Any such free writing prospectus
consented to by the Representative or the Company is hereinafter referred to as a &ldquo;<B>Permitted Free Writing Prospectus</B>.&rdquo;
The Company agrees that (x) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer
Free Writing Prospectus and (y) it has complied and will comply, as the case may be, with the requirements of Rules 164 and 433
applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record
keeping.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(i)&#9;</FONT>The
Company will make generally available to its security holders and to the Underwriters a consolidated earnings statement, which
need not be audited, covering a 12-month period commencing after the date hereof and ending not later than 15 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 158 under the Act.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(j)&#9;</FONT>During
the period commencing on the date hereof and ending on the date occurring three (3) years hereafter, the Company will furnish to
the Underwriters: (i)&nbsp;as soon as available, if requested, a copy of each report of the Company mailed to stockholders or filed
with the Commission that is not publicly available on EDGAR or the Company&rsquo;s website; and (ii)&nbsp;from time to time such
other information concerning the Company as the Representative may reasonably request.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(k)&#9;</FONT>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 Representative 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 reasonable out-of-pocket
expenses (including the reasonable fees and expenses of counsel for the Underwriters) incurred by the Underwriters in connection
herewith.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(l)&#9;</FONT>The
Company will apply the net proceeds from the sale of the Shares; in the manner specified in the Registration Statement, the Disclosure
Package and the Prospectus under the heading &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(m)&#9;</FONT>If
Rule 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 Representative of the time and manner of such filing.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(n)&#9;</FONT>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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(o)&#9;</FONT>The
Company will use its best efforts to continue to qualify as a real estate investment trust (a &ldquo;<B>REIT</B>&rdquo;) under
the Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), so long as its Board of Directors deems it in the
best interest of the Company&rsquo;s stockholders to remain so qualified.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(p)&#9;</FONT>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.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(q)&#9;</FONT>The
Company will not, without the prior written consent of the Representative, 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 the Operating Partnership, 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 16 of the Exchange Act),<B> </B>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) days from the date of the Prospectus; <I>provided</I>, <I>however</I>, that the
Company may issue and sell Common Stock, or any securities convertible into or exchangeable for shares of Common Stock, (i) 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) grant employees stock options and restricted shares pursuant to the terms of any equity incentive plan
in effect at the Execution Time, (iii) in connection with the acquisition of properties 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 such securities for
a period of sixty (60) days from the date of the Prospectus without the prior written consent of the Representative and (iv) pursuant
to the dividend reinvestment and stock purchase plan of the Company in effect at the Execution Time. Notwithstanding the foregoing,
if (1) during the last 17 days of the 60-day restricted period the Company issues an earnings release or material news or a material
event relating to the Company occurs or (2) prior to the expiration of the 60-day restricted period, the Company announces that
it will release earnings results or becomes aware that material news or a material event will occur during the 16-day period beginning
on the last day of the 60-day restricted period, the restrictions imposed in this paragraph (q) shall continue to apply until the
expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material
event.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(r)&#9;</FONT>The
Company will comply with all applicable securities and other applicable laws, rules and regulations, including, without limitation,
the Sarbanes-Oxley Act of 2002 (the &ldquo;<B>Sarbanes-Oxley Act</B>&rdquo;), and will use its best efforts to cause the Company&rsquo;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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(s)&#9;</FONT>The
Company will file any Issuer Free Writing Prospectus to the extent required by Rule 433 under the Securities Act within the time
period required by such rule. 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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(t)&#9;</FONT>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 solely to
notice of issuance.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">6.&#9;</FONT><U>Representations
and Warranties of the Company and Operating Partnership</U>. The Company and Operating Partnership, jointly and severally, represent,
warrant and covenant to each Underwriter as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)&#9;</FONT>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 424 under the Act, complied when so filed in all material
respects with the provisions of the Act.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&#9;</FONT>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 as currently in effect and as in effect immediately prior to October 21, 1992. The
Registration Statement, including any amendments thereto filed prior to the Execution Time, was declared effective by the
Commission on November 16, 2009. 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 Company&rsquo;s knowledge,
threatened by the Commission. The Company is not the subject of a pending proceeding under Section 8A of the Act in
connection with the offering of the Shares. The Registration Statement meets the requirements set forth in Rule 415(a)(1)(x)
and complies in all other material respects with such Rule. The Registration Statement, in the form in which it was declared
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), 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 objecting to the use of the shelf registration statement form. On
each Effective Date and at the Execution Time, 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 the Underwriter Content (as hereinafter defined).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)(i</FONT>)The
Disclosure Package, and (ii) 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 the Underwriter Content.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)(i</FONT>)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 164(h)(2)) of the Shares and (ii) 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 405), without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the
Company be considered an Ineligible Issuer.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(e)&#9;</FONT>Each
Issuer Free Writing Prospectus does not include any information that conflicts with the information contained in the Registration
Statement, including any Incorporated Document 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 the Underwriter Content.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(f)&#9;</FONT>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. 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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(g)&#9;</FONT>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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(h)&#9;</FONT>Immediately
following the Closing Date, 11,245,514 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) 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) 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) 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 (other than those that have been waived).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; font-variant: normal; text-align: justify; text-indent: 1in">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(i)&#9;</FONT>Each
of the Company, the Operating Partnership and each of their subsidiaries is a corporation, limited liability company, limited
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 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 would not reasonably be expected to 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
(a &ldquo;<B>Material Adverse Effect</B>&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(j)&#9;</FONT>None
of the Company, the Operating Partnership or any of its subsidiaries does any business in Cuba.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(k)&#9;</FONT>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&rsquo;s subsidiaries (including the Operating Partnership) 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, except as disclosed in the Registration Statement, the Disclosure Package, and the Prospectus.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(l)&#9;</FONT>There
are no legal or governmental actions, suits, inquiries, investigations or proceedings pending or, to the knowledge of the Company,
threatened, against the Company, the Operating Partnership or any of their subsidiaries, or to which the Company, the Operating
Partnership or any properties of the Company, the Operating Partnership or any of their subsidiaries is subject, that (A)&nbsp;are
required to be described in the Registration Statement, the Disclosure Package 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 Registration Statement, the Disclosure Package and the Prospectus (exclusive of any supplement
thereto). There are no statutes, regulations, 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 Registration
Statement, the Disclosure Package, and the Prospectus under the heading &ldquo;Federal Income Tax Considerations&rdquo; and the
statements in the Prospectus and Disclosure Package under the heading &ldquo;Additional Federal Income Tax Considerations&rdquo;
fairly summarize the matters therein described.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(m)&#9;</FONT>None
of the Company, the Operating Partnership or any of their subsidiaries is: (A)&nbsp;in violation of (i)&nbsp;its respective articles
of incorporation, partnership agreement, operating agreement or by-laws (or analogous governing instruments), (ii)&nbsp;any law,
ordinance, administrative or governmental rule or regulation applicable to the Company, the Operating Partnership or any of their
subsidiaries, except in the case of clause (ii), which violation would not reasonably be expected to 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;except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus (or any amendment or supplement
thereto), 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, the Operating Partnership or any of their subsidiaries is a party or by which the
Company, the Operating Partnership or any of their subsidiaries or any of their respective properties may be bound, and, to the
Company&rsquo;s knowledge, no such default is expected. All agreements, contracts or other arrangements that are material to the
Company and the Operating Partnership are set forth on <U>Schedule IV</U> of this Agreement (the &ldquo;<B>Material Agreements</B>&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(n)&#9;</FONT>(A)&nbsp;As
of the date of this Agreement, the Company owns either directly or indirectly through its subsidiaries, 88 properties (the &ldquo;<B>Properties</B>&rdquo;).
To the Company&rsquo;s knowledge, none of the Company, the Operating Partnership or any of their subsidiaries is in violation of
any municipal, state or federal law, rule or regulation concerning any of their Properties, which violation would reasonably be
expected to have a Material Adverse Effect; (B)&nbsp;to the Company&rsquo;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;none of the Company, the Operating Partnership or any of their 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 reasonably be expected to have
a Material Adverse Effect; (D)&nbsp;the leases under which the Company or any of its subsidiaries leases the Properties as lessor
(the &ldquo;<B>Leases</B>&rdquo;) are in full force and effect and have been entered into in the ordinary course of business of
such entity, except as would not reasonably be expected to have a Material Adverse Effect; (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 reasonably be expected
to have a Material Adverse Effect; and (F)&nbsp;all liens, charges, encumbrances, claims or restrictions on or affecting the assets
(including the Properties) of the Company and its subsidiaries that are required to be disclosed in the Registration Statement,
the Disclosure Package and the Prospectus are disclosed therein.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(o)&#9;</FONT>Neither
the issuance and sale of the Shares, the execution, delivery or performance of this Agreement by the Company or the Operating Partnership,
nor the consummation by the Company or the Operating Partnership of the transactions contemplated hereby (including the application
of the proceeds from the sale of the Shares as described in the Registration Statement, the Disclosure Package and the Prospectus):
(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 (or analogous governing documents) of the Company, the Operating
Partnership or any of their subsidiaries; or (B)&nbsp;(i) 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, the Operating Partnership or
any of their subsidiaries is a party or by which the Company or the Operating Partnership or any properties of the Company or the
Operating Partnership or any of their subsidiaries may be bound, except as would not reasonably be expected to have a Material
Adverse Effect, or (ii) violates or will violate any statute, law, regulation or filing or judgment, injunction, order or decree
applicable to the Company, the Operating Partnership or any of their subsidiaries or any properties of the Company, the Operating
Partnership or any of their subsidiaries, or (iii) will result in the creation or imposition of any lien, charge or encumbrance
upon any property or assets of the Company, the Operating Partnership or any of their subsidiaries pursuant to the terms of any
agreement or instrument to which the Company, the Operating Partnership or any of their subsidiaries is a party or by which the
Company, the Operating Partnership or any of their subsidiaries may be bound, or to which any property or assets of the Company,
the Operating Partnership or any of their subsidiaries is subject.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(p)&#9;</FONT>To
the Company&rsquo;s knowledge, Baker Tilly Virchow Krause, LLP, who has certified or shall certify the financial statements and
schedules included or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus (or any
amendment or supplement thereto), is and was, as of the date of this Agreement and during the periods covered by the financial
statements on which it 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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(q)&#9;</FONT>The
historical financial statements, together with related schedules and notes, included or incorporated by reference in the Registration
Statement, the Disclosure Package 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 historical financial and
statistical information and data included or incorporated by reference in the Registration Statement, the Disclosure Package and
the Prospectus (and any amendment or supplement thereto) are accurately presented and prepared on a basis consistent with the audited
financial statements, included or incorporated in the Registration Statement, the Disclosure Package and the Prospectus, 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, Disclosure Package 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 Registration Statement, the Disclosure Package and the Prospectus. The pro forma financial statements included
in the Registration Statement, the Disclosure Package and the Prospectus comply as to form in all material respects with the applicable
accounting requirements of Regulation S-X under the Act. 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. Any disclosures contained or incorporated
in the Registration Statement, the Disclosure Package or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as
such term is defined by the rules and regulations of the Commission) comply with Regulation G under the Exchange Act and Item 10
of Regulation S-K under the Act, to the extent applicable.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(r)&#9;</FONT>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&rsquo; 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; the execution and delivery
of, and the performance by the Operating Partnership of its obligations under, this Agreement have been duly and validly authorized
by the Operating Partnership, and this Agreement has been duly executed and delivered by the Operating Partnership and constitutes
the valid and legally binding agreement of the Operating Partnership, enforceable against the Operating Partnership in accordance
with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors&rsquo; 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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(s)&#9;</FONT>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), (A) none of the Company, the Operating Partnership or any of their
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, as a whole; (B) there has not been any material change in the capital stock, or partnership interests, as
the case may be, or material increase in the short-term debt or long-term debt (including any off-balance sheet activities or transactions),
of any of the Company or the Operating Partnership or the occurrence of or any development which may reasonably be expected to
result in a Material Adverse Effect; and (C) except for regular quarterly dividends on the Common Stock in amounts per share that
are consistent with the past practice, there has been no dividend or distribution of any kind declared, paid or made by the Company
on any class of its capital stock.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(t)&#9;</FONT>The
Company, the Operating Partnership and each of their subsidiaries has good and marketable title to all property (real and personal)
described in the Registration Statement, 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 Registration Statement, the Disclosure Package and 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 Registration Statement, 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.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(u)&#9;</FONT>The
&ldquo;significant subsidiaries&rdquo; of the Company as defined in Section&nbsp;1-02(w) of Regulation S-X under the Act are set
forth in <U>Schedule&nbsp;III</U> hereto (the &ldquo;<B>Significant Subsidiaries</B>&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(v)&#9;</FONT>The
Company has not distributed and, prior to the later to occur of (x) the Closing Date and (y) 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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(w)&#9;</FONT>The
Company, the Operating Partnership and each of their subsidiaries possess all certificates, permits, licenses, franchises and authorizations
of governmental or regulatory authorities (the &ldquo;<B>permits</B>&rdquo;) as are necessary to own their respective properties
and to conduct their respective businesses in the manner described in the Registration Statement, the Disclosure Package and the
Prospectus, where such failure to possess could have, individually or in the aggregate, a Material Adverse Effect, subject to such
qualifications as may be set forth in the Registration Statement, the Disclosure Package and the Prospectus. The Company, the Operating
Partnership and each of their 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 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 Registration Statement, the Disclosure Package and the Prospectus.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(x)&#9;</FONT>The
Company, the Operating Partnership and each of their subsidiaries have established and maintain disclosure controls and procedures
(as defined in Exchange Act Rules 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&rsquo;s rules and forms and is accumulated and communicated to the Company&rsquo;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, the Operating Partnership and each of their 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, the Operating Partnership
and each of their 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,
the Operating Partnership and each of their subsidiaries are being made only in accordance with the authorization of management,
and (iii) 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&rsquo;s disclosure controls and procedures
have been evaluated for effectiveness as of the end of the period covered by the Company&rsquo;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) any material weaknesses in the design or operation of internal control over financial
reporting, except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, or (ii) any fraud, whether
or not material, that involves management or other employees who have a significant role in the Company&rsquo;s internal control
over financial reporting. There has been no change in the Company&rsquo;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&rsquo;s internal control over financial reporting, except as disclosed in the Registration Statement, the Disclosure Package
and the Prospectus.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(y)&#9;</FONT>There
is and has been no failure on the part of the Company and any of the Company&rsquo;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 302 and 906 related to certifications.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(z)&#9;</FONT>To
the Company&rsquo;s knowledge, none of the Company, the Operating Partnership or any of their subsidiaries nor any employee or
agent of the Company, the Operating Partnership or any of their subsidiaries has made any payment of funds 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 Registration Statement, the Disclosure Package or the Prospectus.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(aa)&#9;</FONT>None
of the Company, the Operating Partnership or any of their subsidiaries nor, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company, the Operating Partnership or any of their 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 &ldquo;<B>FCPA</B>&rdquo;), 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 &ldquo;foreign official&rdquo; (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, the Operating Partnership,
their subsidiaries and, to the knowledge of the Company, their 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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(bb)&#9;</FONT>The
operations of the Company, the Operating Partnership and their 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 &ldquo;<B>Money Laundering Laws</B>&rdquo;) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company, the Operating Partnership or any of their subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(cc)&#9;</FONT>None
of the Company, the Operating Partnership or any of their subsidiaries nor, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company, the Operating Partnership or any of their subsidiaries is currently subject to any
sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<B>OFAC</B>&rdquo;); 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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(dd)&#9;</FONT>No
labor problem or dispute with the employees of the Company and/or any of its subsidiaries or, to the Company&rsquo;s knowledge,
any of the Company&rsquo;s or its subsidiaries&rsquo; principal suppliers, contractors or customers, exists, is threatened or imminent
that could result in a Material Adverse Effect. To the Company&rsquo;s knowledge, no labor problem or dispute with the Company&rsquo;s
or its subsidiaries&rsquo; tenants exists, is threatened or imminent that could result in a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(ee)&#9;</FONT>Each
of the Company, the Operating Partnership and their subsidiaries has timely 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 timely would not reasonably be expected to have a Material Adverse Effect and except as set forth
in the Registration Statement, the Disclosure Package and the Prospectus) and has paid all material taxes required to be paid by
it and any material 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. The Company has made appropriate
provisions in the Company&rsquo;s financial statements that are incorporated by reference into the Registration Statement (or otherwise
described in the Registration Statement, the Disclosure Package and the Prospectus) in respect of all federal, state, local and
foreign income and franchise taxes for all current or prior periods as to which the tax liability of the Company, the Operating
Partnership and their subsidiaries has not been finally determined, except to the extent of any inadequacy that would not reasonably
be expected to result in a Material Adverse Effect.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(ff)&#9;</FONT>No
holder of any security of the Company or the Operating Partnership has any right to require registration of the Shares or any other
security of the Company or the Operating Partnership 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 and the Operating Partnership are not entitled
to preemptive or other rights to subscribe for the Shares.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(gg)&#9;</FONT>The
Company, the Operating Partnership and their 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 Registration
Statement, 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, the Operating
Partnership and their subsidiaries with respect to the foregoing that would reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(hh)&#9;</FONT>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 Registration Statement, the Pricing Prospectus and the Prospectus under the caption &ldquo;Use of
Proceeds,&rdquo; will not be, an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of 1940, as
amended.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(ii)(i</FONT>)&#9;To
the Company&rsquo;s knowledge, the Company, the Operating Partnership, their subsidiaries, the Properties and the operations conducted
thereon comply and heretofore have complied with all applicable Environmental Laws, and no expenditures are required 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 or in a written summary maintained by the Company of
the status of ongoing environmental projects at Properties, each of<B> </B>which have been directly provided to the Underwriters
or their counsel (collectively, the &ldquo;<B>Environmental Reports</B>&rdquo;) and except for those circumstances that have not
had or would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or as disclosed
in the Registration Statement, the Disclosure Package and the Prospectus.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(ii)&#9;</FONT>None
of the Company, the Operating Partnership or any of their subsidiaries has at any time and, to the Company&rsquo;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, the Registration Statement, the Disclosure Package and the Prospectus and except for those
circumstances that have not had or would reasonably be expect to have a Material Adverse Effect. None of the Company, the Operating
Partnership or any of their 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; <I>provided</I>, <I>however</I>, the tenants of the Company and the Operating Partnership
may use Properties for their intended purpose, which may involve the handling, storing and transporting of Hazardous Materials.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(iii)&#9;</FONT>To
the Company&rsquo;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 or
the Registration Statement, the Disclosure Package and the Prospectus, and except for those circumstances that would not reasonably
be expected have a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(iv)&#9;</FONT>None
of the Company, the Operating Partnership or any of their subsidiaries has received written 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 against the Company, the Operating Partnership or any of their subsidiaries 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, or the Registration
Statement, the Disclosure Package and the Prospectus and except for those circumstances that would not reasonably be expected to
have a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(v)&#9;</FONT>To
the Company&rsquo;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 or the Registration Statement, the Disclosure Package and the Prospectus and
except for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(vi)&#9;</FONT>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, reasonably be expected to 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 Registration Statement, the
Disclosure Package and the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">As used herein, &ldquo;<B>Hazardous
Material</B>&rdquo; shall include, without limitation, any flammable explosives, radioactive materials, hazardous materials, hazardous
wastes, hazardous or toxic substances, or related materials, asbestos, polychlorinated biphenyls (&ldquo;<B>PCBs</B>&rdquo;), petroleum
products and by-products and substances defined or listed as &ldquo;hazardous substances,&rdquo; &ldquo;toxic substances,&rdquo;
&ldquo;hazardous waste,&rdquo; or &ldquo;hazardous materials&rdquo; in any Federal, state or local Environmental Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">As used herein, &ldquo;<B>Environmental
Law</B>&rdquo; 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 &ldquo;<B>Governmental Authority</B>&rdquo;)
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.) (&ldquo;<B>CERCLA</B>&rdquo;), 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 state or local laws.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(jj)&#9;</FONT>Commencing
with its taxable year ended December 31, 1994, the Company has been organized and operated in conformity with the requirements
for qualification and taxation as a real estate investment trust (&ldquo;<B>REIT</B>&rdquo;) under the Internal Revenue Code of
1986, as amended, and the regulations and published interpretations thereunder (collectively, the &ldquo;<B>Code</B>&rdquo;), and
the Company&rsquo;s current and proposed method of operations as described in the Registration Statement, the Disclosure Package
and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code
for its taxable year ending December 31, 2012 and thereafter. No transaction or other event has occurred that would reasonably
be expected to cause the Company to not be able to qualify as a REIT for its taxable year ending December 31, 2012 or future taxable
years.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(kk)&#9;</FONT>The
Company, the Operating Partnership and each of their 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, the Operating Partnership
or any of their subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and effect.
The Company, the Operating Partnership and each of their subsidiaries are in compliance with the terms of such policies and instruments
in all material respects and there are no claims by the Company, the Operating Partnership or any of their subsidiaries under any
such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause,
except as would not reasonably be expected to have a Material Adverse Effect. None of the Company, the Operating Partnership or
any of their subsidiaries has been refused any insurance coverage sought or applied for, and the Company does not have any reason
to believe that the Company, the Operating Partnership and each of their 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 reasonably be expected to have a Material Adverse Effect.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(ll)&#9;</FONT>The
Company, the Operating Partnership and their 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 reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(mm)&#9;</FONT>Except
as disclosed in the Registration Statement, the Disclosure Package and the Prospectus (or pursuant to the terms of the indebtedness
described therein), 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&rsquo;s capital stock, from repaying to the Company any loans
or advances to such subsidiary from the Company or from transferring any of such subsidiary&rsquo;s assets or property to the Company
or any other subsidiary of the Company.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(nn)&#9;</FONT>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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(oo)&#9;</FONT>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 (&ldquo;<B>ERISA</B>&rdquo;) and the regulations and published
interpretations thereunder with respect to each &ldquo;plan&rdquo; (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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(pp)&#9;</FONT>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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(qq)&#9;</FONT>The
Company&rsquo;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.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(rr)&#9;</FONT>Application
has been made to list the Shares on the New York Stock Exchange.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(ss)&#9;</FONT>The
statistical and market related data included in the Registration Statement, the Disclosure Package, and the Prospectus are based
on or derived from sources the Company believes to be reliable and accurate as of the respective dates of such documents, and the
Company has obtained the written consent to the use of such data from such sources to the extent required.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(tt)&#9;</FONT>Each
of the independent directors (or independent director nominees, once appointed, if applicable) named in the Registration Statement,
the Disclosure Package and Prospectus satisfies the independence standards established by New York Stock Exchange and, with respect
to members of the Company&rsquo;s audit committee, the enhanced independence standards contained in Rule 10A-3(b)(1) promulgated
by the Commission under the Exchange Act.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(uu)&#9;</FONT>The
Company is not required to register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance with the provisions of the
rules and the Exchange Act and does not, directly or indirectly through one or more intermediaries, control or have any other association
with (within the meaning of Article I of the By laws of the FINRA) any member firm of the FINRA. No relationship, direct or indirect,
exists between or among the Company, on the one hand, and the directors, officers or stockholders of the Company, on the other
hand, which is required by the rules of the FINRA to be described in the Registration Statement, the Disclosure Package and the
Prospectus, which is not so described.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">7.&#9;</FONT><U>Indemnification
and Contribution</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)&#9;</FONT>The
Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless the Underwriters, the
directors, officers, employees, affiliates and agents of each Underwriter and each person who controls the Underwriter,
within the meaning of Section 15 of the Act or Section 20 of 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) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement or in any amendment thereof (including the Rule 430B
Information), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to
make the statement therein not misleading; (ii)&nbsp;arise out of or are based upon any untrue statement or alleged untrue
statement of material fact included in any Preliminary Prospectus, the Disclosure Package or the Prospectus (or any amendment
or supplement thereof) or the omission or alleged omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and
(iii) arise out of any untrue statement or alleged untrue statement of a material fact contained in any Issuer Free Writing
Prospectus or the omission or alleged omission therefrom of a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The Company and Operating Partnership,
jointly and severally, agree 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 and the Operating Partnership 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
the Underwriter Content. This indemnity agreement will be in addition to any liability, which the Company and the Operating
Partnership may otherwise have.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&#9;</FONT>Each
Underwriter severally agrees to indemnify and hold harmless the Company and each of its directors, the Operating Partnership and
each of the Company&rsquo;s officers who signs the Registration Statement, and each person who controls the Company or the Operating
Partnership within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, to the same extent as the foregoing
indemnity from the Company and the Operating Partnership to the Underwriters, but only with reference to the Underwriter Content.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)&#9;</FONT>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) or (b) 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,
relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided
in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party&rsquo;s choice
at the indemnifying party&rsquo;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 reasonably
satisfactory to the indemnified party. Notwithstanding the indemnifying party&rsquo;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 reasonably 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 in writing authorize
the indemnified party to employ separate counsel at the expense of the indemnifying party. In no event will the indemnifying parties
be liable for the fees, costs or expenses of more than one counsel (in addition to any local counsel) separate from their own
counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. 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) 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.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)&#9;</FONT>In
the event that the indemnity provided in paragraph (a) or (b) of this Section&nbsp;7 is unavailable to, or insufficient to
hold harmless, an indemnified party for any reason, the Company and the Operating Partnership, on the one hand, and the
Underwriters, on the other, 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
&ldquo;<B>Losses</B>&rdquo;) to which the Company, the Operating Partnership and 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 the
Underwriters 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 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 Underwriter, 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 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
or the Operating Partnership, 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, the Operating Partnership 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 Underwriter, 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). The Underwriters&rsquo;
respective obligations to contribute pursuant to this Section 7 are several in proportion to the number of Firm Shares set
forth opposite their respective names in <U>Schedule I</U> hereto and not joint.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">8.&#9;</FONT><U>Conditions
of Underwriters&rsquo; Obligations</U>. The obligations of the Underwriters to purchase the Shares hereunder are subject to the
following conditions:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)(i</FONT>)&#9;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 424(b)(8)); and any 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 433 and (ii)&nbsp;any request
of the Commission for additional information (to be included in the Registration Statement, the Disclosure Package or the Prospectus
or otherwise) shall have been complied with to the reasonable satisfaction of the Representative.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&#9;</FONT>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
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 Representative and counsel to the Underwriters, requires the making of any addition to or 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 Representative, adversely affect the market for the Shares.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)&#9;</FONT>The
Representative shall have received on the Closing Date and, if applicable, each Option Closing Date an opinion, negative assurance
letter and tax opinion of DLA Piper LLP (US), counsel for the Company, dated as of such date and addressed to the Representative,
to the effect set forth on <U>Exhibit C</U> , <U>Exhibit D</U>, and <U>Exhibit E</U>, respectively.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)&#9;</FONT>The
Representative shall have received on the Closing Date and, if applicable, each Option Closing Date an opinion and negative assurance
letter of Hunton &amp; Williams LLP, counsel for the Underwriters, dated as of such date and addressed to the Underwriters with
respect to such matters as the Underwriters may request.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(e)&#9;</FONT>The
Representative 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 Baker Tilly Virchow Krause, LLP, an independent registered public accounting firm,
substantially in the form heretofore approved by the Representative; <U>provided</U> that the letter delivered on the Closing Date
or any applicable Option Closing Date shall use a &ldquo;cut-off&rdquo; date no more than three (3) Business Days prior to the
Closing Date or such Option Closing Date, as the case may be.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(f)(i</FONT>)&#9;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; (ii)&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); (iii)&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 Effect; (iv)&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 (v)&nbsp;all the representations and warranties
of the Company and the Operating Partnership 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 Representative 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 Representative), to the effect set forth in this Section&nbsp;8(f) and in Section&nbsp;8(g) hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(g)&#9;</FONT>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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(h)&#9;</FONT>Subsequent
to the Execution Time, there shall not have been any decrease in the rating of any of the Company&rsquo;s debt securities by any
&ldquo;nationally recognized statistical rating organization&rdquo; (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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(i)&#9;</FONT>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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(j)&#9;</FONT>On
or about the date of this Agreement, but in no event later than the Closing Date, the Representative shall have received &ldquo;lock-up&rdquo;
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 B</U> attached hereto, from the persons set forth on <U>Schedule V</U> attached hereto, and all of such
&ldquo;lock-up&rdquo; agreements shall be in full force and effect on the Closing Date and, if applicable, each Option Closing
Date.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(k)&#9;</FONT>The
Company shall have furnished or caused to be furnished to the Representative such further certificates and documents as the Representative
shall have reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any certificate or
document signed by any officer of the Company or the general partner of the Operating Partnership and delivered to the Representative,
or to counsel for the Underwriters, shall be deemed a representation and warranty by the Company or the Operating Partnership,
as the case may be, to the Underwriters as to the statements made therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">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 Underwriters and its counsel, this Agreement and all
obligations of the Underwriters hereunder may be canceled by the Representative 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">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 &amp; Williams LLP, Attn: Trevor K. Ross, Esq., counsel for the Underwriters, at 600
Peachtree Street, N.E., Suite 4100, Atlanta, Georgia 30082 on or prior to such date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">9.&#9;</FONT><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 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) 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&rsquo;s accountants and counsel (including local and special counsel) for the Company).</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">10.&#9;</FONT><U>Termination
of Agreement</U>. This Agreement shall be subject to termination in the absolute discretion of the Representative, 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, prospects, 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 Registration Statement,
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 Representative, 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); (ii) there shall have occurred any downgrading
in the rating of any debt securities or preferred stock of the Company by any &ldquo;nationally recognized statistical rating organization&rdquo;
(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&rsquo;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 or the Nasdaq Stock 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 Representative, 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 Representative, impracticable or inadvisable to commence or continue the offering as contemplated by the Registration Statement
(exclusive of any amendments thereto), the Disclosure Package, 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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">11.&#9;</FONT><U>Default
by One or More of the Underwriters</U>. If one or more of the Underwriters shall fail at the Closing Date or an Option Closing
Date to purchase the Shares that it or they are obligated to purchase under this Agreement (the &ldquo;<B>Defaulted Shares</B>&rdquo;),
the Representative shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non defaulting
Underwriters, or any other underwriters, to purchase all, but not less than all, of the Defaulted Shares in such amounts as may
be agreed upon and upon the terms herein set forth; if, however, the Representative shall not have completed such arrangements
within such 24 hour period, then:</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)&#9;</FONT>if
the number of Defaulted Shares does not exceed 10% of the number of Shares to be purchased on such date, each of the non defaulting
Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective
underwriting obligations hereunder bear to the underwriting obligations of all non defaulting Underwriters, or</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&#9;</FONT>if
the number of Defaulted Shares exceeds 10% of the number of Shares to be purchased on such date, this Agreement, or, with respect
to any Option Closing Date which occurs after the Closing Date, the obligation of the Underwriters to purchase and of the Company
to sell the Option Shares to be purchased and sold on such Option Closing Date, shall terminate without liability on the part of
any non defaulting Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">No action taken pursuant
to this Section 11 shall relieve any defaulting Underwriter from liability in respect of its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the event of any
such default which does not result in a termination of this Agreement or, in the case of a Option Closing Date that is after the
Closing Date, which does not result in a termination of the obligation of the Underwriters to purchase and the Company to sell
the relevant Option Shares, as the case may be, either (i) the Representative or (ii) the Company shall have the right to postpone
the Closing Date or Option Closing Date, as the case may be, for a period not exceeding seven days in order to effect any required
changes in the Registration Statement or Prospectus or in any other documents or arrangements. As used herein, the term &ldquo;Underwriter&rdquo;
includes any person substituted for an Underwriter under this Section 11.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">12.&#9;</FONT><U>Information
Furnished by the Underwriters</U>. The Company hereby acknowledges that the only information that the Underwriters have furnished
to the Company expressly for use in the Registration Statement, the Disclosure Package or the Prospectus are the first and second
sentences of paragraph three, the second sentence of the twelfth paragraph, the thirteenth through sixteenth paragraphs, the second
and third sentence of the seventeenth paragraph, and the twentieth paragraph under the heading &ldquo;Underwriting&rdquo; in such
documents (collectively, the &ldquo;<B>Underwriter Content</B>&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">13.&#9;</FONT><U>Representations
and Indemnities to Survive</U>. The respective agreements, representations, warranties, indemnities and other statements of
the Company, the Operating Partnership or any of their 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, the Operating Partnership 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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">14.&#9;</FONT><U>Absence
of Fiduciary Relationship</U>. Each of the Company and Operating Partnership acknowledges and agrees that:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)&#9;</FONT>the
Underwriters have been retained solely to act as an underwriter in connection with the sale of the Shares and that no fiduciary,
advisory or agency relationship between the Company and the Operating Partnership 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 the Underwriters
have advised or any of them is advising the Company and the Operating Partnership on other matters;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&#9;</FONT>the
price of the Shares set forth in this Agreement was established by the Company following discussions and arms-length negotiations
with the Underwriters, 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;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)&#9;</FONT>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 the Operating Partnership and that no Underwriter has an obligation to disclose such
interests and transactions to the Company and the Operating Partnership by virtue of any fiduciary, advisory or agency relationship;
and</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)&#9;</FONT>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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">15.&#9;</FONT><U>Notices</U>.
All communications hereunder will be in writing and effective only on receipt, and, if sent to the Underwriters, will be mailed,
delivered or telefaxed to Raymond James &amp; Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716 (facsimile 727-567-8058),
Attention: Brad Butcher; or, if sent to the Company, will be mailed, delivered or telefaxed to the office of the Company at 31850
Northwestern Highway, Farmington Hills, MI 48334 (facsimile 248-737-9110), Attention: Al Maximiuk.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">16.&#9;</FONT><U>Successors</U>.
This Agreement has been made solely for the benefit of the Underwriters, the Company, the Operating Partnership, their
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 &ldquo;successor&rdquo; nor the term &ldquo;successors and assigns&rdquo; as used in this Agreement shall include a
purchaser from the Underwriters of any of the Shares in his status as such purchaser.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">17.&#9;</FONT><U>Integration</U>.
This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company, the Operating
Partnership and the Underwriters, or any of them, with respect to the subject matter hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">18.&#9;</FONT><U>Applicable
Law</U>. This Agreement will be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">19.&#9;</FONT><U>Waiver
of Jury Trial</U>. The Company, the Operating Partnership and the Underwriters hereby irrevocably waive, 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.</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">20.&#9;</FONT><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.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">21.&#9;</FONT><U>Headings</U>.
The section headings used herein are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">22.&#9;</FONT><U>Research
Analyst Independence</U>. The Company acknowledges that the Underwriters&rsquo; research analysts and research departments are
required to be independent from its investment banking division and is subject to certain regulations and internal policies, and
that Underwriter&rsquo;s research analysts may hold views and make statements or investment recommendations and/or publish research
reports with respect to the Company and/or the offering that differ from the views of their respective investment banking divisions.
The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the
Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by its research analysts
and research department may be different from or inconsistent with the views or advice communicated to the Company by Underwriters&rsquo;
investment banking division. The Company acknowledges that each Underwriter is a full service securities firm and as such from
time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers
and hold long or short positions in debt or equity securities of the Company and any other companies that may be the subject of
the transactions contemplated by this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">23.&#9;</FONT><U>Definitions</U>.
The terms that follow, when used in this Agreement, shall have the meanings indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Business
Day</B>&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Free Writing
Prospectus</B>&rdquo; shall mean a free writing prospectus, as defined in Rule 405.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Rule 158</B>,&rdquo;
&ldquo;<B>Rule 163</B>,&rdquo; &ldquo;<B>Rule 164</B>,&rdquo; &ldquo;<B>Rule 172</B>,&rdquo; &ldquo;<B>Rule 405</B>,&rdquo; &ldquo;<B>Rule&nbsp;415</B>,&rdquo;
&ldquo;<B>Rule&nbsp;424</B>&rdquo; and &ldquo;<B>Rule 433</B>&rdquo; refer to such rules under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>[Signature page follows.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">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, the Operating Partnership and the Underwriters.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; tab-stops: 3.75in right 6.5in; text-autospace: none"></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 12pt; tab-stops: 3.75in right 6.5in; text-autospace: none">Very truly yours,&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; tab-stops: 3.75in right 6.5in; text-autospace: none; width: 55%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; tab-stops: 3.75in right 6.5in; text-autospace: none; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; tab-stops: 3.75in right 6.5in; text-autospace: none; width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 24pt; tab-stops: 3.75in right 6.5in; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 24pt; tab-stops: 3.75in right 6.5in; text-autospace: none; font-weight: bold">AGREE REALTY CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">By:</TD>
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none; text-decoration: underline">/s/ Joey Agree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">Name:</TD>
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">Joey Agree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">President and Chief Operating Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 24pt; tab-stops: 3.75in right 6.5in; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 24pt; tab-stops: 3.75in right 6.5in; text-autospace: none; font-weight: bold">AGREE LIMITED PARTNERSHIP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 24pt; tab-stops: 3.75in right 6.5in; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 24pt; tab-stops: 3.75in right 6.5in; text-autospace: none">By:&nbsp; AGREE REALTY CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">By:<U> /s/ Joey Agree</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; tab-stops: 3.75in right 6.5in; text-autospace: none">Name: Joey Agree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title: President and Chief Operating Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 214.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 214.55pt 0 0">Accepted and agreed to as of the date first above written:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 214.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 186pt 0 0"><B>RAYMOND JAMES &amp; ASSOCIATES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 186pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 186pt 0 0">For itself and as Representative of the<BR>
several Underwriters named in <U>Schedule I</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 214.55pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: 35.1pt 249.6pt">By:</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: 35.1pt 249.6pt; text-decoration: underline">/s/ Kent Nelson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: 35.1pt 249.6pt">Name:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: 35.1pt 249.6pt">Kent Nelson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: 35.1pt 249.6pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: 35.1pt 249.6pt">Sr. Managing Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 186pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 32; Section: Main; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>SCHEDULE
I</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name of Underwriter</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Firm<BR> Shares</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 70%; text-indent: -57pt; padding-left: 57pt">Raymond James &amp; Associates, Inc.</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">1,170,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -57pt; padding-left: 57pt">Janney Montgomery Scott LLC</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">130,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 16.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,300,000</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 33; Section: Part A; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Schedule I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>SCHEDULE
II</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">FREE
WRITING PROSPECTUSES INCLUDED IN THE DISCLOSURE PACKAGE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">None</P>

<!-- Field: Page; Sequence: 34; Section: Part B; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Schedule I<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>SCHEDULE&nbsp;III</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">LIST
OF SUBSIDIARIES AND JOINT VENTURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Agree Limited Partnership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Agree Realty Corporation, through its
operating partnership, Agree Limited Partnership, is the sole member of the following limited liability companies:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline; text-align: center">Subsidiary</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline; text-align: center">State of Organization</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">ACCP Maryland, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree 103-Middleburg Jacksonville, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Ann Arbor Jackson, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Atlantic Beach, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Beecher, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Brighton, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Bristol &amp; Fenton Project, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Charlotte County, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree-Columbia Crossing Project, L.L.C.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Construction Management, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Corunna, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Development, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Elkhart, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Facility No. 1, L.L.C.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Hastings, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Lowell, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree-Milestone Center Project, L.L.C.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Plainfield, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Port St. John LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Realty Services, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Realty South-East, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Silver Springs Shores, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Southfield &amp; Webster, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree St. Augustine Shores, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">AMCP Germantown, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Ann Arbor Store No. 1, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Boynton Beach Store No. 150, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Indianapolis Store No. 16, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Lawrence Store No. 203, L.L.C. *</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Mt Pleasant Shopping Center L.L.C.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Oklahoma City Store No. 151, L.L.C.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Omaha Store No. 166, No. L.L.C.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Phoenix Drive, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Atchison, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Kansas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Johnstown, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Ohio</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Lake in the Hills, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">NESOR REALTY VENTURES LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Florida</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 35; Section: Part C; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Schedule III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%">Agree Antioch, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%">Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Concord, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">North Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Mansfield, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Connecticut</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Tallahassee, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Spring Grove, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Shelby, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Wilmington, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">North Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Marietta, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Georgia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Boynton, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Indianapolis, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Indiana</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree M-59 LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Dallas Forest Drive, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Roseville CA, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Wawa Baltimore, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Maryland</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree New Lenox, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Chandler, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Arizona</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Fort Walton Beach, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Portland OR LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Rancho Cordova I</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Rancho Cordova II</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Southfield LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Poinciana LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Venice, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Madison AL LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Alabama</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Leawood, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Walker, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree 17-92, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Pinellas Park, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Florida</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.25in"><B>*</B></TD>
<TD><B><U>Agree Realty Corporation, through its Operating Partnership, Agree Limited Partnership, owns a 99% interest in Lawrence
Store No. 203, L.L.C.</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Significant Subsidiaries</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Agree Limited Partnership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Joint Ventures</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">None</P>

<!-- Field: Page; Sequence: 36; Section: Part C; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>SCHEDULE&nbsp;IV</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">MATERIAL
AGREEMENTS</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">1.</TD>
    <TD STYLE="width: 95%; padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Rights Agreement, dated as of December 7, 1998, by and between Agree Realty Corporation, a Maryland corporation, and Computershare Trust Company, N.A., f/k/a EquiServe Trust Company, N.A., a national banking association, as successor rights agent to BankBoston, N.A., a national banking association</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">2.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Second Amendment to Rights Agreement, dated as of December 8, 2008, by and between Agree Realty Corporation, a Maryland corporation, and Computershare Trust Company, N.A., f/k/a EquiServe Trust Company, N.A., a national banking association, as successor rights agent to BankBoston, N.A., a national banking association</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">3.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Amended and Restated Registration Rights Agreement, dated July 8, 1994 by and among the Agree Realty Corporation, Richard Agree, Edward Rosenberg and Joel Weiner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">4.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Loan Agreement dated as of July 14, 2008 by and between Agree Limited Partnership, as Borrower, and The Financial Institutions party thereto, as Co-Lenders, and LaSalle Bank Midwest National Association, as Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">5.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Commercial Mortgage dated as of July 14, 2008 executed by Agree Limited Partnership to and for the benefit of LaSalle Bank Midwest National Association and Raymond James Bank, FSB&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">6.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Continuing Unconditional Guaranty dated as of July 14, 2008 by Agree Realty Corporation for the benefit of La Salle Bank Midwest National Association</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">7.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">First Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership, dated as of April 22, 1994, by and among the Agree Realty Corporation, Richard Agree, Edward Rosenberg and Joel Weiner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">8.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Contribution Agreement, dated as of April 21, 1994, by and among Agree Realty Corporation, Richard Agree, Edward Rosenberg and the co-partnerships named therein</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">9.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Agree Realty Corporation Profit Sharing Plan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">10.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Employment Agreement, dated July 14, 2009, by and between Agree Realty Corporation and Richard Agree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">11.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Employment Agreement, dated July 14, 2009, by and between Agree Realty Corporation and Joey Agree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">12.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Agree Realty Corporation&rsquo;s 2005 Equity Incentive Plan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">13.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Form of Restricted Stock Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">14.</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; text-indent: 0in; tab-stops: list 0in">Credit Agreement, dated October 26, 2011, among Agree Limited Partnership, as the Borrower, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and The Other Lenders Party Hereto, Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and PNC Capital Markets LLC as Joint Lead Arrangers and Joint Book Managers, PNC Bank, National Association as Syndication Agent.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>Schedule
V</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">List of Individuals Signing Lock-Up
Agreements Pursuant to Section 8(j)</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Richard Agree</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Joey Agree</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Farris G. Kalil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Eugene Silverman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Michael Rotchford</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Leon M. Schurgin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">William S. Rubenfaer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Laith Hermiz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Alan Maximiuk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Hedley Williams</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">John Rakolta, Jr.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>EXHIBIT
A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Aggregate number of
shares offered: <B> </B>1,300,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">Offering price to public:
$24.75</P>

<!-- Field: Page; Sequence: 39; Section: Part I; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>Exhibit
B</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">January __, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase">RAYMOND
JAMES &amp; ASSOCIATES, INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">880 Carillon Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">St. Petersburg, FL 33716</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">As Representative of the several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Re:&#9;<U>Proposed Public Offering by&nbsp;Agree Realty Corporation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned,
a stockholder and an officer or director of Agree Realty Corporation,&nbsp;a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;),
understands that Raymond James &amp; Associates, Inc. (the &ldquo;<B>Underwriter</B>&rdquo;) proposes to enter into an Underwriting&nbsp;Agreement
(the &ldquo;<B>Underwriting&nbsp;Agreement</B>&rdquo;) with the Company providing for the public offering of shares (the &ldquo;<B>Shares</B>&rdquo;)
of the Company&rsquo;s common stock, par value $0.0001 per share (the &ldquo;<B>Common Stock</B>&rdquo;). In recognition of the
benefit that such an offering will confer upon the undersigned as a stockholder and an officer or director of the Company, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees
with the 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 Underwriter, directly or indirectly,
(i) 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&rsquo;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 &ldquo;<B>Lock-Up Shares</B>&rdquo;) or (ii) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
the foregoing, if:</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;during the
last 17 days of the 60-day lock-up period, the Company issues an earnings release or material news or a material event relating
to the Company occurs; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;prior to
the expiration of the 60-day lock-up period, the Company announces that it will release earnings results or becomes aware that
material news or a material event will occur during the 16-day period beginning on the last day of the 60-day lock-up period,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">the restrictions imposed by this lock-up
agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or
the occurrence of the material news or material event, as applicable, unless the Representatives waive, in writing, such extension.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
also agrees and consents to the entry of stop transfer instructions with the Company&rsquo;s transfer agent and registrar against
the transfer of the Lock-Up Shares, except in compliance with the foregoing restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">THIS LOCK-UP AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[<I>Signature Page Follows]</I></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 10%">Signature:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Address:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">31850 Northwestern Highway</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Farmington Hills, MI 48334</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v300589_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<TABLE CELLSPACING="0" CELLPADDING="0" HSPACE="0" VSPACE="0" STYLE="width: 100%; height: 107px; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-top: 12.95pt; padding-bottom: 12.95pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>DLA
        Piper LLP (US)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 8pt">4141 Parklake
        Avenue, Suite 300<BR>
        Raleigh, North Carolina 27612-2350</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 8pt">www.dlapiper.com</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>T</B>
        919.786.2000</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>F</B>
        919.786.2200</FONT></P></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 62%; vertical-align: bottom; font-size: 10pt">January 27, 2012</TD>
    <TD STYLE="width: 38%; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 5.1</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Agree Realty Corporation</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">31850 Northwestern Highway</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Farmington Hills, Michigan 48334</P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR>
    <TD>
        </P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt; text-align: justify"><FONT STYLE="font-size: 10pt">Re:&#9;1,495,000
Shares of Common Stock&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0"><FONT STYLE="font-size: 10pt">Ladies and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are acting as counsel
to Agree Realty Corporation, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with its registration statement
on Form S-3 (registration no. 333-161520) (the &ldquo;<U>Registration Statement</U>&rdquo;) that was declared effective on November
16, 2009, pursuant to the Securities Act of 1933, as amended. The Registration Statement relates to the proposed public offering
of securities of the Company that may be offered and sold by the Company from time to time as set forth in the prospectus dated
November 13, 2009, which forms a part of the Registration Statement (the &ldquo;<U>Prospectus</U>&rdquo;), and as may be set forth
in one or more supplements to the Prospectus. This opinion letter is rendered in connection with the public offering of up to 1,495,000
shares of common stock, which includes 195,000 shares offered pursuant to the option set forth in Section 2(b) of the Underwriting
Agreement (as defined below), par value $0.0001 per share, of the Company (the &ldquo;<U>Shares</U>&rdquo;), as described in the
Prospectus, a preliminary prospectus supplement dated January 23, 2012, and a final prospectus supplement dated January 24, 2012
(such final prospectus supplement, the &ldquo;<U>Prospectus Supplement</U>&rdquo;). This opinion letter is rendered pursuant to
Item&nbsp;9.01 of Form 8-K and Item&nbsp;601(b)(5)(i) of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are familiar with the
proceedings taken to date by the Company with respect to the proposed issuance and sale of the Shares pursuant to the terms of
the Underwriting Agreement dated January 24, 2012, among the Company, Agree Limited Partnership, and Raymond James &amp; Associates,
Inc., as representative of the several underwriters (the &ldquo;<U>Underwriting Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In our examination, we
have assumed the genuineness of all signatures, the conformity to original documents of all copies submitted to us and the legal
capacity of all individuals executing such documents. As to various questions of fact material to this opinion, we have relied
on statements and certificates of, or communications with, officers and representatives of the Company and others. We have examined
copies of the Registration Statement, the Company&rsquo;s Articles of Incorporation, as amended (the &ldquo;<U>Articles</U>&rdquo;),
and the Company&rsquo;s Bylaws and such other materials and matters as we have deemed necessary for the issuance of this opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Based upon, subject to
and limited by the foregoing, we are of the opinion that the Shares have been duly authorized by the Company, are legally issued,
fully paid and nonassessable and are not subject to any preemptive or other similar rights under any provision of Maryland General
Corporation Law, as defined in Titles 1 through 3 of the Corporations and Associations Article of the Annotated Code of Maryland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our opinion set forth above
is subject to the following general qualifications and assumptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">1.</TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The foregoing opinion is rendered as of the date hereof.&nbsp; We assume no obligation to update or supplement this opinion if any laws change after the date hereof or if any facts or circumstances come to our attention after the date hereof that might change this opinion.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">We have made no investigation as to, and we express no opinion concerning, any laws other than Maryland General Corporation Law, applicable provisions of the Constitution of the State of Maryland and reported judicial decisions interpreting such General Corporation Law and Constitution, and we do not express any opinion herein concerning any other laws.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">January 27, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt">Page Two&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 87%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">3.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Without limiting the effect of the immediately preceding qualification, we note that we express no opinion as to compliance with the securities or &ldquo;blue sky&rdquo; laws or principles of conflicts of laws of the State of Maryland or any other jurisdiction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">4.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">We assume that the issuance of the Shares, together with any other outstanding shares of common stock, will not cause the Company to issue shares of common stock in excess of the number of such shares authorized by the Articles.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">5.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">We assume that the Shares will not be issued in violation of any restriction or limitation contained in Article Ninth of the Articles.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">6.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">This opinion is limited to the matters set forth herein, and no other opinion should be inferred beyond the matters expressly stated.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We hereby consent to the
filing of this opinion letter as Exhibit 5.1 to the Company&rsquo;s current report on Form 8-K, filed with the Securities and Exchange
Commission on the date hereof, portions of which are incorporated by reference into the Registration Statement, and to the reference
to this firm under the caption &ldquo;Legal Matters&rdquo; in the Prospectus and the Prospectus Supplement. In giving such consent,
we do not thereby admit that we are within the category of persons whose consent is required under Section&nbsp;7 of the Securities
Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>/s/ DLA Piper LLP (US)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

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<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>v300589_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; margin-left: 5.4pt; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">DLA Piper LLP (US)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">203 North LaSalle Street, Suite 1900</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chicago, Illinois 60601-1293</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">T 312.368.4000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">F 312.236.7516</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">W www.dlapiper.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 30pt 0 12pt; text-align: right"><B>Exhibit 8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 30pt 0 12pt; text-align: center">January 27, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">31850 Northwestern Highway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Farmington Hills, Michigan 48334</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&#9;Re:&#9;Tax Opinion Regarding REIT
Status of Agree Realty Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="line-height: 115%">We
have acted as special tax counsel to Agree Realty Corporation, a Maryland corporation (the &ldquo;Company&rdquo;), in connection
with the registration statement on Form S-3 (registration no. 333-161520) (the &ldquo;Registration Statement&rdquo;) that became
effective on November 16, 2009 pursuant to the Securities Act of 1933, as amended, registering $125,000,000 of the Company&rsquo;s
common stock, preferred stock, depositary shares, warrants and preferred stock purchase rights which may be offered from time
to time by the Company as set forth in the prospectus dated November 13, 2009, which forms a part of the Registration Statement
(the &ldquo;Prospectus&rdquo;), and as may be set forth in one or more supplements to the Prospectus. This opinion letter is rendered
in connection with the public offering of up to 1,495,000 shares of common stock, par value $0.0001, of the Company pursuant to
the Underwriting Agreement, dated January 24, 2012, by and among the Company, Agree Limited Partnership, a Delaware limited partnership
(the &ldquo;Operating Partnership&rdquo;), and Raymond James &amp; Associates, Inc., as representative of the underwriters named
therein (the &ldquo;Underwriting Agreement&rdquo;), as described in the Prospectus, a preliminary prospectus supplement dated
January 23, 2012 and a final prospectus supplement dated January 24, 2012 (the &ldquo;Prospectus Supplement&rdquo;). This opinion
letter is being furnished to you pursuant to Item 9.01 of Form 8-K and Item 601(b)(8) of Regulation S-K.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="line-height: 115%">&nbsp;</FONT>In
connection with the Registration Statement filing, you have requested our opinion regarding:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.75in; padding-left: 0.5in">1.</TD>
<TD STYLE="text-align: justify">Whether the Company has been organized and has operated in conformity with the requirements for
qualification and taxation as a real estate investment trust (&ldquo;<U>REIT</U>&rdquo;) under the Internal Revenue Code of 1986,
as amended (the &ldquo;<U>Code</U>&rdquo;), for its taxable years ended December 31, 2005 through December 31, 2011, and whether
the Company&rsquo;s current organization and current and proposed method of operations will enable it to continue to meet the requirements
for qualification and taxation as a REIT for its taxable year ending December 31, 2012 and in the future.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.75in; padding-left: 0.5in">2.</TD>
<TD STYLE="text-align: justify">Whether the discussions in the Registration Statement under the heading &ldquo;Federal Income
Tax Considerations&rdquo; and the discussions in the Prospectus Supplement under the heading &ldquo;Additional Federal Income
Tax Considerations&rdquo; to the extent that they constitute matters of federal income tax law or legal conclusions relating thereto,
are correct and complete in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">In connection with
rendering the opinions expressed below, we have examined originals (or copies identified to our satisfaction as true copies of
the originals) of the following documents (collectively, the &ldquo;<U>Reviewed Documents</U>&rdquo;):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 1in; padding-left: 0.5in">(1)</TD>
<TD STYLE="text-align: justify">the Articles of Incorporation of the Company (the &ldquo;<U>Company Charter</U>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 1in; padding-left: 0.5in">(2)</TD>
<TD STYLE="text-align: justify">the Amended and Restated Bylaws of the Company (the &ldquo;<U>Company Bylaws</U>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 1in; padding-left: 0.5in">(3)</TD>
<TD STYLE="text-align: justify">the First Restated Agreement of Limited Partnership of Agree Limited Partnership (the &ldquo;<U>Operating
Partnership Agreement</U>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 1in; padding-left: 0.5in">(4)</TD>
<TD STYLE="text-align: justify">the Registration Statement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 1in; padding-left: 0.5in">(5)</TD>
<TD STYLE="text-align: justify">the Prospectus;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 1in; padding-left: 0.5in">(6)</TD>
<TD STYLE="text-align: justify">the Prospectus Supplement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 1in; padding-left: 0.5in">(7)</TD>
<TD STYLE="text-align: justify">the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2010; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 1in; padding-left: 0.5in">(8))</TD>
<TD STYLE="text-align: justify">such other documents as may have been presented to us by the Company from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;In addition,
we have relied upon the factual representations contained in the Company&rsquo;s certificate, dated as of the date hereof (the
&ldquo;<U>Officer&rsquo;s Certificate</U>&rdquo;), executed by a duly appointed officer of the Company, setting forth certain
representations relating to the organization and operation of the Company, the Operating Partnership, and their respective subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">For purposes of
our opinions, we have not made an independent investigation of all of the facts set forth in the documents we reviewed. We consequently
have assumed that the information presented in such documents or otherwise furnished to us accurately and completely describes
all facts stated therein. No facts have come to our attention, however, that would cause us to question the accuracy and completeness
of the reviewed documents or the facts stated therein in a material way. Any representation or statement in any document upon which
we rely that is made &ldquo;to the best of our knowledge&rdquo; or otherwise similarly qualified is assumed to be correct. Any
alteration of such facts may adversely affect our opinions. In the course of our representation of the Company, no information
has come to our attention that would cause us to question the accuracy or completeness of the representations contained in Officer&rsquo;s
Certificate. Furthermore, where the representations in the Officer&rsquo;s Certificates involve terms defined in the Code, regulations
promulgated thereunder by the United States Department of Treasury (the &ldquo;<U>Regulations</U>&rdquo;) (including proposed and
temporary regulations, published rulings of the Internal Revenue Service (the &ldquo;<U>IRS</U>&rdquo;), or other relevant authority),
we have reviewed with the individual making such representations the relevant provisions of the Code, the applicable Regulations,
the published rulings of the IRS, and other relevant authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">In our review,
we have assumed, with your consent, that all of the representations and statements of a factual nature set forth in the documents
we reviewed are true and correct, and all of the obligations imposed by any such documents on the parties thereto have been and
will be performed or satisfied in accordance with their terms. We have also assumed the genuineness of all signatures, the proper
execution of all documents, the authenticity of all documents submitted to us as originals, the conformity to originals of documents
submitted to us as copies, and the authenticity of the originals from which any copies were made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The opinions set
forth in this letter are based on relevant provisions of the Code, the Regulations, and interpretations of the foregoing as expressed
in court decisions, the legislative history, and existing administrative rulings and practices of the IRS (including its practices
and policies in issuing private letter rulings, which are not binding on the IRS except with respect to a taxpayer that receives
such a ruling), all as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In rendering these opinions,
we have assumed that the transactions contemplated by the Reviewed Documents will be consummated in accordance with the terms and
provisions of such documents, and that such documents accurately reflect the material facts of such transactions. In addition,
the opinions are based on the correctness of the following specific assumptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 1in; padding-left: 0.5in">(i)</TD>
<TD STYLE="text-align: justify">The Company, the Operating Partnership and their respective subsidiaries will each be operated
in the manner described in the Company Charter, the Company Bylaws, the Operating Partnership Agreement, the other organizational
documents of each such entity and their subsidiaries, as the case may be, and all terms and provisions of such agreements and documents
will be complied with by all parties thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 1in; padding-left: 0.5in">(ii)</TD>
<TD STYLE="text-align: justify">The Company is a duly formed corporation under the laws of the State of Maryland; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 1in; padding-left: 0.5in">(iii)</TD>
<TD STYLE="text-align: justify">The Operating Partnership is a duly organized and validly existing limited partnership under the
laws of the State of Delaware.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;It should
be noted that statutes, regulations, judicial decisions, and administrative interpretations are subject to change at any time
and, in some circumstances, with retroactive effect. A material change that is made after the date hereof in any of the foregoing
bases for our opinions could affect our conclusions. Furthermore, if the facts vary from those relied upon (including any representations,
warranties, covenants or assumptions upon which we have relied are inaccurate, incomplete, breached or ineffective), our opinion
contained herein could be inapplicable. Moreover, the qualification and taxation of the Company as a REIT depends upon its ability
to meet, through actual annual operating results, distribution levels and diversity of share ownership and the various qualification
tests imposed under the Code, the results of which will not be reviewed by the undersigned. Accordingly, no assurance can be given
that the actual results of the operations of the Company for any one taxable year will satisfy such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Based upon and subject
to the foregoing, it is our opinion that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.75in; padding-left: 0.5in">1.</TD>
<TD STYLE="text-align: justify">The Company was organized and has operated in conformity with the requirements for qualification
and taxation as a REIT under the Code for its taxable years ended December 31, 2005 through December 31, 2011, and the Company&rsquo;s
current organization and current and proposed method of operations will enable it to continue to meet the requirements for qualification
and taxation as a REIT for its taxable year ending December 31, 2012 and in the future.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.75in; padding-left: 0.5in">2.</TD>
<TD STYLE="text-align: justify">The discussions in the Registration Statement<FONT STYLE="color: blue"><U> </U></FONT>under the
heading &ldquo;Federal Income Tax Considerations&rdquo; and the discussions in the Prospectus Supplement under the heading &ldquo;Additional
Federal Income Tax Considerations&rdquo; to the extent that they constitute matters of federal income tax law or legal conclusions
relating thereto, are correct and complete in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">The foregoing opinions
are limited to the matters specifically discussed herein, which are the only matters to which you have requested our opinions.
Other than as expressly stated above, we express no opinion on any issue relating to the Company or its Operating Partnership,
or to any investment therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We assume no obligation
to advise you of any changes in the foregoing subsequent to the date of this opinion letter, and we are not undertaking to update
the opinion letter from time to time. You should be aware that an opinion of counsel represents only counsel's best legal judgment,
and has no binding effect or official status of any kind, and that no assurance can be given that contrary positions may not be
taken by the IRS or that a court considering the issues would not hold otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>The
opinions set forth herein are not intended to be used, and cannot be used, for the purpose of avoiding TAX penalties. These opinions
support the PROMOTION OR marketing of the Offering and matters related thereto as discussed herein. PROSPECTIVE PURCHASERS OF the
STOCK of the Company SHOULD SEEK ADVICE BASED ON THEIR PARTICULAR CIRCUMSTANCES FROM THEIR OWN INDEPENDENT TAX ADVISORS WITH RESPECT
TO ALL TAX ISSUES RELATING TO A PURCHASE OF the stock of the company.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This opinion is
rendered only to you and may not be quoted in whole or in part or otherwise referred to, nor be filed with, or furnished to,
any other person or entity. We hereby consent to the filing of this opinion letter as Exhibit 8.1 to the Company&rsquo;s
current report on Form 8-K, filed with the Securities and Exchange Commission on the date hereof, portions of which are
incorporated by reference into the Registration Statement, and to the reference to this firm under the caption &ldquo;Legal
Matters&rdquo; in the Prospectus and the Prospectus Supplement. In giving such consent, we do not thereby admit that we are
within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the
rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 48%; padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; font-size: 10pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">/s/ DLA PIPER LLP (US)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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