<SEC-DOCUMENT>0001144204-16-100451.txt : 20160510
<SEC-HEADER>0001144204-16-100451.hdr.sgml : 20160510
<ACCEPTANCE-DATETIME>20160510162159
ACCESSION NUMBER:		0001144204-16-100451
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160504
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160510
DATE AS OF CHANGE:		20160510

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:		161636094

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v439329_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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<BR>
Washington, DC 20549</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">FORM 8-K</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B><BR>
<B>Pursuant to Section 13 or 15(d) of </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Date of Report (Date of earliest event reported):
May 10, 2016 (May 4, 2016)</P>

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal"><U>AGREE
REALTY CORPORATION</U></FONT><BR>
<FONT STYLE="font-weight: normal; font-style: normal">(Exact name of registrant as specified in its Charter)</FONT></P>

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

<P STYLE="font: italic 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"></P>

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    <TD STYLE="width: 33%; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Maryland</U></FONT></TD>
    <TD STYLE="width: 5%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 26%; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>1-12928</U></FONT></TD>
    <TD STYLE="width: 13%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 23%; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>38-3148187</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of incorporation)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File Number)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;Identification No.)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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



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

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

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

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    <TD STYLE="width: 40%; padding: 0; text-decoration: underline; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>70 East Long Lake Rd., Bloomfield Hills, Michigan </U></FONT></TD>
    <TD STYLE="width: 5%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 55%; padding: 0; text-decoration: underline; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>48304</U></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices) </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD>
    </TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Registrant's telephone number, including
area code <U>&#9;(248) 737-4190&#9;</U></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</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">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</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">[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(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">[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>Item 8.01&#9;Other Events.</B></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">On May 4, 2016, 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 (the &ldquo;<U>Underwriting Agreement</U>&rdquo;) with Raymond James &amp; Associates,
Inc., Jefferies LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters listed on Schedule I attached
thereto (the &ldquo;<U>Underwriters</U>&rdquo;), relating to the issuance and sale of 2,875,000 shares, which includes 375,000
shares issued pursuant to the option granted by the Company to the Underwriters, as described below, (the &ldquo;<U>Shares</U>&rdquo;)
of the Company&rsquo;s common stock, par value $0.0001 per share.&nbsp;The Company granted the Underwriters a 30-day option to
purchase up to an additional 375,000 shares of common stock, which the Underwriters elected to exercise in full on May 5, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&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 May 10, 2016 and resulted in net proceeds to the Company of approximately $109.6 million, after deducting estimated offering
expenses payable by the Company. The Company issued the Shares pursuant to the Company&rsquo;s registration statement on Form S-3
(File No.&nbsp;333-201420), which was declared effective by the Securities and Exchange Commission on March 27, 2015. A copy of
the Underwriting Agreement is filed herewith as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The summary set forth above is qualified in its entirety by reference to Exhibit 1.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01&#9;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"><B>(d)&#9;Exhibits.</B></P>

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

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    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><U>Exhibit Number</U></TD>
    <TD STYLE="width: 74%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Underwriting Agreement, dated as of May 4, 2016, among Agree Realty Corporation and Agree Limited Partnership, on the one hand, and Raymond James &amp; Associates, Inc., Jefferies LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters listed on Schedule I attached thereto, on the other hand.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Opinion of Ballard Spahr LLP regarding legality of the Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">23.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Consent of Ballard Spahr LLP (included in Exhibit 5.1).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGREE REALTY CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: May 10, 2016</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/ MATTHEW M. PARTRIDGE</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matthew M. Partridge, Executive Vice President, Chief Financial Officer and Secretary</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><U>Exhibit Number</U></TD>
    <TD STYLE="width: 74%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Underwriting Agreement, dated as of May 4, 2016, among Agree Realty Corporation and Agree Limited Partnership, on the one hand, and Raymond James &amp; Associates, Inc., Jefferies LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters listed on Schedule I attached thereto, on the other hand.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Opinion of Ballard Spahr LLP regarding legality of the Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">23.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Consent of Ballard Spahr LLP (included in Exhibit 5.1).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-1.1
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<FILENAME>v439329_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2,500,000 Shares of Common Stock</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">May 4, 2016</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">520 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, New York 10022</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">375 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, New York 10152</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Agree Realty Corporation,
a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), and Agree Limited Partnership, a Delaware limited partnership (the &ldquo;<B>Operating
Partnership</B>&rdquo;), confirm their agreement with each of the Underwriters named in <U>Schedule I</U> hereto (collectively,
the &ldquo;<B>Underwriters</B>,&rdquo; which term shall also include any underwriter hereinafter substituted as provided in Section
11 hereof), for whom Raymond James &amp; Associates, Inc., Jefferies LLC and Wells Fargo Securities, LLC are acting as representatives
(in such capacity, if and as applicable, the &ldquo;<B>Representatives</B>&rdquo;) with respect to (i) the sale by the Company
and the purchase by the Underwriters, acting severally and not jointly, of 2,500,000 shares (the &ldquo;<B>Firm Shares</B>&rdquo;)
of its common stock, par value $0.0001 per share (the &ldquo;<B>Common Stock</B>&rdquo;) and (ii) the grant by the Company to the
Underwriters, acting severally and not jointly, of the option described in Section 2(b) hereof to purchase up to an additional
375,000 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: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.&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 January 9, 2015 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. 333-201420) under the Act (&ldquo;<B>Registration Statement 333-201420</B>&rdquo;), as amended on March 5, 2015, including
the prospectus contained therein (the &ldquo;<B>Basic Prospectus</B>&rdquo;), relating to the issuance of up to $500,000,000 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 333-201420,
was declared effective by the Commission on March 27, 2015. Except where the context otherwise requires, Registration Statement
333-201420, 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 or incorporated
by reference therein, 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 6:40
p.m. (Eastern Time) on May 4, 2016 or such other time as agreed by the Company and the Representatives. The Pricing Prospectus,
as supplemented by the Issuer Free Writing Prospectuses, if any, listed in <U>Schedule II</U> hereto or that the parties hereto
shall hereafter expressly agree in writing to treat as part of the Disclosure Package (as defined below) together with the information
included on <U>Exhibit A</U> all considered together, are hereafter collectively called the &ldquo;<B>Disclosure Package</B>.&rdquo;
Any reference in this Agreement to the Registration Statement, the Disclosure Package, the Prospectus or any amendment or supplement
thereto shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3
under the Act (the &ldquo;<B>Incorporated Documents</B>&rdquo;), as of each Effective Date or the Applicable Time or the date of
the Prospectus, as the case may be (it being understood that the several specific references in this Agreement to documents incorporated
by reference in the Registration Statement, the Disclosure Package or the Prospectus are for clarifying purposes only and are not
meant to limit the inclusiveness of any other definition herein). For purposes of this Agreement, all references to the Registration
Statement, the Disclosure Package or the Prospectus or any amendment or supplement thereto shall be deemed to include the copy
filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (<B>&ldquo;EDGAR&rdquo;</B>).</P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.&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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the
Company agrees to issue and sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly,
agrees to purchase from the Company at a purchase price of $38.16 per Share, the number of Firm Shares set forth in <U>Schedule
I</U> opposite the name of such Underwriter, plus any additional number of Firm Shares which such Underwriter may become obligated
to purchase pursuant to the provisions of Section 11 hereof, subject in each case, to such adjustments among the Underwriters as
the Representatives in their sole discretion shall make to eliminate any sales or purchases of fractional securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, on the basis of the representations and warranties herein contained and subject to the terms and conditions herein set
forth, the Company hereby grants an option to the Underwriters, severally and not jointly, to purchase up to 375,000 Option Shares
at the same purchase price set forth in Section 2(a), <I>less</I> an amount per share equal to any dividends or distributions declared
by the Company and payable on the Firm Shares but not payable on the Option Shares. Said option may be exercised by the Underwriters
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 Representatives to the Company setting forth the number of Option Shares as to which the Underwriters are exercising the
option and the settlement date (each, an &ldquo;<B>Option Closing Date</B>&rdquo;). Any such time shall be determined by the Underwriters,
but shall not be less than one (1) Business Day after the written notice is given and may not be earlier than the Closing Date
for the Firm Shares nor later than ten (10) Business Days after the date of such notice. If the option is exercised as to all or
any portion of the Option Shares, each of the Underwriters, acting severally and not jointly, will purchase that proportion of
the total number of Option Shares then being purchased, which the number of Firm Shares set forth on <U>Schedule I</U> opposite
the name of such Underwriter bears to the total number of Firm Shares, subject in each case, to such adjustments as the Representatives,
in their sole discretion, shall make to eliminate any sales or purchases of fractional securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Offering
by Underwriters</U>. It is understood that the Underwriters propose to offer the Shares for sale to the public as soon after this
Agreement has become effective as in their judgment is advisable and initially to offer the Shares upon the terms set forth in
the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Underwriters represent
and agree that, unless they have or shall have obtained, as the case may be, the prior written consent of the Company, the Underwriters
have not made and will not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus or that
would otherwise constitute a &ldquo;free writing prospectus&rdquo; (as defined in Rule 405, a &ldquo;<B>Free Writing Prospectus</B>&rdquo;)
required to be filed by the Company with the Commission or retained by the Company under Rule 433; <I>provided</I> that the prior
written consent of the parties hereto shall be deemed to have been given in respect of any Free Writing Prospectuses listed in
<U>Schedule II</U> hereto and any electronic road show.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.&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 May 10, 2016, or at such time on such later date not more than three (3) Business Days after the foregoing date as the Representatives
shall designate, which date and time may be postponed by mutual written agreement of the Representatives and the Company (such
date and time of delivery and payment for the Shares being herein called the &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 Representatives and the Company may agree in writing). Delivery of the Shares shall be made against payment
by the Underwriters 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 Representatives 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 Representatives request.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at the time this Agreement is executed and delivered, it is necessary for a post-effective amendment to the Registration Statement
to be declared effective before the offering of the Shares may commence, the Company will use its best efforts to cause such post-effective
amendment to become effective as soon as possible and will advise the Representatives promptly and, if requested by the Representatives,
will confirm such advice in writing, immediately after such post-effective amendment has become effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Representatives
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 Representatives
in such quantities as may be reasonably requested.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will advise the Representatives promptly and, if requested by the Representatives, 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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
request, the Company will furnish to the Representatives and counsel to the Underwriters, without charge: (i)&nbsp;one (1) signed
copy of the Registration Statement as originally filed with the Commission and of each amendment thereto, including financial statements
and all exhibits to the Registration Statement; (ii)&nbsp;such number of conformed copies of the Registration Statement as originally
filed and of each amendment thereto, but without exhibits, as the Representatives may request; (iii)&nbsp;such number of copies
of the Incorporated Documents, without exhibits, as the Representatives 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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not file any amendment to the Registration Statement or make any amendment or supplement to the Prospectus or, prior
to the end of the period of time referred to in the first sentence in subsection (f) below, file any document which upon filing
becomes an Incorporated Document, of which the Representatives shall not previously have been advised or to which, after the Representatives
shall have received a copy of the document proposed to be filed, the Representatives shall reasonably object; and no such further
document, when it is filed, will contain an untrue statement of a material fact or will omit to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading. The Company will give the Representatives notice of its intention to make any other filing pursuant to the
Exchange Act from the Applicable Time to the Closing Time and will furnish the Representatives with copies of any such documents
a reasonable amount of time prior to such proposed filing.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the execution and delivery of this Agreement and thereafter from time to time for such period as in the opinion of counsel for
the Underwriters a prospectus is required by the Act to be delivered (or in lieu thereof, the notice referred to in Rule 173(a)
under the Act) in connection with sales by the Underwriters or any dealer (including circumstances where such requirement may be
satisfied pursuant to Rule 172), the Company will file promptly all reports and any definitive proxy or information statements
required to be filed by the Company with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act and the
Company will expeditiously deliver to the Underwriters and each dealer, without charge, as many copies of the Prospectus (and of
any amendment or supplement thereto), any Preliminary Prospectus and any Issuer Free Writing Prospectus as each Underwriter may
request. The Company consents to the use of the Prospectus (and of any amendment or supplement thereto) in accordance with the
provisions of the Act and with the securities or blue sky laws of the jurisdictions in which the Shares are offered by the Underwriters
and by all dealers to whom Shares may be sold, both in connection with the offering and sale of the Shares and for such period
of time thereafter as the Prospectus is required by the Act to be delivered (or in lieu thereof, the notice referred to in Rule
173(a) under the Act) in connection with sales by the Underwriters or any dealers. If during such period of time: (i)&nbsp;any
event shall occur as a result of which, in the judgment of the Company, or in the opinion of counsel for the Underwriters, the
Prospectus as supplemented would include an untrue statement of a material fact or omit to state any material fact necessary to
make the statements therein, in the light of the circumstances when the Prospectus is delivered to a purchaser, not misleading;
or (ii)&nbsp;if it is necessary to supplement the Prospectus or amend the Registration Statement (or to file under the Exchange
Act any document which, upon filing, becomes an Incorporated Document) in order to comply with the Act, the Exchange Act or any
other law, the Company will promptly notify the Representatives of such event and forthwith prepare and, subject to the provisions
of paragraph (e) above, file with the Commission an appropriate supplement or amendment thereto (or to such document), and will
expeditiously furnish to the Underwriters and dealers a reasonable number of copies thereof. In the event that the Company and
the Representatives agree that the Prospectus should be amended or supplemented, the Company, if requested by the Representatives,
will promptly issue a press release announcing or disclosing the matters to be covered by the proposed amendment or supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will: (i)&nbsp;cooperate with the Underwriters and their counsel in connection with the registration or qualification of
the Shares for offering and sale by the Underwriters and by dealers under the securities or blue sky laws of such jurisdictions
as the Underwriters may designate; (ii)&nbsp;maintain such qualifications in effect so long as required for the distribution of
the Shares; and (iii)&nbsp;file such consents to service of process or other documents necessary or appropriate in order to effect
such registration or qualification; <I>provided</I> that in no event shall the Company be obligated to qualify to do business in
any jurisdiction where it is not now so qualified or to take any action which would subject it to service of process in suits,
other than those arising out of the offering or sale of the Shares, in any jurisdiction where it is not now so subject.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees that, unless it has or shall have obtained the prior written consent of the Representatives, it has not made and
will not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus or that would otherwise
constitute a Free Writing Prospectus required to be filed by the Company with the Commission or retained by the Company under Rule
433; <U>provided</U> that the prior written consent of the parties hereto shall be deemed to have been given in respect of the
Free Writing Prospectuses listed in <U>Schedule&nbsp;II</U> hereto and any electronic road show. Any such free writing prospectus
consented to by the Representatives 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: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will make generally available to its security holders and to the Underwriters a consolidated earnings statement, which
need not be audited, covering a 12-month period commencing after the date hereof and ending not later than 15 months thereafter,
as soon as practicable after the end of such period, which consolidated earnings statement shall satisfy the provisions of Section&nbsp;11(a)
of the Act and Rule 158 under the Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Agreement shall terminate or shall be terminated after execution pursuant to any provisions hereof, or if this Agreement shall
be terminated by the Representatives because of any inability, failure or refusal on the part of the Company to comply with the
terms or fulfill any of the conditions of this Agreement, the Company shall reimburse the Underwriters for reasonable out-of-pocket
expenses (including the reasonable fees and expenses of counsel for the Underwriters) incurred by the Underwriters in connection
herewith.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Representatives of the time and manner of such filing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any affiliate of the Company has taken, nor will the Company or any affiliate of the Company 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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will use all reasonable best efforts to do or perform all things required to be done or performed by the Company prior
to the Closing Date to satisfy all conditions precedent to the delivery of the Shares pursuant to this Agreement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not, without the prior written consent of the Representatives, offer, sell, contract to sell, pledge or otherwise
dispose of or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition (whether
by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Company or any affiliate of
the Company or 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 Representatives. 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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will use reasonable 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: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.&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 the Operating Partnership, jointly and severally,
represent, warrant and covenant to each Underwriter as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Basic Prospectus and each Preliminary Prospectus, if any, included as part of the registration statement as originally filed or
as part of any amendment or supplement thereto, or filed pursuant to Rule 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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the transactions contemplated by this Agreement meet all of the requirements for using Form S-3 under the Act pursuant
to the standards for such form 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 March
27, 2015. 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 Underwriters Content (as hereinafter
defined).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 with the Underwriters Content.</P>

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Incorporated Documents heretofore filed, when they were filed (or, if any amendment with respect to any such document was filed,
when such amendment was filed), conformed in all material respects with the requirements of the Exchange Act and the rules and
regulations of the Commission thereunder. 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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares have been duly and validly authorized and conform in all material respects to the description thereof contained in the Registration
Statement, the Disclosure Package and the Prospectus and, when issued and delivered pursuant to this Agreement, will be fully paid
and non-assessable free and clear of any pledge, lien, encumbrance, security interest or other claim, and the issuance and sale
of the Shares by the Company is not subject to preemptive or other similar rights arising by operation of law, under the articles
of incorporation, by-laws or other organizational documents of the Company or under any agreement to which the Company or any one
of its subsidiaries is a party; no person has a right of participation or first refusal with respect to the sale of the Shares
by the Company. The form of certificate for the Shares will be in valid and sufficient form in compliance with Maryland law and
the New York Stock Exchange requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately
following the Closing Date, 23,262,843 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: 0">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the direct and indirect subsidiaries of the Company (other than the Operating Partnership) is a corporation, limited liability
company, limited partnership or trust, as applicable, duly organized, validly existing and in good standing under the laws of the
state of its formation, as set forth on <U>Schedule&nbsp;III</U> hereto, except where the failure to be in good standing would
not result in a Material Adverse Effect, with full corporate, limited liability company, partnership or trust power, as applicable,
and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement,
the Disclosure Package and the Prospectus, and each is duly registered and qualified to conduct its business, and is in good standing,
in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification,
except where the failure so to register or qualify or be in good standing would not reasonably be expected to have a Material Adverse
Effect.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than as set forth on <U>Schedule&nbsp;III</U> hereto, the Company has no subsidiary or subsidiaries and does not control, directly
or indirectly, any corporation, partnership, joint venture, association or other business association. The issued shares of capital
stock of each of the Company&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: 0">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (as defined
below), indenture, lease or other instrument to which the Company, the Operating Partnership or any of their subsidiaries is a
party or by which the Company, the Operating Partnership or any of their subsidiaries or any of their respective properties may
be bound, and, to the Company&rsquo;s knowledge, no such default is expected. All agreements, contracts or other arrangements that
are material to the Company and the Operating Partnership are set forth on <U>Schedule IV</U> of this Agreement (the &ldquo;<B>Material
Agreements</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;As
of the date of this Agreement, the Company owns either directly or indirectly through its subsidiaries, 301 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: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the issuance and sale of the Shares, the execution, delivery or performance of this Agreement by the Company or the Operating Partnership,
nor the consummation by the Company or the Operating Partnership of the transactions contemplated hereby (including the application
of the proceeds from the sale of the Shares as described in the Registration Statement, the Disclosure Package and the Prospectus):
(A)&nbsp;requires any consent, approval, authorization or other order of, or registration or filing with, any court, regulatory
body, administrative agency or other governmental body, agency or official (except such as may be required for the registration
of the Shares under the Act, the listing of the Shares on the New York Stock Exchange and compliance with the securities or blue
sky laws of various jurisdictions), or conflicts or will conflict with or constitutes or will constitute a breach or violation
of, or a default under, the articles of incorporation, or by-laws (or analogous governing documents) of the Company, the Operating
Partnership or any of their subsidiaries; or (B)&nbsp;(i) conflicts or will conflict with or constitutes or will constitute a breach
of, or a default under, any agreement, indenture, lease or other instrument to which the Company, the Operating Partnership or
any of their subsidiaries is a party or by which the Company or the Operating Partnership or any properties of the Company or the
Operating Partnership or any of their subsidiaries may be bound, except as would not reasonably be expected to have a Material
Adverse Effect, or (ii) violates or will violate any statute, law, regulation or filing or judgment, injunction, order or decree
applicable to the Company, the Operating Partnership or any of their subsidiaries or any properties of the Company, the Operating
Partnership or any of their subsidiaries, or (iii) will result in the creation or imposition of any lien, charge or encumbrance
upon any property or assets of the Company, the Operating Partnership or any of their subsidiaries pursuant to the terms of any
agreement or instrument to which the Company, the Operating Partnership or any of their subsidiaries is a party or by which the
Company, the Operating Partnership or any of their subsidiaries may be bound, or to which any property or assets of the Company,
the Operating Partnership or any of their subsidiaries is subject.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Company&rsquo;s knowledge, Grant Thornton LLP, who together with Baker Tilly Virchow Krause, LLP 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 financial statements on which Grant Thornton LLP 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 (&ldquo;<B>PCAOB</B>&rdquo;). To the Company&rsquo;s knowledge,
Baker Tilly Virchow Krause, LLP was, during the periods covered by the financial statements on which Baker Tilly Virchow Krause,
LLP 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 PCAOB.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
historical financial statements, together with related schedules and notes, included or incorporated by reference in the Registration
Statement, the Disclosure Package and the Prospectus (and any amendment or supplement thereto), present fairly in all material
respects the financial position, results of operations and changes in financial position of the Company and its subsidiaries on
the basis stated in the Registration Statement and the Incorporated Documents at the respective dates or for the respective periods
to which they apply. Such statements and related schedules and notes have been prepared in accordance with generally accepted accounting
principles consistently applied throughout the periods involved, except as disclosed therein. The other historical financial and
statistical information and data included or incorporated by reference in the Registration Statement, the Disclosure Package and
the Prospectus (and any amendment or supplement thereto) are accurately presented and prepared on a basis consistent with the audited
financial statements, included or incorporated in the Registration Statement, the Disclosure Package and the Prospectus, and the
books and records of the Company and its subsidiaries. The 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>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. The interactive
data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Disclosure Package
and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance in all
material respects with the Commission&rsquo;s rules and guidelines applicable thereto.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has the corporate power to issue, sell and deliver the Shares as provided herein; the execution and delivery of, and the
performance by the Company of its obligations under, this Agreement have been duly and validly authorized by the Company, and this
Agreement has been duly executed and delivered by the Company and constitutes the valid and legally binding agreement of the Company,
enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors&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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the Registration Statement, the Disclosure Package and the Prospectus (or any amendment or supplement thereto),
subsequent to the respective dates as of which such information is given in the Registration Statement, the Disclosure Package
and the Prospectus (or any amendment or supplement thereto), (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 either 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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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


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

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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,
(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, and (iv) provide reasonable assurance that the interactive
data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Disclosure
Package and the Prospectus fairly presents the information called for in all material respects and is prepared in accordance with
the Commission&rsquo;s rules and guidelines applicable thereto. 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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Company, the Operating Partnership, or any of their subsidiaries or, to the knowledge of the Company, any director, officer,
agent, employee, affiliate or&nbsp; representative of the Company, the Operating Partnership or any of their subsidiaries is an
individual or entity (&ldquo;<B>Person</B>&rdquo;) currently the subject or target of any&nbsp; sanctions administered or enforced
by the United States Government, including, without limitation, the U.S. Department of the Treasury&rsquo;s Office of Foreign Assets
Control (&ldquo;<B>OFAC</B>&rdquo;), the United Nations Security Council (&ldquo;<B>UNSC</B>&rdquo;), the European Union, Her Majesty&rsquo;s
Treasury (&ldquo;<B>HMT</B>&rdquo;), or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;), nor
is the Company located, organized or resident in a country or territory that is the subject of Sanctions; and the Company will
not directly or indirectly use the proceeds of the sale of the Shares, or lend, contribute or otherwise make available such proceeds
to any subsidiaries, joint venture partners or other Person, to fund any activities of or business with any Person, or in any country
or territory, that, at the time of such funding, is the subject of&nbsp; Sanctions or in any other manner that will result in a
violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise)
of Sanctions.</P>

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any subsidiary is 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 Disclosure Package and the Prospectus under the
caption &ldquo;Use of Proceeds,&rdquo; will 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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Underwriters or their
counsel (collectively, the &ldquo;<B>Environmental Reports</B>&rdquo;) and except for those circumstances that have not had or
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or as disclosed in the Registration
Statement, the Disclosure Package and the Prospectus.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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 to have a Material Adverse Effect.</P>

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

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

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2016 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, 2016 or future taxable
years.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no transfer taxes or other similar fees or charges under Federal law or the laws of any state, or any political subdivision
thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance by the Company or
sale by the Company of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and its subsidiaries has fulfilled its obligations, if any, under the minimum funding standards of Section&nbsp;302
of the United States Employee Retirement Income Security Act of 1974 (&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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the knowledge of the Company, no stock options awards granted by the Company have been retroactively granted, or the exercise or
purchase price of any stock option award determined retroactively.</P>

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


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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ww)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, (i) neither the Company nor any of its subsidiaries
has any material lending or similar relationship with any Underwriter or any bank or other lending institution affiliated with
any Underwriter; and (ii) the Company does not intend to use any of the proceeds from the sale of the Shares by the Company hereunder
to reduce or retire the balance of any loan or credit facility extended by any affiliate of any Underwriter.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless the Underwriters, the directors,
officers, employees, affiliates and agents of each Underwriter and each person who controls the Underwriters, 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 Underwriters
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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after receipt by an indemnified party under this Section&nbsp;7 of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the indemnifying party under this Section&nbsp;7, notify the indemnifying
party in writing of the commencement thereof; but the failure so to notify the indemnifying party: (i)&nbsp;will not relieve it
from liability under paragraph (a) 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: 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the indemnity provided in paragraph (a) or (b) of this Section&nbsp;7 is unavailable to, or insufficient to hold
harmless, an indemnified party for any reason, the Company and the Operating Partnership, on the one hand, and the Underwriters,
on the other, agree to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending the same) (collectively &ldquo;<B>Losses</B>&rdquo;) to which the Company,
the Operating Partnership and the Underwriters may be subject in such proportion as is appropriate to reflect the relative benefits
received by the Company, on the one hand, and by the Underwriters, on the other, from the offering of the Shares; <U>provided</U>,
<U>however</U>, that in no case shall the Underwriters be responsible for any amount in excess of the underwriting discount or
commission applicable to the Shares purchased by the Underwriters hereunder. If the allocation provided by the immediately preceding
sentence is unavailable for any reason, the Company and the Underwriters shall contribute in such proportion as is appropriate
to reflect not only such relative benefits but also the relative fault of the Company, on the one hand, and of the Underwriters,
on the other, in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable
considerations. Benefits received by the Company shall be deemed to be equal to the total net proceeds from the offering (before
deducting expenses) received by it, and benefits received by the Underwriters shall be deemed to be equal to the total underwriting
discounts and commissions, in each case as set forth on the cover page of the Prospectus. Relative fault shall be determined by
reference to, among other things: (i)&nbsp;whether any untrue or any alleged untrue statement of a material fact or the omission
or alleged omission to state a material fact relates to information provided by the Company or the Operating Partnership, on the
one hand, or the Underwriters, on the other; (ii)&nbsp;the intent of the parties and their relative knowledge; (iii)&nbsp;access
to information; and (iv)&nbsp;the opportunity to correct or prevent such untrue statement or omission. The Company, the Operating
Partnership and the Underwriters agree that it would not be just and equitable if contribution were determined by pro rata allocation
or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding
the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)
of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes
of this Section&nbsp;7, each person who controls an Underwriter within the meaning of either the Act or the Exchange Act and each
director, officer, employee and agent of an Underwriter shall have the same rights to contribution as the Underwriters, and each
person who controls the Company within the meaning of either the Act or the Exchange Act, each officer of the Company who shall
have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company,
subject in each case to the applicable terms and conditions of this paragraph (d). The Underwriters&rsquo; respective obligations
to contribute pursuant to this Section 7 are several in proportion to the number of Firm Shares set forth opposite their respective
names in <U>Schedule I</U> hereto and not joint.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Representatives and counsel to the Underwriters, requires the making of any addition to or change
in the Disclosure Package in order to state a material fact required by the Act or any other law to be stated therein, or necessary
in order to make the statements therein not misleading, if amending or supplementing the Disclosure Package to reflect such event
or development would, in the opinion of the Representatives, adversely affect the market for the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representatives shall have received on the Closing Date and, if applicable, each Option Closing Date an opinion, negative assurance
letter and tax opinion of Honigman Miller Schwartz and Cohn, LLP, counsel for the Company, dated as of such date and addressed
to the Representatives, 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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representatives shall have received on the Closing Date and, if applicable, each Option Closing Date an opinion of Ballard Spahr
LLP, Maryland counsel for the Company, dated as of such date and addressed to the Representatives, to the effect set forth on <U>Exhibit
F</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representatives shall have received letters addressed to the Underwriters and dated as of the date hereof, the Closing Date and,
if applicable, each Option Closing Date from Baker Tilly Virchow Krause, LLP, an independent registered public accounting firm,
substantially in the form heretofore approved by the Representatives; <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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representatives shall have received letters addressed to the Underwriters and dated as of the date hereof, the Closing Date and,
if applicable, each Option Closing Date from Grant Thornton LLP, an independent registered public accounting firm, substantially
in the form heretofore approved by the Representatives; <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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Representatives shall have received a certificate, dated the Closing Date and each Option Closing Date and signed by either
the chief executive officer or chief operating officer and the chief financial officer of the Company (or such other officers as
are acceptable to the Representatives), to the effect set forth in this Section&nbsp;8(h) and in Section&nbsp;8(i) hereof.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not have failed at or prior to the Closing Date and each Option Closing Date to have performed or complied with any
of its agreements herein contained and required to be performed or complied with by it hereunder, at or prior to the Closing Date
and each Option Closing Date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have completed all required filings with the New York Stock Exchange and other necessary actions in order to cause
the Shares to be listed and admitted and authorized for trading on the New York Stock Exchange, subject only to notice of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or about the date of this Agreement, but in no event later than the Closing Date, the Representatives shall have received &ldquo;lock-up&rdquo;
agreements relating to sales and certain other dispositions of shares of Common Stock or certain other securities, each substantially
in the form of <U>Exhibit B</U> attached hereto, from the persons set forth on <U>Schedule V</U> attached hereto, and all of such
&ldquo;lock-up&rdquo; agreements shall be in full force and effect on the Closing Date and, if applicable, each Option Closing
Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have furnished or caused to be furnished to the Representatives such further certificates and documents as the Representatives
shall have reasonably requested.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 Representatives,
or to counsel for the Underwriters, shall be deemed a representation and warranty by the Company or the Operating Partnership,
as the case may be, to the Underwriters as to the statements made therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">If any of the conditions
specified in this Section&nbsp;8 shall not have been fulfilled in all material respects when and as provided in this Agreement,
or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be in all material respects
reasonably satisfactory in form and substance to the Underwriters and their counsel, this Agreement and all obligations of the
Underwriters hereunder may be canceled by the Representatives at, or at any time prior to, the Closing Date or any Option Closing
Date, with respect to any Option Shares remaining to be purchased. Notice of such cancellation shall be given to the Company in
writing or by telephone or facsimile confirmed in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 Hunton &amp; Williams LLP, Attn: David C. Wright, counsel for the Underwriters, at Riverfront Plaza, East Tower, 951 Byrd Street,
Richmond, Virginia 23219 on or prior to such date.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.&nbsp;&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 Underwriters relating to the preparation, printing or reproduction, and delivery
of the preliminary and supplemental blue sky memoranda and such registration and qualification); (vi)&nbsp;the filing fees and
the fees and expenses of counsel for the Underwriters in connection with any filings required to be made with the Financial Industry
Regulatory Authority, Inc.; (vii) the transportation and other expenses incurred by or on behalf of Company representatives in
connection with presentations to prospective purchasers of the Shares; and (viii)&nbsp;the fees and expenses of the Company&rsquo;s
accountants and counsel (including local and special counsel) for the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 Representatives, without liability
on the part of the Underwriters to the Company, by notice to the Company, if, prior to the Closing Date: (i)&nbsp;there shall have
occurred any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise),
earnings, business, 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 Representatives, is so material and adverse as to make it impractical or inadvisable
to proceed with the offering or delivery of the Shares as contemplated by the Registration Statement (exclusive of any amendments
thereto), the Disclosure Package and the Prospectus (exclusive of any supplement thereto); (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 Representatives, to consummate the sale of
the Shares and the delivery of the Shares by the Underwriters at the initial public offering price; or (vi)&nbsp;there shall have
occurred any outbreak or escalation of hostilities or other international or domestic calamity, crisis or change in political,
financial or economic conditions, the effect of which on the financial markets of the United States is such as to make it, in the
sole judgment of the Representatives, impracticable or inadvisable to commence or continue the offering as contemplated by the
Registration Statement (exclusive of any amendments thereto), 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: 0">&nbsp;</P>


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No action taken pursuant
to this Section 11 shall relieve any defaulting Underwriter from liability in respect of its default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the event of any such
default which does not result in a termination of this Agreement or, in the case of an Option Closing Date that is after the Closing
Date, which does not result in a termination of the obligation of the Underwriters to purchase and the Company to sell the relevant
Option Shares, as the case may be, either (i) the Representatives or (ii) the Company shall have the right to postpone the Closing
Date or Option Closing Date, as the case may be, for a period not exceeding seven days in order to effect any required changes
in the Registration Statement or Prospectus or in any other documents or arrangements. As used herein, the term &ldquo;Underwriter&rdquo;
includes any person substituted for an Underwriter under this Section 11.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Information
Furnished by the Underwriters</U>. The Company hereby acknowledges that the only information that the Underwriters have furnished
to the Company expressly for use in the Registration Statement, the Disclosure Package or the Prospectus are the first and second
sentences of paragraph three, the second sentence of paragraph 12, paragraphs 13 through 16, the second and third sentence of paragraph
17, and paragraph 21 under the heading &ldquo;Underwriting&rdquo; in such documents (collectively, the &ldquo;<B>Underwriters Content</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.&nbsp;&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 Underwriters set forth in or made pursuant to this Agreement
will remain in full force and effect, regardless of any investigation made by or on behalf of the Underwriters or the Company,
the Operating Partnership or any of the officers, directors, employees, agents or controlling persons referred to in Section&nbsp;7
hereof, and will survive delivery of and payment for the Shares. The provisions of Sections&nbsp;5(k), 7 and 9 hereof shall survive
the termination or cancellation of this Agreement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Underwriters have been retained solely to act as an underwriter in connection with the sale of the Shares and that no fiduciary,
advisory or agency relationship between the Company and the Operating Partnership and the Underwriters has been created in respect
of any of the transactions contemplated by this Agreement or the process leading thereto, irrespective of whether the Underwriters
have advised or any of them is advising the Company and the Operating Partnership on other matters;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
price of the Shares set forth in this Agreement was established by the Company following discussions and arms-length negotiations
with the Underwriters, and the Company is capable of evaluating and understanding and understands and accepts the terms, risks
and conditions of the transactions contemplated by this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
has been advised that the Underwriters and their affiliates are engaged in a broad range of transactions which may involve interests
that differ from those of the Company and 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: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
waives, to the fullest extent permitted by law, any claims they may have against the Underwriters for breach of fiduciary duty
or alleged breach of fiduciary duty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 Underwriters, will be mailed,
delivered or telefaxed to Raymond James &amp; Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33176 (facsimile
727-567-8058), Attention of Brad Butcher, Jefferies LLC, 520 Madison Avenue, New York, NY 10022, Attention of General Counsel,
and Wells Fargo Securities, LLC, 375 Park Avenue, New York, New York 10152 (facsimile: 212-214-5918), Attention of Equity Syndicate
Department; or, if sent to the Company, will be mailed, delivered or telefaxed to the office of the Company at 31850 Northwestern
Highway, Farmington Hills, Michigan 48334 (facsimile 248-737-9110), Attention: Matthew Partridge.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 Underwriters, the Company, the Operating Partnership, their directors
and officers, and the other controlling persons referred to in Section&nbsp;7 hereof and their respective successors and assigns,
to the extent provided herein. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective
successors and the officers and directors and controlling persons referred to in Section&nbsp;7 hereof, and no other person shall
acquire or have any right under or by virtue of this Agreement. Neither the term &ldquo;successor&rdquo; nor the term &ldquo;successors
and assigns&rdquo; as used in this Agreement shall include a purchaser from the Underwriters of any of the Shares in his status
as such purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 Underwriters, or any of them, with respect to the subject matter hereof.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Waiver
of Jury Trial</U>. The Company, the Operating Partnership and the Underwriters hereby irrevocably waive, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement
or the transactions contemplated hereby.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Research
Analyst Independence</U>. The Company acknowledges that the Underwriters&rsquo; research analysts and research departments are
required to be independent from their investment banking divisions and are subject to certain regulations and internal policies,
and that Underwriters&rsquo; research analysts may hold views and make statements or investment recommendations and/or publish
research reports with respect to the Company and/or the offering that differ from the views of their respective investment banking
divisions. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have
against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their
research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company
by Underwriters&rsquo; investment banking divisions. 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: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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


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

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the foregoing is in
accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this
letter and your acceptance shall represent a binding agreement among the Company, the Operating Partnership and the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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>&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 STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 6%">&nbsp;</td>
    <TD STYLE="width: 44%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>By:</td>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Matthew M. Partridge</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>Name:</td>
    <TD>&nbsp;Matthew M. Partridge</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>Title:</td>
    <TD>&nbsp;Chief Financial Officer</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 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 STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 4%">By:</td>
    <TD STYLE="width: 46%">AGREE REALTY CORPORATION</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 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 STYLE="width: 56%">&nbsp;</td>
    <TD STYLE="width: 4%">By:</td>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid">/s/ Matthew M. Partridge</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-decoration: none">Name: Matthew M. Partridge</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">Title: Chief Financial Officer</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For themselves and as Representatives of the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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>RAYMOND JAMES &amp; ASSOCIATES, 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/ Brad Butcher</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>Name:</td>
    <TD>Brad Butcher</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>Title:</td>
    <TD>Managing Director, Co-Head of Real Estate investment Banking</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2"><b>JEFFERIES LLC</b></td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>By:</td>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Joshua Fuller</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>Name:</td>
    <TD>Joshua Fuller</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>Title:</td>
    <TD>Managing Director</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2"><b>WELLS FARGO SECURITIES, LLC</b></td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>By:</td>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ David Herman</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>Name:</td>
    <TD>David Herman</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>Title:</td>
    <TD>Director</td>
    <TD>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name of Underwriter</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Firm<BR> Shares</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: -57pt; padding-left: 57pt">Raymond James &amp; Associates, Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">725,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">Jefferies LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">Wells Fargo Securities, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">Robert W. Baird &amp; Co. Incorporated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">Stifel, Nicolaus &amp; Company, Incorporated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">Janney Montgomery Scott LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">175,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">BTIG, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">Capital One Securities, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">Ladenburg Thalmann &amp; Co. Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -57pt; padding-left: 57pt">Wunderlich Securities, Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -57pt; padding-left: 57pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-left: 16.5pt">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0 0 0 3.5in"><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 STYLE="width: 51%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 20%"><font style="font-size: 10pt"><b>Jurisdiction of</b></font></td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 25%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Subsidiary</b></font></td>
    <TD NOWRAP>&nbsp;</td>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Organization</b></font></td>
    <TD NOWRAP>&nbsp;</td>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Foreign Qualification</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Center Point Birmingham AL LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Alabama</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Chandler, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Arizona</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Rancho Cordova I</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">California</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Rancho Cordova II</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">California</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Roseville CA, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">California</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Manchester CT, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Connecticut</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Mansfield, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Connecticut</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree 103-Middleburg Jacksonville, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Anderson SC LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">South Carolina</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Ann Arbor Jackson, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Atlantic Beach, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Belton MO LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Missouri</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Berkeley Solano, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Brighton, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Burlington LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Washington</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Cannon Station LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Georgia</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Charlotte County, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Columbia SC LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">South Carolina</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Construction Management LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Development, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Facility No. 1, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Holdings I, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Indianapolis Glendale, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Leawood, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Kansas</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Limited Partnership</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Lowell, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Port St. John LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Portland OR LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Oregon</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Realty Services, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Silver Springs Shores, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Southfield &amp; Webster, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree St. Augustine Shores, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Tri-State Lease, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">Pennsylvania, New Jersey</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Indianapolis Store No. 16, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Indiana</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Lawrence Store No. 203, L.L.C.</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Kansas</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&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: 51%; text-align: justify"><font style="font-size: 10pt">Agree 17-92, LLC</font></td>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 20%; text-align: justify"><font style="font-size: 10pt">Florida</font></td>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Boynton, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree East Palatka, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Fort Walton Beach, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Pensacola LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Pensacola Nine Mile LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Poinciana LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree St Petersburg LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Tallahassee, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Venice, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Cochran GA, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Georgia</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Lyons GA LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Georgia</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Marietta, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Georgia</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Morrow GA, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Georgia</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Statham GA, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Georgia</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Antioch, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Illinois</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Berwyn IL LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Illinois</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Chicago Kedzie, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Illinois</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Lake in the Hills, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Illinois</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Lake Zurich IL, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Illinois</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree New Lenox 2 LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Illinois</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree New Lenox, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Illinois</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Spring Grove, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Illinois</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Springfield IL LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Illinois</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Atchison, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Kansas</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Wichita, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Kansas</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Baton Rouge LA LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Louisiana</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Mall of Louisiana, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Louisiana</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Wawa Baltimore, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Maryland</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">2355 Jackson Avenue, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree 117 Mission, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Ann Arbor State Street, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Beecher LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Bristol &amp; Fenton Project, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Corunna LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Elkhart, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree M-59 LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Madison AL LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Alabama</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Pinellas Park, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Florida</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Plainfield, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Realty South-East, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Shelby, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Southfield LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Walker, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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<tr style="vertical-align: top">
    <TD STYLE="width: 51%; text-align: justify"><font style="font-size: 10pt">Mt Pleasant Shopping Center LLC</font></td>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 20%; text-align: justify"><font style="font-size: 10pt">Michigan</font></td>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Minneapolis Clinton Ave, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Minnesota</font></td>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Forest MS LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Mississippi</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Joplin MO LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Missouri</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree St. Joseph MO, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Missouri</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree North Las Vegas, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Nevada</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Sun Valley NV LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Nevada</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Rochester NY LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">New York</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Charlotte Poplar, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">North Carolina</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Concord, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">North Carolina</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Fuquay Varina LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">North Carolina</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Jacksonville NC, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">North Carolina</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Wilmington, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">North Carolina</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Grand Forks LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">North Dakota</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Brooklyn OH LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Ohio</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Johnstown, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Ohio</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Allentown PA LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Pennsylvania</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Ligonier PA LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Pennsylvania</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Montgomeryville PA LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Pennsylvania</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Daniel Morgan Ave Spartanburg LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">South Carolina</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Fort Mill SC, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">South Carolina</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Spartanburg SC LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">South Carolina</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Rapid City SD, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">South Dakota</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Alcoa TN LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Tennessee</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Magnolia Knoxville TN LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Tennessee</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Dallas Forest Drive, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Texas</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Harlingen LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Texas</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Madisonville TX LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Texas</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree McKinney TX LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Texas</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Wichita Falls TX LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Texas</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
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    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Forest VA LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Virginia</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Lebanon VA LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Virginia</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
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    <TD><font style="font-size: 10pt">Agree Indianapolis, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Indiana</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
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    <TD><font style="font-size: 10pt">Agree Greenville SC, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">South Carolina</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
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    <TD><font style="font-size: 10pt">Agree Memphis Getwell, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Tennessee</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
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    <TD><font style="font-size: 10pt">Agree Littleton CO LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Richmond VA LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
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    <TD><font style="font-size: 10pt">Agree Asset Services LLC (LUNACORP LLC)</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Virginia</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Montgomery AL LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Alabama</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Terre Haute IN LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Junction City KS LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Novi MI LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Michigan</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Palafox Pensacola FL, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Arlington TX LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Texas</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
</table>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&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: 51%"><font style="font-size: 10pt">Agree Grand Chute WI LLC</font></td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 20%"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 25%"><font style="font-size: 10pt">Wisconsin</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Belvidere IL LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Illinois</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Lejune Springfield IL, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Illinois</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Fort Worth TX, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Texas</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Topeka KS, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Kansas</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Brenham TX, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Salem OR, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Oregon</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Portland ME, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Maine</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Davenport IA, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Iowa</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Buffalo Center IA, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Iowa</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Springfield OH, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Ohio</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Altoona PA, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Delaware</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Agree Orange &amp; McCoy, LLC</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Florida</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Hazard KY, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Marshall MI Outlot, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Michigan</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Indianapolis IN II, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Indiana</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Mt. Pleasant Outlot I, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Wheaton IL, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Jackson MS, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Agree Des Moines IA, LLC</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Delaware</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Schedule III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">1.</TD><TD STYLE="text-align: justify">Rights Agreement, dated as of December 7, 1998, by and between Agree Realty Corporation, a Maryland
corporation, and Computershare Trust Company, N.A., f/k/a EquiServe Trust Company, N.A., a national banking association, as successor
rights agent to BankBoston, N.A., a national banking association</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify">Second Amendment to Rights Agreement, dated as of December 8, 2008, by and between Agree Realty
Corporation, a Maryland corporation, and Computershare Trust Company, N.A., f/k/a EquiServe Trust Company, N.A., a national banking
association, as successor rights agent to BankBoston, N.A., a national banking association</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">3.</TD><TD STYLE="text-align: justify">Amended and Restated Registration Rights Agreement, dated July 8, 1994 by and among the Agree Realty
Corporation, Richard Agree, Edward Rosenberg and Joel Weiner</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">4.</TD><TD STYLE="text-align: justify">Agree Realty Corporation Profit Sharing Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">5.</TD><TD STYLE="text-align: justify">Amended Employment Agreement, dated October 29, 2014, by and between Agree Realty Corporation and
Richard Agree</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">6.</TD><TD STYLE="text-align: justify">Amended Employment Agreement, dated October 29, 2014, by and between Agree Realty Corporation and
Joey Agree</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">7.</TD><TD STYLE="text-align: justify">Letter Agreement of Employment dated July 8, 2010 between Agree Limited Partnership and Alan Maximiuk</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">8.</TD><TD STYLE="text-align: justify">Letter Agreement of Employment dated April 5, 2010 between Agree Limited Partnership and Laith
Hermiz</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">9.</TD><TD STYLE="text-align: justify">Letter of Agreement of Employment dated November 4, 2015 between Agree Realty Corporation and Matthew
Partridge</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">10.</TD><TD STYLE="text-align: justify">Agree Realty Corporation 2014 Omnibus Incentive Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">11.</TD><TD STYLE="text-align: justify">Form of Restricted Stock Agreement under 2014 Omnibus Incentive Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">12.</TD><TD STYLE="text-align: justify">Revolving Credit Facility and Term Loan Agreement, dated July 21, 2014, among Agree Limited Partnership,
PNC Bank, National Association and the other lenders party thereto</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">13.</TD><TD STYLE="text-align: justify">Note Purchase Agreement, among Agree Limited Partnership, Agree Realty Corporation and the purchasers
named therein, dated May 28, 2015</TD></TR></TABLE>

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


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    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Aggregate number of shares
offered:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,500,000</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Offering price to public: $39.75</P>

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


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    <!-- Field: /Page -->

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v439329_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 50%; padding-right: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><img src="image_001.jpg" alt="" style="height: 38px; width: 232px"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">300 East Lombard Street, 18th
        Floor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Baltimore, MD 21202-3268</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">TEL 410.528.5600</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">FAX 410.528.5650</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">www.ballardspahr.com</P></td>
    <td style="width: 50%; padding-top: 1pt; padding-right: 5.75pt; font-size: 10pt">&nbsp;</td></tr>
</table>


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

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;May 10, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">&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">70 East Long Lake Rd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bloomfield Hills, Michigan 48304&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.5in; padding: 0; text-indent: 0; font-size: 10pt">Re:</td>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt">Agree Realty Corporation, a Maryland corporation (the &ldquo;Company&rdquo;) -- Issuance and Sale of up to 2,875,000 shares (the &ldquo;Shares&rdquo;) of common stock, par value $0.0001 per share (&ldquo;Common Stock&rdquo;), of the Company pursuant to a Registration Statement on Form S-3, as amended (Registration No. 333-201420), originally filed with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on January 9, 2015 (the &ldquo;Registration Statement&rdquo;)</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">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 Maryland corporate counsel
to the Company in connection with the registration of the Shares under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;),
by the Company pursuant to the Registration Statement. You have requested our opinion with respect to the matters set forth below.</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 our capacity as Maryland corporate counsel
to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to
our satisfaction, of the following documents (collectively, the &ldquo;Documents&rdquo;):</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"><FONT STYLE="color: #010000">(i)&#9;</FONT>the
corporate charter of the Company (the &ldquo;Charter&rdquo;) represented by Articles of Incorporation filed with the State Department
of Assessments and Taxation of Maryland (the &ldquo;Department&rdquo;) on December 15, 1993, Articles of Amendment filed with the
Department on April 7, 1994, two Articles Supplementary filed with the Department on December 8, 2008, Articles Supplementary filed
with the Department on September 21, 2012, Articles of Amendment filed with the Department on May 8, 2013, two Articles Supplementary
filed with the Department on July 31, 2013, Articles of Amendment filed with the Department on May 5, 2015 and Articles of Amendment
filed with the Department on May 3, 2016;</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"><FONT STYLE="color: #010000">(ii)&#9;</FONT>the
Bylaws of the Company adopted as of November 8, 2006, as amended and restated by the Amended and Restated Bylaws of the Company,
adopted as of May 8, 2013 (the &ldquo;Bylaws&rdquo;);</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"><FONT STYLE="color: #010000">(iii)&#9;</FONT>resolutions
adopted by the Board of Directors of the Company, or a duly authorized committee thereof, on or as of January 7, 2015, April 15,
2016 and May 4, 2016, which, among other things, authorized the issuance of the Shares (together, the &ldquo;Directors&rsquo; Resolutions&rdquo;);</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">Atlanta
| Baltimore | Bethesda | Denver | Las Vegas | Los Angeles | New Jersey | New York | Philadelphia | Phoenix | Salt Lake City |
San Diego | Washington, DC | Wilmington</FONT></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"></P>

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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 10, 2016</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; text-indent: 1in"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(iv)&#9;</FONT>the
Registration Statement and the related form of prospectus and prospectus supplement included therein, in substantially the form
filed with the Commission pursuant to the Act;</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"><FONT STYLE="color: #010000">(v)&#9;</FONT>a
certificate of Joey Agree, President and Chief Executive Officer of the Company, and Matthew Partridge, Executive Vice President,
Chief Financial Officer and Secretary of the Company, dated as of a recent date (the &ldquo;Officers&rsquo; Certificate&rdquo;),
to the effect that, among other things, the Charter, the Bylaws and the Directors&rsquo; Resolutions are true, correct and complete,
have not been rescinded or modified and are in full force and effect on the date of the Officers&rsquo; Certificate;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(vi)&#9;</FONT>a
status certificate of the Department, dated as of a recent date, to the effect that the Company is duly incorporated and existing
under the laws of the State of Maryland and is duly authorized to transact business in the State of Maryland; and</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"><FONT STYLE="color: #010000">(vii)&#9;</FONT>such
other laws, records, documents, certificates, opinions and instruments as we have deemed necessary to render this opinion, subject
to the limitations, assumptions and qualifications noted below.</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 reaching the opinions set forth below,
we have assumed the following:</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"><FONT STYLE="color: #010000">(a)&#9;</FONT>each
person executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so;</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"><FONT STYLE="color: #010000">(b)&#9;</FONT>each
natural person executing any of the Documents is legally competent to do so;</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"><FONT STYLE="color: #010000">(c)&#9;</FONT>any
of the Documents submitted to us as originals are authentic; any of the Documents submitted to us as certified or photostatic copies
conform to the original documents; all signatures on all of the Documents are genuine; all public records reviewed or relied upon
by us or on our behalf are true and complete; all statements and information contained in the Documents are true and complete;
there has been no modification of, or amendment to, any of the Documents, and there has been no waiver of any provision of any
of the Documents by action or omission of the parties or otherwise;</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"><FONT STYLE="color: #010000">(d)&#9;</FONT>the
Officers&rsquo; Certificate and all other certificates submitted to us are true and correct both when made and as of the date hereof;</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"><FONT STYLE="color: #010000">(e)&#9;</FONT>the
Company has not, and is not required to be, registered under the Investment Company Act of 1940;</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"><FONT STYLE="color: #010000">(f)&#9;</FONT>none
of the Shares will be issued or transferred in violation of the provisions of Article Ninth of the Charter relating to restrictions
on ownership and transfer of shares of stock of the Company; and</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"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 10, 2016</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; text-indent: 1in"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(g)&#9;</FONT>none
of the Shares will be issued and sold to an Interested Stockholder of the Company or an Affiliate thereof, all as defined in Subtitle
6 of Title 3 of the Maryland General Corporation Law (the &ldquo;MGCL&rdquo;), in violation of Section 3-602 of the MGCL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based on the foregoing, and subject to the
assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:</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">1.&#9;The Company has been duly incorporated
and is validly existing as a corporation in good standing under the laws of the State of Maryland.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&#9;The Shares have been duly authorized
for issuance by all necessary corporate action on the part of the Company and, when issued and delivered by the Company in exchange
for payment therefor in accordance with the Directors&rsquo; Resolutions, such Shares will be validly issued, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinions are limited to the
substantive laws of the State of Maryland, 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 laws, including the securities laws of the State of Maryland,
or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinions are expressed
herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such
matter.</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">This opinion letter is issued as of the date
hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention.
We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become
aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein
after the date hereof.</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 consent to your filing this opinion as
an exhibit to the Registration Statement and further consent to the filing of this opinion as an exhibit to the applications to
securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification
of our firm as Maryland corporate counsel to the Company in the section of the Registration Statement entitled &ldquo;Legal Matters&rdquo;.
In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the
Act.</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">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 65%; padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="width: 35%; padding: 0; text-indent: 0">Very truly yours,</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">/s/ Ballard Spahr LLP</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
