<SEC-DOCUMENT>0001144204-13-003092.txt : 20130118
<SEC-HEADER>0001144204-13-003092.hdr.sgml : 20130118
<ACCEPTANCE-DATETIME>20130118161329
ACCESSION NUMBER:		0001144204-13-003092
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20130115
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130118
DATE AS OF CHANGE:		20130118

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:		13537722

	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>v332478_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of earliest event reported):
January 15, 2013</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>AGREE
REALTY CORPORATION</B></FONT></P>

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

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

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

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

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    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B><U>Maryland</U></B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>1-12928</U></B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>38-3148187</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(Commission File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: black">(IRS Employer Identification No.)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">q</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 Under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">q</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">q</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">q</FONT></TD><TD STYLE="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: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 15, 2013,
Agree Realty Corporation (the &ldquo;<U>Company</U>&rdquo;) and Agree Limited Partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;),
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 1,725,000 shares (including 225,000
shares issued pursuant to the underwriters&rsquo; over-allotment option) of common stock, par value
$0.0001 per share, at a purchase price to the public of $27.25 per share. Raymond James &amp; Associates, Inc. served as sole book-running
manager for the offering. BMO Capital Markets Corp. served as lead manager for the offering, and Compass Point Research &amp; Trading,
LLC, PNC Capital Markets LLC and Piper Jaffray &amp; Co. served as co-managers for the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#9;The offering closed on January 18,
2013, and the Company issued 1,725,000 shares pursuant to the Company&rsquo;s shelf registration statement on Form S-3 (File No.&nbsp;333-184095),
which was declared effective by the Securities and Exchange Commission on October 15, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#9;The Company received net proceeds from
the offering of approximately $44.9 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: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 12pt; text-decoration: underline; font-weight: bold; width: 15%"><FONT STYLE="font-size: 10pt"><U>Exhibit Number</U></FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-decoration: underline; font-weight: bold; width: 83%"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">1.1</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Underwriting Agreement, dated as of January 15, 2013, among Agree Realty Corporation, Agree Limited Partnership and Raymond James &amp; Associates, Inc., as representative of the several underwriters named therein</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">5.1</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Opinion of Hunton &amp; Williams LLP regarding legality of the shares</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">8.1</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Opinion of Hunton &amp; Williams LLP regarding tax matters </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">23.1</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Consent of Hunton &amp; Williams LLP (included in Exhibit 5.1 and Exhibit 8.1)</FONT></TD></TR>
</TABLE>


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

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

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

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

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

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

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

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



<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>AGREE REALTY CORPORATION</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Dated: January 18, 2013</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ <B>Alan D. Maximiuk</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Alan D. Maximiuk<BR>Vice President, Chief Financial Officer
and Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-decoration: underline; text-align: justify"><FONT STYLE="font-size: 10pt; color: black"><B><U>Exhibit Number</U></B></FONT></TD>
    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Description</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">1.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Underwriting Agreement, dated as of January 15, 2013, among Agree Realty Corporation, Agree Limited Partnership and Raymond James &amp; Associates, Inc., as representative of the several underwriters named therein</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">5.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Opinion of Hunton &amp; Williams LLP regarding legality of the shares</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">8.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Opinion of Hunton &amp; Williams LLP regarding tax matters </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">23.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal"><FONT STYLE="font-size: 10pt; font-weight: normal">Consent of Hunton &amp; Williams LLP (included in Exhibit 5.1 and Exhibit 8.1)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<FILENAME>v332478_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1,500,000 Shares of Common Stock</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">January 15, 2013</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 &ldquo;<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 1,500,000 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 225,000 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>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Registration Statement and Prospectus</U>. The Company has prepared and filed on September 25, 2012 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. 333-184095) under the Act (&ldquo;<B>Registration Statement 333-184095</B>&rdquo;), including the prospectus
contained therein (the &ldquo;<B>Basic Prospectus</B>&rdquo;), relating to the issuance of up to $250,000,000 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 333-184095, including
any amendments thereto filed prior to the Applicable Time (as defined below), was declared effective by the Commission on October
15, 2012. Except where the context otherwise requires, Registration Statement 333-184095, 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 Applicable
Time 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 &ldquo;<B>Applicable
Time</B>&rdquo; shall mean 8:45 a.m. (Eastern Time) on January 15, 2013 or such other time as agreed by the Company and the Representative.
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 Applicable
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: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 $26.06 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: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 225,000
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: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 18, 2013, 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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 Applicable 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: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(q)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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, of any shares of Common Stock (excluding the Shares) or any
securities convertible into or exercisable or exchangeable for, shares of Common Stock, including the filing (or participation
in the filing) of a registration statement with the Commission in respect of any of the foregoing, 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 Applicable Time, (ii) grant employees stock options and restricted shares
pursuant to the terms of any equity incentive plan in effect at the Applicable Time, and (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. 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: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 Applicable Time, was declared effective by the
Commission on October 15, 2012. 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 Applicable 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: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Immediately following the Closing Date, 12,936,044 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>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Each of the Company and the Operating Partnership is a corporation and limited partnership, respectively, duly organized,
validly existing and in good standing under the laws of the state of its formation, with full corporate or partnership 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>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Each of the direct and indirect subsidiaries of the Company (other than the Operating Partnership) 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, except where the failure to be in good
standing would not result in a Material Adverse Effect, 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 or be in good standing 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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>None of the Company, the Operating Partnership or any of its subsidiaries does any business in Cuba.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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;Material Federal Income Tax Considerations&rdquo;
and the statements in the Prospectus and Disclosure Package under the heading &ldquo;Additional Material 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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(o)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>(A)&nbsp;As of the date of this Agreement, the Company owns either directly or indirectly through its subsidiaries,
109 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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(p)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(r)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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. <FONT STYLE="color: black">The financial statements of the businesses
or properties acquired or proposed to be acquired, if any, included in, or incorporated by reference into, the Registration Statement,
the Disclosure Package or the Prospectus present fairly in all material respects the information set forth therein, have been prepared
in conformity with generally accepted accounting principles (&ldquo;<B>GAAP</B>&rdquo;) applied on a consistent basis and otherwise
have been prepared in accordance with the applicable financial statement requirements of Rule 3-05 or Rule 3-14 of Regulation S-X
with respect to real estate operations acquired or to be acquired.<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></FONT>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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(s)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(kk)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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, 2013 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, 2013 or future taxable
years.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(vv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 Financial Industry Regulatory Authority
(&ldquo;<B>FINRA</B>&rdquo;)) any member firm of 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 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: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Subsequent to the Applicable 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>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 Hunton &amp; Williams LLP, 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: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Representative shall have received on the Closing Date and, if applicable, each Option Closing Date an opinion
and negative assurance letter of DLA Piper LLP (US), 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: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

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

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

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Subsequent to the Applicable 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 in Section 3(a)(62) of the
Exchange 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>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 DLA Piper LLP (US), Attn: Christine C. Lehr, counsel for the Underwriters, at 4141 Parklake Avenue, Suite 300, Raleigh, North
Carolina 27612 on or prior to such date.</P>

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

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

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">11.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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>

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">12.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 paragraph 13, paragraphs 14 through 17, the second
and third sentence of paragraph 18, and paragraph 22 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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">13.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">14.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">15.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">16.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">17.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">18.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">19.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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>

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">21.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">22.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"><B>AGREE REALTY CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">By:&#9;<U>/s/ Joey Agree&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">Name:&#9;Joey Agree</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">Title:&#9;President and Chief Executive Officer</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"><B>AGREE LIMITED PARTNERSHIP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">By: AGREE REALTY CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.25in">By: <U>/s/ Joey Agree&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.25in">Name: Joey Agree</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.25in">Title: President and Chief Executive Officer</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 186pt 0pt 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: 0pt 214.55pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 214.55pt 0pt 0">By:&#9;<U>/s/ Brad Butcher&#9;</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 186pt 0pt 0"><B>&nbsp;</B></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%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 186pt 0pt 0"></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 78%; padding: 5.05pt 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1.5pt solid"><B>Name of Underwriter</B></P></TD>
    <TD STYLE="vertical-align: top; width: 22%; padding: 5.05pt 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1.5pt solid"><B>Number
of Firm</B><BR>
<B>Shares</B>&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 5.05pt 6pt 5.05pt 57pt; text-indent: -57pt">Raymond James &amp; Associates, Inc.&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">1,125,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 5.05pt 6pt 5.05pt 57pt; text-indent: -57pt">BMO Capital Markets Corp.&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">225,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 5.05pt 6pt 5.05pt 57pt; text-indent: -57pt">Compass Point Research &amp; Trading, LLC&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">60,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 5.05pt 6pt 5.05pt 57pt; text-indent: -57pt">PNC Capital Markets LLC&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">60,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 5.05pt 6pt 5.05pt 57pt; text-indent: -57pt">Piper Jaffray &amp; Co.&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">30,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 5.05pt 6pt 5.05pt 16.5pt; font-weight: bold"><FONT STYLE="color: black"><B>Total</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; padding: 5.05pt 6pt; text-align: center">1,500,000</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 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 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>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Antioch, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Illinois</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></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%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<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 Concord, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%">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">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Mall of Louisiana, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Louisiana</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Cochran GA, 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 Tri-State Lease, 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 Fort Mill SC, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">South Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Spartanburg SC LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">South Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Springfield IL 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 Jacksonville NC 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 Greenville SC, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">South Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Morrow GA, 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 Charlotte Poplar, 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 East Palatka, 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 Lyons GA 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 Fuquay Varina 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 Minneapolis Clinton Ave, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Minnesota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Wichita, 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 117 Mission, 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 Holdings I, 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 Lake Zurich IL, 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 Ann Arbor State Street, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michigan</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></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%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<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 Lebanon VA LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%">Virginia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Agree Harlingen 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 Wichita Falls TX 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 Pensacola 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 Pensacola Nine Mile 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">2355 Jackson Avenue, 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 Statham GA LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Geogia</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><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: 0pt 0"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 38; 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%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify">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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">5.</TD><TD STYLE="text-align: justify">Agree Realty Corporation Profit Sharing Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">6.</TD><TD STYLE="text-align: justify">Employment Agreement, dated July 14, 2009, by and between Agree Realty Corporation and Richard
Agree</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">7.</TD><TD STYLE="text-align: justify">Employment Agreement, dated July 14, 2009, by and between Agree Realty Corporation and Joey Agree</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">8.</TD><TD STYLE="text-align: justify">Letter Agreement of Employment dated July 8, 2010 between Agree Limited Partnership and Alan Maximiuk</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">9.</TD><TD STYLE="text-align: justify">Letter Agreement of Employment dated April 5, 2010 between Agree Limited Partnership and Laith
Hermiz</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">10.</TD><TD STYLE="text-align: justify">Agree Realty Corporation&rsquo;s 2005 Equity Incentive Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">11.</TD><TD STYLE="text-align: justify">Form of Restricted Stock Agreement</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">12.</TD><TD STYLE="text-align: justify">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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">13.</TD><TD STYLE="text-align: justify">First Amendment to Credit Agreement, dated December 13, 2012, 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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Aggregate
number of shares offered: <B> </B></FONT>&#9;1,500,000</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Offering
price to public: $</FONT>27.25</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><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: 0pt 0; text-align: left; text-indent: 0in"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">January __, 2013</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</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%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<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-bottom: 24pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 0">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; width: 10%">Signature:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; width: 40%">____________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0">Name:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0">___________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">Address:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">31850 Northwestern Highway</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0">Farmington Hills, MI 48334</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v332478_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; padding-right: 5.75pt; padding-left: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 8pt">Hunton
        &amp; Williams LLP</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 8pt">ONE
        Bank of america plaza</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 8pt">Suite
        1400</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 8pt">421
        Fayetteville street</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 8pt">raleigh,
        north carolina 27601</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 8pt">Tel&#9;919
        &bull; 899 &bull; 3000</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 8pt">Fax&#9;919
        &bull; 833 &bull; 6352</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 0; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 10pt; text-transform: uppercase">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 0; font-size: 10pt">January 18, 2013</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Issuance of 1,725,000 Shares of Common
Stock</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have served as special
counsel to Agree Realty Corporation, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the issuance
and sale by the Company to the underwriters pursuant to the underwriting agreement, dated January 15, 2013 (the &ldquo;<U>Underwriting
Agreement</U>&rdquo;), among the Company and Agree Limited Partnership, a Delaware limited partnership, on the one hand, and Raymond
James &amp; Associates, Inc., acting as the representative of the several underwriters named in <U>Schedule I</U> to the Underwriting
Agreement, on the other hand, of 1,725,000 shares (the &ldquo;<U>Shares</U>&rdquo;) of common stock, par value $0.0001 per share,
of the Company (the &ldquo;<U>Common Stock</U>&rdquo;) (including 225,000 shares issued pursuant to the Underwriters&rsquo; over-allotment
option) to be issued by the Company in an underwritten public offering. The Shares have been registered on a Registration Statement
on Form S-3 (File No.&nbsp;333-184095), which was declared effective by the United States Securities and Exchange Commission (the
&ldquo;<U>Commission</U>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), on October
15, 2012 (the &ldquo;<U>Registration Statement</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies
certified or otherwise identified to our satisfaction, of the following documents:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)</FONT></TD><TD STYLE="text-align: justify">the Articles of Incorporation of the Company, together with all amendments and articles supplementary
filed to date with respect thereto, as certified by the State Department of Assessments and Taxation of the State of Maryland (the
&ldquo;<U>SDAT</U>&rdquo;) as of January 16, 2013 and by the Secretary of the Company as of the date hereof (the &ldquo;<U>Charter</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)</FONT></TD><TD STYLE="text-align: justify">the Company&rsquo;s Amended and Restated Bylaws, as certified by the Secretary of the Company as
of the date hereof;</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">ATLANTA&nbsp;&nbsp;&nbsp;AUSTIN&nbsp;&nbsp;&nbsp;BANGKOK&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;BRUSSELS&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;DALLAS&nbsp;&nbsp;&nbsp;HOUSTON&nbsp;&nbsp;&nbsp;LONDON&nbsp;&nbsp;&nbsp;LOS
ANGELES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">McLEAN&nbsp;&nbsp;&nbsp;MIAMI&nbsp;&nbsp;&nbsp;NEW
YORK&nbsp;&nbsp;&nbsp;NORFOLK&nbsp;&nbsp;&nbsp;RALEIGH&nbsp;&nbsp;&nbsp;RICHMOND&nbsp;&nbsp;&nbsp;SAN FRANCISCO&nbsp;&nbsp;&nbsp;TOKYO&nbsp;&nbsp;&nbsp;WASHINGTON</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">www.hunton.com</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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-size: 10pt"><TR><TD STYLE="text-align: left; width: 100%">Board of Directors<BR>Agree Realty Corporation<BR>January 18, 2013<BR>Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)</FONT></TD><TD STYLE="text-align: justify">the form of certificate representing a share of Common Stock, as certified by the Secretary of
the Company on the date hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)</FONT></TD><TD STYLE="text-align: justify">resolutions duly adopted by the board of directors of the Company at meetings held on August&nbsp;17,
2012 and January 11, 2013 and resolutions adopted pursuant to an action by unanimous written consent of the Special Pricing Committee
of the board of directors of the Company dated January 15, 2013, relating to, among other things, the registration, issuance and
sale of the Shares and the price per share to be paid to the Company by the Underwriters, as certified by the Secretary of the
Company as of the date hereof (collectively, the &ldquo;<U>Resolutions</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(e)</FONT></TD><TD STYLE="text-align: justify">the Registration Statement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(f)</FONT></TD><TD STYLE="text-align: justify">the preliminary prospectus supplement, dated January 14, 2013, as filed with the Commission on
January 14, 2013 pursuant to Rule 424(b) under the Securities Act, together with the base prospectus, dated October 15, 2012 (the
&ldquo;<U>Base Prospectus</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(g)</FONT></TD><TD STYLE="text-align: justify">the final prospectus supplement, dated January 15, 2013, filed with the Commission on January 15,
2013 pursuant to Rule 424(b) under the Securities Act, together with the Base Prospectus (collectively, the &ldquo;<U>Final Prospectus</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(h)</FONT></TD><TD STYLE="text-align: justify">an executed copy of the Underwriting Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(i)</FONT></TD><TD STYLE="text-align: justify">an executed copy of the certificate of the Secretary of the Company, dated the date hereof, as
to certain factual matters;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(j)</FONT></TD><TD STYLE="text-align: justify">the certificate of the SDAT as to the due incorporation, existence and good standing of the Company
in the State of Maryland dated January 15, 2013 (the &ldquo;<U>Good Standing Certificate</U>&rdquo;); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(k)</FONT></TD><TD STYLE="text-align: justify">such other documents and matters as we have deemed necessary or appropriate to express the opinion
set forth below, subject to the assumptions, limitations and qualifications stated herein.</TD></TR></TABLE>

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

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    <!-- Field: /Page -->
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the
opinion expressed below, we have assumed (i)&nbsp;the authenticity of all documents submitted to us as originals, (ii)&nbsp;the
conformity to the originals of all documents submitted as certified or photostatic copies and the authenticity of the originals
thereof, (iii)&nbsp;the legal capacity of natural persons, (iv)&nbsp;the genuineness of all signatures and (v)&nbsp;the due authorization,
execution and delivery of all documents by all parties and the validity and binding effect and enforceability thereof upon the
Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
and having regard for such legal considerations as we have considered necessary for purposes hereof, we are of the opinion that:</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good
standing with the SDAT, and has the requisite corporate power to issue the Shares.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
issuance of the Shares has been duly authorized and, when issued and delivered upon payment therefor in accordance with the Final
Prospectus, the Resolutions and the Underwriting Agreement, the Shares will be validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The opinion in paragraph
1 with respect to incorporation, existence and good standing of the Company in the State of Maryland is based solely on the Good
Standing Certificate. In expressing the opinions above, we have assumed that the Shares will not be issued in violation of Article
Ninth of the Charter, as amended or supplemented as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing opinions
are limited to the Maryland General Corporation Law, and we do not express any opinion herein concerning any other law. We express
no opinion as to the applicability or effect of any federal or state securities (or &ldquo;blue sky&rdquo;) laws, including the
securities laws of the State of Maryland or any federal or state laws regarding fraudulent transfers or fraudulent conveyances.
To the extent that any matter as to which our opinion is expressed herein would be governed by any provisions other than those
set forth in the Maryland General Corporation Law, we do not express any opinion on such matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is being
furnished to you for submission to the Commission as an exhibit to the Company&rsquo;s Current Report on Form 8-K, which is incorporated
by reference in the Registration Statement in accordance with the requirements of Form S-3 and the rules and regulations promulgated
under the Securities Act. We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement with the
Commission on the date hereof and to the use of the name of our firm in the section entitled &ldquo;Legal Matters&rdquo; in the
Final Prospectus. In giving this consent, we do not admit that we are within the category of persons whose consent is required
by Section&nbsp;7 of the Securities Act or the rules and regulations promulgated thereunder by the Commission.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is limited
to the matters stated in this letter, and no opinion may be implied or inferred beyond the matters expressly stated in this letter.
This opinion is given as of the date hereof, and we assume no obligation to advise you after the date hereof of facts or circumstances
that come to our attention or changes in the law, including judicial or administrative interpretations thereof, that occur which
could affect the opinions contained herein.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0; font-size: 10pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0; font-size: 10pt">/s/ Hunton &amp; Williams LLP</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>v332478_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Hunton &amp; Williams LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Riverfront Plaza, East Tower<BR>
        951 East Byrd Street<BR>
        Richmond, Virginia 23219-4074</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Tel&#9;804 &bull; 788 &bull; 8200<BR>
        Fax&#9;804 &bull; 788 &bull; 8218</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0.75in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">January 18, 2013</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have acted as tax counsel to Agree Realty
Corporation, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the preparation of a registration statement
on Form S-3 (File No. 333-184095) declared effective by the Securities and Exchange Commission on October 15, 2012 (the &ldquo;<U>Registration
Statement</U>&rdquo;), with respect to the offer and sale of up to an aggregate of $250,000,000 of shares of common stock, par
value $0.0001, of the Company (the &ldquo;<U>Common Stock</U>&rdquo;), shares of preferred stock, par value $0.0001 per share,
of the Company (the &ldquo;<U>Preferred Stock</U>&rdquo;), depositary shares representing Preferred Stock (&ldquo;<U>Depositary
Shares</U>&rdquo;), and warrants entitling the holders to purchase Common Stock, Preferred Stock, Depositary Shares or any combination
of these securities to be offered from time-to-time, and the offer and sale of up to 1,725,000 shares of Common Stock pursuant
to a prospectus supplement filed on January 15, 2013 (the &ldquo;<U>Prospectus Supplement</U>&rdquo;), as part of the Registration
Statement. You have requested our opinion regarding certain U.S. federal income tax matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In giving this opinion letter, we have examined
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>the Company&rsquo;s Articles of Incorporation, as amended;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>the Registration Statement, the prospectus (the &ldquo;Prospectus&rdquo;) filed as part of the Registration Statement, and
the Prospectus Supplement;</TD></TR></TABLE>

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



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>the tax opinion issued by DLA Piper LLP (US), dated January 27, 2012, regarding the Company&rsquo;s qualification as a real
estate investment trust (a &ldquo;<U>REIT</U>&rdquo;) for federal income tax purposes (the &ldquo;<U>Prior REIT Opinion</U>&rdquo;);
and</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">ATLANTA AUSTIN
BANGKOK BEIJING BRUSSELS CHARLOTTE DALLAS HOUSTON LONDON LOS ANGELES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">McLEAN MIAMI
NEW YORK NORFOLK RALEIGH RICHMOND SAN FRANCISCO TOKYO WASHINGTON</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">www.hunton.com</FONT></P>



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 18, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>such other documents as we have deemed necessary or appropriate for purposes of this opinion.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with the opinions rendered below,
we have assumed, with your consent, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each of the documents referred to above<B> </B>has been duly authorized, executed, and delivered; is authentic, if an original,
or is accurate, if a copy; and has not been amended;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>during its taxable year ending December 31, 2013, and future taxable years, the Company will operate in a manner that will
make the representations contained in a certificate, dated the date hereof and executed by a duly appointed officer of the Company
(the &ldquo;<U>Officer&rsquo;s Certificate</U>&rdquo;), true for such years, without regard to any qualifications as to knowledge
or belief;</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company will not make any amendments to its organizational documents after the date of this opinion that would affect
the Company&rsquo;s qualification as a REIT for any taxable year; and</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no action will be taken by the Company after the date hereof that would have the effect of altering the facts upon which
the opinions set forth below are based.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with the opinions rendered below,
we have assumed the correctness of the Prior REIT Opinion with respect to all periods prior to the date of that opinion. We also
have relied upon the correctness, without regard to any qualification as to knowledge or belief, of the factual representations
and covenants contained in the Officer&rsquo;s Certificate and the factual matters discussed in the Prospectus and the Prospectus
Supplement that relate to the Company&rsquo;s status as a REIT. Where the factual representations in the Officer&rsquo;s Certificate
involve terms defined in the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;), the Treasury regulations
thereunder (the &ldquo;<U>Regulations</U>&rdquo;), published rulings of the Internal Revenue Service (the &ldquo;<U>Service</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 Service, and other relevant authority. We are not aware of any facts that
are inconsistent with the representations contained in the Officer&rsquo;s Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based on the documents and assumptions set
forth above, the representations and covenants set forth in the Officer&rsquo;s Certificate, and the factual matters discussed
in the Prospectus under the caption &ldquo;Material Federal Income Tax Considerations&rdquo; and in the Prospectus Supplement under
the caption &ldquo;Additional Material Federal Income Tax Considerations&rdquo; (which are incorporated herein by reference), we
are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 18, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&#9;the Company qualified to
be taxed as a REIT pursuant to sections 856 through 860 of the Code for its taxable years ended December 31, 2009 through December
31, 2012, and the Company&rsquo;s organization and current and proposed method of operation will enable it to continue to qualify
as a REIT under the Code for its taxable year ending December 31, 2013 and thereafter; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)&#9;the descriptions of the
law and the legal conclusions contained in the Prospectus under the caption &ldquo;Material Federal Income Tax Considerations&rdquo;
and in the Prospectus Supplement under the caption &ldquo;Additional Material Federal Income Tax Considerations&rdquo; are correct
in all material respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We will not review on a continuing basis the
Company&rsquo;s compliance with the documents or assumptions set forth above, or the representations set forth in the Officer&rsquo;s
Certificate. Accordingly, no assurance can be given that the actual results of the Company&rsquo;s operations for any given taxable
year will satisfy the requirements for qualification and taxation as a REIT. Although we have made such inquiries and performed
such investigations as we have deemed necessary to fulfill our professional responsibilities as counsel, we have not undertaken
an independent investigation of all the facts referred to in this opinion letter or the Officer&rsquo;s Certificate. In particular,
we note that the Company has engaged in transactions in connection with which we have not provided legal advice and may not have
reviewed. Moreover, we note that, although we previously represented the underwriters in certain of the Company&rsquo;s stock offerings,
we did not represent the Company prior to February 15, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinions are based on current
provisions of the Code and the Regulations, published administrative interpretations thereof, and published court decisions. The
Service has not issued Regulations or administrative interpretations with respect to various provisions of the Code relating to
REIT qualification. No assurance can be given that the law will not change in a way that will prevent the Company from qualifying
as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinions are limited to the
U.S. federal income tax matters addressed herein, and no other opinions are rendered with respect to other U.S. federal tax matters
or to any issues arising under the tax laws of any other country, or any state or locality. We undertake no obligation to update
the opinions expressed herein after the date of this letter. This opinion letter speaks only as of the date hereof. Except as provided
in the next paragraph, this opinion letter may not be distributed, quoted in whole or in part or otherwise reproduced in any document,
or filed with any governmental agency without our express written consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 18, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We hereby consent to the filing of this
opinion as an exhibit to the Prospectus Supplement. We also consent to the references to Hunton &amp; Williams LLP under the caption
&ldquo;Legal Matters&rdquo; in the Prospectus Supplement. In giving this consent, we do not admit that we are in the category of
persons whose consent is required by Section 7 of the Securities Act of 1933, as amended, or the rules and regulations promulgated
thereunder by the Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 3in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 3in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 3in">/s/ Hunton &amp; Williams LLP</P>

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