<SEC-DOCUMENT>0001144204-17-030874.txt : 20170602
<SEC-HEADER>0001144204-17-030874.hdr.sgml : 20170602
<ACCEPTANCE-DATETIME>20170602171514
ACCESSION NUMBER:		0001144204-17-030874
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20170602
DATE AS OF CHANGE:		20170602
EFFECTIVENESS DATE:		20170602

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:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-218476
		FILM NUMBER:		17889012

	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>S-3ASR
<SEQUENCE>1
<FILENAME>v468245_s3asr.htm
<DESCRIPTION>S-3ASR
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on June 2, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No.&nbsp;333-</B></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><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-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></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"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><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: 0; text-align: center">&nbsp;</P>

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><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-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maryland</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>38-3148187</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State or other jurisdiction of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>incorporation or organization)</B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(I.R.S. Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>70 East Long Lake Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Bloomfield Hills, MI 48304</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(248) 737-4190</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><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-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>70 East Long Lake Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Bloomfield Hills, MI 48304</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(248) 737-4190</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name, address, including zip code, and telephone
number, including area code, of agent for service)</B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><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-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2290 First National Building</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>660 Woodward Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Detroit, MI 48226-3506</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(313) 465-7454 (telephone)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(313) 465-7455 (facsimile)</B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><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-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><B>Approximate date of commencement of proposed
sale to the public:</B> From time to time or at one time after the effective date of the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the only securities being registered on this Form are to be offered pursuant to dividend or interest reinvestment plans, please
check the following box.&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415
under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans,
check the following box&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please
check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering.&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a registration statement pursuant to General Instruction&nbsp;I.D. or a post-effective amendment thereto that shall
become effective upon filing with the Commission pursuant to Rule&nbsp;462(e) under the Securities Act, check the following box.&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction&nbsp;I.D. filed to register
additional securities or additional classes of securities pursuant to Rule&nbsp;413(b) under the Securities Act, check the following
box.&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo;, &ldquo;smaller reporting
company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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: bottom">
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&nbsp;Filer</FONT></TD>
    <TD STYLE="width: 15%; text-align: right"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;(Do not check if a smaller reporting company)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
</TABLE>
<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-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;If
an emerging growth company, indicate by check mark if the registration has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><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-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></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; text-align: center; border-bottom: Black 1pt solid; border-top: Black 3pt double"><B>Title&nbsp;of&nbsp;Each&nbsp;Class&nbsp;of<BR>
    Securities&nbsp;to&nbsp;be&nbsp;Registered (1)</B></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 3pt double"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 3pt double"><B>Amount<BR> to&nbsp;be<BR>
    Registered&nbsp;(2)(3)</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; border-top: Black 3pt double"><B>&nbsp;</B></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 3pt double"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 3pt double"><B>Proposed<BR> Maximum<BR>
    Offering&nbsp;Price<BR> Per&nbsp;Share&nbsp;(2)(3)</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; border-top: Black 3pt double"><B>&nbsp;</B></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 3pt double"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 3pt double"><B>Proposed<BR> Maximum<BR>
    Aggregate<BR> Offering&nbsp;Price&nbsp;(2)(3)</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; border-top: Black 3pt double"><B>&nbsp;</B></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; border-top: Black 3pt double"><B>&nbsp;</B></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 3pt double"><B>Amount&nbsp;of<BR>
    Registration&nbsp;Fee&nbsp;(4)</B></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; border-top: Black 3pt double"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-indent: -11.75pt; padding-left: 11.75pt">Common Stock, par value $0.0001</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">0</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: -11.75pt; padding-left: 11.75pt">Preferred Stock</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -11.75pt; padding-left: 11.75pt">Depositary Shares (5)</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -11.75pt; padding-left: 11.75pt">Warrants</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</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: -11.75pt; padding-left: 11.75pt">Preferred Stock Purchase Rights (6)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</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">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</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">0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -11.75pt; padding-left: 11.75pt; border-bottom: Black 3pt double">Total</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 3pt double">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 3pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right; border-bottom: Black 3pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 3pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 3pt double">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 3pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right; border-bottom: Black 3pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 3pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 3pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 3pt double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 3pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 3pt double; text-align: right">0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 3pt double">&nbsp;</TD></TR>
</TABLE>



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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This registration statement registers an unspecified amount of securities of each identified class. The securities registered
hereunder may be sold together or as units with other securities registered hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&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: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Omitted pursuant to Form S-3 General Instruction II.E.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&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: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>An indeterminate aggregate initial offering price, principal amount or number of the securities of each identified class is
being registered as may from time to time be issued at indeterminate prices or upon conversion, exchange or exercise of securities
registered hereunder to the extent any such securities are, by their terms, convertible into, or exchangeable or exercisable for,
such securities, including as a result of share splits, anti-dilution adjustments, share distributions, or similar transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&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: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>In accordance with Rule 456(b) and Rule 457(r) under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;),
the registrant is deferring payment of all of the registration fee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&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: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Each depositary share will be issued under a deposit agreement and will be evidenced by a depositary receipt. Depository shares
will represent an interest in a fractional share of preferred stock or multiple shares of preferred stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&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: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>This Registration Statement also relates to the rights to purchase shares of Series A Junior Participating Preferred Stock
of the registrant, which are attached to all shares of common stock issued, pursuant to the terms of the Registrant&rsquo;s Second
Amendment to Rights Agreement dated December 8, 2007. Until the occurrence of prescribed events, the rights are not exercisable,
are evidenced by the certificates for the common stock and will be transferred with and only with such common stock.</TD></TR></TABLE>



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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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"><B>PROSPECTUS</B></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"><IMG SRC="logo_s3asr.jpg" ALT="">&nbsp;</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">AGREE REALTY CORPORATION</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Agree Realty Corporation intends to offer and
sell from time to time the securities described in this prospectus, in each case, on terms to be determined at the time of the
offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This prospectus describes some of the general
terms that apply to the securities. We will provide specific terms of any securities we may offer in supplements to this prospectus.
You should read this prospectus and any applicable prospectus supplement carefully before you invest. We also may authorize one
or more free writing prospectuses to be provided to you in connection with the offering. The prospectus supplement and any free
writing prospectus also may add, update or change information contained or incorporated in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may offer and sell these securities to or
through one or more underwriters, dealers or agents, or directly to purchasers on a continuous or delayed basis. The prospectus
supplement for each offering of securities will describe the plan of distribution for that offering. For general information about
the distribution of securities offered, see &ldquo;Plan of Distribution&rdquo; in this prospectus. The prospectus supplement also
will set forth the price to the public of the securities and the net proceeds that we expect to receive from the sale of such securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our common stock is traded on the New York
Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;ADC.&rdquo; On June 1, 2017, the last reported sales price of our
common stock on the NYSE was $46.42 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We impose certain restrictions on the ownership
and transfer of our capital stock. You should read the information under the section entitled &ldquo;Description of Common Stock
&mdash; Restrictions on Ownership and Transfer&rdquo; in this prospectus for a description of these restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>Investing in our securities
involves risks. You should carefully read and consider &ldquo;Risk Factors&rdquo; included in our most recent Annual Report on
Form 10-K and on page 3 of this prospectus and in the applicable prospectus supplement before investing in our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The date of this prospectus is June 2, 2017.</P>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Table of Contents</B></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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#a_001">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="width: 10%; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_002">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_004">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_005">DESCRIPTION OF COMMON STOCK</A></TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_006">DESCRIPTION OF PREFERRED STOCK</A></TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007">DESCRIPTION OF DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_008">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_009">MATERIAL FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_010">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_011">WHERE CAN YOU FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_012">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_013">EXPERTS</A></TD>
    <TD STYLE="text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_014">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right">45</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-indent: 0.25in"><B>We have not authorized any dealer, salesman
or other person to give any information or to make any representation other than those contained or incorporated by reference in
this prospectus and the accompanying supplement to this prospectus. You must not rely upon any information or representation not
contained or incorporated by reference in this prospectus or the accompanying prospectus supplement. This prospectus and the accompanying
supplement to this prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities other than
the registered securities to which they relate, nor do this prospectus and the accompanying supplement to this prospectus constitute
an offer to sell or the solicitation of an offer to buy securities in any jurisdiction to any person to whom it is unlawful to
make such offer or solicitation in such jurisdiction. You should not assume that the information in this prospectus or a prospectus
supplement is accurate as of any date other than the date on the front of the document or that any information we have incorporated
by reference is accurate on any date subsequent to the date of the document incorporated by reference, even though this prospectus
or any prospectus supplement is delivered or securities are sold on a later date. When we deliver this prospectus or a supplement
or make a sale pursuant to this prospectus or a supplement, we are not implying that the information is current as of the date
of the delivery or sale.&nbsp;</B></P>

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


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence -->&nbsp;</P></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; text-indent: 0.25in"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 23.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 0.25in">This prospectus is part of an automatic
shelf registration statement that we have filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) as a &ldquo;well-known
seasoned issuer&rdquo; as defined in Rule 405 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).
Under the automatic shelf registration process, we may, over time sell any combination of the securities described in this prospectus
or in any applicable prospectus supplement in one or more offerings. The exhibits to our registration statement contain the full
text of certain contracts and other important documents we have summarized in this prospectus. Since these summaries may not contain
all the information that you may find important in deciding whether to purchase the securities we offer, you should review the
full text of these documents. The registration statement and the exhibits can be obtained from the SEC as indicated under the sections
entitled &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation of Certain Documents by Reference.&rdquo; This
prospectus only provides you with a general description of the securities we may offer. As allowed by SEC rules, this prospectus
does not contain all of the information you can find in the registration statement or the exhibits to the registration statement.
Each time we sell securities, we will provide a prospectus supplement that will contain specific information about the terms of
that offering, including the specific amounts, prices and terms of the securities offered. A prospectus supplement may also add,
update or change information contained in this prospectus or in documents we have incorporated by reference. Accordingly, to the
extent there is an inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the
information in the prospectus supplement. You should carefully read both this prospectus and any prospectus supplement together
with the additional information described below under the sections entitled &ldquo;Where You Can Find More Information&rdquo; and
&ldquo;Incorporation of Certain Documents by Reference.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 23.3pt">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence -->&nbsp;</P></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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_001"></A><B>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-indent: 0.25in"><I>This summary only highlights the
more detailed information appearing elsewhere in this prospectus or incorporated by reference in this prospectus. It may not contain
all of the information that is important to you. You should carefully read the entire prospectus and the documents incorporated
by reference in this prospectus before deciding whether to invest in our securities.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 23.3pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-indent: 0.25in"><I>Unless otherwise indicated or the
context requires otherwise, in this prospectus and any prospectus supplement hereto references to &ldquo;the company,&rdquo; &ldquo;we,&rdquo;
&ldquo;us, &rdquo;and &ldquo;our&rdquo; refer to Agree Realty Corporation, a Maryland corporation, and its consolidated subsidiaries,
including Agree Limited Partnership, a Delaware limited partnership (the &ldquo;Operating Partnership&rdquo;), and its direct and
indirect subsidiaries on a consolidated basis.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 23.3pt"><B>&nbsp;&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 23.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 0.25in">We are a fully integrated real estate
investment trust (&ldquo;REIT&rdquo;) primarily focused on the ownership, acquisition, development and management of retail properties
net leased to industry leading tenants. We were founded in 1971 by our current Executive Chairman, Richard Agree, and our common
stock was listed on the NYSE in 1994.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 23.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 0.25in">As of March 31, 2017, our portfolio
consisted of 377 properties located in 43 states and totaling approximately 7.3 million square feet of gross leasable area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 23.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 0.25in">As of March 31, 2017, our portfolio
was approximately 99.6% leased and had a weighted average remaining lease term of approximately 10.6 years. A significant majority
of our properties is leased to national tenants, and as of March 31, 2017, approximately 45% of our annualized base rent was derived
from tenants, or parents thereof, with an investment grade credit rating. Substantially all of our tenants are subject to net lease
agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses
including property taxes, insurance and maintenance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 23.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 0.25in">Our assets are held by, and all of
our operations are conducted through, directly or indirectly, the Operating Partnership, of which we are the sole general partner
and in which we held a 98.7% interest as of March 31, 2017. Under the partnership agreement of the Operating Partnership, we, as
the sole general partner, have exclusive responsibility and discretion in the management and control of the Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 23.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 0.25in">We were incorporated in December 1993
under the laws of the State of Maryland. We believe that we have operated, and we intend to continue to operate, in such a manner
to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). In order to maintain our qualification
as a REIT, we must, among other things, distribute at least 90% of our REIT taxable income each year and meet asset and income
tests. Additionally, our charter limits ownership of our company, directly or constructively, by any single person to 9.8% of the
value of our outstanding common stock and 9.8% of the value of the aggregate of all of our outstanding stock, subject to certain
exceptions. As a REIT, we are not subject to federal income tax with respect to that portion of our income that is distributed
currently to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 23.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 0.25in">Our headquarters are located at 70
E. Long Lake Road, Bloomfield Hills, MI 48304 and our telephone number is (248) 737-4190. Our website is <I>www.agreerealty.com</I>.
However, the information located on, or accessible from, our website is not, and should not be deemed to be, part of this prospectus
supplement, the accompanying prospectus or any free writing prospectus or incorporated into any other filing that we submit to
the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 23.3pt"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 6; Options: NewSection; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- 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>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><B>Ratio of Earnings to Combined Fixed Charges and Preferred
Stock Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 23.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 0.25in">The following table sets forth the
consolidated ratios of earnings to combined fixed charges and preferred stock dividends for the periods shown:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%">Three Months Ended March 31, 2017</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.50 x</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Year Ended December 31, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.93 x</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Year Ended December 31, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.22 x</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Year Ended December 31, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.09 x</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Year Ended December 31, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.61 x</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Year Ended December 31, 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.67 x</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 0.25in">The ratios of earnings to combined
fixed charges and preferred dividends were computed by dividing earnings by the aggregate of fixed charges and preferred dividends.
We had no preferred dividend requirement in any of the foregoing periods. Therefore, the ratio of earnings to combined fixed charges
and preferred stock dividends are the same as the ratio of earnings to fixed charges for such years. Earnings were calculated by
adding certain fixed charges (consisting of interest on indebtedness and amortization of finance costs) to our income before extraordinary
items. Fixed charges consist of interest costs, whether expensed or capitalized and amortization of debt issuance costs.</P>

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


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- 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>
    <!-- Field: /Page -->

<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; text-align: center"><A NAME="a_002"></A><B>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Investing in our securities involves
risks. Before purchasing the securities offered by this prospectus you should carefully consider the risk factors incorporated
by reference in this prospectus from our Annual Report on Form 10-K for the year ended December 31, 2016, as well as the risks,
uncertainties and additional information set forth in documents that we file with the SEC after the date of this prospectus and
which are deemed incorporated by reference in this prospectus, and the information contained or incorporated by reference in any
applicable prospectus supplement. For a description of these reports and documents, and for information about where you can find
them, see &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation of Certain Documents by Reference&rdquo;.
The risks and uncertainties we discuss in this prospectus and any applicable prospectus supplement and in the documents incorporated
by reference in this prospectus are those that we currently believe may materially affect the Company. Additional risks not presently
known or that are currently deemed immaterial could also materially and adversely affect our financial condition, results of operations,
business and prospects.</P>

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


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- 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>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_003"></A><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This prospectus, any accompanying prospectus
supplement and the documents we incorporate by reference each contain &ldquo;forward-looking statements&rdquo; within the meaning
of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set
forth in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;)). Also, documents we subsequently file with the SEC and incorporate by reference will contain forward-looking statements.
Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations,
are generally identifiable by use of the words &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo;
&ldquo;believe,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;seek,&rdquo; &ldquo;could,&rdquo; &ldquo;project,&rdquo;
or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties
and other factors which are, in some cases, beyond our control and which could materially affect actual results, performances or
achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the factors included in our Annual Report
on Form 10-K filed with the SEC on February 23, 2017, including those set forth under the headings &ldquo;Business,&rdquo; &ldquo;Risk
Factors&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations;&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">global and national economic conditions
and changes in general economic, financial and real estate market conditions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">potential defaults on leases by tenants
and failure by tenants to make rental payments;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">our concentration with certain tenants
and in certain markets may make us susceptible to adverse events;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes in our business strategy and expansion
into unfamiliar markets;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks that our acquisition and development
projects will fail to perform as expected;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the risk that ground leases may be terminated,
which would limit our ability to sell those properties;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the potential need to fund improvements
or other capital expenditures out of operating cash flow;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">financing risks, such as the inability
to obtain debt or equity financing on favorable terms or at all;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">the level and volatility of interest rates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to re-lease space as leases
expire;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">loss or bankruptcy of one or more of our
tenants;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">potential liability for environmental
contamination could result in substantial costs;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">a failure of our properties to generate
additional income to offset increases in operating expenses;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">leveraging our portfolio subjects us to
increased risk of loss, including loss of properties in the event of a foreclosure;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">covenants in our credit agreements could
limit our flexibility and adversely affect our financial condition;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: left; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to maintain our qualification
as a REIT for federal income tax purposes and the limitations imposed on our business by our status as a REIT; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-indent: -0.2in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">our failure to qualify as a REIT for federal income tax purposes could
adversely affect our operations and ability to make distributions.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Any forward-looking statement speaks only as
of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events
or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise. Accordingly, investors should use caution in relying
on past forward-looking statements, which were based on results and trends at the time they were made, to anticipate future results
or trends. For a further discussion of these and other factors that could impact our future results, performance or transactions,
see the section above entitled &ldquo;Risk Factors,&rdquo; including the risks incorporated therein from our most recent Annual
Report on Form 10-K, as updated by our future filings.</P>

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


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <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"><!-- 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>
    <!-- Field: /Page -->

<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; text-align: center"><A NAME="a_004"></A><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Unless we specify otherwise in an accompanying
prospectus supplement, we intend to use the net proceeds from the sale of the securities by us to provide additional funds for
general corporate purposes, including funding our investment activity, the repayment or refinancing of outstanding indebtedness,
working capital and other general purposes. Any specific allocation of the net proceeds of an offering of securities to a specific
purpose will be determined at the time of such offering and will be described in the related supplement to this prospectus.</P>

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


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- 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>
    <!-- Field: /Page -->

<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; text-align: center"><A NAME="a_005"></A><B>DESCRIPTION OF COMMON STOCK</B></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-indent: 0.25in"><B>&nbsp;</B>The following description of our
common stock is only a summary and sets forth certain general terms and provisions of the common stock to which any prospectus
supplement may relate, including a prospectus supplement providing that common stock will be issuable upon conversion of our preferred
stock or upon the exercise of common stock warrants issued by us. The statements below describing the common stock are in all respects
subject to and qualified in their entirety by reference to the applicable provisions of our charter and bylaws and the applicable
provisions of the Maryland General Corporation Law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We have the authority to issue 49,000,000 shares
of capital stock, par value $.0001 per share, of which 45,000,000 shares are classified as shares of common stock, par value $.0001
per share, and 4,000,000 shares are classified as shares of preferred stock, par value $.0001 per share. Of our preferred stock,
200,000 shares are designated as Series A Junior Participating Preferred Stock, and 3,800,000 shares are undesignated. As of May
31, 2017, we had outstanding 26,222,180 shares of common stock and no shares of preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Subject to preferential rights with respect
to any outstanding preferred stock, holders of our common stock will be entitled to receive dividends when, as and if authorized
by our board of directors and declared by us, out of assets legally available therefor. Upon our liquidation, dissolution or winding
up, holders of common stock will be entitled to share equally and ratably in any assets available for distribution to them, after
payment or provision for payment of our debts and other liabilities and the preferential amounts owing with respect to any of our
outstanding preferred stock. The common stock will possess voting rights in the election of directors and in respect of certain
other corporate matters, with each share entitling the holder thereof to one vote. Holders of shares of common stock will not have
cumulative voting rights in the election of directors. The shares of common stock are not convertible into any other class or series
of stock. Holders of shares of common stock will not have preemptive rights, which means they have no right to acquire any additional
shares of common stock that may be issued by us at a subsequent date. The common stock will, when issued in exchange for the consideration
therefor, be fully paid and nonassessable and will not be subject to preemptive or similar rights. The common stock is listed on
the NYSE under the symbol &ldquo;ADC.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The transfer agent and registrar for our common
stock is Computershare Trust Company, N.A.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">For us to qualify as a REIT under the Code,
not more than 50% of the value of our issued and outstanding Equity Stock (as defined below) may be owned, directly or indirectly,
by five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year, and the
Equity Stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during
a proportionate part of a shorter taxable year. In addition, certain percentages of our gross income must be from particular activities
(see &ldquo;Material Federal Income Tax Considerations &mdash; Taxation of the Company &mdash; Income Tests&rdquo;). Our charter
contains restrictions on the ownership and transfer of shares of Equity Stock to enable us to qualify as a REIT.</P>

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


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.25in">Subject to certain exceptions specified in
our charter, our charter provides that no holder, other than an excepted holder, may beneficially own, or be deemed to own by virtue
of the attribution provisions of the Code, more than 9.8% (in value or in number of shares, whichever is more restrictive) of the
outstanding shares of our common stock, or more than 9.8% (in value) of the aggregate of the outstanding shares of all classes
and series of our stock (collectively, the &ldquo;Equity Stock&rdquo;). We refer to each of these restrictions as an &ldquo;Ownership
Limit&rdquo; and collectively as the &ldquo;Ownership Limits.&rdquo; Our board of directors may, in its sole and absolute discretion,
prospectively or retroactively, waive either or both of the Ownership Limits with respect to a particular stockholder or establish
a different limit on ownership (an &ldquo;excepted holder limit&rdquo;), which excepted holder limit is subject to adjustment from
time to time, if our board of directors makes certain determinations set forth in our charter. As a condition of any such exemption,
our board of directors may require a ruling from the Internal Revenue Service (&ldquo;IRS&rdquo;) or an opinion of counsel satisfactory
to our board of directors in its sole and absolute discretion, as specified in our charter, in order to determine or ensure our
status as a REIT, or such representations and/or undertakings from the person requesting the waiver as our board of directors may
require in its sole and absolute discretion to make such determinations. Notwithstanding the receipt of any such ruling or opinion,
our board of directors may impose such conditions or restrictions as it deems appropriate in connection with granting such an exception.
Subject to the provisions of our charter, our charter provides that an underwriter or placement agent that participates in a public
offering or a private placement of our Equity Stock, or an initial purchaser of our Equity Stock in a transaction reliant upon
Rule 144A, may beneficially own or constructively own shares of Equity Stock in excess of the Ownership Limits, but only to the
extent necessary to facilitate such public offering, private placement or Rule 144A transaction. The foregoing restrictions on
transferability and ownership will not apply if the board of directors determines that it is no longer in our best interests to
continue to qualify as a REIT. In addition, our charter provides that no person may beneficially or constructively own shares of
Equity Stock to the extent that such ownership would result in our being closely held within the meaning of Section 856(h) of the
Code or which would otherwise result in our failing to qualify as a REIT. If shares of Equity Stock which would cause us to be
beneficially owned by less than 100 persons are issued or transferred to any person, our charter provides that such issuance or
transfer shall be void ab initio, and the intended transferee would acquire no rights to the stock; however, the board of directors
may waive this transfer restriction if it determines that such transfer would not adversely affect our ability to continue to qualify
as a REIT. Our charter provides that shares transferred in excess of the Ownership Limits and shares transferred that would cause
us to be closely held or otherwise fail to qualify as a REIT will be automatically transferred to one or more trusts for the exclusive
benefit of one or more charitable beneficiaries. Such transfer will be deemed to be effective as of the close of business on the
business day prior to the purported transfer. Our charter further provides that the Prohibited Owner (as defined herein) will have
no rights in the shares held by the trustee and will not benefit economically from ownership of any such shares held in trust by
the trustee, will have no rights to dividends or other distributions and will not possess any rights to vote or other rights attributable
to such shares held in trust. While these shares are held in trust, the trustee will be entitled to vote and to share in any dividends
or other distributions with respect to shares of Equity Stock held in trust, which rights will be exercised for the exclusive benefit
of the charitable beneficiary. Within 20 days of receiving notice from us that shares of Equity Stock have been transferred to
the trust, the trustee will sell the shares to any person who may hold such shares without violating the limitations on ownership
and transfer set forth in our charter. Upon such sale, the interest of the charitable beneficiary in the shares sold will terminate,
and the trustee will distribute the net proceeds of the sale to the person who owned the shares of Equity Stock in violation of
the Ownership Limits or the other ownership restrictions described above (the &ldquo;Prohibited Owner&rdquo;), who will receive
the lesser of (1) the price paid by the Prohibited Owner for the shares or, if the Prohibited Owner did not give value for the
shares in connection with the event causing the shares to be held in the trust, the market price of the shares on the day of the
event causing the shares to be held in the trust and (2) the price per share received by the trustee from the sale or other disposition
of the shares held in the trust. The trustee will reduce the amount payable to the Prohibited Owner by the amount of dividends
and other distributions that have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the trustee and will
pay any net sales proceeds in excess of the amount payable to the Prohibited Owner to the charitable beneficiary. In addition,
such shares of Equity Stock held in trust are purchasable by us until the trustee has sold the shares at a price equal to the lesser
of the price paid for the stock in the transaction that resulted in such transfer to the trust and the market price for the stock
on the date we determine to purchase the stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">All certificates representing shares of Equity
Stock will bear a legend referring to the restrictions described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">In order for us to comply with our record keeping
requirements, our charter requires that each beneficial or constructive owner of Equity Stock and each person (including stockholders
of record) who holds stock for a beneficial or constructive owner, shall provide to us such information as we may request in order
to determine our status as a REIT and to ensure compliance with the Ownership Limits. Our charter also requires each owner of a
specified percentage of Equity Stock to provide, no later than January 30 of each year, written notice to us stating the name and
address of such owner, the number of shares of Equity Stock beneficially owned, and a description of how such shares are held.
In addition, each such stockholder must provide such additional information as we may request in order to determine the effect
of such stockholder&rsquo;s beneficial ownership of Equity Stock on our status as a REIT and to ensure compliance with the Ownership
Limits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">These Ownership Limits may have the effect
of precluding acquisition of control of our company by a third party unless the board of directors determines that maintenance
of REIT status is no longer in our best interest. No restrictions on transfer will preclude the settlement of transactions entered
into through the facilities of the NYSE.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We have adopted a rights agreement, as amended,
under which each holder of our common stock receives one preferred share purchase right for each outstanding share of common stock.
Each right is attached to each share of common stock, is not currently exercisable and trades only with the shares of common stock.
Each right will separate from the share of common stock to which it is attached and will become exercisable 10 days after a public
announcement that a person or group has acquired common stock that would result in ownership of 15% or more of our shares of common
stock. Upon the occurrence of such an event, each right would entitle the holder to purchase for an exercise price of $70.00 one
one-hundredth of a share of new Series A Junior Participating Preferred Stock, which is designed to have economic and voting rights
generally equivalent to one share of common stock. If a person or group actually acquires 15% or more of our shares of common stock,
each right held by the acquiring person or group (or their transferees) will become void, and each right held by our other stockholders
will entitle those holders to purchase for the exercise price a number of shares of our common stock having a market value of twice
the exercise price. If we, at any time after a person or group has become a 15% beneficial owner and acquired control of our board
of directors, are involved in a merger or similar transaction with any person or group or sell assets to any person or group, each
outstanding right would then entitle its holder to purchase for the exercise price a number of shares of such other company having
a market value of twice the exercise price. In addition, if any person or group acquires 15% or more of our shares of common stock,
we may, at our option and to the fullest extent permitted by law, exchange one share of common stock for each outstanding right.
The rights are not exercisable until the above events occur and will expire on December 22, 2018, unless earlier exchanged or redeemed
by us. We may redeem the rights for $.001 per right under certain circumstances. The rights agreement may discourage, delay or
defer an acquisition or change of control of our Company that may otherwise be in the interest of our stockholders.&nbsp;</P>

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


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- 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>
    <!-- Field: /Page -->

<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>Classification of Board of Directors, Vacancies and Removal of
Directors</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our board of directors is divided into three
classes of directors, serving staggered three year terms. At each annual meeting of stockholders, the class of directors to be
elected at the meeting generally will be elected for a three-year term and the directors in the other two classes will continue
in office. Subject to the rights of any class or series to elect directors, a director may only be removed for cause by the affirmative
vote of the holders of 80% of our outstanding shares of common stock entitled to vote generally in the election of directors, voting
together as a single class. We believe that the classified board will help to assure the continuity and stability of our board
of directors and our business strategies and policies as determined by our board of directors. The use of a staggered board may
delay or defer a change in control of us or the removal of incumbent management.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our charter and bylaws provide that, subject
to any rights of holders of preferred stock, and unless the board of directors otherwise determines, any vacancies may be filled
by a vote of the stockholders or a majority of the remaining directors, though less than a quorum, except vacancies created by
the increase in the number of directors, which only may be filled by a vote of the stockholders or a majority of the entire board
of directors. In addition, our charter and bylaws provide that, subject to any rights of holders of preferred stock to elect additional
directors under specified circumstances, only a majority of the board of directors may increase or decrease the number of persons
serving on the board of directors. These provisions could temporarily prevent stockholders from enlarging the board of directors
and from filling the vacancies created by such removal with their own nominees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Advance Notice Provisions for Stockholder Nominations and Stockholder
Proposals</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our charter and bylaws establish an advance
notice procedure for stockholders to make nominations of candidates for director or bring other business before an annual meeting
of stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our bylaws provide that (i) only persons who
are nominated by, or at the direction of, the board of directors, or by a stockholder who has given timely written notice containing
specified information to our secretary prior to the meeting at which directors are to be elected, will be eligible for election
as directors and (ii) at an annual meeting, only such business may be conducted as has been brought before the meeting by, or at
the direction of, the board of directors or by a stockholder who has given timely written notice to our secretary of such stockholder&rsquo;s
intention to bring such business before such meeting. In general, for notice of stockholder nominations or proposed business (other
than business to be included in our proxy statement under SEC Rule 14a-8) to be conducted at an annual meeting to be timely, such
notice must be received by us not less than 120 days nor more than 150 days prior to the first anniversary of the date of mailing
of the notice for the previous year&rsquo;s annual meeting. Our bylaws also establish similar advance notice procedures for stockholders
to make nominations of candidates for director at a special meeting of stockholders at which directors are to be elected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The purpose of requiring stockholders to give
us advance notice of nominations and other business is to afford our board of directors a meaningful opportunity to consider the
qualifications of the proposed nominees or the advisability of the other proposed business and, to the extent deemed necessary
or desirable by our board of directors, to inform stockholders and make recommendations about such nominees or business, as well
as to ensure an orderly procedure for conducting meetings of stockholders. Although our charter and bylaws do not give the board
of directors power to block stockholder nominations for the election of directors or proposal for action, they may have the effect
of discouraging a stockholder from proposing nominees or business, precluding a contest for the election of directors or the consideration
of stockholder proposals if procedural requirements are not met and deterring third parties from soliciting proxies for a non-management
slate of directors or proposal, without regard to the merits of such slate or proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Relevant Factors to be Considered by the Board of Directors</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our charter provides that, in determining what
is in our best interest in a business combination or certain change of control events, each of our directors shall consider the
interests of our stockholders and, in his or her discretion, also may consider all relevant factors, including but not limited
to (i) the interests of our employees, suppliers, creditors and tenants; and (ii) both the long-term and short-term interests of
our company and our stockholders, including the possibility that these interests may be best served by the continued independence
of our company. Pursuant to this provision, our board of directors may consider subjective factors affecting a proposal, including
certain nonfinancial matters, and on the basis of these considerations may oppose a business combination or other transaction which,
evaluated only in terms of its financial merits, might be attractive to some, or a majority, of our stockholders.</P>

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


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- 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>
    <!-- Field: /Page -->

<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>Additional Classes and Series of Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our board of directors is authorized to establish
one or more classes and series of stock, including series of preferred stock, from time to time, and to establish the number of
shares in each class or series and to fix the preferences, conversion and other rights, voting powers, restrictions, limitations
as to dividends, qualifications and terms and conditions of redemption of such class or series, without any further vote or action
by the stockholders, unless such action is required by applicable law or the rules of any stock exchange or automated quotation
system on which our securities may be listed or traded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The issuance of additional classes or series
of capital stock may have the effect of delaying, deferring or preventing a change in control of our company without further action
of the stockholders. The issuance of additional classes or series of capital stock with voting and conversion rights may adversely
affect the voting power of the holders of our capital stock, including the loss of voting control to others. The ability of our
board of directors to issue additional classes or series of capital stock, while providing flexibility in connection with possible
acquisitions or other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or of
discouraging a third party from acquiring, a majority of our outstanding voting stock, even where such an acquisition may be beneficial
to us or our stockholders. Our board of directors may not classify or reclassify any authorized but unissued shares of our common
stock into shares of our preferred stock or any class or series thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Maryland law prohibits &ldquo;business combinations&rdquo;
between us and an interested stockholder or an affiliate of an interested stockholder for five years after the most recent date
on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation,
share exchange, or, in circumstances specified in the statute, an asset transfer or issuance or transfer of equity securities,
liquidation plan or reclassification of equity securities. Maryland law defines an interested stockholder as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
person or entity who beneficially owns 10% or more of the voting power of our stock; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-align: left; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
affiliate or associate of ours who, at any time within the two-year period prior to the date in question, was the beneficial owner
of 10% or more of the voting power of our then outstanding voting stock.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">A person is not an interested stockholder if
our board of directors approves in advance the transaction by which the person otherwise would have become an interested stockholder.
However, in approving a transaction, our board of directors may provide that its approval is subject to compliance, at or after
the time of approval, with any terms and conditions determined by our board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">After the five-year prohibition, any business
combination between us and an interested stockholder or an affiliate of an interested stockholder generally must be recommended
by our board of directors and approved by the affirmative vote of at least:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%
of the votes entitled to be cast by holders of our then-outstanding shares of voting stock; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.3in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">two-thirds
of the votes entitled to be cast by holders of our voting stock other than stock held by the interested stockholder with whom
or with whose affiliate the business combination is to be effected or stock held by an affiliate or associate of the interested
stockholder.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">These super-majority vote requirements do not
apply if our common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or
other consideration in the same form as previously paid by the interested stockholder for its stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The statute permits various exemptions from
its provisions, including business combinations that are approved or exempted by the board of directors before the time that the
interested stockholder becomes an interested stockholder. Our board of directors has exempted from these provisions of the Maryland
General Corporation Law (&ldquo;MGCL&rdquo;) any business combination with Mr. Richard Agree or any other person acting in concert
or as a group with Mr. Agree.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Maryland law provides that holders of &ldquo;control
shares&rdquo; of a Maryland corporation acquired in a &ldquo;control share acquisition&rdquo; have no voting rights with respect
to the control shares, except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares
owned by the acquiror or by officers or by directors who are our employees are excluded from the shares entitled to vote on the
matter. &ldquo;Control shares&rdquo; are voting shares of stock that, if aggregated with all other shares of stock currently owned
by the acquiring person, or in respect of which the acquiring person is able to exercise or direct the exercise of voting power
(except solely by virtue of a revocable proxy), would entitle the acquiring person to exercise voting power in electing directors
within one of the following ranges of voting power:</P>

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


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- 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>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">one-tenth or more but less than one-third;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">one-third or more but less than a majority; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a majority or more of all voting power.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Control shares do not include shares the acquiring
person is then entitled to vote as a result of having previously obtained stockholder approval. A &ldquo;control share acquisition&rdquo;
means the acquisition of control shares, subject to certain exceptions. A person who has made or proposes to make a control share
acquisition may compel our board of directors to call a special meeting of stockholders to be held within 50 days of demand to
consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of
certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, we may present
the question at any stockholders meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If voting rights are not approved at the stockholders
meeting or if the acquiring person does not deliver the statement required by Maryland law, then, subject to certain conditions
and limitations, we may redeem any or all of the control shares, except those for which voting rights have previously been approved,
for fair value. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date
of the last control share acquisition by the acquiror or of any meeting of stockholders at which the voting rights of the shares
were considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes
entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value
of the shares for purposes of these appraisal rights may not be less than the highest price per share paid by the acquiror in the
control share acquisition. The control share acquisition statute does not apply to shares acquired in a merger, consolidation or
share exchange if we are a party to the transaction, nor does it apply to acquisitions approved by or exempted by our charter or
bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our bylaws contain a provision exempting from
the control share acquisition statute any member of the Agree-Rosenberg Group, as defined therein, our officers, our employees,
any of the associates or affiliates of the foregoing and any other person acting in concert or as a group with any of the foregoing
and any other person, as determined by our board of directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Subtitle 8 of Title 3 of the MGCL permits a
Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors
to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any
contrary provision in the charter or bylaws, to any or all of five provisions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a classified board;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a two-thirds vote requirement for removing a director;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a requirement that the number of directors be fixed only by vote of directors;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a requirement that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term of the directorship in which the vacancy occurred; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a majority requirement for the calling of a special meeting of stockholders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Through provisions in our charter and bylaws
unrelated to Subtitle 8, we (1) have a classified board, (2) require an 80% vote for the removal of any director from the board,
(3) vest in the board the exclusive power to fix the number of directorships and (4) provide that unless called by our chairman
of our board of directors, our president or our board of directors, a special meeting of stockholders may only be called by our
secretary upon the written request of the stockholders entitled to cast not less than a majority of all the votes entitled to be
cast at the meeting who comply with the stockholder requested meeting provisions set forth in our bylaws.</P>

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


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- 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>
    <!-- Field: /Page -->

<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>Limitation of Liability and Indemnification</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The MGCL permits a Maryland corporation to
include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders
for money damages, except for liability resulting from:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual receipt of an improper benefit or profit in money, property or services; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">active and deliberate dishonesty established by a final judgment and which is material to the cause of action.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our charter contains such a provision that
eliminates directors&rsquo; and officers&rsquo; liability to the maximum extent permitted by Maryland law. These limitations of
liability do not apply to liabilities arising under the federal securities laws and do not generally affect the availability of
equitable remedies such as injunctive relief or rescission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our present and former officers and directors
are and will be indemnified under Maryland law and our articles of incorporation, as amended, against certain liabilities. Our
charter and bylaws require us to indemnify our directors and officers, and, without requiring a preliminary determination of the
ultimate entitlement to indemnification, to pay to our directors and officers or reimburse reasonable expenses of our directors
and officers in advance of the final disposition of a proceeding, in each case to the fullest extent permitted from time to time
by the laws of the State of Maryland. We may, with the approval of our board of directors, provide such indemnification and advance
for expenses to a person who served a predecessor of us as a director or officer and any employee or agent of ours or of a predecessor
of ours.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Maryland law requires a corporation (unless
its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful in the defense
of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity.
Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments,
penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they
may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established
that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the director or officer actually received an improper personal benefit in money, property or services; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">However, under Maryland law, a Maryland corporation
may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the
basis of that personal benefit was improperly received, unless in either case a court orders indemnification and then only for
expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation&rsquo;s
receipt of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a written undertaking by him or her on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We maintain liability insurance for each director
and officer for certain losses arising from claims or charges made against them while acting in their capacities as our directors
or officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Insofar as the foregoing provisions permit
indemnification of directors, executive officers or persons controlling us for liability arising under the Securities Act, we have
been informed that, in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act
and is therefore unenforceable.</P>

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


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- 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>
    <!-- Field: /Page -->

<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; text-align: center"><A NAME="a_006"></A><B>DESCRIPTION OF PREFERRED STOCK</B></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-indent: 0.25in">The following description of our preferred stock
is only a summary and sets forth certain general terms and provisions of our preferred stock to which any prospectus supplement
may relate. The statements below describing the preferred stock are in all respects subject to and qualified in their entirety
by reference to the applicable provisions of our charter (including the applicable articles supplementary) and bylaws and the applicable
provisions of the Maryland General Corporation Law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">As of the date hereof, 200,000 shares of our
preferred stock are classified as Series A Junior Participating Preferred Stock, par value $.0001 per share and 3,800,000 additional
shares of preferred stock, par value $.0001 per share, are undesignated. As of the date hereof, no shares of preferred stock were
issued or outstanding. Shares of our Series A Junior Participating Preferred Stock may be issued under our shareholder rights plan,
which is summarized above. See &ldquo;Description of Common Stock &ndash; Shareholder Rights Plan.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Subject to limitations prescribed by Maryland
law and our charter, our board of directors is authorized to fix the number of shares constituting each class or series of preferred
stock and the designations and powers, preferences and relative, participating, optional or other special rights and qualifications,
limitations or restrictions thereof, including those provisions as may be desired concerning voting, redemption, dividends, dissolution
or the distribution of assets, conversion or exchange, and those other subjects or matters as may be fixed by resolution of our
board of directors or duly authorized committee thereof. The preferred stock will, when issued in exchange for the consideration
therefor, be fully paid and nonassessable and, except as may be determined by our board of directors and set forth in the articles
supplementary setting forth the terms of any class or series of preferred stock, will not have, or be subject to, any preemptive
or similar rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">You should refer to the prospectus supplement
and the applicable articles supplementary relating to the class or series of preferred stock offered thereby for specific terms,
including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The class or series, title and stated value of that preferred stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The number of shares of that preferred stock offered, the liquidation preference per share and the offering price of that preferred stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The dividend rate(s), period(s) and/or payment date(s) or method(s) of calculation thereof applicable to that preferred stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether dividends on that preferred stock shall be cumulative or not and, if cumulative, the date from which dividends on that preferred stock shall accumulate;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The procedures for any auction and remarketing, if any, for that preferred stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions for a sinking fund, if any, for that preferred stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions for redemption, if applicable, of that preferred stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any listing of that preferred stock on any securities exchange;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The terms and conditions, if applicable, upon which that preferred stock will be convertible into our common stock, including the conversion price (or manner of calculation thereof);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether interests in that preferred stock will be represented by our depositary shares;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The relative ranking and preference of the preferred stock as to distribution rights and rights upon our liquidation, dissolution or winding up if other than as described in this prospectus;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any limitations on issuance of any other series of preferred stock ranking senior to or on a parity with the preferred stock as to distribution rights and rights upon our liquidation, dissolution or winding up;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A discussion of certain federal income tax considerations applicable to that preferred stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any limitations on actual, beneficial or constructive ownership and restrictions on transfer of that preferred stock and, if convertible, the related common stock, in each case as may be appropriate to preserve our status as a REIT; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any other material terms, preferences, rights, limitations or restrictions of that preferred stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- 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>
    <!-- Field: /Page -->

<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>Rank</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Unless otherwise specified in the applicable
prospectus supplement and the articles supplementary setting forth the terms of any class or series of preferred stock, the preferred
stock will, with respect to rights to the payment of dividends and distribution of our assets and rights upon our liquidation,
dissolution or winding up, rank:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">senior to all classes or series of our common stock and excess stock and to all of our equity securities the terms of which provide that those equity securities are junior to the preferred stock;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on a parity with all of our equity securities other than those referred to in clauses (1) and (3); and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">junior to all of our equity securities the terms of which provide that those equity securities will rank senior to it.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Unless otherwise specified in the applicable
prospectus supplement and the articles supplementary setting forth the terms of any class or series of preferred stock, the preferred
stock will have the rights with respect to the payment of dividends set forth below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Holders of shares of our preferred stock of
each class or series shall be entitled to receive, when, as and if authorized by our board of directors and declared by us, out
of our assets legally available for payment, cash dividends at rates and on dates that will be set forth in the applicable prospectus
supplement and the articles supplementary setting forth the terms of any class or series of preferred stock. Each dividend shall
be payable to holders of record as they appear on our stock transfer books on the record dates as shall be fixed by our board of
directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Dividends on any class or series of our preferred
stock may be cumulative or non-cumulative, as provided in the applicable prospectus supplement and the articles supplementary setting
forth the terms of any class or series of preferred stock. Dividends, if cumulative, will accumulate from and after the date set
forth in the applicable prospectus supplement and the articles supplementary setting forth the terms of any class or series of
preferred stock. If our board of directors fails to authorize a dividend payable on a dividend payment date on any class or series
of our preferred stock for which dividends are noncumulative, then the holders of that class or series of our preferred stock will
have no right to receive a dividend in respect of the dividend period ending on that dividend payment date, and we will have no
obligation to pay the dividend accrued for that period, whether or not dividends on that class or series are declared payable on
any future dividend payment date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If any shares of our preferred stock of any
class or series are outstanding, no full dividends shall be declared or paid or set apart for payment on our preferred stock of
any other class or series ranking, as to dividends, on a parity with or junior to the preferred stock of that class or series for
any period unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if that class or series of preferred stock has a cumulative dividend, full cumulative dividends have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for that payment on the preferred stock of that class or series for all past dividend periods, or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if that class or series of preferred stock does not have a cumulative dividend, full dividends for the then current dividend period have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for that payment on the preferred stock of that class or series.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">When dividends are not paid in full (or a sum
sufficient for their full payment is not so set apart) upon the shares of preferred stock of any class or series and the shares
of any other class or series of preferred stock ranking on a parity as to dividends with the preferred stock of that class or series,
all dividends declared upon shares of preferred stock of that class or series and any other class or series of preferred stock
ranking on a parity as to dividends with that preferred stock shall be declared pro rata so that the amount of dividends declared
per share on the preferred stock of that class or series and that other class or series of preferred stock shall in all cases bear
to each other the same ratio that accrued and unpaid dividends per share on the shares of preferred stock of that class or series
(which shall not include any accumulation in respect of unpaid dividends for prior dividend periods if that preferred stock does
not have a cumulative dividend) and that other class or series of preferred stock bear to each other. No interest, or sum of money
in lieu of interest, shall be payable in respect of any dividend payment or payments on preferred stock of that series that may
be in arrears.</P>

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


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.25in">Except as provided in the immediately preceding
paragraph, unless: (1) if that class or series of preferred stock has a cumulative dividend, full cumulative dividends on the preferred
stock of that class or series have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment
thereof set apart for payment for all past dividend periods; and (2) if that class or series of preferred stock does not have a
cumulative dividend, full dividends on the preferred stock of that class or series have been or contemporaneously are declared
and paid or declared and a sum sufficient for the payment thereof set aside for payment for the then current dividend period, then
no dividends (other than in our common stock or other stock ranking junior to the preferred stock of that class or series as to
dividends and upon our liquidation, dissolution or winding up) shall be declared or paid or set aside for payment or other distribution
shall be declared or made upon our common stock, excess stock or any of our other stock ranking junior to or on a parity with the
preferred stock of that class or series as to dividends or upon our liquidation, nor shall any common stock, excess stock or any
of our other stock ranking junior to or on a parity with the preferred stock of such class or series as to dividends or upon our
liquidation, dissolution or winding up be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid
to or made available for a sinking fund for the redemption of any shares of that stock) by us (except by conversion into or exchange
for other of our stock ranking junior to the preferred stock of that class or series as to dividends and upon our liquidation,
dissolution or winding up).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Any dividend payment made on shares of a class
or series of preferred stock shall first be credited against the earliest accrued but unpaid dividend due with respect to shares
of that class or series which remains payable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If the applicable prospectus supplement and
the articles supplementary setting forth the terms of any class or series of preferred stock so states, the shares of preferred
stock will be subject to mandatory redemption or redemption at our option, in whole or in part, in each case on the terms, at the
times and at the redemption prices set forth in that prospectus supplement and the articles supplementary setting forth the terms
of any class or series of preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The prospectus supplement relating to a class
or series of preferred stock that is subject to mandatory redemption will specify the number of shares of that preferred stock
that shall be redeemed by us in each year commencing after a date to be specified, at a redemption price per share to be specified,
together with an amount equal to all accrued and unpaid dividends thereon (which shall not, if that preferred stock does not have
a cumulative dividend, include any accumulation in respect of unpaid dividends for prior dividend periods) to the date of redemption.
The redemption price may be payable in cash or other property, as specified in the applicable prospectus supplement. If the redemption
price for preferred stock of any series is payable only from the net proceeds of the issuance of our stock, the terms of that preferred
stock may provide that, if no such stock shall have been issued or to the extent the net proceeds from any issuance are insufficient
to pay in full the aggregate redemption price then due, that preferred stock shall automatically and mandatorily be converted into
shares of our applicable stock pursuant to conversion provisions specified in the applicable prospectus supplement. Notwithstanding
the foregoing, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if that class or series of preferred stock has a cumulative dividend, full cumulative dividends on all outstanding shares of any class or series of preferred stock shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past dividend periods; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if that class or series of preferred stock does not have a cumulative dividend, full dividends on the preferred stock of any class or series have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for the then current dividend period.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Unless otherwise specified in the applicable
prospectus supplement and the articles supplementary setting forth the terms of any class or series of preferred stock no shares
of any class or series of preferred stock shall be redeemed unless all outstanding shares of preferred stock of that class or series
are simultaneously redeemed; provided, however, that the foregoing shall not prevent the purchase or acquisition of shares of preferred
stock of that class or series pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares
of preferred stock of that class or series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in">In addition, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if that class or series of preferred stock has a cumulative dividend, full cumulative dividends on all outstanding shares of any class or series of preferred stock have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past dividend periods; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if that class or series of preferred stock does not have a cumulative dividend, full dividends on the preferred stock of any class or series have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for the then current dividend period;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- 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>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">we shall not purchase or otherwise acquire directly or indirectly
any shares of preferred stock of that class or series (except by conversion into or exchange for our stock ranking junior to the
preferred stock of that class or series as to dividends and upon our liquidation, dissolution or winding up).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If fewer than all of the outstanding shares
of preferred stock of any class or series are to be redeemed, the number of shares to be redeemed will be determined by us and
those shares may be redeemed pro rata from the holders of record of those shares in proportion to the number of those shares held
by those holders (with adjustments to avoid redemption of fractional shares) or by any other equitable method determined by us
that will not result in the issuance of any excess preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Notice of redemption will be mailed at least
30 days but not more than 60 days before the redemption date to each holder of record of a share of preferred stock of any class
or series to be redeemed at the address shown on our stock transfer books. Each notice shall state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the redemption date;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of shares and class or series of the preferred stock to be redeemed;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the redemption price;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the place or places where certificates for that preferred stock are to be surrendered for payment of the redemption price;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that dividends on the shares to be redeemed will cease to accrue on that redemption date; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date upon which the holder&rsquo;s conversion rights, if any, as to those shares shall terminate.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If fewer than all the shares of preferred stock
of any class or series are to be redeemed, the notice mailed to each holder thereof shall also specify the number of shares of
preferred stock to be redeemed from each holder. If notice of redemption of any shares of preferred stock has been given and if
the funds necessary for that redemption have been set apart by us in trust for the benefit of the holders of any shares of preferred
stock so called for redemption, then from and after the redemption date dividends will cease to accrue on those shares of preferred
stock, those shares of preferred stock shall no longer be deemed outstanding and all rights of the holders of those shares will
terminate, except the right to receive the redemption price.</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"><B>Liquidation Preference</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Upon our voluntary or involuntary liquidation,
dissolution or winding up, then, before any distribution or payment shall be made to the holders of any common stock, excess stock
or any other class or series of our stock ranking junior to that class or series of preferred stock in the distribution of assets
upon our liquidation, dissolution or winding up, the holders of each class or series of preferred stock shall be entitled to receive
out of our assets legally available for distribution to stockholders liquidating distributions in the amount of the liquidation
preference per share (set forth in the applicable prospectus supplement), plus an amount equal to all dividends accrued and unpaid
thereon (which shall not include any accumulation in respect of unpaid dividends for prior dividend periods if that class or series
of preferred stock does not have a cumulative dividend). After payment of the full amount of the liquidating distributions to which
they are entitled, the holders of that class or series of preferred stock will have no right or claim to any of our remaining assets.
If, upon our voluntary or involuntary liquidation, dissolution or winding up, our legally available assets are insufficient to
pay the amount of the liquidating distributions on all outstanding shares of that class or series of preferred stock and the corresponding
amounts payable on all shares of other classes or series of our stock ranking on a parity with that class or series of preferred
stock in the distribution of assets upon our liquidation, dissolution or winding up, then the holders of that class or series of
preferred stock and all other classes or series of stock shall share ratably in that distribution of assets in proportion to the
full liquidating distributions to which they would otherwise be respectively entitled.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If liquidating distributions shall have been
made in full to all holders of shares of that class or series of preferred stock, our remaining assets shall be distributed among
the holders of any other classes or series of stock ranking junior to that class or series of preferred stock upon our liquidation,
dissolution or winding up, according to their respective rights and preferences and in each case according to their respective
number of shares. For those purposes, neither our consolidation or merger with or into any other corporation, trust or other entity
nor the sale, lease, transfer or conveyance of all or substantially all of our property or business shall be deemed to constitute
our liquidation, dissolution or winding up.</P>

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


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- 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>
    <!-- Field: /Page -->

<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>Voting Rights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Except as set forth below or as otherwise indicated
in the applicable prospectus supplement and the articles supplementary setting forth the terms of any class or series of preferred
stock, holders of preferred stock will not have any voting rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Whenever dividends on any shares of that class
or series of preferred stock shall be in arrears for six or more quarterly periods, regardless of whether those quarterly periods
are consecutive, the holders of those shares of that class or series of preferred stock (voting separately as a class with all
other classes or series of preferred stock upon which like voting rights have been conferred and are exercisable) will be entitled
to vote for the election of two additional directors to our board of directors (and our entire board of directors will be increased
by two directors) at a special meeting called by one of our officers at the request of a holder of that class or series of preferred
stock or, if that special meeting is not called by that officer within 30 days, at a special meeting called by a holder of that
class or series of preferred stock designated by the holders of record of at least 10% of the shares of any of those classes or
series of preferred stock (unless that request is received less than 90 days before the date fixed for the next annual or special
meeting of the stockholders), or at the next annual meeting of stockholders, and at each subsequent annual meeting until:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if that class or series of preferred stock has a cumulative dividend, all dividends accumulated on those shares of preferred stock for the past dividend periods and the then current dividend period shall have been fully paid or declared and a sum sufficient for the payment thereof set apart for payment, or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If that class or series of preferred stock does not have a cumulative dividend, four consecutive quarterly dividends shall have been fully paid or declared and a sum sufficient for the payment thereof set apart for payment.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Unless provided otherwise for any series of
preferred stock, so long as any shares of preferred stock remain outstanding, we shall not, without the affirmative vote or consent
of the holders of at least two-thirds of the shares of each class or series of preferred stock outstanding at the time, given in
person or by proxy, either in writing or at a meeting (that class or series voting separately as a class):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorize or create, or increase the authorized or issued amount of, any class or series of stock ranking senior to that class or series of preferred stock with respect to payment of dividends or the distribution of assets upon our liquidation, dissolution or winding up or reclassify any of our authorized stock into those shares, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase those shares; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">amend, alter or repeal the provisions of the charter in respect of that class or series of preferred stock, whether by merger, consolidation or otherwise, so as to materially and adversely affect any right, preference, privilege or voting power of that class or series of preferred stock; provided, however, that any increase in the amount of the authorized preferred stock or the creation or issuance of any other class or series of preferred stock, or any increase in the number of authorized shares of that class or series, in each case ranking on a parity with or junior to the preferred stock of that class or series with respect to payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect those rights, preferences, privileges or voting powers.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The foregoing voting provisions will not apply
if, at or prior to the time when the act with respect to which that vote would otherwise be required shall be effected, all outstanding
shares of that class or series of preferred stock shall have been redeemed or called for redemption upon proper notice and sufficient
funds shall have been irrevocably deposited in trust to effect that redemption.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The terms and conditions, if any, upon which
shares of any class or series of preferred stock are convertible into common stock, debt securities or another series of preferred
stock will be set forth in the applicable prospectus supplement relating thereto and the articles supplementary setting forth the
terms of any class or series of preferred stock. Such terms will include the number of shares of common stock or those other series
of preferred stock or the principal amount of debt securities into which the preferred stock is convertible, the conversion price
(or manner of calculation thereof), the conversion period, provisions as to whether conversion will be at our option or at the
option of the holders of that class or series of preferred stock, the events requiring an adjustment of the conversion price and
provisions affecting conversion in the event of the redemption of that class or series of preferred stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">See &ldquo;Description of Common Stock &mdash;
Restrictions on Ownership and Transfer,&rdquo; for a discussion of the restrictions on ownership and transfer of shares of capital
stock, including our preferred stock, necessary for us to qualify as a REIT under the Code.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The transfer agent and registrar for the preferred
stock will be set forth in the applicable prospectus supplement.</P>

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


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- 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>
    <!-- Field: /Page -->

<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; text-align: center"><A NAME="a_007"></A><B>DESCRIPTION OF DEPOSITARY SHARES</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may offer depositary shares, each of which
would represent a fractional interest of a share of a particular series of preferred stock. We will deposit shares of preferred
stock represented by depositary shares under a separate deposit agreement among us, a preferred stock depositary and the holders
of the depositary shares. Subject to the terms of the deposit agreement, each owner of a depositary share will possess, in proportion
to the fractional interest of a share of preferred stock represented by the depositary share, all the rights and preferences of
the preferred stock represented by the depositary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Depositary receipts will evidence the depositary
shares issued pursuant to the deposit agreement. Immediately after we issue and deliver preferred stock to a preferred stock depositary,
the preferred stock depositary will issue the depositary receipts. The following summary is not complete and is subject to, and
qualified in its entirety by the provisions of, the applicable deposit agreement and the applicable depositary receipt.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The depositary will distribute all cash dividends
on the preferred stock to the record holders of the depositary shares. Holders of depositary shares generally must file proofs,
certificates and other information and pay charges and expenses of the depositary in connection with distributions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If a distribution on the preferred stock is
other than in cash and it is feasible for the depositary to distribute the property it receives, the depositary will distribute
the property to the record holders of the depositary shares. If such a distribution is not feasible and we approve, the depositary
may sell the property and distribute the net proceeds from the sale to the holders of the depositary shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Unless we have previously called the underlying
preferred stock for redemption or the holder of the depositary shares has converted such shares, a holder of depositary shares
may surrender them at the corporate trust office of the depositary in exchange for whole or fractional shares of the underlying
preferred stock together with any money or other property represented by the depositary shares. Once a holder has exchanged the
depositary shares, the holder may not redeposit the preferred stock and receive depositary shares again. If a depositary receipt
presented for exchange into preferred stock represents more shares of preferred stock than the number to be withdrawn, the depositary
will deliver a new depositary receipt for the excess number of depositary shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Whenever we redeem shares of preferred stock
held by a depositary, the depositary will redeem the corresponding amount of depositary shares. The redemption price per depositary
share will be equal to the applicable fraction of the redemption price and any other amounts payable with respect to the preferred
stock. If we intend to redeem less than all of the underlying preferred stock, our company and the depositary will select the depositary
shares to be redeemed as nearly pro rata as practicable without creating fractional depositary shares or by any other equitable
method determined by us that preserves our REIT status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">On the redemption date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all dividends relating to the shares of preferred stock called for redemption will cease to accrue;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our company and the depositary will no longer deem the depositary shares called for redemption to be outstanding; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all rights of the holders of the depositary shares called for redemption will cease, except the right to receive any money payable upon the redemption and any money or other property to which the holders of the depositary shares are entitled upon redemption.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">When a depositary receives notice regarding
a meeting at which the holders of the underlying preferred stock have the right to vote, it will mail that information to the holders
of the depositary shares. Each record holder of depositary shares on the record date may then instruct the depositary to exercise
its voting rights for the amount of preferred stock represented by that holder&rsquo;s depositary shares. The depositary will vote
in accordance with these instructions. The depositary will abstain from voting to the extent it does not receive specific instructions
from the holders of depositary shares. A depositary will not be responsible for any failure to carry out any instruction to vote,
or for the manner or effect of any vote, as long as any action or non-action is in good faith and does not result from negligence
or willful misconduct of the depositary.</P>

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


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- 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>
    <!-- Field: /Page -->

<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>Liquidation Preference</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">In the event of our liquidation, dissolution
or winding up, a holder of depositary shares will receive the fraction of the liquidation preference accorded each share of underlying
preferred stock represented by the depositary share.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Depositary shares will not themselves be convertible
into our common stock or any other securities or property of our company. However, if the underlying preferred stock is convertible,
holders of depositary shares may surrender them to the depositary with written instructions to convert the preferred stock represented
by their depositary shares into whole shares of common stock, other shares of our preferred stock or other shares of stock, as
applicable. Upon receipt of these instructions and any amounts payable in connection with a conversion, we will convert the preferred
stock using the same procedures as those provided for delivery of preferred stock. If a holder of depositary shares converts only
part of its depositary shares, the depositary will issue a new depositary receipt for any depositary shares not converted. We will
not issue fractional shares of common stock upon conversion. If a conversion will result in the issuance of a fractional share,
we will pay an amount in cash equal to the value of the fractional interest based upon the closing price of the common stock on
the last business day prior to the conversion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Amendment and Termination of a Deposit Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our company and the depositary may amend any
form of depositary receipt evidencing depositary shares and any provision of a deposit agreement. However, unless the existing
holders of at least two-thirds of the applicable depositary shares then outstanding have approved the amendment, we may not make
any amendment that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -25.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">would materially and adversely alter the rights of the holders of depositary shares; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -25.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">would be materially and adversely inconsistent with the rights granted to the holders of the underlying preferred stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Subject to exceptions in the deposit agreement
and except in order to comply with the law, no amendment may impair the right of any holders of depositary shares to surrender
their depositary shares with instructions to deliver the underlying preferred stock and all money and other property represented
by the depositary shares. Every holder of outstanding depositary shares at the time any amendment becomes effective who continues
to hold the depositary shares will be deemed to consent and agree to the amendment and to be bound by the amended deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">We may terminate a deposit agreement upon not less than
30 days&rsquo; prior written notice to the depositary if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -25.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the termination is necessary to preserve our REIT status; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -25.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a majority of each series of preferred stock affected by the termination consents to the termination.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Upon a termination of a deposit agreement,
holders of the depositary shares may surrender their depositary shares and receive in exchange the number of whole or fractional
shares of preferred stock and any other property represented by the depositary shares. If we terminate a deposit agreement to preserve
our status as a REIT, then we will use our best efforts to list the preferred stock issued upon surrender of the related depositary
shares on a national securities exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">In addition, a deposit agreement will automatically terminate
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -25.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we have redeemed all underlying preferred stock subject to the agreement;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -25.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a final distribution of the underlying preferred stock in connection with any liquidation, dissolution or winding up has occurred, and the depositary has distributed the distribution to the holders of the depositary shares; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -25.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each share of the underlying preferred stock has been converted into other capital stock of our company not represented by depositary shares.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- 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>
    <!-- Field: /Page -->

<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>Charges of a Preferred Stock Depositary</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We will pay all transfer and other taxes and
governmental charges arising in connection with a deposit agreement. In addition, we will generally pay the fees and expenses of
a depositary in connection with the performance of its duties. However, holders of depositary shares will pay the fees and expenses
of a depositary for any duties requested by the holders that the deposit agreement does not expressly require the depositary to
perform.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">A depositary may resign at any time by delivering
to us notice of its election to resign. We may also remove a depositary at any time. Any resignation or removal will take effect
upon the appointment of a successor depositary. We will appoint a successor depositary within 60 days after delivery of the notice
of resignation or removal. The successor must be a bank or trust company with its principal office in the United States and have
a combined capital and surplus of at least $50 million.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The depositary will forward to the holders
of depositary shares any reports and communications from us with respect to the underlying preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Neither the depositary nor our company will
be liable if any law or any circumstances beyond their control prevent or delay them from performing their obligations under a
deposit agreement. The obligations of our company and a depositary under a deposit agreement will be limited to performing our
duties in good faith and without negligence in regard to voting of preferred stock, gross negligence or willful misconduct. Neither
us nor a depositary must prosecute or defend any legal proceeding with respect to any depositary shares or the underlying preferred
stock unless they are furnished with satisfactory indemnity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Our company and any depositary may rely on
the written advice of counsel or accountants, or information provided by persons presenting shares of preferred stock for deposit,
holders of depositary shares or other persons they believe in good faith to be competent, and on documents they believe in good
faith to be genuine and signed by a proper party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">In the event a depositary receives conflicting
claims, requests or instructions from our company and any holders of depositary shares, the depositary will be entitled to act
on the claims, requests or instructions received from us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The prospectus supplement will identify the
depositary for the depositary shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The prospectus supplement will specify whether
or not the depositary shares will be listed on any securities exchange.</P>

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


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- 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>
    <!-- Field: /Page -->

<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"><A NAME="a_008"></A><B>DESCRIPTION OF WARRANTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may issue warrants for the purchase of shares
of our common stock or preferred stock. Warrants may be issued independently or together with any of the other securities offered
by this prospectus that are offered by any prospectus supplement and may be attached to or separate from the securities offered
by this prospectus. Each series of warrants will be issued under a separate warrant agreement to be entered into between us and
a warrant agent specified in the applicable prospectus supplement. The warrant agent will act solely as our agent in connection
with the warrants of such series and will not assume any obligation or relationship of agency or trust for or with any holders
or beneficial owners of warrants. The following summary is not complete and is subject to, and qualified in its entirety by the
provisions of, the applicable warrant agreement and any applicable warrant certificates relating to each series of warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The applicable prospectus supplement will describe
the terms of the warrants in respect of which this prospectus is being delivered, including, where applicable, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the title of the warrants;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the aggregate number of the warrants;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the price or prices at which the warrants will be issued;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the designation, number and terms of the securities purchasable upon exercise of the warrants;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the designation and terms of the other
    securities offered by this prospectus with which the warrants are issued and the number of the warrants issued with each
    security offered by this prospectus;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date, if any, on and after which the warrants and the related securities will be separately transferable;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the price or prices at which the securities purchasable upon exercise of the warrants may be purchased;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date on which the right to exercise the warrants shall commence and the date on which that right shall expire;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the minimum or maximum amount of the warrants which may be exercised at any one time;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information with respect to book-entry procedures, if any;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a discussion of certain federal income tax considerations applicable to warrants; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other material terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- 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>
    <!-- Field: /Page -->

<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"><A NAME="a_009"></A><B>MATERIAL FEDERAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following is a summary of the material federal
income tax consequences and considerations relating to the acquisition, holding, and disposition of our securities. For purposes
of this discussion under the heading &ldquo;Material Federal Income Tax Considerations,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo;
&ldquo;us,&rdquo; and the &ldquo;Company&rdquo; refer to Agree Realty Corporation, but excluding all its subsidiaries and affiliated
entities, and the &ldquo;Operating Partnership&rdquo; refers to Agree Limited Partnership. This summary is based upon the Code,
the regulations promulgated by the U.S. Treasury Department (which are referred to in this section as &ldquo;Treasury Regulations&rdquo;),
rulings and other administrative pronouncements issued by the IRS, and judicial decisions, all as currently in effect, and all
of which are subject to differing interpretations or to change, possibly with retroactive effect. No assurance can be given that
the IRS would not assert, or that a court would not sustain, a position contrary to any description of the tax consequences summarized
below. No advance ruling has been or will be sought from the IRS regarding any matter discussed in this prospectus. This summary
is also based upon the assumption that we, and each of our subsidiaries and affiliated entities, will act in accordance with any
applicable organizational documents or partnership or limited liability company operating agreement. This summary is for general
information only, and does not purport to discuss all aspects of federal income taxation that may be important to a particular
investor in light of its investment or tax circumstances, or to investors subject to special tax rules, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">financial institutions;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">insurance companies;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">broker-dealers;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">regulated investment companies;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">holders who receive securities through the exercise
of employee stock options or otherwise as compensation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">persons holding securities as part of a &ldquo;straddle,&rdquo;
&ldquo;hedge,&rdquo; &ldquo;conversion transaction,&rdquo; &ldquo;synthetic security&rdquo; or other integrated investment;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">except to the extent discussed below, tax-exempt organizations;
and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">except to the extent discussed below, foreign investors.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, certain U.S. expatriates, including
certain individuals who have lost U.S. citizenship and &ldquo;long-term residents&rdquo; (within the meaning of Section 877(e)(2)
of the Code) who have ceased to be lawful permanent residents of the United States, are subject to special rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>The federal income tax treatment of holders
of securities depends in some instances on determinations of fact and interpretations of complex provisions of federal income
tax law for which no clear precedent or authority may be available. In addition, the tax consequences of holding securities to
any particular holder will depend on the holder&rsquo;s particular tax circumstances. You are urged to consult your own tax advisor
regarding the federal, state, local, and foreign income and other tax consequences to you (in light of your particular investment
or tax circumstances) of acquiring, holding, exchanging, or otherwise disposing of securities.</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"><B>Taxation of the Company</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; text-indent: 0.5in">We have elected to be a REIT for federal income
tax purposes under Sections 856 through 860 of the Code and applicable provisions of the Treasury Regulations, which set forth
the requirements for qualifying as a REIT. Our policy has been and is to operate in such a manner as to qualify as a REIT for federal
income tax purposes. If we so qualify, then we will generally not be subject to federal income tax on income we distribute to our
shareholders. For any year in which we do not meet the requirements for qualification as a REIT, we will be taxed as a corporation.
See &ldquo;&mdash; Failure to Qualify&rdquo; below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have received an opinion from Honigman Miller
Schwartz and Cohn LLP, our tax counsel, to the effect that since the commencement of our taxable year which began January 1, 2016,
we have operated in conformity with the requirements for qualification as a REIT under the Code, and that our current and proposed
method of operation will enable us to continue to meet the requirements for qualification and taxation as a REIT. A copy of this
opinion is filed as an exhibit to the registration statement of which this prospectus is a part. It must be emphasized that the
opinion of Honigman Miller Schwartz and Cohn LLP is based on various assumptions relating to our organization and operation, and
is conditioned upon representations and covenants made by our management regarding our assets and the past, present, and future
conduct of our business operations. While we intend to operate so that we will qualify as a REIT, given the highly complex nature
of the rules governing REITs, the ongoing importance of factual determinations, and the possibility of future changes in our circumstances,
no assurance can be given by Honigman Miller Schwartz and Cohn LLP or by us that we will so qualify for any particular year. The
opinion was expressed as of the date issued and will not cover subsequent periods. Honigman Miller Schwartz and Cohn LLP will have
no obligation to advise us or the holders of our securities of any subsequent change in the matters stated, represented or assumed,
or of any subsequent change in the applicable law. You should be aware that opinions of counsel are not binding on the IRS or any
court, and no assurance can be given that the IRS will not challenge, or a court will not rule contrary to, the conclusions set
forth in such opinions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.5in">Our qualification and taxation as a REIT depend
upon our ability to meet on a continuing basis, through actual operating results, distribution levels, and diversity of stock ownership,
various qualification requirements imposed upon REITs by the Code, our compliance with which has not been, and will not be, reviewed
by Honigman Miller Schwartz and Cohn LLP. In addition, our ability to qualify as a REIT depends in part upon the operating results,
organizational structure and entity classification for federal income tax purposes of certain of our affiliated entities, which
may not have been reviewed by Honigman Miller Schwartz and Cohn LLP. Accordingly, no assurance can be given that the actual results
of our operations for any taxable year satisfy such requirements for qualification and taxation as a REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Taxation of REITs in General</I></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; text-indent: 0.5in">As indicated above, our qualification and taxation
as a REIT depend upon our ability to meet, on a continuing basis, various qualification requirements imposed upon REITs by the
Code. The material qualification requirements are summarized below under &ldquo;&mdash; Requirements for Qualification &mdash;
General.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While we intend to operate so that we qualify
as a REIT, no assurance can be given that the IRS will not challenge our REIT status, or that we will be able to operate in accordance
with the REIT requirements in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a REIT, we will generally be entitled to
a deduction for dividends that we pay, and therefore will not be subject to federal corporate income tax on our net income that
is currently distributed to our shareholders. This treatment substantially eliminates the &ldquo;double taxation&rdquo; at the
corporate and shareholder levels that results from investment in a corporation or an entity treated as a corporation for federal
income tax purposes. Rather, income generated by a REIT generally is taxed only at the shareholder level upon a distribution of
dividends by the REIT. Net operating losses, foreign tax credits and other tax attributes of a REIT do not pass through to the
shareholders of the REIT, subject to special rules for certain items such as capital gains recognized by REITs. See &ldquo;Federal
Income Taxation of Shareholders&rdquo; below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a REIT, we will nonetheless be subject to
federal tax in the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">We will be taxed at regular corporate rates on any
undistributed income, including undistributed net capital gains.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">We may be subject to the &ldquo;alternative minimum
tax&rdquo; on our items of tax preference, and, in computing &ldquo;alternative minimum taxable income&rdquo; subject to such
tax, deductions for net operating losses carried from any other year(s) would be limited.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">If we have net income from &ldquo;prohibited transactions,&rdquo;
which are, in general, sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers
in the ordinary course of business, such income will be subject to a 100% excise tax. See &ldquo;&mdash; Prohibited Transactions&rdquo;
and &ldquo;&mdash; Foreclosure Property&rdquo; below.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">If we elect to treat property that we acquire in connection
with a foreclosure of a mortgage loan or certain leasehold terminations as &ldquo;foreclosure property,&rdquo; we may thereby
avoid the 100% excise tax on gain from a resale of that property (if the sale would otherwise constitute a prohibited transaction),
but the income from the sale or operation of the property may be subject to corporate income tax at the highest applicable rate
(currently 35%).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will be subject to a 100% penalty tax on
any redetermined rents, redetermined deductions, excess interest, and redetermined TRS service income. In general, redetermined
rents are rents from real property that are overstated as a result of services furnished by a &ldquo;taxable REIT subsidiary&rdquo;
(&ldquo;TRS&rdquo;) of ours to any of our tenants. Redetermined deductions and excess interest represent amounts that are deducted
by a TRS of ours for amounts paid to us that are in excess of the amounts that would have been charged based on arm&rsquo;s-length
negotiations. Redetermined TRS service income is income of a TRS attributable to services provided to, or on behalf of, us (other
than services furnished or rendered to a tenant of ours) to the extent such income is lower than the income the TRS would have
earned based on arm&rsquo;s length negotiations. See &ldquo;&mdash; Redetermined Rents, Redetermined Deductions, Excess Interest
and Redetermined TRS Service Income&rdquo; below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we should fail to satisfy the 75% gross income
test or the 95% gross income test discussed below, due to reasonable cause and not due to willful neglect, and we maintain our
qualification as a REIT as a result of specified cure provisions, we will be subject to a 100% tax on an amount equal to (1) the
amount by which we fail the 75% gross income test or the amount by which we fail the 95% gross income test (whichever is greater),
multiplied by (2) a fraction intended to reflect our profitability.</P>

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


<!-- Field: Page; Sequence: 27; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.5in">If we fail to satisfy any of the REIT asset
tests (other than a de minimis failure of the 5% and 10% asset tests) described below, due to reasonable cause and not due to willful
neglect, and we maintain our REIT qualification as a result of specified cure provisions, we will be required to pay a tax equal
to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated by the nonqualifying assets
that caused us to fail such test.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we fail to satisfy any requirement of the
Code for qualifying as a REIT, other than a failure to satisfy the REIT gross income tests or asset tests, and the failure is due
to reasonable cause and not due to willful neglect, we may retain our REIT qualification but we will be required to pay a penalty
of $50,000 for each such failure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we should fail to distribute during each
calendar year at least the sum of (1) 85% of our &ldquo;REIT ordinary income&rdquo; (i.e., &ldquo;REIT taxable income&rdquo; excluding
capital gain and without regard to the dividends paid deduction) for such year, (2) 95% of our REIT capital gain net income for
such year, and (3) any undistributed taxable income from prior periods, we would be subject to a 4% excise tax on the excess of
such sum over the aggregate of amounts actually distributed and retained amounts on which income tax is paid at the corporate level.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may be required to pay monetary penalties
to the IRS in certain circumstances, including if we fail to meet certain record keeping requirements intended to monitor our compliance
with rules relating to the composition of a REIT&rsquo;s shareholders, as described below in &ldquo;&mdash; Requirements for Qualification
&mdash; General.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we acquire any asset from a subchapter C
corporation in a transaction in which gain or loss is not recognized, and we subsequently recognize gain on the disposition of
any such asset during the five-year period (to which we refer in this section as the &ldquo;Recognition Period&rdquo;) beginning
on the date on which we acquire the asset, then the excess of (1) the fair market value of the asset as of the beginning of the
Recognition Period, over (2) our adjusted basis in such asset as of the beginning of such Recognition Period (to which we refer
in this section as &ldquo;Built-in Gain&rdquo;) will generally be (with certain adjustments) subject to tax at the highest corporate
income tax rate. Similar rules would apply if within the five-year period beginning on the first day of a taxable year for which
we re-qualify as a REIT after being subject to tax as a corporation under subchapter C of the Code for more than two years we were
to dispose of any assets that we held on such first day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain of our subsidiaries are corporations
and their earnings are subject to corporate income tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we and our subsidiaries may be
subject to a variety of taxes, including payroll taxes, and state and local income, property and other taxes on our assets and
operations. We could also be subject to tax in situations and on transactions not currently contemplated.</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"><B><I>Requirements for Qualification &mdash; General</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The Code defines a REIT as a corporation, trust or association:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>that is managed by one or more trustees or directors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of beneficial interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>that would be taxable as a domestic corporation but for the special Code provisions applicable to REITs;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>that is neither a financial institution nor an insurance company subject to certain provisions of the Code;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>the beneficial ownership of which is held by 100 or more persons;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>not more than 50% in value of the outstanding stock of which is owned, directly or indirectly through the application of certain
attribution rules, by five or fewer individuals (as defined in the Code to include certain tax-exempt entities) during the last
half of each taxable year; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>that meets other tests described below, including tests with respect to the nature of its income and assets and the amount
of its distributions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Code provides that conditions (1) through
(4) must be met during the entire taxable year and that condition (5) must be met during at least 335 days of a taxable year of
12 months, or during a proportionate part of a taxable year of less than 12 months. We believe that we have been organized and
operated in a manner that has allowed us to satisfy the requirements set forth in (1) through (7) above. In addition, our charter
currently includes certain restrictions regarding transfer of our shares of capital stock which are intended (among other things)
to assist us in continuing to satisfy the share ownership requirements described in (5) and (6) above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To monitor compliance with the share ownership
requirements, we are required to maintain records regarding the actual ownership of our shares. To do so, we must demand written
statements each year from the record holders of significant percentages of our shares in which the record holders are to disclose
the actual owners of such shares (that is, the persons required to include in gross income the dividends we paid). A list of those
persons failing or refusing to comply with this demand must be maintained as part of our records. Our failure to comply with these
record-keeping requirements could subject us to monetary penalties. A shareholder that fails or refuses to comply with the demand
is required by Treasury Regulations to submit a statement with its tax return disclosing the actual ownership of the shares and
other information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we may not elect to become a REIT
unless our taxable year is the calendar year. We satisfy this requirement.</P>

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


<!-- Field: Page; Sequence: 28; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- 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>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Ownership of Partnership Interests.</I> In
the case of a REIT that is a partner in a partnership (treating, as a partner of a partnership for this purpose, a member of a
limited liability company that is classified as a partnership for federal income tax purposes), Treasury Regulations provide that
the REIT will be deemed to own its proportionate share of the assets of the partnership, and the REIT will be deemed to be entitled
to the income of the partnership attributable to such share. The character of the assets and gross income of the partnership (determined
at the level of the partnership) are the same in the hands of the REIT for purposes of Section 856 of the Code, including satisfying
the gross income and asset tests described below. Accordingly, our proportionate share of the assets, liabilities, and items of
income of the Operating Partnership and our other subsidiary partnerships (provided that the subsidiary partnerships are not taxable
as corporations for federal income tax purposes) is treated as our assets, liabilities and items of income for purposes of applying
the requirements described in this summary (including the gross income and asset tests described below). One exception to the rule
described above is that, for purposes of the prohibition against holding securities having a value greater than 10% of the total
value of the outstanding securities of any one issuer discussed under &ldquo;&mdash; Asset Tests&rdquo; below, a REIT&rsquo;s proportionate
share of any securities held by a partnership is not based solely on its capital interest in the partnership but also includes
its interest (as a creditor) in certain debt securities of the partnership (excluding &ldquo;straight debt&rdquo; and certain other
securities described under &ldquo;&mdash; Asset Tests&rdquo; below). A summary of certain rules governing the federal income taxation
of partnerships and their partners is provided below in &ldquo;Tax Aspects of Investment in the Operating Partnership.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Disregarded Subsidiaries.</I> If a REIT owns
a corporate subsidiary that is a &ldquo;qualified REIT subsidiary,&rdquo; that subsidiary is disregarded for federal income tax
purposes, and all assets, liabilities and items of income, deduction and credit of the subsidiary are treated as assets, liabilities
and items of income, deduction and credit of the REIT itself, including for purposes of applying the gross income and asset tests
applicable to REITs summarized below. A qualified REIT subsidiary is any corporation, other than a &ldquo;taxable REIT subsidiary&rdquo;
(described below), that is wholly-owned by a REIT, or by other disregarded subsidiaries, or by a combination of the two. Other
entities we wholly own, including single member limited liability companies, are also generally disregarded as separate entities
for federal income tax purposes, including for purposes of applying the REIT income and asset tests described below. Disregarded
subsidiaries, along with our subsidiary partnerships, are sometimes referred to as &ldquo;pass-through subsidiaries.&rdquo; In
the event that any of our disregarded subsidiaries ceases to be wholly-owned by us (for example, if any equity interest in the
subsidiary is acquired by a person other than us or one of our other disregarded subsidiaries), the subsidiary&rsquo;s separate
existence would no longer be disregarded for federal income tax purposes. Instead, it would have multiple owners and would be treated
as either a partnership or a taxable corporation. Such an event could, depending on the circumstances, adversely affect our ability
to satisfy the various asset and gross income requirements applicable to REITs, including the requirement that REITs generally
may not own, directly or indirectly, more than 10% (as measured by either voting power or value) of the securities of any one issuer.
See &ldquo;&mdash; Income Tests&rdquo; and &ldquo;&mdash; Asset Tests&rdquo; below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Taxable Subsidiaries.</I> A REIT may jointly
elect with a subsidiary corporation, whether or not wholly-owned, to treat the subsidiary corporation as a TRS of the REIT. In
addition, a corporation (other than a REIT or qualified REIT subsidiary) is treated as a TRS if a TRS of a REIT owns directly or
indirectly securities possessing more than 35% of the total voting power, or having more than 35% of the total value, of the outstanding
securities of the corporation. We have interests in several corporations treated as TRSs. The separate existence of a TRS or other
taxable corporation, unlike a disregarded subsidiary as discussed above, is not ignored for federal income tax purposes. Accordingly,
our TRSs are subject to corporate income tax on their earnings, and this may reduce the aggregate cash flow that we and our subsidiaries
generate and thus our ability to make distributions to our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A parent REIT is not treated as holding the
assets of a taxable subsidiary corporation or as receiving any undistributed income that the subsidiary earns. Rather, the stock
issued by the subsidiary is an asset in the hands of the parent REIT, and the REIT recognizes, as income, any dividends that it
receives from the subsidiary. This treatment can affect the income and asset test calculations that apply to the REIT. Because
a parent REIT does not include the assets and undistributed income of taxable subsidiary corporations in determining the parent&rsquo;s
compliance with the REIT requirements, these entities may be used by the parent REIT indirectly to undertake activities that the
applicable rules might otherwise preclude the parent REIT from doing directly or through pass-through subsidiaries (for example,
activities that give rise to certain categories of income, such as management fees, that do not qualify under the 75% and 95% gross
income tests described below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, certain sections of the Code that
are intended to ensure that transactions between a parent REIT and its TRS occur at arm&rsquo;s length and on commercially reasonably
terms may prevent a TRS from deducting interest on debt funded directly or indirectly by its parent REIT if certain tests regarding
the TRS&rsquo;s debt to equity ratio and interest expense are not satisfied.</P>

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


<!-- Field: Page; Sequence: 29; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- 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>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In order to maintain qualification as a
REIT, we must annually satisfy two gross income requirements. First, at least 75% of our gross income for each taxable year,
excluding gross income from sales of inventory or dealer property in &ldquo;prohibited transactions,&rdquo; must derive from
(1) investments in real property or mortgages on real property, including &ldquo;rents from real property,&rdquo; dividends
received from other REITs, interest income derived from mortgage loans secured by real property (including certain types of
mortgage-backed securities), interest on mortgage loans secured by both real and personal property if the fair market value
of such personal property does not exceed 15% of the total fair market value of all property securing the loans (for taxable years beginning after December 31, 2015), and gains
from the sale of real estate assets, or (2) certain kinds of temporary investment of new capital. Second, at least 95% of our
gross income in each taxable year, excluding gross income from prohibited transactions, must derive from some combination of
such income from investments in real property and temporary investment of new capital (that is, income that qualifies
under the 75% income test described above), as well as other dividends, interest, and gain from the sale or disposition of
stock or securities, which need not have any relation to real property. Beginning after 2015, income from debt instruments
issued by publicly offered REITs is qualifying income for purposes of the 95% gross income test, but is not qualifying income
for purposes of the 75% gross income test unless such debt instruments would otherwise be treated as real estate assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">From time to time, we enter into transactions,
such as interest rate swaps, that hedge our risk with respect to one or more of our assets or liabilities. Any income we derive
from &ldquo;hedging transactions&rdquo; entered into prior to July 31, 2008, will be nonqualifying income for purposes of the 75%
gross income test. Income from &ldquo;hedging transactions&rdquo; that are clearly identified in the manner specified by the Code
will not constitute gross income, and will not be counted, for purposes of the 75% gross income test if entered into by us on or
after July 31, 2008, and will not constitute gross income, and will not be counted, for purposes of the 95% gross income test if
entered into by us on or after January 1, 2005. The term &ldquo;hedging transaction,&rdquo; as used above, generally means any
transaction into which we enter in the normal course of our business primarily to manage risk of interest rate changes or fluctuations
with respect to borrowings made or to be made by us in order to acquire or carry real estate assets. Certain income from hedging
transactions entered into after December 31, 2015 to hedge existing hedging positions after any portion of the hedged indebtedness
or property is disposed of will also be disregarded for purposes of the 95% and 75% gross income tests. We intend to structure
our hedging activities in a manner that does not jeopardize our status as a REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For purposes of satisfying the 75% and 95% gross
income tests, &ldquo;rents from real property&rdquo; generally include rents from interests in real property, charges for services
customarily furnished or rendered in connection with the rental of real property (whether or not such charges are separately stated),
and rent attributable to personal property which is leased under, or in connection with, a lease of real property. However, the
inclusion of these items as rents from real property is subject to the conditions described immediately below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Any amount received or accrued, directly or indirectly,
with respect to any real or personal property cannot be based in whole or in part on the income or profits of any person from such
property. However, an amount received or accrued generally will not be excluded from rents from real property solely by reason
of being based on a fixed percentage or percentages of receipts or sales. In addition, amounts received or accrued based on income
or profits do not include amounts received from a tenant based on the tenant&rsquo;s income from the property if the tenant derives
substantially all of its income with respect to such property from leasing or subleasing substantially all of such property, provided
that the tenant receives from subtenants only amounts that would be treated as rents from real property if received directly by
the REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Amounts received from a tenant generally will not qualify
as rents from real property in satisfying the gross income tests if the REIT directly, indirectly, or constructively owns, (1)
in the case of a tenant which is a corporation, 10% or more of the total combined voting power of all classes of stock entitled
to vote or 10% or more of the total value of shares of all classes of stock of such tenant, or (2) in the case of a tenant which
is not a corporation, an interest of 10% or more in the assets or net profits of such tenant. (Such a tenant is referred to in
this section as a &ldquo;Related Party Tenant.&rdquo;) Rents that we receive from a Related Party Tenant that is also a TRS of
ours, however, will not be excluded from the definition of &ldquo;rents from real property&rdquo; if at least 90% of the space
at the property to which the rents relate is leased to third parties, and the rents paid by the TRS are substantially comparable
to rents paid by our other tenants for comparable space. Whether rents paid by our TRS are substantially comparable to rents paid
by our other tenants is determined at the time the lease with the TRS is entered into, extended, and modified, if such modification
increases the rents due under such lease. Notwithstanding the foregoing, however, if a lease with a &ldquo;controlled&rdquo; TRS
is modified and such modification results in an increase in the rents payable by such TRS, any such increase will not qualify as
rents from real property. For purposes of this rule, a &ldquo;controlled&rdquo; TRS is a TRS in which we own stock possessing more
than 50% of the voting power or more than 50% of the total value.</P>

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


<!-- Field: Page; Sequence: 30; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- 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>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">If rent attributable to personal property leased in connection
with a lease of real property is greater than 15% of the total rent received under the lease, then the portion of rent attributable
to such personal property will not qualify as rents from real property. The determination of whether more than 15% of the rents
received by a REIT from a property is attributable to personal property is based upon a comparison of the fair market value of
the personal property leased by the tenant to the fair market value of all the property leased by the tenant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Rents from real property do not include any amount received
or accrued directly or indirectly by a REIT for services furnished or rendered to tenants of a property or for managing or operating
a property, unless the services furnished or rendered, or management or operations provided, are of a type that a tax-exempt organization
can provide to its tenants without causing its rental income to be unrelated business taxable income under the Code (that is, unless
they are of a type &ldquo;usually or customarily rendered in connection with the rental of space for occupancy only&rdquo; or are
not considered &ldquo;primarily for the tenant&rsquo;s convenience&rdquo;). Services, management, or operations which, if provided
by a tax-exempt organization, would give rise to unrelated business taxable income (referred to in this section as &ldquo;Impermissible
Tenant Services&rdquo;) will not be treated as provided by the REIT if provided by either an &ldquo;independent contractor&rdquo;
(as defined in the Code) who is adequately compensated and from whom the REIT does not derive any income, or by a TRS. If an amount
received or accrued by a REIT for providing Impermissible Tenant Services to tenants of a property exceeds 1% of all amounts received
or accrued by the REIT with respect to such property in any year, none of such amounts will constitute rents from real property.
For purposes of this test, the income received from Impermissible Tenant Services is deemed to be at least 150% of the direct cost
of providing the services. If the 1% threshold is not exceeded, only the amounts received for providing Impermissible Tenant Services
will not constitute rents from real property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Substantially all of our income derives from
the Operating Partnership. The Operating Partnership&rsquo;s income derives largely from rent attributable to our properties (which
properties are referred to in this section as the &ldquo;Properties&rdquo;). The Operating Partnership also derives income from
its TRSs insofar as they pay dividends on shares owned by the Operating Partnership. The Operating Partnership does not, and is
not expected to, charge rent that is based in whole or in part on the income or profits of any person (but does charge rent based
on a fixed percentage or percentages of receipts or sales). The Operating Partnership does not, and is not anticipated to, derive
rent attributable to personal property leased in connection with real property that exceeds 15% of the total rent for such property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we do not believe that we derive
(through the Operating Partnership) rent from a Related Party Tenant. However, the determination of whether we own 10% or more
(as measured by either voting power or value) of any tenant is made after the application of complex attribution rules under which
we will be treated as owning interests in tenants that are owned by our &ldquo;Ten Percent Shareholders.&rdquo; In identifying
our Ten Percent Shareholders, each individual or entity will be treated as owning shares held by related individuals and entities.
Accordingly, we cannot be absolutely certain whether all Related Party Tenants have been or will be identified. Although rent derived
from a Related Party Tenant will not qualify as rents from real property and, therefore, will not be qualifying income under the
75% or 95% gross income test, we believe that the aggregate amount of any such rental income (together with any other nonqualifying
income) in any taxable year will not cause us to exceed the limits on nonqualifying income under such gross income tests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Operating Partnership provides certain services
with respect to the Properties (and expects to provide such services with respect to any newly acquired properties) through certain
TRSs. Because the services are provided through our TRSs, the provision of such services will not cause the amounts received by
us (through our ownership interest in the Operating Partnership) with respect to the Properties to fail to qualify as rents from
real property for purposes of the 75% and 95% gross income tests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may (through one or more pass-through subsidiaries)
indirectly receive distributions from TRSs or other corporations that are neither REITs nor qualified REIT subsidiaries. These
distributions will be classified as dividend income to the extent of the earnings and profits of the distributing corporation.
Such distributions will generally constitute qualifying income for purposes of the 95% gross income test, but not for purposes
of the 75% gross income test.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In sum, our investment in real properties through
the Operating Partnership and the provision of services with respect to those properties through TRSs, gives and will give rise
mostly to rental income qualifying under the 75% and 95% gross income tests. Gains on sales of such properties, or of our interest
in such properties or in the Operating Partnership, will generally qualify under the 75% and 95% gross income tests. We anticipate
that income on our other investments will not result in our failing the 75% or 95% gross income test for any year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If we fail to satisfy one or both of the 75%
and 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for such year if we are entitled to relief
under certain provisions of the Code. We may avail ourselves of the relief provisions if: (1) following our identification of the
failure to meet the 75% or 95% gross income test for any taxable year, we file a schedule with the IRS setting forth each item
of our gross income for purposes of the 75% or 95% gross income test for such taxable year in accordance with Treasury Regulations
to be issued; and (2) our failure to meet the test was due to reasonable cause and not due to willful neglect. It is not possible,
however, to state whether in all circumstances we would be entitled to the benefit of these relief provisions. As discussed above
in &ldquo;&mdash; Taxation of REITs in General,&rdquo; even if these relief provisions apply, a tax would be imposed with respect
to the excess nonqualifying gross income.</P>

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


<!-- Field: Page; Sequence: 31; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- 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>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At the close of each calendar quarter of our
taxable year, we must also satisfy the following four tests relating to the nature of our assets. For purposes of each of these
tests, our assets are deemed to include the assets of any disregarded subsidiary and our share of the assets of any subsidiary
partnership, such as the Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">At least 75% of the value of our total assets must be
represented by some combination of &ldquo;real estate assets,&rdquo; cash, cash items, U.S. government securities, and, under
some circumstances, stock or debt instruments purchased with new capital. For this purpose, &ldquo;real estate assets&rdquo;
include interests in real property, such as land, buildings, leasehold interests in real property, stock of corporations that
qualify as REITs, some kinds of mortgage-backed securities and mortgage loans, and,  for taxable years beginning
after December 31, 2015, debt instruments issued by publicly
offered REITs, personal property leased in connection with a lease of real property to the extent that rent attributable to
such personal property meets the 15% test described above to qualify as &ldquo;rents from real property&rdquo; for
purposes of the 75% income test, and debt secured by a mortgage on both real and personal property if the fair market value
of the personal property securing the debt does not exceed 15% of the total fair market value of all property securing the
debt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">The aggregate value of all securities of TRSs we hold may
not exceed 25% (20% for taxable years beginning after December 31, 2017) of the value of our total assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">The value of any one issuer&rsquo;s securities owned by
us may not exceed 5% of the value of our assets. This asset test does not apply to securities of TRSs or to any security that qualifies
as a &ldquo;real estate asset.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">We may not own more than 10% of any one issuer&rsquo;s outstanding
securities, as measured by either voting power or value. This asset test does not apply to securities of TRSs or to any security
that qualifies as a &ldquo;real estate asset.&rdquo; In addition, solely for purposes of the 10% value test, certain types of securities,
including certain &ldquo;straight debt&rdquo; securities, are disregarded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">No more than 25% of the value of our assets can consist
of debt instruments of publicly offered REITs unless they would otherwise be treated as real estate assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No securities issued by a corporation or partnership
will qualify as &ldquo;straight debt&rdquo; if we own (or a TRS in which we own a greater than 50% interest, as measured by vote
or value owns) other securities of such issuer that represent more than 1% of the total value of all securities of such issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Debt instruments issued by a partnership that
do not qualify as &ldquo;straight debt&rdquo; are (1) not subject to the 10% value test to the extent of our interest as a partner
in that partnership and (2) completely excluded from the 10% value test if at least 75% of the partnership&rsquo;s gross income
(excluding income from &ldquo;prohibited transactions&rdquo;) consists of income qualifying under the 75% gross income test. In
addition, the 10% value test does not apply to (1) any loan made to an individual or an estate, (2) certain rental agreements in
which one or more payments are to be made in subsequent years (other than agreements between us and certain persons related to
us), (3) any obligation to pay rents from real property, (4) securities issued by governmental entities that are not dependent
in whole or in part on the profits of (or payments made by) a non-governmental entity, and (5) any security issued by another REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are deemed to own, for purposes of the 10%
value test, the securities held by a partnership based on our proportionate interest in any securities issued by the partnership
(excluding &ldquo;straight debt&rdquo; and the securities described in the last sentence of the preceding paragraph). Thus, our
proportionate share is not based solely on our capital interest in the partnership but also includes our interest in certain debt
securities issued by the partnership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">After meeting the asset tests at the close of
any quarter, we will not lose our status as a REIT for failure to satisfy the asset tests at the end of a later quarter solely
by reason of changes in asset values. If the failure to satisfy the asset tests results from an acquisition of securities or other
property during a quarter, the failure can be cured by a disposition of sufficient nonqualifying assets within 30 days after the
close of that quarter. We believe that we maintain adequate records with respect to the nature and value of our assets to enable
us to comply with the asset tests and to enable us to take such action within 30 days after the close of any quarter as may be
required to cure any noncompliance. There can be no assurance, however, that we will always successfully take such action.</P>

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


<!-- Field: Page; Sequence: 32; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.5in">Certain relief provisions may be available to
us if we discover a failure to satisfy the asset tests described above after the 30-day cure period. Under these provisions, we
will be deemed to have met the 5% and 10% asset tests if the value of our nonqualifying assets (1) does not exceed the lesser of
(a) 1% of the total value of our assets at the end of the applicable quarter or (b) $10,000,000 and (2) we dispose of the nonqualifying
assets or otherwise satisfy such tests within (a) six months after the last day of the quarter in which the failure to satisfy
the asset tests is discovered or (b) the period of time prescribed by Treasury Regulations to be issued. For violations of any
asset tests due to reasonable cause and not due to willful neglect and that are, in the case of the 5% and 10% asset tests, in
excess of the de minimis exception described in the preceding sentence, we may avoid disqualification as a REIT after the 30-day
cure period by taking steps including (1) the disposition of sufficient nonqualifying assets or the taking of other actions that
allow us to meet the asset tests within (a) six months after the last day of the quarter in which the failure to satisfy the asset
tests is discovered or (b) the period of time prescribed by Treasury Regulations to be issued, (2) paying a tax equal to the greater
of (a) $50,000 or (b) the highest corporate tax rate multiplied by the net income generated by the nonqualifying assets, and (3)
disclosing certain information to the IRS. Although we believe that we have satisfied the asset tests described above and plan
to take steps to ensure that we satisfy such tests for any calendar quarter with respect to which re-testing is to occur, there
can be no assurance that we will always be successful or that a reduction in our overall interest in an issuer (including a TRS)
will not be required. If we fail to cure any noncompliance with the asset tests in a timely manner and the relief provisions described
above are not available, we would cease to qualify as a REIT. See &ldquo;&mdash; Failure to Qualify&rdquo; below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that our holdings of securities and
other assets have complied and will continue to comply with the foregoing REIT asset requirements, and we intend to monitor compliance
on an ongoing basis. No independent appraisals have been obtained, however, to support our conclusions as to the value of our total
assets, or the value of any particular security or securities. Moreover, values of some assets may not be susceptible to a precise
determination, and values are subject to change in the future. Accordingly, there can be no assurance that the IRS will not contend
that we fail to meet the REIT asset requirements by reason of our interests in our subsidiaries or in the securities of other issuers
or for some other reason.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To maintain our qualification as a REIT, we
are required to distribute dividends (other than capital gain dividends) to our shareholders each year in an amount at least equal
to: (1) the sum of (a) 90% of our &ldquo;REIT taxable income&rdquo; (which is our taxable income exclusive of net income from foreclosure
property, and with certain other adjustments) but computed without regard to the dividends paid deduction and our net capital gain,
and (b) 90% of the excess of our net income, if any, from &ldquo;foreclosure property&rdquo; (described below) over the tax imposed
on that income; minus (2) the sum of certain items of non-cash income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">These distributions must be paid in the taxable
year to which they relate, or in the following taxable year if the distributions are declared before we timely file our tax return
for the taxable year to which they relate, the distributions are paid on or before the first regular dividend payment after such
declaration, and we make an election to treat the distributions as relating to the prior taxable year. In order for distributions
to be counted for this purpose, and to give rise to a tax deduction by us, they must not be &ldquo;preferential dividends.&rdquo;
A dividend is not a preferential dividend if it is pro rata among all outstanding shares within a particular class, and is in accordance
with the preferences among different classes of shares as set forth in our organizational documents. Beginning with the 2015 taxable
year, the preferential dividend rules do not apply to &ldquo;publicly offered REITs&rdquo;. A &ldquo;publicly offered REIT&rdquo;
means a REIT that is required to file annual and periodic reports with the SEC under the Exchange Act. We are a publicly offered
REIT. In addition, any dividend we declare in October, November, or December of any year and payable to a shareholder of record
on a specified date in any such month will be treated as both paid by us and received by the shareholder on December 31 of such
year, provided that we actually pay the dividend before the end of January of the following calendar year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent that we distribute at least 90%,
but less than 100%, of our &ldquo;REIT taxable income&rdquo; (computed without regard to the dividends paid deduction and with
certain adjustments), we will be subject to tax at ordinary corporate rates on the retained portion. We may elect to retain, rather
than distribute, our net long-term capital gains and pay tax on such gains. In this case, we could elect to have our shareholders
include their proportionate share of such undistributed long-term capital gains in income, and to receive a corresponding credit
for their share of the tax we paid. Our shareholders would then increase the adjusted basis of their shares by the difference between
the designated amounts included in their long-term capital gains and the tax deemed paid with respect to their shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net operating losses that we are allowed to
carry forward from prior tax years may reduce the amount of distributions that we must make in order to comply with the REIT distribution
requirements. Such losses, however, will generally not affect the character, in the hands of the shareholders, of any distributions
that are actually made by us, which are generally taxable to the shareholders as dividends to the extent that we have current or
accumulated earnings and profits. See &ldquo;Federal Income Taxation of Shareholders &mdash; Federal Income Taxation of Taxable
Domestic Shareholders &mdash; Distributions&rdquo; below.</P>

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


<!-- Field: Page; Sequence: 33; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.5in">If we fail to distribute during each calendar
year at least the sum of: (1) 85% of our &ldquo;REIT ordinary income&rdquo; (i.e., &ldquo;REIT taxable income&rdquo; excluding
capital gain and without regard to the dividends paid deduction) for that year; (2) 95% of our REIT capital gain net income for
that year; and (3) any undistributed taxable income from prior periods, we would be subject to a 4% excise tax on the excess of
such sum over the aggregate of amounts actually distributed and retained amounts on which income tax is paid at the corporate level.
We believe that we have made, and intend to continue to make, distributions in such a manner so as not to be subject to the 4%
excise tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We intend to make timely distributions sufficient
to satisfy the annual distribution requirement. In this regard, the partnership agreement of the Operating Partnership provides
that we, as general partner, must use our best efforts to cause the Operating Partnership to distribute to its partners amounts
sufficient to permit us to meet this distribution requirement. It is possible that, from time to time, we may not have sufficient
cash or other liquid assets to meet the 90% distribution requirement, as a result of timing differences between the actual receipt
of cash (including distributions from the Operating Partnership) and actual payment of expenses on the one hand, and the inclusion
of such income and deduction of such expenses in computing our &ldquo;REIT taxable income&rdquo; on the other hand. To avoid any
failure to comply with the 90% distribution requirement, we will closely monitor the relationship between our &ldquo;REIT taxable
income&rdquo; and cash flow, and if necessary, will borrow funds (or cause the Operating Partnership or other affiliates to borrow
funds) in order to satisfy the distribution requirement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under certain circumstances, we may be able
to cure a failure to meet the distribution requirement for a year by paying &ldquo;deficiency dividends&rdquo; to shareholders
in a later year, which may be included in our deduction for dividends paid for the earlier year. Thus, we may be able to avoid
both losing our REIT status and being taxed on amounts distributed as deficiency dividends. We will be required to pay interest,
however, based upon the amount of any deduction taken for deficiency dividends.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Specified cure provisions are available to us
in the event that we violate a provision of the Code that would otherwise result in our failure to qualify as a REIT. Except with
respect to violations of the REIT income tests and asset tests (for which the cure provisions are described above), and provided
the violation is due to reasonable cause and not due to willful neglect, these cure provisions impose a $50,000 penalty for each
violation in lieu of a loss of REIT status. If we fail to qualify for taxation as a REIT in any taxable year, and the relief provisions
do not apply, we will be subject to tax (including any applicable alternative minimum tax) on our taxable income at regular corporate
rates. Distributions to shareholders in any year in which we fail to qualify will not be deductible by us, nor will they be required
to be made. In such event, to the extent of current and accumulated earnings and profits, all distributions to shareholders will
be taxable as dividends and, subject to certain limitations in the Code, corporate distributees may be eligible for the dividends
received deduction. Unless entitled to relief under specific statutory provisions, we will also be disqualified from taxation as
a REIT for the four taxable years following the year of termination of our REIT status. It is not possible to state whether in
all circumstances we would be entitled to this statutory relief.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net income derived from a &ldquo;prohibited
transaction&rdquo; is subject to a 100% excise tax. The term &ldquo;prohibited transaction&rdquo; includes a sale or other disposition
of property (other than foreclosure property) that is held primarily for sale to customers in the ordinary course of a trade or
business. The Operating Partnership owns interests in real property that is situated on the periphery of certain of the Properties.
We and the Operating Partnership believe that this peripheral property is not held primarily for sale to customers and that the
sale of such peripheral property will not be in the ordinary course of the Operating Partnership&rsquo;s business. We intend to
conduct our operations so that no asset owned by us or our pass-through subsidiaries will be held primarily for sale to customers,
and that a sale of any such asset will not be a prohibited transaction subject to the 100% excise tax. Whether property is held
primarily for sale to customers in the ordinary course of our business depends, however, on the facts and circumstances as they
exist from time to time, including those relating to a particular property. As a result, no assurance can be given that the IRS
will not recharacterize property we own as property held primarily for sale to customers in the ordinary course of our business,
or that we can comply with certain safe-harbor provisions of the Code that would prevent such treatment. In the event we determine
that a property, the ultimate sale of which is expected to result in taxable gain, will be regarded as held primarily for sale
to customers in the ordinary course of trade or business, we intend to cause such property to be acquired by or transferred to
a TRS so that gain from such sale will be subject to regular corporate income tax as discussed above under &ldquo;&mdash; Effect
of Subsidiary Entities &mdash; Taxable Subsidiaries.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Foreclosure property is real property and any
personal property incident to such real property (1) that is acquired by a REIT as the result of the REIT&rsquo;s having bid in
the property at foreclosure, or having otherwise reduced the property to ownership or possession by agreement or process of law,
after there was a default (or default was imminent) on a lease of the property or on a mortgage loan held by the REIT and secured
by the property, (2) the loan or lease related to which was acquired by the REIT at a time when default was not imminent or anticipated,
and (3) that such REIT makes a proper election to treat as foreclosure property. REITs are subject to tax at the maximum corporate
rate (currently 35%) on any net income from foreclosure property, including any gain from the disposition of the foreclosure property,
other than income that would otherwise be qualifying income for purposes of the 75% gross income test. Any gain from the sale of
property for which a foreclosure property election has been made will not be subject to the 100% excise tax on gains from prohibited
transactions described above, even if the property would otherwise constitute dealer property (i.e., property held primarily for
sale to customers in the ordinary course of business) in the hands of the selling REIT. A TRS may operate property on which a REIT
has made a foreclosure property election without loss of foreclosure property status.</P>

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


<!-- Field: Page; Sequence: 34; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- 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>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Redetermined Rents, Redetermined Deductions, Excess Interest,
and Redetermined TRS Service Income</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any redetermined rents, redetermined deductions,
or excess interest we generate will be subject to a 100% penalty tax. In general, redetermined rents are rents from real property
that are overstated as a result of services furnished by a TRS to any of our tenants, and redetermined deductions and excess interest
represent amounts that are deducted by a TRS for amounts paid to us that are in excess of the amounts that would have been charged
based on arm&rsquo;s length negotiations. Under &ldquo;safe harbor&rdquo; provisions of the Code, rents we receive from tenants
of a property will not constitute redetermined rents (by reason of the performance of services by any TRS to such tenants) if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">So much of such amounts as constitutes impermissible tenant
service income does not exceed 1% of all amounts received or accrued during the year with respect to the property;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">The TRS renders a significant amount of similar services
to unrelated parties and the charges for such services are substantially comparable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Rents paid by tenants leasing at least 25% of the net leasable
space in the property who are not receiving services from the TRS are substantially comparable to the rents paid by tenants leasing
comparable space who are receiving such services from the TRS and the charge for the services is separately stated; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">The TRS&rsquo;s gross income from the service is not less
than 150% of the subsidiary&rsquo;s direct cost in furnishing the service.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For taxable years beginning after December 31,
2015, any redetermined TRS service income will also be subject to a 100% penalty tax. Redetermined TRS service income is income
of a TRS attributable to services provided to, or on behalf of, us (other than services furnished or rendered to a tenant of ours)
to the extent such income is lower than the income the TRS would have earned based on arm&rsquo;s length negotiations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Tax Aspects of Investment in the Operating Partnership</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"><B><I>General</I></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; text-indent: 0.5in">We hold a direct interest in the Operating Partnership,
which is classified as a partnership for federal income tax purposes. The Operating Partnership, together with any entities treated
as partnerships for federal income tax purposes that we hold an interest in, are referred to as the &ldquo;Partnerships.&rdquo;
In general, partnerships are &ldquo;pass-through&rdquo; entities that are not subject to federal income tax. Rather, partners are
allocated their proportionate shares of the items of income, gain, loss, deduction, and credit of a partnership, and are potentially
subject to tax thereon, without regard to whether the partners receive a distribution from the partnership. We will include our
proportionate share of the foregoing partnership items in computing our &ldquo;REIT taxable income.&rdquo; See &ldquo;Taxation
of the Company &mdash; Income Tests&rdquo; above. Any resultant increase in our &ldquo;REIT taxable income&rdquo; will increase
the amount we must distribute to satisfy the REIT distribution requirement (see &ldquo;Taxation of the Company &mdash; Annual Distribution
Requirement&rdquo; above) but will generally not be subject to federal income tax in our hands provided that we distribute such
income to our shareholders.</P>

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


<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- 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>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our interests in the Partnerships involve special
tax considerations, including the possibility of a challenge by the IRS to the status of the Operating Partnership or any other
Partnership as a partnership (as opposed to an association taxable as a corporation) for federal income tax purposes. In general,
under certain Treasury Regulations which became effective January 1, 1997 (referred to in this section as the &ldquo;Check-the-Box
Regulations&rdquo;), an unincorporated entity with at least two members may elect to be classified either as a corporation or as
a partnership for federal income tax purposes. If such an entity does not make an election, it generally will be treated as a partnership
for federal income tax purposes. For such an entity that was in existence prior to January 1, 1997, such as the Operating Partnership
and some of the Partnerships, the entity will have the same classification (unless it elects otherwise) that it claimed under the
rules in effect prior to the Check-the-Box Regulations. In addition, the federal income tax classification of an entity that was
in existence prior to January 1, 1997 will be respected for all periods prior to January 1, 1997 if (1) the entity had a reasonable
basis for its claimed classification, (2) the entity and all members of the entity recognized the federal income tax consequences
of any changes in the entity&rsquo;s classification within the 60 months prior to January 1, 1997, and (3) neither the entity nor
any member of the entity was notified in writing by a taxing authority on or before May 8, 1996 that the classification of the
entity was under examination. We believe that the Operating Partnership and any other partnerships in which we previously directly
or indirectly held an interest that existed prior to January 1, 1997 reasonably claimed partnership classification under the Treasury
Regulations relating to entity classification in effect prior to January 1, 1997, and such classification should be respected for
federal income tax purposes. Each of them intends to continue to be classified as a partnership for federal income tax purposes,
and none of them intends to elect to be treated as an association taxable as a corporation under the Check-the-Box Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Operating Partnership or any of the other
Partnerships were to be treated as an association, it would be taxable as a corporation and therefore subject to an entity-level
tax on its income. In such a situation, the character of our assets and items of gross income would change, which would likely
preclude us from satisfying the asset tests and possibly the income tests (see &ldquo;Taxation of the Company &mdash; Income Tests&rdquo;
and &ldquo;Taxation of the Company &mdash; Asset Tests&rdquo; above), and in turn would prevent us from qualifying as a REIT, unless
we were eligible for relief under the relief provisions described above. See &ldquo;Taxation of the Company &mdash; Failure to
Qualify&rdquo; above for discussion of the effect of our failure to satisfy the REIT tests for a taxable year. In addition, any
change in the status of any of the Partnerships for federal income tax purposes might be treated as a taxable event, in which case
we could have taxable income that is subject to the REIT distribution requirement without receiving any cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Tax Allocations with Respect to the Properties</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to Section 704(c) of the Code and applicable
Treasury Regulations, income, gain, loss, and deduction attributable to appreciated or depreciated property that is contributed
to a partnership in exchange for an interest in the partnership (such as the Properties contributed to the Operating Partnership
by the limited partners of the Operating Partnership) must be allocated in such a manner that the contributing partner is charged
with, or benefits from, the unrealized gain or unrealized loss, respectively, associated with the property at the time of the contribution.
The amount of such unrealized gain or unrealized loss is equal to the difference between the fair market value of the contributed
property at the time of contribution and the adjusted tax basis of such property at the time of contribution (referred to in this
section as the &ldquo;Book-Tax Difference&rdquo;). Such allocations are solely for federal income tax purposes and do not affect
the book capital accounts or other economic or legal arrangements among the partners. The Operating Partnership was formed with
contributions of appreciated property (including the Properties contributed by the limited partners of the Operating Partnership).
Consequently, the Operating Partnership&rsquo;s partnership agreement requires allocations to be made in a manner consistent with
Section 704(c) of the Code and the applicable Treasury Regulations. If a partner contributes cash to a partnership at a time when
the partnership holds appreciated (or depreciated) property, the applicable Treasury Regulations provide for a similar allocation
of these items to the other (that is, the pre-existing) partners. These rules may apply to any contribution by us to the Partnerships
of cash proceeds received from offerings of our securities, including any offering of common shares, preferred shares, or warrants
contemplated by this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In general, the partners that contributed appreciated
Properties to the Operating Partnership will be allocated less depreciation, and increased taxable gain on sale, of such Properties.
This will tend to eliminate the Book-Tax Difference. However, the special allocation rules of Section 704(c) and the applicable
Treasury Regulations do not always rectify the Book-Tax Difference on an annual basis or with respect to a specific taxable transaction
such as a sale. Under the applicable Treasury Regulations, special allocations of income and gain and depreciation deductions must
be made on a property-by-property basis. Depreciation deductions resulting from the carryover basis of a contributed property are
used to eliminate the Book-Tax Difference by allocating such deductions to the non-contributing partners (for example, to us) up
to the amount of their share of book depreciation. Any remaining tax depreciation for the contributed property would be allocated
to the partners who contributed the property. The Operating Partnership has generally elected the &ldquo;traditional method&rdquo;
of rectifying the Book-Tax Difference under the applicable Treasury Regulations, pursuant to which if depreciation deductions are
less than the non-contributing partners&rsquo; share of book depreciation, then the non-contributing partners lose the benefit
of the tax deductions to the extent of the difference. When the property is sold, the resulting tax gain is used to the extent
possible to eliminate any remaining Book-Tax Difference. Under the traditional method, it is possible that the carryover basis
of the contributed assets in the hands of a Partnership may cause us to be allocated less depreciation and other deductions than
would otherwise be allocated to us. This may cause us to recognize taxable income in excess of cash proceeds, which might adversely
affect our ability to comply with the REIT distribution requirement. See &ldquo;Taxation of the Company &mdash; Annual Distribution
Requirement&rdquo; above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to property purchased by (and not
contributed to) a Partnership, such property will initially have a tax basis equal to its fair market value, and Section 704(c)
of the Code and the applicable Treasury Regulations will not apply unless such property is subsequently revalued for capital accounting
purposes under applicable Treasury Regulations.</P>

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


<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- 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>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Operating Partnership intends to
hold the Properties for investment with a view to long-term appreciation, to engage in the business of acquiring,
developing, owning, and operating the Properties and other shopping centers and to make such occasional sales of the
Properties as are consistent with our investment objectives. We do not currently hold any Properties through any Partnerships
other than the Operating Partnership. Based primarily on such investment objectives, we believe that the Properties should
not be considered dealer property (i.e., property held for sale to customers in the ordinary course of business). Whether
property is dealer property is a question of fact that depends on the particular facts and circumstances with respect to the
particular transaction. No assurance can be given that any property sold by us or any of our Partnerships will not be dealer
property, or that we can comply with certain safe-harbor provisions of the Code that would prevent such treatment. Our share
of any gain realized by the Operating Partnership or any other Partnerships on the sale of any dealer property generally will
be treated as income from a prohibited transaction that is subject to a 100% penalty tax. See &ldquo;Taxation of the Company
&mdash; Prohibited Transactions&rdquo; above. In the event we determine that a property, the ultimate sale of which is
expected to result in taxable gain, will be held primarily for sale to customers in the ordinary course of a trade or
business, we intend to cause such property to be acquired by or transferred to a TRS so that gain from such sale will be
subject to regular corporate income tax as discussed above under &ldquo;&mdash; Effect of Subsidiary Entities &mdash; Taxable
Subsidiaries.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the Bipartisan Budget Act of 2015,
for tax years beginning after December 31, 2017, if the IRS makes audit adjustments to the income tax returns of the Operating
Partnership or any other Partnership, it may assess and collect any taxes (including any applicable penalties and interest) resulting
from such audit adjustment directly from the Operating Partnership or such other Partnership. The Operating Partnership or any
other Partnership may elect to have its partners take such audit adjustment into account in accordance with their interests in
the Operating Partnership or such other Partnership during the tax year under audit, but there can be no assurance that such election
will be effective in all circumstances. If, as a result of any such audit adjustment, the Operating Partnership or any other Partnership
is required to make payments of taxes, penalties and interest, the cash available for distribution to its partners might be substantially
reduced. These rules are not applicable for tax years beginning on or prior to December 31, 2017 (unless the Operating Partnership
or other Partnership elects for these rules to apply on an earlier date, which the Operating Partnership and any other Partnerships
do not expect to make).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Federal Income Taxation of Shareholders</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; text-indent: 0.5in">As used herein, a &ldquo;taxable domestic shareholder&rdquo;
means a beneficial owner of our shares or warrants, who is, for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a citizen or individual resident of the U.S. as defined in section 7701(b) of the Code; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a corporation (or other entity treated as a corporation for federal income tax purposes) created or organized in or under the laws of the United States or any state thereof or the District of Columbia; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an estate the income of which is subject federal income taxation regardless of its source; or </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a trust if it (a)&nbsp;is subject to the primary supervision of a court within the U.S. and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) was in existence on August 20, 1996 and&nbsp;has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a partnership, including for this purpose
any entity treated as a partnership for federal income tax purposes, holds stock or warrants issued by us, the tax treatment of
a partner will generally depend upon the status of the partner and the activities of the partnership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This summary assumes that investors will hold
their securities as capital assets, which generally means assets held for investment.</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"><B><I>Federal Income Taxation of Taxable Domestic Shareholders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Distributions.</I> As a result of our status
as a REIT, distributions made to our taxable domestic shareholders out of current or accumulated earnings and profits, and not
designated as capital gain dividends, will generally be taken into account by them as ordinary income and will not be eligible
for the dividends received deduction for corporations. The maximum federal income tax rate applicable to corporations is 35% and
that applicable to ordinary income of individuals is currently 39.6%.</P>

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


<!-- Field: Page; Sequence: 37; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.5in">The maximum individual rate of tax on dividends
and long-term capital gains is generally 20%. Because we are not generally subject to federal income tax on the portion of our
REIT taxable income or capital gains distributed to our shareholders, our dividends are generally not eligible for this 20% tax
rate on dividends. As a result, our ordinary REIT dividends will continue to be taxed at the higher tax rates applicable to ordinary
income. However, the 20% tax rate will generally apply to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">our dividends attributable to dividends received by us from
non-REIT corporations, such as TRSs;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">our dividends attributable to our REIT taxable income in
the prior taxable year on which we were subject to corporate level income tax (net of the amount of such tax); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">our dividends attributable to income in the prior taxable
year from the sale of appreciated (i.e., Built-in Gain) property acquired by us from &ldquo;C&rdquo; corporations in carryover
basis transactions or held by us on the first day of a taxable year for which we first re-qualify as a REIT after being subject
to tax as a &ldquo;C&rdquo; corporation for more than two years (net of the amount of corporate tax on such income).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Distributions that are designated as capital
gain dividends will be taxed to shareholders as long-term capital gains, to the extent that they do not exceed our actual net capital
gain for the taxable year, without regard to the period for which the shareholder has held its shares. A similar treatment will
apply to long-term capital gains we retain, to the extent that we elect the application of provisions of the Code that treat shareholders
of a REIT as having received, for federal income tax purposes, undistributed capital gains of the REIT, while passing through to
shareholders a corresponding credit for taxes paid by the REIT on such retained capital gains.&nbsp;&nbsp;The aggregate amount
of dividends that we may designate as qualified dividend income or as capital gain dividends with respect to any taxable year beginning
after 2015 cannot exceed the dividends actually paid by us during such year. In addition, the Secretary of the Treasury is authorized
to prescribe regulations or other guidance requiring proportionality of the designation of particular types of dividends. Corporate
shareholders may be required to treat up to 20% of some capital gain dividends as ordinary income. Long-term capital gains are
generally taxable at maximum federal rates of 20% in the case of shareholders who are individuals, and 35% for corporations. Capital
gains attributable to the sale of depreciable real property held for more than 12 months are subject to a 25% maximum federal income
tax rate for taxpayers who are individuals, to the extent of previously claimed depreciation deductions. Pursuant to Treasury Regulations
to be promulgated by the U.S. Treasury Department, a portion of our distributions may be subject to the alternative minimum tax
to the extent of our items of tax preference, if any, allocated to the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Distributions in excess of current and accumulated
earnings and profits will not be taxable to a shareholder to the extent that they do not exceed the adjusted basis of the shareholder&rsquo;s
common or preferred shares in respect of which the distributions were made, but rather, will reduce the adjusted basis of those
common or preferred shares. To the extent that such distributions exceed the adjusted basis of a shareholder&rsquo;s shares, they
will be included in income as long-term capital gain, or short-term capital gain if the shares have been held for one year or less.
In addition, any dividend we declare in October, November or December of any year and payable to a shareholder of record on a specified
date in any such month will be treated both as paid by us and received by the shareholder on December 31 of such year, provided
that we actually pay the dividend before the end of January of the following calendar year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may make distributions to shareholders paid
in common or preferred shares that are intended to be treated as dividends for federal income tax purposes. In that event, our
shareholders would generally have taxable income with respect to such distributions of our common or preferred shares and may have
tax liability by reason of such distributions in excess of the cash (if any) that is received by them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In determining the extent to which a distribution
with respect to our shares constitutes a dividend for tax purposes, our earnings and profits will be allocated first to distributions
with respect to our preferred shares and then to our common shares. In addition, the IRS has taken the position in published guidance
that if a REIT has two classes of shares, the amount of any particular type of income (including net capital gain) allocated to
each class in any year cannot exceed such class&rsquo;s proportionate share of such income based on the total dividends paid to
each class for such year. Consequently, if both common shares and preferred shares are outstanding, particular types of income
will be allocated in accordance with the classes&rsquo; proportionate shares of such income. Thus, net capital gain will be allocated
between holders of common shares and holders of preferred shares, if any, in proportion to the total dividends paid to each class
during the taxable year, or otherwise as required by applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net operating losses and capital losses that
we are allowed to carry forward from prior tax years may reduce the amount of distributions that we must make in order to comply
with the REIT distribution requirements. See &ldquo;Taxation of the Company &mdash; Annual Distribution Requirement&rdquo; above.
Such losses, however, are not passed through to our shareholders and do not offset income of shareholders from other sources, nor
do they affect the character of any distributions that we actually make, which are generally taxable to our shareholders as dividends
to the extent that we have current or accumulated earnings and profits.</P>

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


<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.5in">We will be treated as having sufficient earnings
and profits for a year to treat as a dividend any distribution we make for such year up to the amount required to be distributed
in order to avoid imposition of the 4% federal excise tax discussed in &ldquo;Taxation of the Company &mdash; Taxation of REITs
in General&rdquo; above. As a result, taxable domestic shareholders may be required to treat certain distributions as taxable dividends
even though we may have no overall, accumulated earnings and profits. Moreover, any &ldquo;deficiency dividend,&rdquo; which is
a dividend to our current shareholders that is permitted to relate back to a year for which the IRS determines a deficiency in
order to satisfy the distribution requirement for that year, will be treated as a dividend (an ordinary dividend or a capital gain
dividend, as the case may be) regardless of our earnings and profits for the year in which we pay the deficiency dividend.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain domestic non-corporate taxpayers may
also be subject to an additional tax of 3.8% with respect to dividends on our shares of capital stock. See &ldquo;Material Federal
Income Tax Considerations&mdash;Federal Income Taxation of Shareholders&mdash;Disposition of Common and Preferred Shares&mdash;Medicare
Tax.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Disposition of Common and Preferred Shares</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In general, capital gains recognized by individuals
and other non-corporate shareholders upon the sale or disposition of common or preferred shares will be subject to a maximum federal
income tax rate of 20% (applicable to long-term capital gains) if the shares are held for more than 12 months, and will be taxed
at rates of up to 39.6% (applicable to short-term capital gains) if the shares are held for 12 months or less. Gains recognized
by shareholders that are corporations are subject to federal income tax at a maximum rate of 35%, whether or not classified as
long-term capital gains. Capital losses recognized by a shareholder upon the disposition of shares held for more than one year
at the time of disposition will be considered long-term capital losses, which are generally available first to offset long-term
capital gain (which is taxed at capital gain rates) and then short-term capital gain (which is taxed at ordinary income rates)
of the shareholder, but not ordinary income of the shareholder (except in the case of individuals, who may offset up to $3,000
of ordinary income each year). Capital losses recognized by a shareholder upon the disposition of shares held for not more than
one year are considered short-term capital losses and are generally available first to offset short-term capital gain and then
long-term capital gain of the shareholder, but not ordinary income of the shareholder (except in the case of individuals, who may
offset up to $3,000 of ordinary income each year). In addition, any loss upon a sale or exchange of shares by a shareholder who
has held the shares for six months or less, after applying certain holding period rules, will be treated as long-term capital loss
to the extent of distributions received from us that are required to be treated by the shareholder as long-term capital gain.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain domestic non-corporate taxpayers may
also be subject to an additional tax of 3.8% with respect to capital gains from the disposition of our shares of capital stock.
See &ldquo;Material Federal Income Tax Considerations&mdash;Federal Income Taxation of Shareholders&mdash;Disposition of Common
and Preferred Shares&mdash;Medicare Tax.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a holder of common or preferred shares recognizes
a loss upon a disposition of those shares in an amount that exceeds a prescribed threshold, it is possible that the provisions
of certain Treasury Regulations involving &ldquo;reportable transactions&rdquo; could apply to require a disclosure filing with
the IRS concerning the loss-generating transaction. While these regulations are directed toward &ldquo;tax shelters,&rdquo; they
are quite broad, and apply to transactions that would not typically be considered tax shelters. The Code imposes significant penalties
for failure to comply with these requirements. Prospective shareholders should consult their tax advisors concerning any possible
disclosure obligation with respect to the receipt or disposition of common or preferred shares, or transactions that might be undertaken
directly or indirectly by us. Moreover, prospective shareholders should be aware that we and other participants in the transactions
involving us (including their advisors) might be subject to disclosure or other requirements pursuant to these regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A redemption of preferred shares will be treated
under Section 302 of the Code as a dividend subject to tax as such (to the extent of our current or accumulated earnings and profits),
unless the redemption satisfies certain tests set forth in Section 302(b) of the Code enabling the redemption to be treated as
a sale or exchange of the preferred shares. The redemption will satisfy such test if it (1) is &ldquo;substantially disproportionate&rdquo;
with respect to the holder (which will not be the case if only preferred shares are redeemed, since preferred shares generally
do not have voting rights), (2) results in a &ldquo;complete termination&rdquo; of the shareholder&rsquo;s stock interest in us,
or (3) is not &ldquo;essentially equivalent to a dividend&rdquo; with respect to the shareholder, all within the meaning of Section
302(b) of the Code. In determining whether any of these tests have been met, shares considered to be owned by the shareholder by
reason of certain constructive ownership rules set forth in the Code, as well as shares actually owned, must generally be taken
into account. Because the determination as to whether any of the alternative tests of Section 302(b) of the Code is satisfied with
respect to any particular holder of preferred shares will depend upon the facts and circumstances as of the time the determination
is made, prospective shareholders are advised to consult their own tax advisors to determine such tax treatment.</P>

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


<!-- Field: Page; Sequence: 39; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.5in">If a redemption of preferred shares is not treated
as a distribution taxable as a dividend to a particular shareholder, it will be treated, as to that shareholder, as a taxable sale
or exchange. As a result, such shareholder will recognize gain or loss for federal income tax purposes in an amount equal to the
difference between (1) the amount of cash and the fair market value of any property received (less any portion thereof attributable
to accumulated but unpaid dividends that we are legally obligated to pay at the time of the redemption, which will be taxable as
a dividend to the extent of our current and accumulated earnings and profits), and (2) the shareholder&rsquo;s adjusted basis in
the preferred shares for tax purposes. Such gain or loss will be capital gain or loss and will be long-term capital gain or loss
if, at the time of the redemption, the shares were held for more than 12 months.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a redemption of preferred shares is treated
as a distribution that is taxable as a dividend, the amount of the distribution would be measured by the amount of cash and the
fair market value of any property received by the shareholder. The shareholder&rsquo;s adjusted tax basis in the redeemed preferred
shares will be transferred to the shareholder&rsquo;s remaining shares of our capital stock, if any. If, however, the shareholder
has no remaining shares of our capital stock, such basis may, under certain circumstances, be transferred to a related person or
it may be lost entirely.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Redemption Premium on Preferred Shares</I>
.. If the redemption price of preferred shares that are subject to redemption exceeds their issue price (such excess referred to
in this section as a &ldquo;redemption premium&rdquo;), in certain situations the entire amount of the redemption premium will
be treated as being distributed to the holder of such shares, on an economic accrual basis, over the period from issuance of such
shares until the date the shares are first redeemable (such deemed distribution referred to in this section as a &ldquo;constructive
distribution&rdquo;). A constructive distribution may occur only if the preferred shares are subject to a redemption premium, and
only if (1) we are required to redeem the shares at a specified time, (2) the holder of the shares has the option to require us
to redeem the shares, or (3) we have the right to redeem the shares, but only if under applicable regulations, redemption pursuant
to that right is more likely than not to occur. See the applicable prospectus supplement for further information regarding the
possible tax treatment of redemption premiums with respect to any such preferred shares offered by such prospective supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Passive Activity Loss and Investment Interest
Limitations.</I> Taxable dividends that we distribute and gain from the disposition of common or preferred shares will not be treated
as passive activity income and, therefore, shareholders subject to the limitation on the use of &ldquo;passive losses&rdquo; will
not be able to apply passive losses against such income. Shareholders may elect to treat capital gain dividends, capital gains
from the disposition of shares and qualified dividend income as investment income for purposes of computing the limitation on the
deductibility of investment interest, but in such case the shareholder will be taxed at ordinary income rates on those amounts.
Other distributions made by us, to the extent they do not constitute a return of capital, will generally be treated as investment
income for purposes of computing the investment interest limitation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Medicare Tax.</I> Certain domestic shareholders
who are individuals, estates or trusts will be required to pay a 3.8% Medicare tax with respect to, <I>inter alia</I> , dividends
on and capital gains from the sale or other disposition of stock, subject to certain exceptions. Prospective shareholders should
consult their tax advisors regarding the applicability of this tax to any income and gains in respect of an investment in our common
or preferred shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Convertible Preferred Shares.</I> See the
applicable prospectus supplement for a discussion of any additional tax consequences to a domestic shareholder of investing in
convertible preferred shares offered by such prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Federal Income Taxation of Non-U.S. Shareholders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following is a summary of certain U.S.
federal income tax consequences of the ownership and disposition of common and preferred shares applicable to &ldquo;non-U.S.
shareholders.&rdquo; A non-U.S. shareholder is any holder of our shares who is a &ldquo;foreign person.&rdquo; For the
purposes of this summary, a foreign person is any person that is not a taxable domestic shareholder, tax-exempt entity (which
are addressed below), or an entity treated as a partnership for federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following summary is based on current law
and is for general information only. The summary addresses only selected and not all aspects of U.S. federal income taxation. Prospective
non-U.S. shareholders should consult with their own tax advisors to determine the impact of U.S. federal, state, and local income
tax and estate tax laws with regard to an investment in our shares, including any reporting requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Ordinary Dividends.</I> The portion of dividends
received by non-U.S. shareholders payable out of our earnings and profits that are not attributable to our capital gains and that
are not effectively connected with a U.S. trade or business of the non-U.S. shareholder will be subject to U.S. withholding tax
at the rate of 30%, unless reduced by treaty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In general, non-U.S. shareholders will not be
considered to be engaged in a U.S. trade or business solely as a result of their ownership of common or preferred shares. In cases
where the dividend income from a non-U.S. shareholder&rsquo;s investment in common or preferred shares is, or is treated as, effectively
connected with the non-U.S. shareholder&rsquo;s conduct of a U.S. trade or business, the non-U.S. shareholder generally will be
subject to U.S. income tax at graduated rates, in the same manner as domestic shareholders are taxed with respect to such dividends,
and such income generally must be reported on a U.S. federal income tax return filed by or on behalf of the non-U.S. shareholder.
Such income may also be subject to the 30% branch profits tax (or lower tax treaty rate, if applicable) in the case of a non-U.S.
shareholder that is a corporation.</P>

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


<!-- Field: Page; Sequence: 40; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.5in">As described above, we may make distributions
paid in common or preferred shares that are intended to be treated as dividends for U.S. federal income tax purposes. If we are
required to withhold an amount in excess of any cash that is distributed to non-U.S. shareholders along with the common or preferred
shares, we may retain and sell some of the common or preferred shares that would otherwise be distributed in order to satisfy any
withholding tax imposed on the distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Non-Dividend Distributions.</I> Unless our
common or preferred shares constitute a U.S. real property interest (referred to in this section as a &ldquo;USRPI&rdquo;), distributions
by us that are not dividends out of our earnings and profits will generally not be subject to U.S. federal income tax. If it cannot
be determined at the time at which a distribution is made whether or not the distribution will exceed current and accumulated earnings
and profits, the entire distribution will be subject to withholding at the rate applicable to dividends. However, the non-U.S.
shareholder may seek a refund from the IRS of any amounts withheld if it is subsequently determined that the distribution was,
in fact, in excess of our current and accumulated earnings and profits. If our common or preferred shares constitute a USRPI, as
discussed below under &ldquo;&mdash; Dispositions of Common or Preferred Shares,&rdquo; then distributions by us in excess of the
sum of our earnings and profits plus the shareholder&rsquo;s basis in its shares will be taxed under the Foreign Investment in
Real Property Tax Act of 1980 (which is referred to in this section as &ldquo;FIRPTA&rdquo;) at the rate of tax, including any
applicable capital gains rates, that would apply to a domestic shareholder of the same type (that is, an individual or a corporation,
as the case may be), and the collection of the tax will be enforced by a refundable withholding at a rate of 15% (increased from
10% effective February 17, 2016) of the amount by which the distribution exceeds the shareholder&rsquo;s share of our earnings
and profits. As discussed below under &ldquo;&mdash; FIRPTA Exception for Qualified Shareholders of REITs&rdquo; our shares will
not be treated as USRPIs when held directly or indirectly by a &ldquo;qualified shareholder.&rdquo; Additionally, as discussed
below under &ldquo;&mdash; FIRPTA Exception for Interests Held by Foreign Retirement or Pension Funds,&rdquo; &ldquo;qualified
foreign pension funds&rdquo; will not be subject to FIRPTA withholding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Capital Gain Dividends.</I> Distributions
that are attributable to gains from dispositions of USRPIs held by us directly or through pass-through subsidiaries (referred to
in this section as &ldquo;USRPI capital gains&rdquo;) that are paid with respect to any class of shares which is regularly traded
on an established securities market located in the United States and that are made to a non-U.S. shareholder who does not own more
than 10% of the class of shares at any time during the one-year period ending on the date of distribution will be treated as a
regular distribution by us, and these distributions will be treated as ordinary dividend distributions. A distribution of USRPI
capital gains made by us to non-U.S. shareholders owning more than 10% of the class of shares in respect of which the distribution
is made will be considered effectively connected with a U.S. trade or business of the non-U.S. shareholder and will be subject
to U.S. income tax at the rates applicable to U.S. individuals or corporations, as the case may be (subject to alternative minimum
tax and a special alternative minimum tax in the case of nonresident alien individuals), without regard to whether the distribution
is designated as a capital gain dividend. In the case of such a greater than 10% non-U.S. shareholder, we will be required to withhold
tax equal to 35% of the amount of dividends to the extent the dividends constitute USRPI capital gains. Distributions subject to
FIRPTA may also be subject to a 30% branch profits tax (or lower tax treaty rate, if applicable) in the hands of a non-U.S. shareholder
that is a corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Distributions to a non-U.S. shareholder that
we properly designate as capital gain dividends, other than those arising from the disposition of a USRPI, generally should not
be subject to U.S. federal income taxation unless: (1) the investment in our shares is treated as effectively connected with the
non-U.S. shareholder&rsquo;s U.S. trade or business, in which case the non-U.S. shareholder will be subject to the same treatment
as a U.S. shareholder with respect to such gain, except that a non-U.S. shareholder that is a foreign corporation may also be subject
to the 30% branch profits tax (or lower tax treaty rate, if applicable), or (2) the non-U.S. shareholder is a nonresident alien
individual who is present in the United States for 183 days or more during the taxable year and certain other conditions are satisfied,
in which case the nonresident alien individual will be subject to a 30% tax on the individual&rsquo;s capital gains (unless a lower
tax treaty rate applies).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Retained Net Capital Gains.</I> Although
the law is not clear on the matter, it appears that amounts designated by us as retained capital gains in respect of our shares
held by non-U.S. shareholders generally should be treated in the same manner as our actual distributions of capital gain dividends.
Under this approach, a non-U.S. shareholder would be able to claim as a credit against its U.S. federal income tax liability, its
proportionate share of the tax paid by us on the retained capital gains, and to obtain from the IRS a refund to the extent its
proportionate share of the tax paid by us exceeds its actual U.S. federal income tax liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Dispositions of Common or Preferred Shares.</I>
Unless our common or preferred shares constitute a USRPI, a sale of such shares by a non-U.S. shareholder generally will not be
subject to U.S. taxation under FIRPTA. The shares will not constitute a USRPI if we are a &ldquo;domestically-controlled REIT.&rdquo;</P>

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


<!-- Field: Page; Sequence: 41; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.5in">A REIT is a &ldquo;domestically-controlled REIT&rdquo;
if throughout the applicable testing period less than 50% of its stock was held directly or indirectly by non-U.S. persons. In
the case of a publicly traded REIT, a person holding less than 5% of a publicly traded class of stock at all times during the testing
period is treated as a U.S. person unless the REIT has actual knowledge that such person is not a U.S. person. We are a publicly
traded REIT. In the case of REIT stock held by a publicly traded REIT or certain publicly traded or open-ended registered investment
companies, the REIT or registered investment company will be treated as a U.S. person if the REIT or registered investment company
is domestically controlled and will be treated as a non-U.S. person otherwise. In the case of REIT stock held by a REIT or registered
investment company not described in the previous rule, the REIT or registered investment company is treated as a U.S. person or
a non-U.S. person on a look-through basis. We believe that we are, and we expect to continue to be, a domestically-controlled REIT
and, therefore, the sale of our common or preferred shares by non-U.S. shareholders is not expected to be subject to taxation under
FIRPTA. Because our shares are publicly traded, however, no assurance can be given that we are or will be a domestically-controlled
REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that we do not constitute a domestically-controlled
REIT, a non-U.S. shareholder&rsquo;s sale of common or preferred shares nonetheless will not constitute a USRPI and accordingly
would not be subject to tax under FIRPTA as a sale of a USRPI, provided that (1) the shares are of a class that are &ldquo;regularly
traded&rdquo; as defined by applicable Treasury Regulations, on an established securities market, and (2) the selling non-U.S.
shareholder held 10% or less of such class of shares at all times during a prescribed testing period. We believe that our common shares
are, and expect them to continue to be, &ldquo;regularly traded&rdquo; on an established securities market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If gain on the sale of common or preferred shares
were subject to taxation under FIRPTA, the non-U.S. shareholder would be subject to the same treatment as a U.S. shareholder with
respect to such gain, subject to applicable alternative minimum tax and a special alternative minimum tax in the case of non-resident
alien individuals, and the purchaser of the shares could, unless the shares are of a class that are &ldquo;regularly traded&rdquo;
(as defined by applicable Treasury Regulations) on an established securities market, be required to withhold 15% (increased from
10% effective February 17, 2016) of the purchase price and remit such amount to the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Gain from the sale of common or preferred shares
that would not be subject to FIRPTA will nonetheless be taxable in the United States to a non-U.S. shareholder in two cases: (1)
if the gain is effectively connected with a U.S. trade or business conducted by such non-U.S. shareholder and, where a treaty applies,
such trade or business is conducted through a permanent establishment in the U.S., then the non-U.S. shareholder will be subject
to the same treatment as a U.S. shareholder with respect to such gain, except that the non-U.S. shareholder may also be subject
to the 30% branch profits tax (or lower tax treaty rate, if applicable) if it is a foreign corporation, or (2) if the non-U.S.
shareholder is a nonresident alien individual who was present in the United States for 183 days or more during the taxable year
and certain other conditions are satisfied, the nonresident alien individual will be subject to tax on the individual&rsquo;s capital
gain at a 30% rate (or lower tax treaty rate, if applicable).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>FIRPTA Exception for Qualified Shareholders
of REITs</I>.&nbsp;&nbsp;Stock of a REIT held (directly or through one or more partnerships) by a &ldquo;qualified shareholder&rdquo;
will not be a USRPI, and capital gain dividends from such a REIT will not be treated as gain from the sale of a USRPI, unless a
person (other than a qualified shareholder) that holds an interest (other than an interest solely as a creditor) in such qualified
shareholder owns, taking into account applicable constructive ownership rules, more than 10% of the stock of the REIT (an &ldquo;applicable
investor&rdquo;). If the qualified shareholder has such an applicable investor, gains and REIT distributions allocable to the portion
of REIT stock held by the qualified shareholder indirectly owned through the qualified shareholder by the applicable investor will
be treated as gains from the sale of USRPIs. For these purposes, a &ldquo;qualified shareholder&rdquo; is a foreign person which
is in a treaty jurisdiction and satisfies certain publicly traded requirements, is a &ldquo;qualified collective investment vehicle,&rdquo;
and maintains records on the identity of certain 5% owners. A &ldquo;qualified collective investment vehicle&rdquo; is a foreign
person that is eligible for a reduced withholding rate with respect to ordinary REIT dividends even if such person holds more than
10% of the REIT&rsquo;s stock, a publicly traded partnership that is a withholding foreign partnership that would be a United States
real property holding corporation if it were a United States corporation, or is designated as a qualified collective investment
vehicle by the Secretary of the Treasury and is either fiscally transparent within the meaning of the Code or required to include
dividends in its gross income but entitled to a deduction for distributions to its investors. Finally, capital gain dividends and
non-dividend redemption and liquidating distributions to a qualified shareholder that are not allocable to an applicable investor
will be treated as ordinary dividends. This provision applies to dispositions and distributions on or after December 18, 2015. The
rules applicable to qualified shareholders are complex and investors who believe that they may be qualified shareholders should
consult with their own tax advisor to find out if these rules are applicable to them.</P>

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


<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- 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>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>FIRPTA Exception for Interests Held
by Foreign Retirement or Pension Funds</I>.&nbsp;&nbsp;&ldquo;Qualified foreign pension funds&rdquo; and entities that
are wholly owned by a qualified foreign pension fund are exempted from FIRPTA and FIRPTA withholding. For these purposes,
a &ldquo;qualified foreign pension fund&rdquo; is any trust, corporation, or other organization or arrangement if (i) it
was created or organized under foreign law, (ii) it was established to provide retirement or pension benefits to participants
or beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers
in consideration for services rendered, (iii) it does not have a single participant or beneficiary with a right to more than
5% of its assets or income, (iv) it is subject to government regulation and provides annual information reporting about
its beneficiaries to the relevant tax authorities in the country in which it is established or operates, and (v) under the
laws of the country in which it is established or operates, either contributions to such fund which would otherwise be
subject to tax under such laws are deductible or excluded from the gross income of such fund or taxed at a reduced rate, or
taxation of any investment income of such fund is deferred or such income is taxed at a reduced rate. This provision is
effective for dispositions and distributions occurring after December 18, 2015. The rules applicable to qualified foreign
pension funds are complex and investors who believe that they may be qualified foreign pension funds should consult with
their own tax advisor to find out if these rules are applicable to them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>No &ldquo;Cleansed&rdquo; REITs</I>.&nbsp;&nbsp;The
so-called FIRPTA &ldquo;cleansing rule&rdquo; (which applies to corporations that no longer have any USRPIs and have recognized
all gain on their USRPIs) will not apply to a REIT or a registered investment company or a corporation if the corporation or any
predecessor was a REIT or a registered investment company during the applicable testing period. This provision applies to dispositions
and distributions on or after December 18, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Convertible Preferred Shares</I> . See the
applicable prospectus supplement for a discussion of any additional tax consequences to a non-U.S. shareholder of investing in
convertible preferred shares offered by such prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Federal Taxation of Tax-Exempt Shareholders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Tax-exempt entities, including qualified employee
pension and profit sharing trusts and individual retirement accounts, generally are exempt from federal income taxation. However,
they are subject to taxation on their unrelated business taxable income (which is referred to in this section as &ldquo;UBTI&rdquo;).
While many investments in real estate generate UBTI, the IRS has ruled that dividend distributions from a REIT to a tax-exempt
entity do not constitute UBTI. Based on that ruling, and provided that (1) a tax-exempt shareholder has not held its common or
preferred shares as &ldquo;debt financed property&rdquo; within the meaning of the Code (that is, property the acquisition of which
is financed through a borrowing by the tax-exempt shareholder), and (2) the shares are not otherwise used in an unrelated trade
or business, we believe that distributions from us and income from the sale of our shares should not give rise to UBTI to a tax-exempt
shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Tax-exempt shareholders that are social clubs,
voluntary employee benefit associations, supplemental unemployment benefit trusts, and qualified group legal services plans exempt
from federal income taxation under Sections 501(c)(7), (9), (17) and (20) of the Code, respectively, are subject to different UBTI
rules, which generally will require them to characterize distributions from us as UBTI.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A pension trust that owns more than 10% of the
value of our shares could be required to treat a percentage of the dividends from us as UBTI if we are a &ldquo;pension-held REIT.&rdquo;
We will not be a pension-held REIT unless either (1) one pension trust owns more than 25% of the value of our shares, or (2) a
group of pension trusts, each individually holding more than 10% of the value of our shares, collectively owns more than 50% of
the value of our shares. We believe that we currently are not a pension-held REIT. Because our shares are publicly traded, however,
no assurance can be given that we are not (or will not be) a pension-held REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Tax-exempt shareholders are urged to consult
their tax advisors regarding the federal, state, local and foreign tax consequences of an investment in our common or preferred
shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A holder who receives shares upon the exercise
of a warrant should not recognize gain or loss except to the extent of any cash received for fractional shares. Except to the extent
of any cash so received, such a holder would have a tax basis in the shares acquired pursuant to a warrant equal to the amount
of the purchase price paid for (or, if the warrant is purchased as part of an &ldquo;investment unit,&rdquo; allocated to) the
warrant plus the amount paid for the shares pursuant to the warrant. The holding period for the shares acquired pursuant to a warrant
would begin on the date of exercise. Upon the subsequent sale of shares acquired pursuant to a warrant or upon a sale of a warrant,
the holder thereof would generally recognize capital gain or loss in an amount equal to the difference between the amount realized
on the sale and its tax basis in such shares or warrant, as the case may be. The foregoing assumes that warrants will not be held
as a hedge, straddle or as a similar offsetting position with respect to our shares and that Section 1092 of the Code will not
apply.</P>

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


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- 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>
    <!-- Field: /Page -->

<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>Other Tax Considerations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Information Reporting Requirements and Backup Withholding
Tax</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under certain circumstances, holders of our
securities may be subject to backup withholding at a rate of 28% on payments made with respect to, or cash proceeds of a sale or
exchange of, our securities. Backup withholding will apply only if the holder (1) fails to furnish its taxpayer identification
number, referred to in this section as a &ldquo;TIN&rdquo; (which, for an individual, would be his or her social security number),
(2) furnishes an incorrect TIN, (3) is notified by the IRS that it has failed to properly report payments of interest and dividends,
or (4) under certain circumstances, fails to certify, under penalty of perjury, that it has not been notified by the IRS that it
is subject to backup withholding for failure to report interest and dividend payments. Backup withholding will not apply with respect
to payments made to certain exempt recipients, such as corporations and tax-exempt organizations. Prospective investors should
consult their own tax advisors regarding their qualification for exemption from backup withholding and the procedure for obtaining
such an exemption. Backup withholding is not an additional tax. Rather, the amount of any backup withholding with respect to a
payment to a holder of our securities will be allowed as a credit against such holder&rsquo;s U.S. federal income tax liability
and may entitle such holder to a refund, provided that the required information is furnished to the IRS. In addition, we may be
required to withhold a portion of capital gain distributions to, or gross proceeds from our redemption of shares or other securities
from, any holders who fail to certify their non-foreign status, if applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Additional issues may arise pertaining to information
reporting and backup withholding with respect to foreign investors, and foreign investors should consult their tax advisors with
respect to any such information reporting and backup withholding requirements. Backup withholding with respect to foreign investors
is not an additional tax. Rather, the amount of any backup withholding with respect to a payment to a foreign investor will be
allowed as a credit against any U.S. federal income tax liability of such foreign investor. If withholding results in an overpayment
of taxes, a refund may be obtained, provided that the required information is furnished to the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Additional U.S. Federal Income Tax Withholding Rules</I></B>
- <B><I>Reporting and Withholding on Foreign Financial Accounts</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Withholding taxes may be imposed under Sections
1471 to 1474 of the Code (such sections commonly referred to as the Foreign Account Tax Compliance Act, or FATCA) on certain types
of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Currently, certain foreign financial institutions
and non-financial foreign entities are subject to a 30% U.S. federal withholding tax on dividends on our shares of capital stock
unless (i) in the case of a foreign financial institution, such institution enters into an agreement with the U.S. government (or
complies with applicable alternative procedures pursuant to an applicable intergovernmental agreement between the U.S. and the
relevant foreign government) to withhold on certain payments and to collect and provide to the U.S. tax authorities substantial
information regarding U.S. account holders of such institution (which includes certain equity and debt holders of such institution,
as well as certain account holders that are foreign entities with U.S. owners), and (ii) in the case of a non-financial foreign
entity, such entity provides the withholding agent with a certification identifying the direct and indirect U.S. owners of the
entity and complies with certain other applicable reporting obligations. In addition, if such disclosure requirements are not satisfied,
withholding at a 30% rate on gross proceeds from the sale or other disposition of our shares of capital stock by such foreign financial
institutions and non-financial foreign entities will generally begin after December 31, 2018. Under certain circumstances, a non-U.S.
shareholder might be eligible for refunds or credits of such taxes. Prospective investors should consult their tax advisors regarding
the possible implications of these withholding provisions on the acquisition, ownership, and disposition of our shares of capital
stock. We will not pay any additional amounts in respect of any amounts withheld.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent that a shareholder receives common
shares or preferred shares pursuant to a dividend reinvestment plan, the federal income tax treatment of the shareholder and us
will generally be the same as if the distribution had been made in cash. See &ldquo;Federal Income Taxation of Shareholders&rdquo;
and &ldquo;Taxation of the Company &mdash; Annual Distribution Requirement&rdquo; above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Legislative or Other Actions Affecting REITs</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Several REIT rules were amended under the Protecting
Americans from Tax Hikes Act of 2015, which we refer to as the PATH Act, which was enacted on December 18, 2015. These rules were
enacted with varying effective dates, some of which are retroactive. Investors should consult with their tax advisors regarding
the effect of the PATH Act in their particular circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The present U.S. federal income tax treatment
of REITs may be modified, possibly with retroactive effect, by legislative, judicial or administrative action at any time, which
could affect the federal income tax treatment of an investment in us. The REIT rules are constantly under review by persons involved
in the legislative process and by the IRS and the U.S. Treasury Department, which may result in statutory changes as well as revisions
to regulations and interpretations. Changes to the U.S. federal tax laws and interpretations thereof could adversely affect an
investment in our securities. According to publicly released statements, a top legislative priority of the new Congress and administration
may be to enact significant reform of the Code, including significant changes to taxation of business entities and the deductibility
of interest expense and capital investment. There is a substantial lack of clarity around the likelihood, timing and details of
any such tax reform and the impact of any potential tax reform on us or an investment in our securities.</P>

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


<!-- Field: Page; Sequence: 44; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.5in">Any such changes to the tax laws or interpretations
thereof, with or without retroactive application, could materially and adversely affect our securityholders or us. We cannot predict
how changes in the tax laws might affect our stockholders or us. New legislation, U.S. Treasury Regulations, administrative interpretations
or court decisions could significantly and negatively affect our ability to continue to qualify as a REIT, or the federal income
tax consequences to our securityholders and us of such qualification, or could have other adverse consequences, including with
respect to ownership of our securities. For example, lower revised tax rates for corporations, or for individuals, trusts and estates,
might cause current or potential securityholders to perceive investments in REITs to be relatively less attractive than is the
case under current law. Investors are urged to consult their tax advisors with respect to the status of legislative, regulatory,
or administrative developments and proposals and their potential effect on an investment in our securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are subject to state, local, or other taxation
in various state, local, or other jurisdictions, including those in which we transact business or own property. In addition, a
holder of our securities may be subject to state, local, or other taxation on our distributions in various state, local, or other
jurisdictions, including the jurisdiction in which the holder resides. The tax treatment in such jurisdictions may differ from
the federal income tax consequences discussed above. Consequently, prospective investors should consult their own tax advisors
regarding the effect of state, local, and other tax laws on their investment in our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Additional Tax Consequences for Holders of Depositary Shares
or Rights</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">See the applicable prospectus supplement for
a discussion of any additional tax consequences for holders of depositary shares or rights offered by such prospectus supplement.<B>&nbsp;</B></P>

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


<!-- Field: Page; Sequence: 45; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- 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>
    <!-- Field: /Page -->

<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; text-align: center"><A NAME="a_010"></A><B>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We may sell the securities offered by this prospectus from time
to time in one or more transactions, including without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through underwriters or dealers;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">directly to purchasers;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in a rights offering;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in &ldquo;at the market&rdquo; offerings,
    within the meaning of Rule 415(a)(4) of the Securities Act to or through a market maker or into an existing trading market on
    an exchange or otherwise;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through agents;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in block trades;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through a combination of any of these methods; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through any other method permitted by applicable law and described in a prospectus supplement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In addition, we may issue the securities as a dividend or distribution
to our existing stockholders or other securityholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The prospectus supplement with respect to any offering of securities
will include the following information to the extent applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the terms of the offering;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the names of any underwriters or agents;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the name or names of any managing underwriter or underwriters;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the purchase price or initial public offering price of the securities;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the net proceeds from the sale of the securities;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any delayed delivery arrangements;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any underwriting discounts, commissions and other items constituting underwriters&rsquo; compensation;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any discounts or concessions allowed or reallowed or paid to dealers;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any commissions paid to agents; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.6in; text-indent: -0.3in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any securities exchange on which the securities may be listed.</FONT></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"><B>Sale through Underwriters or Dealers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If underwriters are used in the sale, the underwriters
may resell the securities from time to time in one or more transactions, including negotiated transactions, at a fixed public offering
price or at varying prices determined at the time of sale. Underwriters may offer securities to the public either through underwriting
syndicates represented by one or more managing underwriters or directly by one or more firms acting as underwriters. Unless we
inform you otherwise in the applicable prospectus supplement, the obligations of the underwriters to purchase the securities will
be subject to certain conditions, and the underwriters will be obligated to purchase all of the offered securities if they purchase
any of them. The underwriters may change from time to time any initial public offering price and any discounts or concessions allowed
or reallowed or paid to dealers.</P>

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


<!-- Field: Page; Sequence: 46; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.25in">We will describe the name or names of any underwriters,
dealers or agents and the purchase price of the securities in a prospectus supplement relating to the securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">In connection with the sale of the securities,
underwriters may receive compensation from us or from purchasers of the securities, for whom they may act as agents, in the form
of discounts, concessions or commissions. Underwriters may sell the securities to or through dealers, and these dealers may receive
compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers
for whom they may act as agents, which is not expected to exceed that customary in the types of transactions involved. Underwriters,
dealers and agents that participate in the distribution of the securities may be deemed to be underwriters, and any discounts or
commissions they receive from us, and any profit on the resale of the securities they realize may be deemed to be underwriting
discounts and commissions, under the Securities Act. The prospectus supplement will identify any underwriter or agent and will
describe any compensation they receive from us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Underwriters could make sales in privately
negotiated transactions and/or any other method permitted by law, including sales deemed to be an &ldquo;at-the-market&rdquo; offering,
sales made directly on the NYSE, the existing trading market for our shares of common stock, or sales made to or through a market
maker other than on an exchange. The name of any such underwriter or agent involved in the offer and sale of our securities, the
amounts underwritten, and the nature of its obligations to take our securities will be described in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">To facilitate the offering of securities, certain
persons participating in the offering may engage in transactions that stabilize, maintain, or otherwise affect the price of the
securities. This may include over-allotments or short sales of the securities, which involve the sale by persons participating
in the offering of more securities than we sold to them. In these circumstances, these persons would cover such over-allotments
or short positions by making purchases in the open market or by exercising their over-allotment option, if any. In addition, these
persons may stabilize or maintain the price of the securities by bidding for or purchasing securities in the open market or by
imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if securities
sold by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize
or maintain the market price of the securities at a level above that which might otherwise prevail in the open market. These transactions
may be discontinued at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">From time to time, we may engage in transactions
with these underwriters, dealers, and agents in the ordinary course of business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may sell the securities directly. In this
case, no underwriters or agents would be involved. We may also sell the securities through agents designated by us from time to
time. In the applicable prospectus supplement, we will name any agent involved in the offer or sale of the offered securities,
and we will describe any commissions payable to the agent. Unless we inform you otherwise in the applicable prospectus supplement,
any agent will agree to use its reasonable best efforts to solicit purchases for the period of its appointment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may sell the securities directly to institutional
investors or others who may be deemed to be underwriters within the meaning of the Securities Act with respect to any sale of those
securities. We will describe the terms of any sales of these securities in the applicable prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Securities may also be offered and sold, if
so indicated in the applicable prospectus supplement, in connection with a remarketing upon their purchase, in accordance with
a redemption or repayment pursuant to their terms, or otherwise, by one or more remarketing firms, acting as principals for their
own accounts or as agents for us. Any remarketing firm will be identified and the terms of its agreements, if any, with us and
its compensation will be described in the applicable prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If we so indicate in the applicable prospectus
supplement, we may authorize agents, underwriters or dealers to solicit offers from certain types of institutions to purchase securities
from us at the public offering price under delayed delivery contracts. These contracts would provide for payment and delivery on
a specified date in the future. The contracts would be subject only to those conditions described in the applicable prospectus
supplement. The applicable prospectus supplement will describe the commission payable for solicitation of those contracts.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We may have agreements with the underwriters,
dealers, agents and remarketing firms to indemnify them against certain civil liabilities, including liabilities under the Securities
Act, or to contribute with respect to payments that the underwriters, dealers, agents or remarketing firms may be required to make.
Underwriters, dealers, agents and remarketing firms may be customers of, engage in transactions with or perform services for us
in the ordinary course of their businesses.</P>

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


<!-- Field: Page; Sequence: 47; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- 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>
    <!-- Field: /Page -->

<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"><A NAME="a_011"></A><B>WHERE CAN YOU FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">We file annual, quarterly and special reports,
proxy statements and other information with the SEC. Our SEC filings are available to the public over the Internet at the SEC&rsquo;s
web site at <I><U>http://www.sec.gov</U></I> . You may also read and copy any document we file with the SEC at the SEC&rsquo;s
public reference room at 100 F Street, N.E., Washington, DC 20549.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">You may also obtain copies of our SEC filings
at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E., Washington, DC 20549. Please call
l-800-SEC-0330 for further information on the operations at the public reference room. Our SEC filings are also available at the
offices of the New York Stock Exchange, 20 Broad Street, New York, New York 10005.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Statements contained in this prospectus as
to the contents of any contract or other document are not necessarily complete, and in each instance reference is made to the copy
of that contract or other document filed as an exhibit to the registration statement, each such statement being qualified in all
respects by that reference and the exhibits and schedules thereto. For further information about us and the securities offered
by this prospectus, you should refer to the registration statement and such exhibits and schedules which may be obtained from the
SEC at its principal office in Washington, DC upon payment of any fees prescribed by the SEC.</P>

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


<!-- Field: Page; Sequence: 48; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- 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>
    <!-- Field: /Page -->

<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"><A NAME="a_012"></A><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The documents listed below have been filed by
us under the Exchange Act with the SEC and are incorporated by reference in this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 39.65pt; text-indent: -0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our Annual Report on Form 10-K for the year ended December 31, 2016;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-indent: -0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the information specifically incorporated by reference into our Annual
Report on Form 10-K for the year ended December 31, 2016 from our Definitive Proxy Statement on Schedule 14A filed with the SEC
on March 31, 2017;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-indent: -0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our Quarterly Report on Form 10-Q for the quarter ended March 31,
2017;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-indent: -0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our Current Reports on Form 8-K filed on February 21, 2017, April
28, 2017 and May 22, 2017; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-indent: -0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the description of our common stock in our registration statement
on Form 8-A filed on March 18, 1994, including any amendments and reports filed for the purpose of updating such description.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">All documents that we file (but not those that
we furnish) with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act on or after the date of this prospectus
and prior to the termination of the offering of any securities covered by this prospectus and the accompanying prospectus supplement
shall be deemed to be incorporated by reference into this prospectus and will automatically update and supersede the information
in this prospectus, the accompanying prospectus supplement and any previously filed documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This means that important information about
us appears or will appear in these documents and will be regarded as appearing in this prospectus. To the extent that information
appearing in a document filed later is inconsistent with prior information, the later statement will control and the prior information,
except as modified or superseded, will no longer be a part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Copies of all documents which are incorporated
by reference in this prospectus and the applicable prospectus supplement (not including the exhibits to such information, unless
such exhibits are specifically incorporated by reference) will be provided without charge to each person, including any beneficial
owner of the securities offered by this prospectus, to whom this prospectus or the applicable prospectus supplement is delivered,
upon written or oral request. Requests should be directed to our Secretary, 70 E. Long Lake Road, Bloomfield Hills, Michigan 48304
(telephone number: (248) 737-4190). You may also obtain copies of these filings, at no cost, by accessing our website at <I><U>www.agreerealty.com</U></I>;
however, the information located on or accessible from, our website is not, and should not be deemed to be, part of this prospectus,
any accompanying prospectus supplement or any free writing prospectus or incorporated by reference into any other filing that
we submit to the SEC.</P>

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


<!-- Field: Page; Sequence: 49; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- 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>
    <!-- Field: /Page -->

<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; text-align: center"><A NAME="a_013"></A><B>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The audited consolidated financial statements,
schedule and management&rsquo;s assessment of the effectiveness of internal control over financial reporting incorporated by reference
in this prospectus and elsewhere in the registration statement have been so incorporated by reference in reliance upon the reports
of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and
auditing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_014"></A><B>LEGAL MATTERS</B></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-indent: 0.25in">Certain legal matters with respect to the validity
of any shares of common stock or preferred stock offered by means of this prospectus and certain other legal matters relating to
Maryland law will be passed upon for us by Ballard Spahr LLP, Baltimore, Maryland, and certain other legal matters and certain
tax matters will be passed upon for us by Honigman Miller Schwartz and Cohn LLP, Detroit, Michigan.</P>

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


<!-- Field: Page; Sequence: 50; Value: 1 -->
    <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"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- 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>
    <!-- Field: /Page -->

<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"><B>PART II</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item.&nbsp;14. Other Expenses of Issuance and Distribution.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The following table sets forth all expenses
in connection with the distribution of the securities being registered. All amounts shown below are estimates:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 82%; text-align: left; text-indent: -12pt; padding-left: 12pt">Securities and Exchange Commission registration fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> *</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Accountants&rsquo; fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></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: -12pt; padding-left: 12pt">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Printing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 0.5in">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><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: 0; text-indent: 0.5in"></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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred pursuant to Rule&nbsp;456(b) and Rule&nbsp;457(r).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>**</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These fees are based on the number and size of issuances and accordingly cannot be estimated at this time.</FONT></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"><B>Item&nbsp;15. Indemnification of Directors and Officers.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Maryland General Corporation Law (&ldquo;MGCL&rdquo;)
permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the
corporation and its stockholders for money damages, except for liability resulting from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -27pt">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual receipt of an improper benefit or profit in money, property or services; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -27pt">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">active and deliberate dishonesty established by a final judgment and which is material to the cause of action.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Company&rsquo;s charter contains such a
provision that eliminates directors&rsquo; and officers&rsquo; liability to the maximum extent permitted by Maryland law. These
limitations of liability do not apply to liabilities arising under the federal securities laws and do not generally affect the
availability of equitable remedies such as injunctive relief or rescission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Company&rsquo;s officers and directors
are and will be indemnified under Maryland law and the Company&rsquo;s articles of incorporation, as amended, against certain liabilities.
The Company&rsquo;s charter and bylaws require it to indemnify its directors and officers to the fullest extent permitted from
time to time by the laws of the State of Maryland.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Maryland law requires a corporation (unless
its charter provides otherwise, which the Company&rsquo;s charter does not) to indemnify a director or officer who has been successful
in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service
in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others,
against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding
to which they may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it
is established that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -27pt">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -27pt">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the director or officer actually received an improper personal benefit in money, property or services; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -27pt">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 51; Options: NewSection; Value: 1 -->
    <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">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- 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>
    <!-- Field: /Page -->

<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-indent: 0.25in">However, under Maryland law, a Maryland corporation
may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the
basis of that personal benefit was improperly received, unless in either case a court orders indemnification and then only for
expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation&rsquo;s
receipt of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -27pt">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a written undertaking by him or her on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Company maintains liability insurance for
each director and officer for certain losses arising from claims or charges made against them while acting in their capacities
as the Company&rsquo;s directors or officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Insofar as the foregoing provisions permit indemnification
of directors, executive officers or persons controlling the Company for liability arising under the Securities Act of 1933, as
amended (the &ldquo;Securities Act&rdquo;), the Company has been informed that, in the opinion of the Securities and Exchange Commission
(the &ldquo;SEC&rdquo;), this indemnification is against public policy as expressed in the Securities Act and its therefore unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;16. Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The list of exhibits is incorporated by reference
to the Index to Exhibits on page E-1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;17. Undertakings.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a) The undersigned Registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(1) To file, during any period in which offers
or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">(i) To include any prospectus required by Section&nbsp;10(a)(3)
of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">(ii) To reflect in the prospectus any facts or events
arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding
the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">(iii) To include any material information with respect
to the plan of distribution not previously disclosed in this registration statement or any material change to such information
in this registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Provided, however, that paragraphs (a)(1)(i),
(a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section&nbsp;13 or
Section&nbsp;15(d) of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) that are incorporated by reference in
the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(2) That, for the purpose of determining any
liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(3) To remove from registration by means of
a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(4) That, for the purpose of determining liability
under the Securities Act to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">(i) Each prospectus filed by the registrant pursuant
to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part
of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 52; Value: 1 -->
    <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">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- 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>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">(ii) Each prospectus required to be filed pursuant to
Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant
to Rule 415(a)(1)(i), (vii)&nbsp;or (x), for the purpose of providing the information required by Section 10(a) of the Securities
Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus
is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus.
As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall
be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to
which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is a
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede
or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or
made in any such document immediately prior to such effective date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(5) That, for the purpose of determining liability
of the registrant under the Securities Act to any purchaser in the initial distribution of the securities:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The undersigned Registrant undertakes that in a primary offering
of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used
to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities
to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">(i) Any preliminary prospectus or prospectus of the
undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">(ii) Any free writing prospectus relating to the offering
prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">(iii) The portion of any other free writing prospectus
relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf
of the undersigned Registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">(iv) Any other communication that is an offer in the
offering made by the undersigned Registrant to the purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(b) The undersigned Registrant hereby undertakes that, for the purposes
of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)
or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to
Section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(c) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

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


<!-- Field: Page; Sequence: 53; Value: 1 -->
    <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">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- 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>
    <!-- Field: /Page -->

<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; text-align: center"><B>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Bloomfield Hills, State of Michigan, on June 2, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AGREE REALTY CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ JOEL N. AGREE</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;Joel N. Agree</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;President and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">KNOW ALL MEN BY THESE PRESENTS, that we, the
undersigned officers and directors of Agree Realty Corporation, hereby severally constitute Richard Agree, Joel N. Agree and Matthew
M. Partridge, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign
for us and in our names in the capacities indicated below, any amendment to this Registration Statement, including post-effective
amendments, and any subsequent registration statement filed pursuant to 462(b) under the Securities Act of 1933 and to file the
same, with exhibits thereto, and other documents in connection therewith, making such changes in this Registration Statement as
the Registrant deems appropriate; and we hereby ratify and confirm all that said attorney and agent shall do or cause to be done
by virtue thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed below by the following persons on behalf of the Registrant and in the
capacities indicated on the date indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 53%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;RICHARD AGREE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive&nbsp;Chairman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Richard&nbsp;Agree</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;JOEL&nbsp;N. AGREE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President,&nbsp;Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joel N.&nbsp;Agree</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal&nbsp;Executive&nbsp;Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;MATTHEW M. PARTRIDGE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief&nbsp;Financial&nbsp;Officer&nbsp;and&nbsp;Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Matthew M. Patridge</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;MERRIE S. FRANKEL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Merrie S. Frankel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;FARRIS G. KALIL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Farris&nbsp;G.&nbsp;Kalil</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;JOHN RAKOLTA JR.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>John&nbsp;Rakolta&nbsp;Jr.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;JEROME ROSSI</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jerome&nbsp;Rossi</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;WILLIAM S. RUBENFAER</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>William&nbsp;S.&nbsp;Rubenfaer</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;LEON M. SCHURGIN</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Leon&nbsp;M.&nbsp;Schurgin</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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"><B>&nbsp;</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;No.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></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">&nbsp;1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriting Agreement*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company&rsquo;s Current Report on Form 8-K filed on May 9, 2013)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment of the Company (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed on May 3, 2016)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment of the Company (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed on May 6, 2015)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Articles Supplementary with respect to any preferred shares *</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights Agreement, dated as of December 7, 1998, between Agree Realty Corporation and Computershare Trust Company, N.A., formerly known as EquiServe Trust Company, N.A., as successor rights agent to BankBoston, N.A. (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Registration Statement on Form S-3 filed on November 13, 2009)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Amendment to Rights Agreement, dated as of December 8, 2008, by and between Agree Realty Corporation and Computershare Trust Company, N.A., formerly known as EquiServe Trust Company, N.A., as successor rights agent to BankBoston, N.A. (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K filed on December&nbsp;9, 2008)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Registration Rights Agreement, dated July 8, 1994 by and among the Company, Richard Agree, Edward Rosenberg and Joel Weiner (incorporated by reference to Exhibit 10.2 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 1994)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of certificate representing shares of common stock (incorporated by reference to Exhibit 4.2 to the Company&rsquo;s Registration Statement on Form S-3 filed with the SEC on August 24, 2009)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of certificate representing shares of preferred stock*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Deposit Agreement*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Depositary Receipt*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.9</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant Agreement and Warrant Certificate*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Ballard Spahr LLP </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;8.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Honigman Miller Schwartz and Cohn LLP as to certain tax matters</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;12.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of computation of ratios of earnings to combined fixed charges and preferred stock dividends</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Grant Thornton LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Ballard Spahr LLP (included in Exhibit 5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;23.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Honigman Miller Schwartz and Cohn LLP (included in Exhibit 8.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;24.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on signature page)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><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: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
be filed by amendment of the Registration Statement or as an exhibit to a Current Report on Form 8-K and incorporated herein in
connection with the offering of a particular class of securities.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 55; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>v468245_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="margin: 0; text-align: right"><B></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 COLSPAN="3" STYLE="padding-top: 1pt; padding-right: 5.75pt; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 30px; width: 186px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 5.75pt; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 75px; width: 184px"></TD>
    <TD STYLE="padding-right: 5.75pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">June 2, 2017&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">70 E. Long Lake Road</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify; padding-right: 0.5in">Agree Realty Corporation, a Maryland corporation (the &quot;Company&quot;)
&ndash; Registration Statement on Form S-3 pertaining to the registration of an unspecified amount and an indeterminate aggregate
initial offering price of: (i) shares of common stock of the Company, par value $0.0001 per share (&quot;Common Stock&quot;), and
related rights to purchase shares of Series A Junior Participating Preferred Stock of the Company (&quot;Rights&quot;); (ii) shares
of preferred stock of the Company, par value $0.0001 per share (&quot;Preferred Stock&quot;); (iii) depositary shares representing
shares of Preferred Stock (&quot;Depositary Shares&quot;); and (iv) warrants to purchase shares of Common Stock or shares of Preferred
Stock (&ldquo;Warrants&rdquo;)</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We have acted as Maryland
corporate counsel to the Company in connection with the registration of shares of Common Stock and related Rights, shares of Preferred
Stock, Depositary Shares and Warrants (each a &quot;Security&quot; and collectively, the &quot;Securities&quot;) under the Securities
Act of 1933, as amended (the &quot;Act&quot;), by the Company on Form S-3 (the &quot;Registration Statement&quot;), filed or to
be filed with the United States Securities and Exchange Commission (the &quot;Commission&quot;) on or about the date hereof. 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-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Atlanta | Baltimore | Bethesda | Denver | Las Vegas | Los
Angeles | New Jersey | New York | Philadelphia | Phoenix | Salt Lake City | San Diego | Washington, DC | Wilmington |
www.ballardspahr.com</P>

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



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

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></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">June 2, 2017</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">resolutions adopted by the Board of Directors of the Company (the &quot;Board of Directors&quot;)
on or as of June 1, 2017 (the &quot;Directors' Resolutions&quot;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the Registration Statement and the related form of prospectus included therein (the &quot;Prospectus&quot;),
in substantially the form filed or to be filed with the Commission pursuant to the Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">the Rights Agreement, dated as of December 7, 1998, by and between the Company and the rights agent
party thereto, as amended, with respect to the Rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">a certificate of an officer of the Company, dated as of a recent date (the &quot;Officer's Certificate&quot;),
to the effect that, among other things, the Charter, the Bylaws and the Directors' Resolutions are true, correct and complete,
have not been rescinded or modified and are in full force and effect on the date of the Officer's Certificate;</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In reaching the opinion
set forth below, we have assumed the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">each person executing any of the Documents on behalf of a party (other than the Company) is duly
authorized to do so;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">each natural person executing any of the Documents is legally competent to do so;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any of the Documents submitted to us as originals are authentic; the form and content of any Documents
submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such documents
as executed and delivered; 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;</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 2; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></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">June 2, 2017</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the Officer's Certificate and all other certificates submitted to us are true and correct both
when made and as of the date hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the resolutions to be adopted subsequent to the date hereof, and the actions to be taken by the
Board of Directors subsequent to the date hereof, including, but not limited to, the adoption of all resolutions and the taking
of all actions necessary to authorize the issuance and sale (and the execution and delivery, if applicable) of the Securities in
accordance with the procedures set forth in Paragraphs 2, 3, 4 and 5 below, will occur at duly called meetings at which a quorum
of the incumbent directors of the Company is present and acting throughout, or by unanimous written consent of all incumbent directors,
all in accordance with the Charter and Bylaws of the Company and applicable law;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">the number of shares of Preferred Stock of each class or series and the number of shares of Common
Stock to be offered and sold subsequent to the date hereof as Securities under the Registration Statement, together with the number
of shares of Preferred Stock of each class or series and the number of shares of Common Stock issuable upon the conversion or exchange
(or exercise in the case of Warrants) of any Securities offered and sold subsequent to the date hereof, will not, in the aggregate,
exceed the number of shares of Preferred Stock of each class or series, and the number of shares of Common Stock, respectively,
authorized in the Charter of the Company, less the number of shares of Preferred Stock of each class or series and the number of
shares of Common Stock, respectively, authorized and reserved for issuance and issued and outstanding on the date subsequent to
the date hereof on which the Securities are authorized, the date subsequent to the date hereof on which the Securities are issued
and delivered, the date subsequent to the date hereof on which any Securities are converted into, or exchanged or exercised for,
shares of Common Stock or shares of Preferred Stock, respectively, and the date subsequent to the date hereof on which shares of
Preferred Stock and shares of Common Stock, respectively, are issued pursuant to the conversion, exchange or exercise of such Securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">upon any issuance and delivery of shares of Series A Junior Participating Preferred Stock of the
Company (the &quot;Series A Preferred Stock&quot;) pursuant to any exercise of Rights subsequent to the date hereof, the total
number of shares of Series A Preferred Stock issued and outstanding, after giving effect to such issuance and delivery, will not
exceed the total number of shares of Series A Preferred Stock that the Company is authorized to issue under the Charter;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">none of the terms of any of the Securities or any agreements related thereto to be established
subsequent to the date hereof, nor the issuance or delivery of any such Securities containing such terms established subsequent
to the date hereof, nor the compliance by the Company with the terms of any such Securities or agreements established subsequent
to the date hereof will violate any applicable law or will conflict with, or result in a breach or violation of, the Charter or
Bylaws of the Company, or any instrument or agreement to which the Company is a party or by which the Company is bound or any order
or decree of any court, administrative or governmental body having jurisdiction over the Company;</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></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">June 2, 2017</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the form of certificate, receipt or other instrument or document representing the Securities approved
subsequent to the date hereof will conform in all respects to the requirements applicable under Maryland law;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">all Warrants to be offered and sold subsequent to the date hereof will be issued under a valid
and legally binding warrant agreement or other similar instrument entered into between the Company and a warrant agent to be named
therein, which is enforceable against the parties thereto in accordance with its terms and conforms to the description thereof
set forth in the Prospectus and the prospectus supplement relating to such Warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">all Depositary Shares to be offered and sold subsequent to the date hereof will be issued under
a valid and legally binding deposit agreement or other similar instrument entered into among the Company, a depositary to be named
therein and the holders from time to time of the depositary receipts which will evidence the Depositary Shares, which is enforceable
against the parties thereto in accordance with its terms and conforms to the description thereof set forth in the Prospectus and
the prospectus supplement relating to such Depositary Shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">none of the Securities to be offered and sold subsequent to the date hereof, and none of the shares
of Preferred Stock or shares of Common Stock and related Rights, or any other securities of the Company, issuable upon the conversion
or exchange (or exercise in the case of Warrants) of any such Securities, will be issued in violation of the provisions of Article
Ninth of the Charter of the Company relating to restrictions on ownership and transfer of shares of stock of the Company; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">none of the Securities to be offered and sold subsequent to the date hereof, and none of the shares
of Preferred Stock or shares of Common Stock and related Rights, or any other securities of the Company, issuable upon the conversion
or exchange (or exercise in the case of Warrants) of any such Securities, 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 &quot;MGCL&quot;),
in violation of Section 3-602 of the MGCL.</TD></TR></TABLE>

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

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

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

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

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></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">June 2, 2017</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
due authorization by the Board of Directors of a designated number of shares of Common Stock and related Rights for issuance at
a minimum price or value of consideration to be set by the Board of Directors, all necessary corporate action on the part of the
Company will have been taken to authorize the issuance and sale of such shares of Common Stock and related Rights, and when such
shares of Common Stock and related Rights are issued and delivered against payment of the consideration therefor as set by the
Board of Directors, such shares of Common Stock will be validly issued, fully paid and non-assessable, and such related Rights
will be binding obligations of the Company, provided that such shares of Common Stock and related Rights are issued prior to December
22, 2018, the date on which such Rights expire, and further provided that such Rights have not earlier been redeemed, exchanged
or terminated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon:
(a) designation by the Board of Directors of one or more classes or series of Preferred Stock to distinguish each such class or
series from any other existing class or series of Preferred Stock; (b) setting by the Board of Directors of the number of shares
of Preferred Stock to be included in such class or series; (c) establishment by the Board of Directors of the preferences, conversion
and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption
of such class or series of Preferred Stock; (d) filing by the Company with the Department of articles supplementary setting forth
a description of such class or series of Preferred Stock, including the preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends, qualifications and terms and conditions of redemption as set by the Board of Directors
and a statement that such class or series of Preferred Stock has been classified by the Board of Directors under the authority
contained in the Charter, and the acceptance for record by the Department of such articles supplementary; (e) due authorization
by the Board of Directors of a designated number of shares of such class or series of Preferred Stock for issuance at a minimum
price or value of consideration to be set by the Board of Directors; and (f) reservation and due authorization by the Board of
Directors of any shares of any other class or series of Preferred Stock and/or any shares of Common Stock and related Rights issuable
upon conversion of such class or series of Preferred Stock in accordance with the procedures set forth in this Paragraph 3 and
in Paragraph 2 above, respectively, and/or due authorization of any debt securities of the Company issuable upon conversion of
such class or series of Preferred Stock in accordance with resolutions to be adopted subsequent to the date hereof, and/or actions
to be taken subsequent to the date hereof, by the Board of Directors, at a minimum price or value of consideration to be set by
the Board of Directors, all necessary corporate action on the part of the Company will have been taken to authorize the issuance
and sale of the shares of such class or series of Preferred Stock and when such shares of such class or series of Preferred Stock
are issued and delivered against payment of the consideration therefor as set by the Board of Directors, such shares of such class
or series of Preferred Stock will be validly issued, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has the corporate power to enter into warrant agreements, and upon: (a) designation and titling by the Board of Directors
of the Warrants; (b) due authorization by the Board of Directors of the form, terms, execution and delivery by the Company of a
warrant agreement or other similar instrument relating to the Warrants; (c) setting by the Board of Directors of the number of
Warrants to be issued; (d) establishment by the Board of Directors of the terms, conditions and provisions of the Warrants; (e)
due authorization by the Board of Directors of the Warrants for issuance at a minimum price or value of consideration to be set
by the Board of Directors; and (f) reservation and due authorization by the Board of Directors of the shares of Common Stock and
related Rights and/or the shares of Preferred Stock of the Company issuable upon exercise of such Warrants in accordance with the
procedures set forth in Paragraphs 2 and 3 above, respectively, at a minimum price or value of consideration to be set by the Board
of Directors, all necessary corporate action on the part of the Company will have been taken to authorize the execution, delivery,
issuance and sale of the Warrants.</P>

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

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

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></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">June 2, 2017</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has the corporate power to enter into deposit agreements, and upon completion of the procedures set forth in Paragraph
3 above for the issuance of shares of Preferred Stock of any class or series, and due authorization and approval by the Board of
Directors of a deposit agreement and the delivery of Depositary Shares pursuant to such deposit agreement, due execution of such
deposit agreement on behalf of the Company, and compliance with the conditions established by the Board of Directors for the delivery
of the Depositary Shares, such Depositary Shares will have been duly authorized by all necessary corporate action on the part of
the Company and such Depositary Shares may be delivered by or on behalf of the Company, and the Preferred Stock represented by
the Depositary Shares will be validly issued, fully paid and non-assessable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 Securities. We also
consent to the identification of our firm as Maryland counsel to the Company in the section of the Registration Statement entitled
&quot;Legal Matters&quot;. 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-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 3.5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 3.5in">/s/
Ballard Spahr LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 3.5in"></P>

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid; margin-left: -0.25in"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: 3.5in">&nbsp;</P>



<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>v468245_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 8.1</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 53%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; text-align: left; font-size: 10pt; font-weight: bold"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 72px; width: 237px"></TD>
    <TD STYLE="vertical-align: top; width: 47%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(313) 465-7000</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Fax: (313) 465-8000</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">honigman.com</P></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;June 2, 2017</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">70 East Long Lake Road</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B><U>Certain Federal Income Tax Matters</U></B></TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9;We have acted as counsel to Agree Realty
Corporation, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the preparation of a registration statement
on Form S-3 (the &ldquo;<U>Shelf Registration</U>&rdquo;) pertaining to the registration of an unspecified amount and an indeterminate
aggregate initial offering price of shares of common stock, par value $0.0001 per share, of the Company (the &ldquo;<U>Common Stock</U>&rdquo;),
shares of preferred stock, par value $0.0001 per share, of the Company (the &ldquo;<U>Preferred Stock</U>&rdquo;), depositary shares
representing Preferred Stock (&ldquo;<U>Depositary Shares</U>&rdquo;), and warrants entitling the holders to purchase Common Stock,
Preferred Stock, Depositary Shares or any combination of these securities to be offered from time-to-time. &#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have also acted
as counsel to the Company in connection with the preparation of the section captioned &ldquo;Material Federal Income Tax Considerations&rdquo;
in the Prospectus (as defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering the opinions
stated below, we have examined and, with your consent, relied upon the following documents:</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">the Limited Partnership Agreement of the Operating Partnership as amended
to the date hereof (the &ldquo;<U>Partnership Agreement</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">a letter of even date to us from Matthew Partridge, Chief Financial Officer,
Secretary and Executive Vice President of the Company, containing certain written representations of the Company (&ldquo;<U>Certificate
of Representations</U>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">the tax opinion issued by Hunton &amp; Williams LLP, dated November 27, 2013,
regarding the Company&rsquo;s qualification as a real estate investment trust (a &ldquo;<U>REIT</U>&rdquo;) for U.S. federal income
tax purposes (the &ldquo;<U>Prior REIT Opinion</U>&rdquo;); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">such other records, certificates and documents as we have deemed necessary
or appropriate for purposes of rendering the opinions set forth herein.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify; text-indent: -0.5in"></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: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2290 First National Building &middot;
        660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Detroit &#8729; Ann Arbor &#8729;
        Bloomfield Hills &#8729; Chicago &#8729; Grand Rapids &#8729; Kalamazoo &#8729; Lansing</I></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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: 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 34px; width: 230px"></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">June 2, 2017</TD>
    <TD STYLE="width: 48%; text-align: right">&#9;Page 2</TD></TR>
</TABLE>

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

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In our examination
of the foregoing documents, we have assumed, with your consent and without independent investigation, that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">each of the documents referred to above has been duly authorized, executed, and delivered; is authentic,
if an original, or is accurate, if a copy; has not been amended; and the signatures on each original document are genuine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 75pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">where any such document required execution by a person, the person who executed the document had
proper authority and capacity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">all representations and statements set forth in such documents are and will be true and correct;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(iv)</TD><TD STYLE="text-align: justify">where any such document imposes obligations on a person or entity, such obligations have been or
will be performed or satisfied in accordance with their terms;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(v)</TD><TD STYLE="text-align: justify">the Company is a corporation validly existing and in good standing under the laws of the State
of Maryland;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 75pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(vi)</TD><TD STYLE="text-align: justify">the Company has the requisite corporate power and authority, under Maryland law, to own and lease
the properties owned and leased by it and to carry on its business as is now being conducted by it;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 75pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(vii)</TD><TD STYLE="text-align: justify">during its taxable year ended December 31, 2016, and subsequent taxable years, the Company has
operated and will continue to operate in a manner that has made and will make the representations contained in the Certificate
of Representations true for such years, without regard to any qualifications as to knowledge or belief;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(viii)</TD><TD STYLE="text-align: justify">the Company will not make any amendments to its organizational documents after the date of this
opinion that would adversely affect the Company&rsquo;s qualification as a REIT for any taxable year; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(ix)</TD><TD STYLE="text-align: justify">no action will be taken by the Company after the date hereof that would have the effect of altering
the facts upon which the opinions set forth below are based.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></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: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2290 First National Building &middot;
        660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Detroit &#8729; Ann Arbor &#8729;
        Bloomfield Hills &#8729; Chicago &#8729; Grand Rapids &#8729; Kalamazoo &#8729; Lansing</I></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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: 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 34px; width: 230px"></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">June 2, 2017</TD>
    <TD STYLE="width: 48%; text-align: right">&#9;Page 3</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 0pt 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not independently
verified all of the representations, facts or assumptions set forth in such documents or any other documents. We consequently have
assumed that the information presented in such documents or otherwise furnished to us accurately and completely describes all facts
stated therein. In connection with the opinions rendered below, we have assumed the correctness of the Prior REIT Opinion with
respect to all periods prior to January 1, 2013, subject only to our limited independent investigation with respect to the periods
before January 1, 2013. We also have relied upon the correctness, without regard to any qualification as to knowledge or belief,
of the factual representations and covenants contained in the Certificate of Representations and the factual matters discussed
in the Prospectus that relate to the Company&rsquo;s status as a REIT. Where the factual representations in the Certificate of
Representations involve terms defined in the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;), the Treasury
regulations thereunder (the &ldquo;<U>Regulations</U>&rdquo;), published rulings of the Internal Revenue Service (the &ldquo;<U>Service</U>&rdquo;),
or other relevant authority, we have reviewed with the individual making such representations the relevant provisions of the Code,
the applicable Regulations, the published rulings of the Service, and other relevant authority. We are not aware of any facts that
are inconsistent with the representations contained in the Certificate of Representations. It should be noted, however, that the
Code, Regulations, judicial decisions, and administrative interpretations are subject to change at any time and, in some circumstances,
with retroactive effect. We can give no assurance, therefore, that legislative enactments, administrative changes or court decisions
may not be forthcoming that would modify or supersede the opinions stated herein. In addition, there can be no assurance that positions
contrary to our opinions will not be taken by the Service, or that a court considering the issues will not hold contrary to such
opinions. The Service has not issued Regulations or administrative interpretations with respect to various provisions of the Code
relating to REIT qualification. No assurance can be given that the law will not change in a way that will prevent the Company from
qualifying as a REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, the opinions
set forth below represent our conclusions based upon the documents, facts, assumptions and representations referred to above. Any
material amendments to such documents or changes in any significant facts after the date hereof, or inaccuracy of such assumptions
or representations, could affect the opinions stated herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We express no opinion
as to the laws of any jurisdiction other than the federal income tax laws of the United States of America to the extent specifically
referred to herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the documents
and assumptions set forth above, the representations and covenants set forth in the Certificate of Representations, and the factual
matters discussed in the Prospectus under the caption &ldquo;Material Federal Income Tax Considerations&rdquo;, we are of the opinion
that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Since the commencement of the Company&rsquo;s taxable year that began January 1, 2016, the Company has operated in conformity
with the requirements for qualification as a REIT under the Code and its current and proposed method of operation will enable it
to continue to meet the requirements for qualification and taxation as a REIT under the Code. The Company&rsquo;s qualification
as a REIT under the Code will depend upon the Company&rsquo;s ability to meet, through actual operating results, the applicable
asset composition, source of income, stockholder diversification, distribution and other requirements of the Code and Regulations
necessary for REIT qualification; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the description of the law and the legal conclusions contained in the Shelf Registration under the caption &ldquo;Material
Federal Income Tax Considerations&rdquo; is correct in all material respects.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></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: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2290 First National Building &middot;
        660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Detroit &#8729; Ann Arbor &#8729;
        Bloomfield Hills &#8729; Chicago &#8729; Grand Rapids &#8729; Kalamazoo &#8729; Lansing</I></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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: 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 34px; width: 230px"></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">June 2, 2017</TD>
    <TD STYLE="width: 48%; text-align: right">&#9;Page 4</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not review
on a continuing basis the Company&rsquo;s compliance with the documents or assumptions set forth above, or the representations
set forth in the Certificate of Representations. Accordingly, no assurance can be given that the actual results of the Company&rsquo;s
operations for any given taxable year will satisfy the requirements for qualification and taxation as a REIT. Although we have
made such inquiries and performed such investigations as we have deemed necessary to fulfill our professional responsibilities
as counsel, we have not undertaken an independent investigation of all the facts referred to in this opinion letter or the Certificate
of Representations. In particular, we note that the Company has engaged in transactions in connection with which we have not provided
legal advice and which we may not have reviewed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing opinions
are limited to the U.S. federal income tax matters addressed herein, and no other opinions are rendered with respect to other U.S.
federal tax matters or to any issues arising under the tax laws of any other country, or any state or locality. We undertake no
obligation to update the opinions expressed herein after the date of this opinion letter.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2290 First National Building &middot;
        660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Detroit &#8729; Ann Arbor &#8729;
        Bloomfield Hills &#8729; Chicago &#8729; Grand Rapids &#8729; Kalamazoo &#8729; Lansing</I></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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: 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 34px; width: 230px"></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 52%">June 2, 2017</TD>
    <TD STYLE="width: 48%; text-align: right">&#9;Page 5</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 0.5in 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 0.5in">Other than
as expressly stated above, we express no opinion as to any other federal income tax issue or matter relating to the Company. We
consent to your filing this opinion as an exhibit to the Shelf Registration 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
securities registered thereby. We also consent to the identification of our firm as tax counsel to the Company in the section of
the Shelf Registration 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 under Section 7 of the Securities Act of 1933, as amended, or the rules or regulations of
the Commission thereunder. This opinion is expressed as of the date hereof, and we disclaim any undertaking to advise you of any
subsequent changes of matters stated, represented, covenanted, or assumed herein or any subsequent changes in applicable law. This
opinion is issued to you in connection with the Shelf Registration and may not be used or relied upon by any other person or for
any other purpose without our express written consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in; text-indent: 0.5in">Very truly yours,</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in; text-indent: 0.5in"><B>/s/ HONIGMAN MILLER SCHWARTZ
AND COHN LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 130.5pt; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></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: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2290 First National Building &middot;
        660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Detroit &#8729; Ann Arbor &#8729;
        Bloomfield Hills &#8729; Chicago &#8729; Grand Rapids &#8729; Kalamazoo &#8729; Lansing</I></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

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

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>v468245_ex12-1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; width: 23%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 17%">&nbsp;</TD>
    <TD STYLE="color: red; text-align: right; width: 12%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 12%">&nbsp;EXHIBIT 12.1&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: red; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="text-align: center">&nbsp;COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="margin: 0"></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 STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Three Months</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Year</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Year</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Year</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Year</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Year</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Ended</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Ended</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Ended</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Ended</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Ended</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Ended</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">March 31, 2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2015</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2014</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2013</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2012</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: red; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; font-size: 10pt; text-align: left">&nbsp;Income From Continuing Operations</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">14,768</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">45,797</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">39,762</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">18,776</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">18,945</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">14,240</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;Add:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: red; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: red; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: red; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: red; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: red; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;indebtedness</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,896</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,521</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,616</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,636</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,739</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,553</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;financing costs</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">241</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">822</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">690</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">951</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">736</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">581</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">18,905</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">61,140</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">52,068</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">27,363</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">25,420</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">19,374</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Fixed charges and</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;preferred stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;dividends:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;indebtedness</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and capitalized interest</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3,963</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">14,732</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">11,655</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">7,899</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">6,306</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4,702</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;financing costs</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">241</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">822</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">690</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">951</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">736</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">581</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed charges</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,204</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,554</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,345</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,850</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,042</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,283</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;Add:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;Preferred stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Combined fixed</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charges and</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,204</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">15,554</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">12,345</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">8,850</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">7,042</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">5,283</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Ratio of earnings to</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fixed charges</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4.5</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">x</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3.93</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">x</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4.22</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">x</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3.09</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">x</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3.61</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">x</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3.67</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">x</TD></TR>
</TABLE>



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

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>v468245_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT CERTIFIED PUBLIC
ACCOUNTANTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have issued our reports dated February 23, 2017 with respect
to the consolidated financial statements, schedule, and internal control over financial reporting of Agree Realty Corporation included
in the Annual Report on Form 10-K for the year ended December 31, 2016, which are incorporated by reference in this Registration
Statement. We consent to the incorporation by reference of the aforementioned reports in this Registration Statement, and to the
use of our name as it appears under the caption &ldquo;Experts&rdquo;.</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">/s/ Grant Thornton LLP</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">Southfield, Michigan&#9;</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">June 2, 2017</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>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <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: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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



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

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
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D6KVA>9K'C#5YA>7,4=I<PRK$KG#!K=<H><;<DMC'4 UVM?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
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M;78FB;S9I!))-L!=)!,"I7GYT" ';[8ZDUTN@P26NAV<,\0AE2,!T#9 /?\
M_5VZ5H444444457^WVAS_I4''7]X./\ .:D2XBE;;'*C-MW85@3CU^E/9E7E
MB!]34?VF',8\Z/,GW!N'S?3UIS2(C*KNJECA03C)]JIWFM65E&DDDVY75W!C
M&[Y5^\W'89YJZ\B1[=[JNX[1DXR?2JT.I6T_G,C_ +J$E7F/";@<$!CUP>#C
MOQUJ<SQ Q@RH#)]P;A\WT]:DHI" P(8 @\$&@ *    .@%+1111111117/W?
MAMYX=12-K>,W5S%-&0A&Q4\OY>/7RQT]?:I[32KJUU072O;;6MXX&&ULX5G;
M.<\DA_S&?:H;_3M0F\365VK0R6T:RK@J?W8*@8/S<Y(ZXJO'X4F2SM[;SH,+
M;06[N(SN3RCG='Z$Y_ \\U=N-/N9]5L+EQ&TL7FK*0O[HQD':,')#9V<CMN[
M$"L^3PG//:1Q226D3K.]P#!&RA9&QB0<]1S\O0@\YK1OK"[N;^QF.PR07#'<
MJ_((3V(.?GX&"._MD51M/"DUG;PJMQ&YM_*"QL&,4I0,-S+GAB&!..Z@\TO_
M  BLH5D$\.)@N]O+(,.)&D_=<\#YL#TP#STKIJ*************R#XEL$MKF
M>0R)%;2&.1BN<$.4/ YZ@_ASTJRFK0/J;Z>$E%RF"RE?X2.'S_=)R,^H(I]Q
MJ5M;7:6KN3.\;RJBC)*KC)_4543Q)8R)%(OF^7(D<A?RSB,2?<W>F?T[XJW-
MJ,,-\EIB1YF0R%47.U1W/X\?6LB^\5I##;26\#8FE>#$P*'S58+Y?L3SACQQ
M[BMBYU&&VNH;9]QEF!8!1G"C&6/H!D?G679^*;:YMWN3@(S(L,"@M,P;)0D=
MMP!('IWSD"_%K%M->"W42@L[1I(4(1W7.Y0?48/Y'TJ_111111111111166W
MAVP>!X9(V>)WDD=6;(9GSNSZ_>;'IGBG0:%:P7,-RK3F>$;5D:4DE< ;3ZKP
M#@]^>M1W&@13:S%?B:9"%D5T$C88L%&0,X& OI2IX<L(TA15E\N-(XRGF'$@
M3[F[UQ_^O-.?1D>ZM)3*Y^R^84=F+2$N""-YYV\]/9?2HQX:L3 L4AN)44,O
M[R8ME6VDJ<]B5!^M2W&CQW$]J[NS+;SO."Y+-N8$;03T7YCQZ8'2H)O#-HVF
MR640(21$A+.2[)&A)55STVY.#V)S5N+1[6*\%RHDW!VD5"Y*([9W,!V)R?S/
MJ:O44444444444445S=MXENKG438?8D2XW/&"SMMWHWS#..FPHX/?=CL:9:>
M*;V^61+?31]I6$RK$[D;MH*NN<=1(-GOG-6-*\3+J=P5:.."$[2CR,5\Q7 \
MH@$=6^<8ZC;[UDZ+XEELM#MXIEBDVVRO',TI.6+%=C<$[N./7GIBHXM6%SJL
M5YYNQ)+J"7R_.^50;1V(],?X9K0B\823M&L-O!)F:5&*RDY5(UDRHQDDAL <
M?K5.W\3,EW>Z@OE2Q30VK[4F+")&$A+8ZDC'.T=.<<5H+XJE6Y=)H;=81)/'
MY@F/[LQRA!OXXW9&/?COFJ5IXCDFU)-05(_+FMK5)8C,?D+SO'E>V<D$YQTQ
M6DOB;R],N;RY6V7RY9%CC2;)*I+Y9=N.%!P2>< TC>)7CN_(\J"78\"LT<F?
M,$LA0%..=N,G\?2J4/C*X<*[VML(R(W.V<D[6F,1[=<X/Z5UU%%%%%%%%%%)
M@9S@9HP!VI"BG&5!QR,BF^1$%*^4F"=Q&T<GUH$$2XVQ(,=,**%@B3!2)%QT
MPH%(+:!3D0Q@YSPHZ^M8GA0+-8ZAYB(VZ_N WRCYOG)Y]>IK<$$0Z1)_WR*7
LRHQ_RS3D$=.QZTBPQ+LVQH-@PN%'RCV]*/(BZ>4G_?(J2BBBBBBBBBBO_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>logo_s3asr.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo_s3asr.jpg
M_]C_X  02D9)1@ ! 0$ > !X  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" !? ((# 2(  A$! Q$!_\0
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M1,T6Y/MDIV0IG^%MOFO_ -LO]JO@^OWM_P""8OP3G^#?[+>BW%[&JZMXJ?\
MMZ<QR%QY4J+]G_BV_P"J5/N_WJ /KNBBB@ HHHH \Q\6J/!OQ&T'Q,A,.GZI
M_P 2;59,_)GEK5G^C[TW?]-?]JO3JYGQ]X73QEX2U32F/ES2Q;K>56VM%.AW
MQ/N_V756_"H/AKXFE\6>#["]N?EU-4^SW\.W9Y=U'\LJ;?X?FS0!UM%%% !7
M->-? FB?$#26TW7+&.\MP=T;,/GB;^\C?PM72T4 ?GM\9?@UJ'P@U:WCGG^W
MZ9>[OLUVJ;/N_P #_P"UMKSVOTK\8>$]-\<>'[S1=5@6XM)UV_,GW&_A=?\
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M\W_39:_2.OYPOV.OC2_P!_:*\'>,"8_L,-S]EOS,VU/LLO[J5O\ @*MN_P"
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;>0/;R(S1?=9/]^F!\IT4>2O:YF([9HK0@__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !( .T# 2(  A$! Q$!_\0
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M_=77(Y'U]QQ0!NT5ROA&;Q5>->2>(+G3PL%U);Q1VENR^8JG <EG.,]<5U5
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M%F2TN$N;>9<!XW5@>#Z'&".X_"KNIV<]_9O;P7\]D7!!E@52X!&.-P(!]\4
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M,RE<[@W4J<?6J&I?#ZYO]=O+TZD@BU">PN+K]V0X:UR<)SP&^7J?EYZYHHH
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-** "BBB@ HHHH __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>image_004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_004.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  B .8# 2(  A$! Q$!_\0
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( !1110!__]D!

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