<SEC-DOCUMENT>0001144204-13-064531.txt : 20131127
<SEC-HEADER>0001144204-13-064531.hdr.sgml : 20131127
<ACCEPTANCE-DATETIME>20131127133839
ACCESSION NUMBER:		0001144204-13-064531
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20131121
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131127
DATE AS OF CHANGE:		20131127

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:		131246930

	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>v361541_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of earliest event reported):
November 21, 2013</P>

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

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 25%; margin-top: 0pt; margin-bottom: 0pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AGREE REALTY CORPORATION</B></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">&nbsp;</P>
<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 25%; margin-top: 0pt; margin-bottom: 0pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 34%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Maryland</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 28%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>1-12928</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>38-3148187</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black">(State or other jurisdiction of</FONT><BR>
<FONT STYLE="font-size: 10pt; color: black">incorporation)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black">(Commission File Number)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: black">(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>
<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">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"><B>&nbsp;</B></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: center">&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">&uml;</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>

<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">&uml;</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">&uml;</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>

<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">&uml;</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>


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

<P STYLE="font: 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 21, 2013,
Agree Realty Corporation (the &ldquo;<U>Company</U>&rdquo;) and Agree Limited Partnership, for which the Company is the sole general
partner, entered into an Underwriting Agreement with Citigroup Global Markets Inc. (the &ldquo;<U>Underwriting Agreement</U>&rdquo;)
relating to the issuance and sale of 1,650,000 shares (the &ldquo;<U>Shares</U>&rdquo;) of the Company&rsquo;s common stock, par
value $0.0001 per share. <FONT STYLE="font-family: Times New Roman, Times, Serif; color: black"> </FONT>The Company expects to
receive net proceeds from this offering of approximately $48.7 million, after deducting estimated offering expenses payable by
the Company. <FONT STYLE="font-family: Times New Roman, Times, Serif; color: black"> </FONT></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; text-indent: 0.5in">The Company granted
the underwriter an option, exercisable for 30 days after the date of the Underwriting Agreement, to purchase from time to time
up to an aggregate of 247,500 additional shares of common stock at a price of $29.55 per share.</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-align: justify; text-indent: 0.5in">The offering closed on November 27,
2013, and the Company issued the Shares pursuant to the Company&rsquo;s 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"><B>&nbsp;</B></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"><B>&nbsp;</B></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: bold 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: 15%; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Exhibit Number</FONT></TD>
    <TD STYLE="width: 3%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 82%; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">1.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">Underwriting Agreement, dated as of November 21, 2013, among Agree Realty Corporation, Agree Limited Partnership and Citigroup Global Markets Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">5.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><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="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">8.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><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="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">23.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><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"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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

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

<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>

<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="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: black"><B>AGREE REALTY CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 42%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; color: black">Dated:&nbsp;&nbsp;November 27, 2013</FONT></TD>
    <TD STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 10pt; color: black">BY: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">/s/ <B>Alan D. Maximiuk</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Alan D. Maximiuk</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Vice President, Chief Financial Officer and Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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"><B><U>EXHIBIT INDEX</U></B></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: 15%; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 82%; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">1.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">Underwriting Agreement, dated as of November 21, 2013, among Agree Realty Corporation, Agree Limited Partnership and Citigroup Global Markets Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">5.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><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="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">8.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><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="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">23.1</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify"><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>


<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>v361541_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1,650,000 Shares of Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&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-transform: uppercase; text-align: left">&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: 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">November 21, 2013</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">Citigroup Global Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10013</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; 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">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 Citigroup Global Markets Inc. (the &ldquo;<B>Underwriter</B>&rdquo;) with
respect to (i) the sale by the Company and the purchase by the Underwriter of 1,650,000 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
Underwriter of the option described in Section 2(b) hereof to purchase up to an additional 247,500 shares of Common Stock (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: 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 4:15 p.m. (Eastern Time) on November 21, 2013 or such other time as agreed by the Company and the Underwriter.
The Pricing Prospectus, as supplemented by the Issuer Free Writing Prospectuses, if any, listed in <U>Schedule I</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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

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


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

<P STYLE="font: 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Agreement
to Sell and Purchase</U>.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 the Underwriter and the Underwriter agrees to purchase from the Company at a purchase price
of $29.55 per Share, the Firm Shares.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Underwriter to purchase up to 247,500 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 by the Underwriter 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 Underwriter to the
Company setting forth the number of Option Shares as to which the Underwriter is 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.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Offering
by Underwriter</U>. It is understood that the Underwriter proposes to offer the Shares for sale to the public as soon after this
Agreement has become effective as in its judgment is advisable and initially to offer the Shares upon the terms set forth in the
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 Underwriter represents
and agrees that, unless it has or shall have obtained, as the case may be, the prior written consent of the Company, the Underwriter
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 &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 I</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: 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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 November 27, 2013, or at such time on such later date not more than three (3) Business Days after the foregoing date as the
Underwriter shall designate, which date and time may be postponed by mutual written agreement of the Underwriter 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 Underwriter 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 Underwriter 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 Underwriter requests.</P>

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


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Agreements
of the Company</U>. The Company agrees with the Underwriter as follows:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Underwriter promptly and, if requested by the Underwriter,
will confirm such advice in writing, immediately after such post-effective amendment has become effective.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Underwriter 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 Underwriter
in such quantities as may be reasonably requested.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company will advise the Underwriter promptly and, if requested by the Underwriter, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
request, the Company will furnish to the Underwriter and counsel to the Underwriter, 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 Underwriter may request; (iii)&nbsp;such number of copies of
the Incorporated Documents, without exhibits, as the Underwriter may request; and (iv)&nbsp;one (1) copy of the exhibits to the
Incorporated Documents.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Underwriter shall not previously have been advised or to which, after the Underwriter shall
have received a copy of the document proposed to be filed, the Underwriter 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 Underwriter 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 Underwriter with copies of any such documents a reasonable amount of time prior to
such proposed filing.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Underwriter 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 Underwriter 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 Underwriter and each dealer, without charge, as many copies of the Prospectus (and of
any amendment or supplement thereto), any Preliminary Prospectus and any Issuer Free Writing Prospectus as the 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 Underwriter
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 Underwriter 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 Underwriter, 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 Underwriter 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 Underwriter and dealers a reasonable number of copies thereof. In the event that the Company and the Underwriter agree that
the Prospectus should be amended or supplemented, the Company, if requested by the Underwriter, will promptly issue a press release
announcing or disclosing the matters to be covered by the proposed amendment or supplement.</P>

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


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company will: (i)&nbsp;cooperate with the Underwriter and its counsel in connection with the registration or qualification of the
Shares for offering and sale by the Underwriter and by dealers under the securities or blue sky laws of such jurisdictions as the
Underwriter 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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company agrees that, unless it has or shall have obtained the prior written consent of the Underwriter, 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;I</U> hereto and any electronic road show. Any such free writing prospectus consented to by the Underwriter
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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company will make generally available to its security holders and to the Underwriter 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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Underwriter: (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 Underwriter may reasonably request.</P>

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


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

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Underwriter 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 Underwriter for reasonable out-of-pocket expenses
(including the reasonable fees and expenses of counsel for the Underwriter) incurred by the Underwriter in connection herewith.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Underwriter of the time and manner of such filing.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company will not, without the prior written consent of the Underwriter, 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 Underwriter. 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 the Underwriter as follows:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>

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


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Immediately
following the Closing Date, 14,890,404 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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>

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


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

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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;II</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>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>None
of the Company, the Operating Partnership or any of its subsidiaries does any business in Cuba.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Other
than as set forth on <U>Schedule&nbsp;II</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>

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


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 III</U> of this Agreement (the &ldquo;<B>Material Agreements</B>&rdquo;).</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(A)&nbsp;As
of the date of this Agreement, the Company owns either directly or indirectly through its subsidiaries, 130 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>

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


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

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the issuance and sale of the Shares, the execution, delivery or performance of this Agreement by the Company or the Operating Partnership,
nor the consummation by the Company or the Operating Partnership of the transactions contemplated hereby (including the application
of the proceeds from the sale of the Shares as described in the Registration Statement, the Disclosure Package and the Prospectus):
(A)&nbsp;requires any consent, approval, authorization or other order of, or registration or filing with, any court, regulatory
body, administrative agency or other governmental body, agency or official (except such as may be required for the registration
of the Shares under the Act, the listing of the Shares on the New York Stock Exchange and compliance with the securities or blue
sky laws of various jurisdictions), or conflicts or will conflict with or constitutes or will constitute a breach or violation
of, or a default under, the articles of incorporation, or by-laws (or analogous governing documents) of the Company, the Operating
Partnership or any of their subsidiaries; or (B)&nbsp;(i) conflicts or will conflict with or constitutes or will constitute a breach
of, or a default under, any agreement, indenture, lease or other instrument to which the Company, the Operating Partnership or
any of their subsidiaries is a party or by which the Company or the Operating Partnership or any properties of the Company or the
Operating Partnership or any of their subsidiaries may be bound, except as would not reasonably be expected to have a Material
Adverse Effect, or (ii) violates or will violate any statute, law, regulation or filing or judgment, injunction, order or decree
applicable to the Company, the Operating Partnership or any of their subsidiaries or any properties of the Company, the Operating
Partnership or any of their subsidiaries, or (iii) will result in the creation or imposition of any lien, charge or encumbrance
upon any property or assets of the Company, the Operating Partnership or any of their subsidiaries pursuant to the terms of any
agreement or instrument to which the Company, the Operating Partnership or any of their subsidiaries is a party or by which the
Company, the Operating Partnership or any of their subsidiaries may be bound, or to which any property or assets of the Company,
the Operating Partnership or any of their subsidiaries is subject.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
the Company&rsquo;s knowledge, each of Baker Tilly Virchow Krause, LLP and Grant Thornton LLP, who collectively have 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 respective financial statements on which each of them reported, an independent registered public
accounting firm with respect to the Company as required by the Act and the Exchange Act and the applicable published rules and
regulations thereunder and by the Public Company Accounting Oversight Board.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>

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


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company has the corporate power to issue, sell and deliver the Shares as provided herein; the execution and delivery of, and the
performance by the Company of its obligations under, this Agreement have been duly and validly authorized by the Company, and this
Agreement has been duly executed and delivered by the Company and constitutes the valid and legally binding agreement of the Company,
enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors&rsquo; rights generally and by general principles of equity and to the extent
that rights to indemnity and contribution hereunder may be limited by federal or state securities laws; the execution and delivery
of, and the performance by the Operating Partnership of its obligations under, this Agreement have been duly and validly authorized
by the Operating Partnership, and this Agreement has been duly executed and delivered by the Operating Partnership and constitutes
the valid and legally binding agreement of the Operating Partnership, enforceable against the Operating Partnership in accordance
with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors&rsquo; rights generally and by general principles of equity and to the extent that rights to indemnity and contribution
hereunder may be limited by federal or state securities laws.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as disclosed in the Registration Statement, the Disclosure Package and the Prospectus (or any amendment or supplement thereto),
subsequent to the respective dates as of which such information is given in the Registration Statement, the Disclosure Package
and the Prospectus (or any amendment or supplement thereto), (A) none of the Company, the Operating Partnership or any of their
subsidiaries has incurred any liability or obligation (financial or other), direct or contingent, or entered into any transaction
(including any off-balance sheet activities or transactions), not in the ordinary course of business, that is material to the Company
and its subsidiaries, as a whole; (B) there has not been any material change in the capital stock, or partnership interests, as
the case may be, or material increase in the short-term debt or long-term debt (including any off-balance sheet activities or transactions),
of any of the Company or the Operating Partnership or the occurrence of or any development which may reasonably be expected to
result in a Material Adverse Effect; and (C) except for regular quarterly dividends on the Common Stock in amounts per share that
are consistent with the past practice, there has been no dividend or distribution of any kind declared, paid or made by the Company
on any class of its capital stock.</P>

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


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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;II</U> hereto (the &ldquo;<B>Significant Subsidiaries</B>&rdquo;).</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company, the Operating Partnership and each of their subsidiaries possess all certificates, permits, licenses, franchises and authorizations
of governmental or regulatory authorities (the &ldquo;<B>permits</B>&rdquo;) as are necessary to own their respective properties
and to conduct their respective businesses in the manner described in the Registration Statement, the Disclosure Package and the
Prospectus, where such failure to possess could have, individually or in the aggregate, a Material Adverse Effect, subject to such
qualifications as may be set forth in the Registration Statement, the Disclosure Package and the Prospectus. The Company, the Operating
Partnership and each of their subsidiaries has fulfilled and performed all of their respective material obligations with respect
to such permits, and no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination
thereof or which would result in any other material impairment of the rights of the holder of any such permit, subject in each
case to such qualification as may be set forth in the Registration Statement, the Disclosure Package and the Prospectus.</P>

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


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company, the Operating Partnership and each of their subsidiaries have established and maintain disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) that are designed to ensure that information required to be disclosed
by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported,
within the time periods specified in the Commission&rsquo;s rules and forms and is accumulated and communicated to the Company&rsquo;s
management, including its chief executive officer and chief financial officer, or persons performing similar functions, as appropriate
to allow timely decisions regarding required disclosure; and the Company, the Operating Partnership and each of their subsidiaries
maintain a system of internal control over financial reporting sufficient to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles and which includes policies and procedures that (i) pertain to the maintenance of records that in reasonable
detail accurately and fairly reflect the transactions and dispositions of the assets of the Company, the Operating Partnership
and each of their subsidiaries, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company,
the Operating Partnership and each of their subsidiaries are being made only in accordance with the authorization of management,
and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisitions, use or dispositions
of assets that could have a material effect on the financial statements. The Company&rsquo;s disclosure controls and procedures
have been evaluated for effectiveness as of the end of the period covered by the Company&rsquo;s most recently filed periodic report
on Form 10-Q or 10-K, as the case may be, which precedes the date of the Prospectus and were effective in all material respects
to perform the functions for which they were established. Based on the most recent evaluation of its internal control over financial
reporting, the Company was not aware of (i) any material weaknesses in the design or operation of internal control over financial
reporting, except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, or (ii) any fraud, whether
or not material, that involves management or other employees who have a significant role in the Company&rsquo;s internal control
over financial reporting. There has been no change in the Company&rsquo;s internal control over financial reporting that has occurred
during its most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
Company&rsquo;s internal control over financial reporting, except as disclosed in the Registration Statement, the Disclosure Package
and the Prospectus.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There
is and has been no failure on the part of the Company and any of the Company&rsquo;s directors or officers, in their capacities
as such, to comply with any provision of the Sarbanes-Oxley Act and the rules and regulations promulgated in connection therewith,
including, without limitation, Section&nbsp;402 related to loans to insiders and Sections 302 and 906 related to certifications.</P>

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


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>None
of the Company, the Operating Partnership or any of their subsidiaries nor, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company, the Operating Partnership or any of their subsidiaries is aware of or has taken any
action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977,
as amended, and the rules and regulations thereunder (the &ldquo;<B>FCPA</B>&rdquo;), including, without limitation, making use
of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay
or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything
of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political party or official
thereof or any candidate for foreign political office, in contravention of the FCPA; and the Company, the Operating Partnership,
their subsidiaries and, to the knowledge of the Company, their affiliates have conducted their businesses in compliance with the
FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue
to ensure, continued compliance therewith.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
operations of the Company, the Operating Partnership and their subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency
(collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company, the Operating Partnership or any of their subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>None
of the Company, the Operating Partnership or any of their subsidiaries nor, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company, the Operating Partnership or any of their subsidiaries is currently subject to any
sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<B>OFAC</B>&rdquo;); and
the Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any
person currently subject to any U.S. sanctions administered by OFAC.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
labor problem or dispute with the employees of the Company and/or any of its subsidiaries or, to the Company&rsquo;s knowledge,
any of the Company&rsquo;s or its subsidiaries&rsquo; principal suppliers, contractors or customers, exists, is threatened or imminent
that could result in a Material Adverse Effect. To the Company&rsquo;s knowledge, no labor problem or dispute with the Company&rsquo;s
or its subsidiaries&rsquo; tenants exists, is threatened or imminent that could result in a Material Adverse Effect.</P>

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


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(ff)&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
holder of any security of the Company or the Operating Partnership has any right to require registration of the Shares or any other
security of the Company or the Operating Partnership because of the filing of the Registration Statement or consummation of the
transactions contemplated by this Agreement, which right has not been waived in connection with the transactions contemplated by
this Agreement. The holders of outstanding shares of capital stock of the Company and the Operating Partnership are not entitled
to preemptive or other rights to subscribe for the Shares.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company, the Operating Partnership and their subsidiaries own or possess all patents, trademarks, trademark registrations, service
marks, service mark registrations, trade names, copyrights, licenses, inventions, trade secrets and rights described in the Registration
Statement, the Disclosure Package and the Prospectus as being owned by them or necessary for the conduct of their respective businesses.
The Company is not aware of any claim to the contrary or any challenge by any other person to the rights of the Company, the Operating
Partnership and their subsidiaries with respect to the foregoing that would reasonably be expected to have a Material Adverse Effect.</P>

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


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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


<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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


<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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


<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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


<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">7.&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Indemnification and Contribution</U>.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</FONT>The Company and the Operating Partnership, jointly and severally, agree to indemnify and hold
harmless the Underwriter, the directors, officers, employees, affiliates and agents of the 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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Underwriter 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 Underwriter, but only with reference to the Underwriter Content.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>

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


<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Underwriter,
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 Underwriter 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 Underwriter, on the other, from the offering of the Shares; <U>provided</U>,
<U>however</U>, that in no case shall the Underwriter be responsible for any amount in excess of the underwriting discount or commission
applicable to the Shares purchased by the Underwriter hereunder. If the allocation provided by the immediately preceding sentence
is unavailable for any reason, the Company and the Underwriter 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 Underwriter 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 Underwriter,
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 Underwriter
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 the Underwriter within the meaning of either the Act or the Exchange Act and each director, officer, employee
and agent of the 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).</P>

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


<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">8.&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</FONT><U>Conditions of Underwriter&rsquo;s Obligations</U>. The obligations of the
Underwriter to purchase the Shares hereunder are subject to the following conditions:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Prospectus, and any supplement thereto, have been filed in the manner and within the time period required by Rule&nbsp;424(b) (without
reference to Rule 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 Underwriter.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Underwriter and counsel to the Underwriter, 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 Underwriter, adversely affect the market for the Shares.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Underwriter 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 Underwriter,
to the effect set forth on <U>Exhibit C</U> , <U>Exhibit D</U>, and <U>Exhibit E</U>, respectively.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Underwriter 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 Underwriter, dated as of such date and addressed to the Underwriter with respect
to such matters as the Underwriter may request.</P>

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


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Underwriter shall have received letters addressed to the Underwriter 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 Underwriter; <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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Underwriter shall have received letters addressed to the Underwriter and dated as of the date hereof, the Closing Date and, if
applicable, each Option Closing Date from Grant Thornton LLP, an independent registered public accounting firm, substantially in
the form heretofore approved by the Underwriter; <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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose
shall have been taken or, to the knowledge of the Company, shall be contemplated by the Commission at or prior to the Closing Date
or any Option Closing Date; (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 Underwriter 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 Underwriter), to the effect set forth in this Section&nbsp;8(g) and in Section&nbsp;8(h) hereof.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>

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


<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall have completed all required filings with the New York Stock Exchange and other necessary actions in order to cause
the Shares to be listed and admitted and authorized for trading on the New York Stock Exchange, subject only to notice of issuance.</P>

<P STYLE="font: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
or about the date of this Agreement, but in no event later than the Closing Date, the Underwriter 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 IV</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall have furnished or caused to be furnished to the Underwriter such further certificates and documents as the Underwriter
shall have reasonably requested.</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">Any certificate or document
signed by any officer of the Company or the general partner of the Operating Partnership and delivered to the Underwriter, or to
counsel for the Underwriter, shall be deemed a representation and warranty by the Company or the Operating Partnership, as the
case may be, to the Underwriter 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 Underwriter and its counsel, this Agreement and all obligations of the Underwriter
hereunder may be canceled by the Underwriter 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 Underwriter, 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: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</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 Underwriter 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 Underwriter 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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</FONT><U>Termination of Agreement</U>. This Agreement shall be subject to termination in the absolute discretion
of the Underwriter, without liability on the part of the Underwriter 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
Underwriter, 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 Underwriter, to consummate the sale of the Shares and the delivery of the
Shares by the Underwriter 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 Underwriter, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">11.&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Intentionally </U>Omitted.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</FONT><U>Information Furnished by the Underwriter</U>. The Company hereby acknowledges that the only
information that the Underwriter has furnished to the Company expressly for use in the Registration Statement, the Disclosure
Package or the Prospectus are the second, third and fourth sentences of paragraph three, the second sentence of paragraph 12,
paragraphs 13 through 15, the second and third sentence of paragraph 16, and paragraph 19 under the heading
&ldquo;Underwriting&rdquo; in such documents (collectively, the &ldquo;<B>Underwriter Content</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: 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.&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 Underwriter 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 Underwriter 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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">14.&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence of Fiduciary Relationship</U>. Each of the Company and Operating Partnership
acknowledges and agrees that:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Underwriter has 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 Underwriter has been created in respect
of any of the transactions contemplated by this Agreement or the process leading thereto, irrespective of whether the Underwriter
has advised or any of them is advising the Company and the Operating Partnership on other matters;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
price of the Shares set forth in this Agreement was established by the Company following discussions and arms-length negotiations
with the Underwriter, 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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>it
has been advised that the Underwriter and its 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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>it
waives, to the fullest extent permitted by law, any claims they may have against the Underwriter for breach of fiduciary duty or
alleged breach of fiduciary duty.</P>

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


<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">15.&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notices</U>. All communications hereunder will be in writing and effective only
on receipt, and, if sent to the Underwriter, will be mailed, delivered or telefaxed to Citigroup Global Markets Inc., 388
Greenwich Street, New York, NY 10013 (facsimile 212-816-7912), Attention: General Counsel; 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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">16.&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Successors</U>. This Agreement has been made solely for the benefit of the
Underwriter, 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 Underwriter of any of the Shares in his status as such purchaser.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">17.&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Integration</U>. This Agreement supersedes all prior agreements and understandings
(whether written or oral) between the Company, the Operating Partnership and the Underwriter, or any of them, with respect to
the subject matter 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">18.&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</FONT><U>Waiver of Jury Trial</U>. The Company, the Operating Partnership and the Underwriter 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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">20.&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">21.&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Headings</U>. The section headings used herein are for convenience only and
shall not affect the construction 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">22.&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Research Analyst Independence</U>. The Company acknowledges that the
Underwriter&rsquo;s research analysts and research department 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 Underwriter 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
Underwriter&rsquo;s 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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


<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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; 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 Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&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>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>AGREE REALTY CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-bottom: 1pt">By:</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid">/s/ Joel Agree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Joel Agree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"><B>&nbsp;</B></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>&nbsp;</TD>
    <TD COLSPAN="2"><B>AGREE LIMITED PARTNERSHIP</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By:&nbsp;&nbsp;AGREE REALTY CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Joel Agree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Joel Agree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>President and Chief Executive Officer</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">Accepted and agreed to as of the date first above written:</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 COLSPAN="2"><B>CITIGROUP GLOBAL MARKETS INC.</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Paul J. Ingrassia</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>Paul J. Ingrassia</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: 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>

<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: 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>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 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"><U>SCHEDULE&nbsp;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">LIST OF
SUBSIDIARIES AND JOINT VENTURES</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 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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: center; border-bottom: Black 1pt solid"><B>Subsidiary</B></TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: center; border-bottom: Black 1pt solid"><B>State of Organization</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ACCP Maryland, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree 103-Middleburg Jacksonville, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Ann Arbor Jackson, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Atlantic Beach, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Beecher, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Brighton, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Bristol &amp; Fenton Project, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Charlotte County, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree-Columbia Crossing Project, L.L.C.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Construction Management, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Corunna, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Development, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Elkhart, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Facility No. 1, L.L.C.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Lowell, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree-Milestone Center Project, L.L.C.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Plainfield, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Port St. John LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Realty Services, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Realty South-East, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Silver Springs Shores, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Southfield &amp; Webster, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree St. Augustine Shores, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>AMCP Germantown, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Ann Arbor Store No. 1, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Boynton Beach Store No. 150, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Indianapolis Store No. 16, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Lawrence Store No. 203, L.L.C. *</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Mt Pleasant Shopping Center L.L.C.</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Oklahoma City Store No. 151, L.L.C.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Omaha Store No. 166, No. L.L.C.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Phoenix Drive, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Atchison, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Kansas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Johnstown, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Ohio</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Lake in the Hills, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>NESOR REALTY VENTURES LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Antioch, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Illinois</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: 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: 48%">Agree Concord, LLC</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 48%">North Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Mansfield, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Connecticut</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Tallahassee, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Spring Grove, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Shelby, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Wilmington, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>North Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Marietta, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Georgia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Boynton, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Indianapolis, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Indiana</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree M-59 LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Dallas Forest Drive, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Roseville CA, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Wawa Baltimore, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Maryland</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree New Lenox, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Chandler, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Arizona</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Fort Walton Beach, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Portland OR LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Rancho Cordova I</TD>
    <TD>&nbsp;</TD>
    <TD>California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Rancho Cordova II</TD>
    <TD>&nbsp;</TD>
    <TD>California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Southfield LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Poinciana LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Venice, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Madison AL LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Alabama</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Leawood, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Walker, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree 17-92, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Pinellas Park, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Mall of Louisiana, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Louisiana</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Cochran GA, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Georgia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Tri-State Lease, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Fort Mill SC, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>South Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Spartanburg SC LLC</TD>
    <TD>&nbsp;</TD>
    <TD>South Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Springfield IL LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Jacksonville NC LLC</TD>
    <TD>&nbsp;</TD>
    <TD>North Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Greenville SC, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>South Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Morrow GA, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Georgia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Charlotte Poplar, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>North Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree East Palatka, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Lyons GA LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Georgia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Fuquay Varina LLC</TD>
    <TD>&nbsp;</TD>
    <TD>North Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Minneapolis Clinton Ave, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Minnesota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Wichita, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Kansas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree 117 Mission, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Holdings I, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Lake Zurich IL, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Ann Arbor State Street, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Schedule II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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: 48%">Agree Lebanon VA LLC</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 48%">Virginia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Harlingen LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Wichita Falls TX LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Pensacola LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Pensacola Nine Mile LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2355 Jackson Avenue, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Statham GA LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Georgia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree North Las Vegas</TD>
    <TD>&nbsp;</TD>
    <TD>Nevada</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree St Joseph MO LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Missouri</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Memphis Getwell, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Tennessee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Chicago Kedzie, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Sun Valley NV LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Nevada</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Rapid City SD, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>South Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Manchester CT, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Connecticut</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Grand Forks LLC</TD>
    <TD>&nbsp;</TD>
    <TD>North Dakota</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Madisonville TX LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Brooklyn OH LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Ohio</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Baton Rouge LA LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Louisiana</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Forest MS LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Mississippi</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree St Petersburg LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Berkeley Solano, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree Rochester NY LLC</TD>
    <TD>&nbsp;</TD>
    <TD>New York</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Agree New Lenox 2 LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agree Allentown PA LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agree Joplin MO LLC</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pennsylvania</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Missouri</P></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 0pt 0.25in; text-indent: -0.25in"><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"><B>&nbsp;</B></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>


<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Schedule II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amended
and Restated Registration Rights Agreement, dated July 8, 1994 by and among the Agree Realty Corporation, Richard Agree, Edward
Rosenberg and Joel Weiner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First
Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership, dated as of April 22, 1994, as amended, by
and among the Agree Realty Corporation, Richard Agree, Edward Rosenberg and Joel Weiner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree
Realty Corporation Profit Sharing Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amended
Employment Agreement, dated January 1, 2013, by and between Agree Realty Corporation and Richard Agree</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amended
Employment Agreement, dated January 1, 2013, by and between Agree Realty Corporation and Joey Agree</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Letter
Agreement of Employment dated July 8, 2010 between Agree Limited Partnership and Alan Maximiuk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Letter
Agreement of Employment dated April 5, 2010 between Agree Limited Partnership and Laith Hermiz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree
Realty Corporation&rsquo;s 2005 Equity Incentive Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
of Restricted Stock Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First
Amendment to Credit Agreement, dated December 13, 2012, among Agree Limited Partnership, Bank of America, N.A., and the other lenders
party thereto</P>

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


<!-- Field: Page; Sequence: 37; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Schedule III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="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 0pt 45pt; text-align: justify; text-indent: -0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second
Amendment to Credit Agreement, dated September 30, 2013, among Agree Limited Partnership, Bank of America, N.A., and the other
lenders party thereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second
Amendment to First Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership, dated as of March 20, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Schedule III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 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"><U>Schedule
IV</U></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">List of Individuals Signing Lock-Up
Agreements Pursuant to Section 8(k)</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">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>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 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"><U>EXHIBIT
A</U></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: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Aggregate
number of shares offered:<B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>1,650,000</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">Offering price to public:
Variable</P>

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


<!-- Field: Page; Sequence: 40; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</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; text-align: right">November __, 2013</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 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase">citigroup
global markets INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">Re:</TD><TD><U>Proposed Public Offering by&nbsp;Agree Realty Corporation</U></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">Dear Ladies and Gentlemen:</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 undersigned, a
stockholder and an officer or director of Agree Realty Corporation,&nbsp;a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;),
understands that Citigroup Global Markets 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-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">Notwithstanding the
foregoing, if:</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">(a)&nbsp;&nbsp;&nbsp;&nbsp;&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>

<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;&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 Underwriter
waives, in writing, such extension.</P>

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


<!-- Field: Page; Sequence: 41; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Exhibit B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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


<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Exhibit B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&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>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Signature:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Address:</TD>
    <TD>31850 Northwestern Highway</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Farmington Hills, MI 48334</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Exhibit B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v361541_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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></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 NOWRAP STYLE="width: 70%; padding-right: 0; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><IMG SRC="tlogo1.jpg" ALT=""></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td>
    <TD NOWRAP STYLE="width: 30%; 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">ONE Bank of america plaza</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Suite 1400</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">421 Fayetteville street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">raleigh, north carolina 27601</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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 &bull; 899 &bull; 3000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Fax&nbsp;&nbsp;&nbsp;&nbsp;919 &bull; 833 &bull; 6352</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">
        <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">November 27, 2013</P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-transform: uppercase">&nbsp;</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 1,897,500 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 underwriter pursuant to the underwriting agreement, dated November 21, 2013 (the &ldquo;<U>Underwriting
Agreement</U>&rdquo;), among the Company and Agree Limited Partnership, a Delaware limited partnership, on the one hand, and Citigroup
Global Markets Inc., acting as the underwriter, on the other hand (the &ldquo;<U>Underwriter</U>&rdquo;), of up to 1,897,500 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 247,500 shares that may be issued pursuant to the Underwriter&rsquo;s option to purchase additional shares) 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: 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 November 22, 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: 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="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 0pt 1in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 8pt">www.hunton.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&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">November 27, 2013</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></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: 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 November 20, 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 November 21, 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 Underwriter, 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: 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: 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 November 21, 2013, as filed with the Commission on
November 21, 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: 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 November 21, 2013, filed with the Commission on November
25, 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: 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: 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: 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 November 21, 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: 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>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&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">November 27, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</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">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: 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;&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: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">2.&nbsp;&nbsp;&nbsp;&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: 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>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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">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">November 27, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Page 4</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: 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%; font-size: 10pt">&nbsp;</td>
    <td style="width: 50%; font-size: 10pt">Very truly yours,</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="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>


<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>v361541_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 8.1</B></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 NOWRAP STYLE="width: 69%; font-size: 10pt"><IMG SRC="tlogo1.jpg" ALT=""></td>
    <TD NOWRAP STYLE="width: 31%">
        <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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804
        &bull; 788 &bull; 8200<br>
        Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 &bull; 788 &bull; 8218</P></td></tr>
<tr style="vertical-align: top">
    <td>
        <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">November 27, 2013</P></td>
    <td style="font-size: 10pt; text-transform: uppercase"></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">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 1,897,500 shares of Common Stock pursuant
to a prospectus supplement filed on November 27, 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">&nbsp;</P>

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

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

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

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


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

<P STYLE="font: 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">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 27, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Page 2</P>

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

<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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 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">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>


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

<P STYLE="font: 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">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 27, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Page 3</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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2010 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 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">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 27, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Page 4</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">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>

<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">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: 1in">&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%; font-size: 10pt">&nbsp;</td>
    <td style="width: 50%; font-size: 10pt">Very truly yours,</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="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>


<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tlogo1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tlogo1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``V`'T#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^Y_XN?!KX
M3_'+P)K/PS^-7PX\&_%3X>Z_$8M;\%^/M#TSQ5HFI*2""]KKXDMRRD?+(R!U
M&51U4LI_DV_X-1?V4O@-X8^&'[;'QFC^'?A[4_BOX&_;I^+WP0\$>._$&EQZ
MOXL\)?#/X;^'/"R^'=`T#6M<B>;0`C^(]=\_RWCDEW%;HL&>(_V-5_"W_P`$
M(Y_^"L@^$_[<O_#"EO\`L!W7PC'_``4G_:..N?\`#5-Y\=1\0_\`A99T+X;'
M7O\`A&_^%89\)'PP?"__``C1A;A_./BM8\R"/(![Q_P<^_LC?L^>)/B3_P`$
MO/'TWPM\,Z9XT^./[?GPV^"7QC\0^'-!&C^*OBA\.?B#_8$>O:%XEUKP]!%)
MXC=8M$VQO.TDR&=A"PW9F_5_X2?\%6_V(/A?\?+'_@F_\&_V6_VGOAS\:/!=
MD+VS_9V\(?LM-X7TCPUX3EBM]?;QU;V_AVX'A2V\%RG5X9'\50RB&2=M[L9V
MWR_A?_P64G_X*FR_$_\`X),#]O:V_80MO`W_``\Y^`@\$']DJ[^.;>)SXO;Q
M*HSXA/Q3`B7PS_PBID+/:C[0)#"'PK*1^COP^AA_XBSOCQ.3R/\`@ECX2QD?
M]5!^&P!_(+G]><4`?K=^WC_P4=^!_P#P3I\*:5\0/VB?!GQRD^'&K2V5E=_$
MKX;?"W6?'G@_P]K&LZW_`,(_H.B:_KFAO;_V%XB\42NJVD)4%Y'MXH"TUQ`K
M\;^SE_P57_9;_:)_:;\0?L;Z79?&#X1?M+Z!X&TCXE_\*E_:`^%>O_"WQ-K?
MA'6K>+7#J_AD>(?,.OK%H>MI-*HPL1\\M@Q2D?/G_!Q9`L__``2I^-`FZ#XN
M_LHX`)[_`+3_`,&./T/].M?AU_P5#_8_^.OQL_X*M_MV?M;?L;Z[KNB?MH?\
M$[?@)^PO^T=\`-!T4.!\0M(=?C>GQC\!GP^ABD\3?\);X7\/;HX&+1^-GC;X
M<.CP^.)0X!_4=^V[^W[\&?\`@GQX&TOXE?'7P=\:+_X>ZK>6.AWWC'X4?"[7
M/'NF:'JVKZ_!X=\,Z+XCGT*X$N@R>+O$&O16G@I1([W5U(((V69HXY/E36_^
M"WW[.&A>./B3\.K3]GK_`(*`^+?&7P5311\9='^'_P"QA\5?'T/PJU3Q#X6T
M#XA1Z!\0-;\,1S^%O#WB*3P[X@25K>:[W('9UNI`%2X^"OVQOV]/A9_P4I_X
M((W7[3?P]6+3;SQ#\9?V0/#_`,4/`S.[ZC\,/BOX:_:U^`Y\>>`M?\QWE$9C
M<>4TI#7/@;Q)X=O1'&EPH?\`H%\<_#+P3\.?A=^T[KGA#3%T74?BK8_$7XE>
M-KM;D;/$7C&;X4V_A<ZT221O'AOPMH4'[L`*NA1MC*;V`/RAT[_@XM_88UCX
M2-\?=*^$W[=^J?`!5)D^.-G^QC\5;_X3(_\`;_\`PCAW?$)4;PJMPGB']RR-
M.'213"T*2C:/K/\`:9_X*?\`PA^!7Q9T']G/X<?#'XV_M:_M4^(O#$/C9?V>
M/V9_"VA>*?%?@WPC(T,>A^._C#XB\4^*O`W@[X:>%IYV6%)?&/C&"2=F4QVY
M!MWD_+__`(-[]'^'OB3_`(-T?`GA_P"+.ACQ5\,]6\$?M=6/Q)\,,1_Q/_!T
MGQ!^*"^(-$P2#NN/#`>%<<EL<'!!Z;_@V%T:\^)'[$WQ8_;R\>R)KWQU_;Q_
M:6^+GQ,^(OC&]+7VL_V)\/?$<GPW\`^!A<*H=O#7@X>'_$CV<92.1?\`A(9`
MTK#88`#]'?V>_P#@J/\`"KXT?%#Q#^S=\1/A'\>/V6?VKO#_`(/UOQQ9?LW?
MM"^%-$T?QY\0/"'AYIE?Q%\%_$7AGQ/XO^%OQIM9)XHU\SP;XVN+J%Y#)=00
MPV\\\/1_LD_\%,OV:OVSOBU\=O@'\-F^(O@WX[_LV7-A8_%OX/?&+P+K_P`/
M?B'H,$MU)!%KD6@3,\OB'PUYB1@W=LQM]^M^&EF$`\6VH/YK?\'-.D7GPZ_8
MF^&?[>_PX$.D?M`?L!?M*?";XQ?"WQE:LPU:PTGQ5XY\/?#7QYX(W0R<>%O&
M#>(/#DOCB(EDD7PQ`DP,9>-OP^^,O@#XU^!OVMOV^O\`@N5^QC#K&K_%W]D+
M]K_X>ZU\7OA:][(=$^+/[&'Q&_9'^"'BCXAZ),EN%+/X0376:61;6ZB-F)?'
MZA+OP/914`?US?MD_P#!2WX'?L)^)?A?H'QG^'?[1FMCXP>)M&\`_#?7OA+\
M'->^(GAOQ9\3/$LU[!X>^%\%SX<DWGXEWR^'9EM/"WV>-IH%9U;:[11?8"_%
MO1XOAWX8^(&L>&?&'ABZ\5II2:1X#\1Z'_97Q`_MS72`OAYO#GFEE\2JQEWP
MF0X(96D&YL_@U^V[^T]\(OVSO@E_P1'_`&G/@IKIU[X??%K_`(*O_L>^)=%V
MG??Z;J1T/XH0:YX<US,43)XJ\&^);?\`X1FY@97$-UHLRI--&5<_K9^U!X^3
M2=8\'7GAF/5-9UOX2^*=(^)GC*QL+<C3K'PI(L^A3-KLFX-N*%Y8Q'\Z)$\H
MVH,(`?0W@#Q_=^*Y_$NG:MX*\1^"-1\,7FDQ7-MXD&CR&[77HI9(Y-(N/#]Q
M,LJ_*8S,P61I9$!SN9D]13J_^])_Z43U\\?$3X@?$M/"-GX]^#.F^"_%GAD^
M&SXKO$UF]UL:IKNE^2T_EZ`((U5/W`\P&<'[R[2&D12SX4:[\7_']M=^*?%L
M7ASPKX>U+1O"T_@R#P[K;ZM!J=I=VM_J5YJTLH'[O[3:W^C+$IZB-P!A!0!]
M'5_*W_P:H>)/#FM?LU?\%`8-'U2TU5F_X*>?'O7D-K=!S)H_B+PY\,I="U=5
MQDK<B&0CL1""WS[5/US_`,%9?^"EG[,'[*/@&^\$_MX?LG?MCW7P"\>^(KSP
MC9?$+X>6F@OX!\;ZF(I"=!_X23X<_M`^$O%WAI_%'A[_`(2&=/"7C6U\(?\`
M"9VL-R&MG@\]E]<_X)S?L6_L'_"W0;']IS]G3]AGQW^P]JGB'2OM4>B>/]9U
MGPOK.N^#AH(\C7O$GP^\._%KQWX2!\K7)EA_X3&%?&:B.=I0@6-0`?G!_P`'
M-FO:3H?B/_@C9#JVJ0:7''_P5(^#GB/SKFY"(=#\/3Z(NO:MP"!]D;6XA)R`
M!*C@`N`>K^(EW!^S=_P=&_"+XC_$I[+P]X"_;8_X)\ZQ\%/A?XJU';IFEZE\
M7_`'Q#A\03^!&F=@K^(XO#/AWP\X4G);Q1X62-3+(J'[G^+'[%W_``2[_P""
MCWPSTS]N3Q)^S)_PW!:>-O`__"5?#6^L/%WCB75_$NB;8XXM&^'N@^+OBAX%
M\)^&+B231`NW/@^%FC53(TCR(?RB^+'_``4-_P""4/Q\_8<^+_A[XN?\$X_V
M[_%O['O[&?Q6?X<?$+Q-XH\#C4=2_9[^+K>()O#K6_A_Q_<_M$R?%/P[XE\(
M:]XBT&"_7P?XR;_A"X/$WAD2%+8K!$`?I!_P7LFM?''[(/P__94\-W=K=_%[
M]K[]K7]E[X3_``M\)6I$NJ:G+H'QZ\*_%#Q_K<N@@M,/#/@[PEX`\0^*/&?B
MJ.(Q6]O"K74L<4MKC?\`V9I(A_P7=_X*C0^;!]H/[(/_``3[46O097_A>+$9
M/!51)'\H)(21"1BOSF^&'QN_X)I_\$S?@AX0_P""G4W[!G_!0Q?"?Q`\+Z)I
M_A#]I7X]:[X9^/\`\0_!/P\^(BQWOP_M/#Y^*/[57C7Q7\-/"GCV#Q&(D@\%
MVT5Q-#<1KX^5)9+?'Z4_L5?L8_L._$[Q3I7_``4)\"?L>?M&_L]?&OQN-)UZ
MT\:?&SXN?%32_BS\1?"^M:'X8\2Z+K'B+0O#O[0_CJ'7_"4JQ:)!_P`(7X\7
M$<OASRW\$PRB+>`?S-_\%G_V3/C+_P`$S?VEO%.J_L\Z7]I_8`_X*K?&O]GM
MOC!X`A@/_"+?!;]J#X:_'WX<_%)=;\.1&60^&/\`A,8?#VO3>"I(V6-E\1^-
M/!8@A@\$>`(D_NN_:`N[>P^!OQAOYYA;6UG\+/B+?7=SG"K&G@;Q#N;/J@57
M`!ZJH')K\?\`_@J1_P`%"?V0OA!XG^'G['O[:W[%W[4_QGT/]HCX@>#?#WP2
MB\&?#[P+XI\)?%[XCZ!K_@[7]"7X?:ZOQ>\%>+-`\7>"_%NN>&VCDG'@ZZMS
M+<>7.;5Y4/Z/_$7X+?#+]N7X"6GA']H?X2_$31O!OC6T.H>*O@SXJ\=:Y\/O
M%$8*Z]HR>'/B'+\#OB<MMXAMI%G;[3X73QI?>#IA*KF622V$<(!^/O\`P;$Z
M7HWC;_@A5^SWX.ORMSINOWO[2'A;6[8C($6N?&'XD)<`^_DSL$/JY/!6N<_X
M-Z-5N/V6O"?[0_\`P2"^-EY_PC7[0W[&7QO^(WB'P?H^L))I4OQ5_9P^(GB`
M>)OA[\7/`)=HY/$_AR[GUC7&NO+:<>#1/X3CN(S*Y^S4OV5/V@O^"?W_``3[
M_;.U3_@G9^RQ_P`$\/VV_@]^T'XUT$>+;WX<:/<IXK^%NI_#A6`;XQ/_`,)'
M^U9XS\$+X;V^'F7_`(3!(1XY$H'@`)Y9-NO['_M7_P#!/[]D']MB?P=J/[1G
MP<LO%/C3X<L]Q\.OB9X7\1^//A?\5/`,KR(6'AKXN?#'Q+X*\9Z!&]PYDD\-
M1>+/LLOF/*T,A>0T`?D+_P`'#&MW7[3W@CX"?\$B/@?>R>)/VCOVU?CC\.-4
M\7^']%#ZG+\*_P!F_P"'7B#_`(2KXA_%OQ\5D>7PMX9M+C0]"-OYOD#QE#%X
MLBMU9T(N?H7_`()4^&/"%G^TW_P6B^&UE:V>H>&=`_;.^'?A1=)O2-4<^%U_
M9'^"GA==%U8.NUXPGAZ:*3<&&4E5LJ72NB_X)*>"?^"8'C7X:?'SXD_L"_#]
M;.2^^+?Q%_9W^-OQ0\0^+?&_BOXV>,];^&NLIH#MKGQD\5>+/%?Q:G\*^*?#
M[:%XV^'^?&,:);Z_;SP06MY$H7Y"_:-\<_\`!+;_`((+_%>T_:&\3?L9_M:>
M!7^*WBF/0=1_:?\`AEXP\<?$WX=_$3QMKVB^(/$/]B^/K?Q?^T3,?$GBI?#R
M^(YH(_&O@F:6W`\5/\.C(MM-(X!^-7QH_9<^-7_!+C_@K'^Q;^PYX'CN]3_X
M)Q_M0_\`!3/]G#]LO]F@7J*8_@Y\2?"OB'Q#X3^(?P>\-F,`++'_`,+`T$2E
MP%?P##X1<R-*_CX-_9Y\)M4TZR^.W[27PY\7?9/[<\4Z]H^O:%8:F%8>(/")
MT#R2PP,%8LN&7:<+D[=R`5Z!XS^$OP!_:MT+X)^.?%WA3P[\3-!\#>-OAO\`
MM'_!'Q->Q^;_`&%XT\.+_P`)+\/O'OAS64_?K(D.M!H0DC*R2N6BD*JP_-_]
MMC_@HG^QW\,OVQ_A%^P;XU^"GQN_:,_:S^)?@]/'G@;P7\`O"WAK5]5\/:&6
M\3R9U_7?$/Q8\"2^&F%OX<\1^*9G.Z.#P4@D96CEB6<`^C_^$JUC]E?7O$GP
MBU1HM4\`^-;;6;_X*ZQ?77F?V!K&N>:G_".>(&W)Y?AF&YVR"7:X'ELJH"XD
M7[)^'VE:1H?@?PQX1\/ZQ9:W!X0TC3M#GNX-36]4RV^FV)4F96;B12653@A<
M$@.64?FA\2?VG/V9O#/C_5OV5_`7[-7QI_:E_:%M_AWX:\=?%GX/_">PT+Q%
MXO\`@_X5\0,[^&#\7OBQ\4?BMX-\)?#KQ+XPMDF/@'PNWQ"B\>71M7NK>R%C
M-%/7TQ^P1^T7\+_VC/A9XO?X2_"_XG?`O_A3OQ,U_P"#?Q"^#WQC\+P>!/B3
M\/?'^@Z=HWB*YT7Q+X:&O^/899KWPSXJ\,>([?Q7!XDU"/QA#KHU<RAV:&$`
M^*_^#A[]FN+]J3_@D9^USX5LK0:CXJ^&_@L?'SP?]E=/-76_@IK(\4^(8XD+
M*\C2>$(/%/ADC<I`U]RV"IV_,FM_\%%9K[_@V3L_VR[35WN_B'XC_8ATCX1V
M-Q9C?J%S\>=?,/[-.%4?-N;XHO),H5<L%DYSC']&7BGPQI'C#PYXA\(^(+-=
M2T3Q9HVK>'->M`P']H:+KNDOH6M0GT#P3%'(!(4@@$U_G2?L%-K?B?QA\!_^
M#?KQ*=7N]6^`'_!:OXC_`!<^)-OY7R:E^RQ^S?H4OQ)$/B-R2A'C'XG:*\RN
M@+*9E`4'#J`?N)_P;5_M6CP!_P`$:/B_H/QF^V:!XG_X)L>/?VD/!OQ(T?64
M4:QH>A>&H[GXV+'*,':B'Q)XB\)JH=L2>&BJG!)?YK\=?"[7?`/_``:+_M`^
M._'L93XF?M3^%=5_:_\`B-=[1NU#Q;^T/^T[X7^)&BS(1DL!X4N?"R;3C:RD
MJ/F)KX=_;?\`$7BC]E/_`(*`?\%HO^":/@^ZNM.U;_@L/K7[(.H_`2VM-.W(
M=:_:(^+OAGPQ\9]R*I51)X<^(/QFB.1Y>[PZH.U<FOZ1O^"__@[PW\,_^"#'
M[8'@+P_:V^E^&O!/P>^#_@'PS9D@B/2?#_Q:^%WASP_"#T#"-(F``;U+$Y!`
M/SD_X+:_\JK?P<_[(E_P3W_]`^&-?U;_``7_`.2-?![_`+)C\.__`%'?#]?R
MB_\`!;.YMKC_`(-6O@K,+FW(NO@G_P`$]6M6'_+X1'\+VP@ZG*9EST5MV2,@
MG^H+X!?$3P!J?[.OP>\7V/C;PK>^%[WX/?#O7[+Q(NMZ/_9LFCMX%T%X]=$W
MF;$CVM@;B%7(1B@95`!^!7_!?+_D^7_@WU_[2-I_Z?/A=7]0-?QS?\%?OVJO
MA%\>?C?_`,&[7[2?A?Q'9V'PD\5_\%%O%5[H/B#Q)J6B:=IE]X2\,_%KX;?#
MQ_'[O(R`>')3HJ^*T\PC%KX@M2\I)4)_4U\>/VC/A;^SK\&OB9\=OB/XLT+3
M?`/PL\&>+_'6MWO]L:0K7VG>%O#]UXAGTG1P;E?,UN:.&)+:(*YDDEB9RRRJ
M\(!^`GBK_E;-^$O_`&BGU_\`]6+XGK]*O^"P7[2'B_\`9R_80^)I^$H>Z_:,
M_:#UGPG^R=^S/I%E(AU75/CQ^T5K\7PU\-/HA)5GN/!T.O>(/&*$J2J^&G0G
M+*&_*Z?Q99>)?^#J[X$ZQ%*=,FU__@DDVHOI-^<ZGIQUWQ[XI\1IHLO"HTJ1
MEGD(`VDRA``0#Z'^V3\-M-_X*I_\%:_!G['4?Q0^)/PY^"O_``33^#D/[1WQ
M5\:?`SX@#P#\1M._:F^-<J^'O@WX>T'Q'';W<_AFY\&_#3P_XA\9?:(`C;/$
M\T+[XIY7(!\T_P#!-CX/:7_P1C_X+#^)/^";ECJ%X_[.W[=W[+/PT^+7P*O]
M6U!9FU#]H?\`9V\#KX<^,@#3",CQ#XV3PY\0?&MU$A!$:^$XXC(PC9ONC_@X
M3_9\\,?M5?!7]AK]G+QH[V?ASXV?\%&_@]\-+[4E.)-*;Q+\)OCGH4>N!T.Y
M6@\P%`#E05(Y-?F9_P`%G/\`@F/J_P"PW\!/AG_P4V^!'[2W[8_QO^-/_!/W
MX[?#GXPVMI^U1^T3KOQLT[_A6^O>/O#GASQQX>\,R^*;7S?#4,NO77AV2]2&
M=+9O!:^)T>.Z>&%[?]/_`/@H)^T%\,?C9X#_`.")/Q]\%>)-.NO`'QK_`."H
M7['WCWP3J,ESY:2Z+XD^%/Q4FBB0G:&>$3F.;(4+(>0,F@#GO^#=[]J75/$?
M_!.G7O@9\?=6M/#WQA_X)G^-_B1^R5\;4UJ_$CZ!HOP7D:7PUKDLGE1L?#-I
MX4#>$(9`X0GX=7)$(9D:OPL_83N?&GQP_P"#A7]B7_@H#X]N=6M[C_@H'X&_
M;:^-_P`+_"^LD(W@[]G;X?\`A[XD_!;]GS0617\I9Y_A=X`C\8,RI'Y@\21.
M54L0?5/^"K'P;_:+_9S_`."K/Q5_9T_9=L+S2?`'_!PI\+_AW\)/%6LZ=*=-
M3X>?$?X>^.?#OAC]H/QU'$NU'$'P'?Q/XKNI'N'\T_%#Q5<062FW8G[U^.'A
MKX>?!C_@XW_X(O\`P6\$G3?#?A/X9?L$?'GX?>%/#\=T`FFZ)HG@+XH>'_"G
MA\%2PWB#PV43<N^7R)'VG^(`^9M8_;$^)W_!"K_@JW^WCXV_;0^"GQ%\4_L3
M?\%$_BKX1^+GP^_:Q\`Z)_PELGP_O?#>@R:'I?@;Q.D4MO#+;^#++Q#-X4E\
M*RNOC>TB\+VM]X"L?'4?BIL_T_?L@>._V5/VC_"'BO\`:T_91\5>'O''A#]I
M/Q!IOBSQ5\1O!NK^(H?^$T\6^!_#&B_"96\0:+JKQ2Z'KWA7PSX%\/>#+JT\
MFWE:/0(C/;QE8VD\U_9@_:=^"?\`P4.^&'QM\'Z]X,\*ZMK_`,*/C!\6_P!F
M_P#:3^`/C:'1_'T7A/Q9\-_'WB7POY7B31-:BV:QX;\;:'X?M_&'@B4VKP2Z
M?X@0+%,;:X>T_(S_`()%_LSZS^S!^W5_P6D^%_['UE#X?_8LT'X_?LW:?\*-
M`U&X&N>!M`^,,GP6U+Q)^TIX;\!(\A:&+PAXM\4^&O!>IR%%%A8>&_#G@KS)
M#X(98P#^H7RV_O?^/S?_`!ROP%^`G_!-[PQ\-_\`@O9^VA^WD)=`GMOB%^S9
M\,++P_X=MY=5_M+0?B+\0[C1O"OQ`\6RV,UJNE*FJZ)\*-*BA>+4[F9Y/$_B
M<R6D!>&28HH`L_MC_P#!/+1_C;_P6Q_X)C?MB7%[H$5O\%/A?\?[/Q?I%Z=3
M75=9O/AA#IGB7X03:-;VML^GWB:%XG^,&HWNIR:I?Z?((].MFMDNI%C2/]0/
MVEOV&_V6?VQ;70=-_:>^"/@SXU:3X99Y-$TCQO)JNH:-9RR?>D&D+<QVC,3@
MDON9L?,QHHH`^<=5_P""0G_!,OQ+\/?#W@;7OV0_AQKWPR\(74FH>&/`&MS>
M*;_PEX<<`+MT;PK+XF;0;?D';_HV`&.[?TK@O^''7_!'_;]@_P"&!?@1]F_Y
M\_\`A'=2^P].OD?\)!C/Z9[444`=1XB_X(K_`/!*OQ;'H6B>)?V(?@KKUEX,
M\/QZ+X:L-8TWQ!J.D>'O#Y+!M*\.Z5/XD^R:)#N`*_8D0CG);C'-C_@AK_P2
M"O(][?L"?`*XM1C%OJ'AG4KW!!ZJ9O$+J#QQE3CZT44`>@M_P2+_`.":2?$^
MS^(O_#(OPX_X6O;SG6]/^)0G\6?\)O::C&'VSKXO_P"$G'B`LH+A,W1P'8<;
MB:['X9?\$O?V!?@S\6%^.OPL_9E\!^!_C%8:HVOWGQ'T:[\5KXLU+5&#RO/K
M6KR>(C/XJ#/YF4\2"]C);>8RY."B@#UK]IC]B']EW]L;3M$T7]I[X*>#OC3H
MGAUFDTK1O&,NK3:/!*_);^R;>[2U)!Y#.9'8\L2,*/E*;_@BO_P2MN-%T;0K
MW]BKX1W/A_P?JJWOAS03#XG_`+#T#7?W3MJOA[26\3M;:+(TCAC]D;=@#!#J
M7D**`/N/1_@#\'/#$?PFL]-^'7AG[1\#K36+#X-WFK6DOB;5OAQ;:OH)T'Q/
M'X5\2Z]/=:_HY\1>%)F\/7\EM=$R6>$G6XA00M\?^,?^"0__``31\>_$R^^)
M'C+]D7X;>*?BMJFIGQ->?$/79/%5]XN?4PNT3VOBJ3Q,=<TUR_S?Z',L:@G]
MVPPM%%`&IXW_`."2?_!/SQM\0[GXOZG^SCHOA[XFZK:&P\4^._A?X^^*OP;\
M5>,;%XXTFB\>ZO\`"CQEX-G^([2-%'N;QG_:#E%0-(?+4'ZT^$'P7^%OP%^'
M'ASX4_!OP5H/PP^&OA4:G;Z!X+\'6ESI&EZ7<W&JWESK+AM.O].-_P#:]2DE
3N1>WL#7\[223W4K2SLJ%%`'_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
