<SEC-DOCUMENT>0001144204-18-015632.txt : 20180319
<SEC-HEADER>0001144204-18-015632.hdr.sgml : 20180319
<ACCEPTANCE-DATETIME>20180319165413
ACCESSION NUMBER:		0001144204-18-015632
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20180313
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180319
DATE AS OF CHANGE:		20180319

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		18699434

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

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tv488677_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><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="margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of earliest event reported):
March 19, 2018 (March 13, 2018)</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AGREE REALTY CORPORATION</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State of other jurisdiction of incorporation)</P>

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

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1-12928</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission file number)<BR>
        <BR>
        </P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>38-3148187</B></FONT><BR>
<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>70 E. Long Lake Road</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bloomfield Hills, MI</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><BR>
<FONT STYLE="font-size: 10pt"><B>48304</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Zip code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></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-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Emerging growth company&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9;<FONT STYLE="font-family: Wingdings">&uml;</FONT>
&nbsp;</P>

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

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


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 8.01.</B></TD><TD><B>Other Events.</B></TD></TR></TABLE>

<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">On March 13, 2018, (i) Agree Realty Corporation,
a Maryland corporation (the &ldquo;Company&rdquo;) entered into a forward sale agreement (the &ldquo;Forward
Sale Agreement&rdquo;) with Citibank, N.A., and (ii) the Company and Agree Limited Partnership (the
&ldquo;Operating Partnership&rdquo;), a Delaware limited partnership, for which the Company is the sole general
partner,&nbsp;entered into an underwriting agreement (the &ldquo;Underwriting Agreement&rdquo;) by and among the Company, the
Operating Partnership and Citigroup Global Markets Inc., as representative of the several underwriters named therein
(collectively, the &ldquo;Underwriters&rdquo;) and in its capacity as an agent of Citibank, N.A., as forward counterparty,
relating to the issuance and sale of up to 3,000,000 shares (the &ldquo;Shares&rdquo;) of the Company&rsquo;s common stock,
$0.0001 par value per share (the &ldquo;Common Stock&rdquo;), at a public offering price of $48.00 per share, including an
option to purchase up to 450,000 additional shares of Common Stock (the &ldquo;Overallotment Shares&rdquo;). The sale of the
Shares closed on March 16, 2018. On March 16, 2018, the Underwriters exercised their option to purchase additional shares in
full. The sale of the Overallotment Shares is expected to close on March 20, 2018, subject to the satisfaction of
customary closing conditions.</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">The Shares were offered pursuant to the Company&rsquo;s registration
statement on Form S-3 (File No. 333-218476) which became effective upon filing with the Securities and Exchange Commission on June
2, 2017. A copy of the Forward Sale Agreement and Underwriting Agreement are filed herewith as Exhibits 1.1 and 1.2, respectively,
to this Current Report on Form 8-K and are incorporated herein by reference. The summary set forth above is qualified in its entirety
by reference to Exhibits 1.1 and 1.2.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01.</B></TD><TD><B>Financial Statements and Exhibits.</B></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">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>Exhibit</U></FONT></TD>
    <TD STYLE="width: 90%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488677_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488677_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Forward Sale Agreement, dated as of March 13, 2018 between the Company and Citibank, N.A.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488677_ex1-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">1.2 </FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488677_ex1-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Underwriting Agreement, dated as of March 13, 2018 by and among the Company, the Operating Partnership and Citigroup Global Markets Inc.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488677_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.1 </FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488677_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of Ballard Spahr LLP regarding legality of the Shares.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488677_ex8-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8.1</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488677_ex8-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of Honigman Miller Schwartz and Cohn LLP as to certain tax matters.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488677_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">23.1 </FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488677_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of Ballard Spahr LLP (included in Exhibit 5.1).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488677_ex8-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488677_ex8-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of Honigman Miller Schwartz and Cohn LLP (included in Exhibit 8.1).</FONT></A></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>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>AGREE REALTY CORPORATION</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 4%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 31%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Clayton R. Thelen</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Clayton R. Thelen</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Secretary </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: March 19, 2018</P>

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



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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tv488677_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

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

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

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

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



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

<P STYLE="margin: 0; text-align: right"><IMG SRC="citi-logo.jpg" ALT=""></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Date:</TD><TD>March 13, 2018</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">To:</TD><TD>Agree Realty Corporation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">70 E. Long Lake Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Bloomfield Hills, Michigan 48304</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">From:</TD><TD>Citibank, N.A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">390 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New York, NY 10013</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Telephone: (212) 723-3850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Email: adam.muchnick@citi.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Re:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered Forward Transaction</B></P>



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The purpose of this letter
agreement is to confirm the terms and conditions of the Transaction entered into between Citibank, N.A. (&ldquo;<B>Dealer</B>&rdquo;)
and Agree Realty Corporation (&ldquo;<B>Counterparty</B>&rdquo;) on the Trade Date specified below (the &ldquo;<B>Transaction</B>&rdquo;).
This letter agreement constitutes a &ldquo;Confirmation&rdquo; as referred to in the ISDA Master Agreement specified below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The definitions and provisions
contained in the 2002 ISDA Equity Derivatives Definitions (the &ldquo;<B>Equity Definitions</B>&rdquo;), as published by the International
Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between the
Equity Definitions and this Confirmation, this Confirmation shall govern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Each party is hereby
advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial
transactions and has taken other material actions in reliance upon the parties&rsquo; entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which
this Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the
ISDA 2002 Master Agreement (the &ldquo;<B>Agreement</B>&rdquo;) as if Dealer and Counterparty had executed an agreement in such
form (without any Schedule but with the elections set forth in this Confirmation). In the event of any inconsistency between provisions
of that Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation
relates. The parties hereby agree that, other than the Transaction to which this Confirmation relates, no Transaction shall be
governed by the Agreement. For purposes of the Equity Definitions, this Transaction is a Share Forward Transaction.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">The terms of the particular Transaction to which this Confirmation relates are as follows:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">General Terms:</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 2in; text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">March 13, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Effective Date:</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">March 16, 2018</FONT></TD></TR>
</TABLE>

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

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

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seller:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparty</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buyer:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dealer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The common stock of Counterparty, USD 0.0001 par value per share (Ticker Symbol: &ldquo;ADC&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Shares:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Initially, 3,000,000 Shares (the &ldquo;<B>Initial
        Number of Shares</B>&rdquo;); <I>provided</I> that the Number of Shares is subject to reduction as provided in Section 7(a) 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">On each Settlement Date, the Number
of Shares shall be reduced by the number of Settlement Shares settled on such date.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 1, 2019 (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Forward Price:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD 47.28 per Share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 2in; text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Price:</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; width: 0.5in; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the Effective Date, the Initial Forward Price; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on each calendar day thereafter, (i) the Forward Price as of the immediately preceding calendar day <U>multiplied by</U> (ii) the sum of 1 and the Daily Rate for such day; <I>provided</I> that, on each Forward Price Reduction Date, the Forward Price in effect on such date shall be the Forward Price otherwise in effect on such date, <U>minus</U> the Forward Price Reduction Amount for such Forward Price Reduction Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daily Rate:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any day, a rate (which may be positive or negative) equal to (i) (a) Overnight Bank Rate (or if the Overnight Bank Rate is no longer available, a successor rate selected by the Calculation Agent in its commercially reasonable discretion) for such day <U>minus</U> (b) the Spread <U>divided by</U> (ii) 360.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overnight Bank Rate:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any day, the rate set forth for such day opposite the caption &ldquo;Overnight bank funding rate&rdquo;, as such rate is displayed on Bloomberg Screen &ldquo;OBFR01 &lt;Index&gt; &lt;GO&gt;&rdquo;, or any successor page; <I>provided</I> that, if no rate appears for a particular day on such page, the rate for the immediately preceding day for which a rate does so appear shall be used for such day.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable Obligation:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Price Reduction Dates:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As set forth on Schedule I</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward Price Reduction Amounts:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each Forward Price Reduction Date, the Forward Price Reduction Amount set forth opposite such date on Schedule I.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York Stock Exchange</FONT></TD></TR>
</TABLE>


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related Exchange(s):</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All Exchanges</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clearance System:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Depository Trust Company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Disruption Event:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.3(a) of the Equity Definitions is hereby amended by replacing the first sentence in its entirety with the following:&nbsp;&nbsp;&ldquo;&lsquo;Market Disruption Event&rsquo; means in respect of a Share or an Index, the occurrence or existence of (i) a Trading Disruption, (ii) an Exchange Disruption, (iii) an Early Closure or (iv) a Regulatory Disruption, in each case that the Calculation Agent determines is material&rdquo;.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Early Closure:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term &ldquo;Scheduled Closing Time&rdquo; in the fourth line thereof.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory Disruption:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any event that Dealer, based on the advice of counsel, determines makes it reasonably necessary or appropriate with regard to any legal, regulatory or self-regulatory requirements or related policies and procedures that generally apply to transactions of a nature and kind similar to the Transaction for Dealer to refrain from or decrease any market activity in connection with the Transaction.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Currency:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD (all amounts shall be converted to the Settlement Currency in good faith and in a commercially reasonable manner by the Calculation Agent)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any Scheduled Trading Day following the Effective Date and up to and including the Maturity Date that is either:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 2in; text-align: justify; padding-bottom: 10pt"></TD>
    <TD STYLE="width: 0.5in; padding-bottom: 10pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">(a)</P></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 5pt">
        <P STYLE="margin: 0pt 0; text-align: justify">designated by Counterparty as a &ldquo;Settlement Date&rdquo; by a written notice (a &ldquo;<B>Settlement
Notice</B>&rdquo;) that satisfies the Settlement Notice Requirements and is delivered to Dealer no less than (i) two Scheduled
Trading Days prior to such Settlement Date, which may be the Maturity Date, if Physical Settlement applies, and (ii) 90 Scheduled
Trading Days prior to such Settlement Date, which may be the Maturity Date, if Cash Settlement or Net Share Settlement applies;
<I>provided </I>that, if Dealer shall fully unwind its hedge with respect to the portion of the Number of Shares to be settled
during an Unwind Period by a date that is more than two Scheduled Trading Days prior to a Settlement Date specified above, Dealer
may, by written notice to Counterparty, specify any Scheduled Trading Day prior to such original Settlement Date as the Settlement
Date (with prior notice to Counterparty at least two Scheduled Trading Days prior to such specified Settlement Date); or</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 5pt; text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">(b)</P></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 5pt; text-align: justify">
        <P STYLE="margin: 0pt 0; text-align: justify">designated by Dealer as a &ldquo;Settlement Date&rdquo; pursuant to the &ldquo;Termination Settlement&rdquo;
provisions of Paragraph 7(f) below;</P></TD></TR>
</TABLE>


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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>provided </I>that
        the Maturity Date will be a Settlement Date if on such date the Number of Shares for which a Settlement Date has not already
        been designated is greater than zero, and <I>provided further</I> that, following the occurrence of at least three consecutive
        Disrupted Days during an Unwind Period and while such Disrupted Days are continuing, Dealer may designate any subsequent
        Scheduled Trading Day as the Settlement Date with respect to the portion of the Settlement Shares, if any, for which Dealer
        has determined an Unwind Purchase Price during such Unwind Period, it being understood that the Unwind Period with respect
        to the remainder of such Settlement Shares shall, subject to clause (ii) in &ldquo;Settlement Method Election&rdquo; below,
        recommence on the next succeeding Exchange Business Day that is not a Disrupted Day in whole.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 2in; text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Settlement Shares:</FONT></TD>
    <TD STYLE="width: 0.5in; padding-bottom: 10pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt">(a)</P></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 5pt"><P STYLE="margin: 0pt 0; text-align: justify">With respect to any Settlement Date other than the Maturity Date, the number
        of Shares designated as such by Counterparty in the relevant Settlement Notice or designated by Dealer pursuant to the
        &ldquo;Termination Settlement&rdquo; provisions of Paragraph 7(f) below, as applicable; <I>provided</I> that the Settlement
        Shares so designated shall (i) not exceed the Number of Shares at that time and (ii) in the case of a designation by Counterparty,
        be at least equal to the lesser of 100,000 and the Number of Shares at that time; and</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 5pt; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt">(b)</P></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 5pt; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">with respect to the Settlement
            Date on the Maturity Date, a number of Shares equal to the Number of Shares at that time;</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 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">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in each case with the Number of Shares determined taking into account pending Settlement Shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Method Election:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Physical Settlement, Cash Settlement, or Net Share Settlement, at the election of Counterparty as set forth in a Settlement Notice that satisfies the Settlement Notice Requirements; <I>provided </I>that Physical Settlement shall apply (i) if no Settlement Method is validly selected, (ii) with respect to any Settlement Shares in respect of which Dealer is unable, in good faith and in its commercially reasonable discretion, to unwind its hedge by the end of the Unwind Period (A) in a manner that, in the reasonable discretion of Dealer, based on advice of counsel, is consistent with the requirements for qualifying for the safe harbor provided by Rule 10b-18 (&ldquo;<B>Rule 10b-18</B>&rdquo;) under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;) or (B) due to the occurrence of Disrupted Days or to the lack of sufficient liquidity in the Shares on any Exchange Business Day during the Unwind Period, (iii) to any Termination Settlement Date (as defined under &ldquo;Termination Settlement&rdquo; in Paragraph 7(f) below) and (iv) if the Maturity Date is a Settlement Date other than as the result of a valid Settlement Notice, in respect of such Settlement Date; <I>provided further </I>that, if Physical Settlement applies under clause (ii) immediately above, Dealer shall provide written notice to Counterparty at least two Scheduled Trading Days prior to the applicable Settlement Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Notice Requirements:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any other provision hereof, a Settlement Notice delivered by Counterparty that specifies Cash Settlement or Net Share Settlement will not be effective to establish a Settlement Date or require Cash Settlement or Net Share Settlement unless Counterparty delivers to Dealer with such Settlement Notice a representation, dated as of the date of such Settlement Notice and signed by Counterparty, in the form set forth in clause (i) under the heading &ldquo;Additional Representations and Agreements of Counterparty&rdquo; in Paragraph 7(d) below.</FONT></TD></TR>
<TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 2in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD></TR>
</TABLE>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Physical Settlement:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If Physical Settlement is applicable, then Counterparty shall deliver to Dealer through the Clearance System a number of Shares equal to the Settlement Shares for such Settlement Date, and Dealer shall pay to Counterparty, by wire transfer of immediately available funds to an account designated by Counterparty, an amount equal to the Physical Settlement Amount for such Settlement Date.&nbsp;&nbsp;If, on any Settlement Date, the Shares to be delivered by Counterparty to Dealer hereunder are not so delivered (the &ldquo;<B>Deferred Shares</B>&rdquo;), and a Forward Price Reduction Date occurs during the period from, and including, such Settlement Date to, but excluding, the date such Shares are actually delivered to Dealer, then the portion of the Physical Settlement Amount payable by Dealer to Counterparty in respect of the Deferred Shares shall be reduced by an amount equal to the Forward Price Reduction Amount for such Forward Price Reduction Date, <U>multiplied by</U> the number of Deferred Shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Physical Settlement Amount:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For any Settlement Date for which Physical Settlement is applicable, an amount in cash equal to the product of (a) the Forward Price in effect on the relevant Settlement Date <U>multiplied by</U> (b) the Settlement Shares for such Settlement Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Settlement:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On any Settlement Date in respect of which Cash Settlement applies, if the Cash Settlement Amount is a positive number, Dealer will pay the Cash Settlement Amount to Counterparty.&nbsp;&nbsp;If the Cash Settlement Amount is a negative number, Counterparty will pay the absolute value of the Cash Settlement Amount to Dealer.&nbsp;&nbsp;Such amounts shall be paid on such Settlement Date by wire transfer of immediately available funds.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Settlement Amount:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An amount determined by the Calculation Agent equal to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 2in; text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.5in; text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 5pt">
        <P STYLE="margin: 0pt 0; text-align: justify">(i)(A) the weighted average (weighted on the same basis as clause (B)) of the Forward Prices
on each day during the applicable Unwind Period (calculated assuming no reduction to the Forward Price for any Forward Price Reduction
Date that occurs during such Unwind Period, which is accounted for in clause (b) below), <U>minus</U> USD 0.02, <U>minus</U> (B)
the weighted average price (the &ldquo;<B>Unwind Purchase Price</B>&rdquo;) at which Dealer purchases Shares during the Unwind
Period to unwind its hedge with respect to the portion of the Number of Shares to be settled during the Unwind Period (including,
for the avoidance of doubt, purchases on any Disrupted Day in part), taking into account Shares anticipated to be delivered or
received if Net Share Settlement applies, and the restrictions of Rule 10b-18 under the Exchange Act agreed to hereunder, <U>multiplied
by</U> (ii) the Settlement Shares for the relevant Settlement Date; <U>minus</U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 5pt; text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs
during such Unwind Period, <I>and</I> (ii) the number of Settlement Shares for such Settlement Date with respect to which Dealer
has not unwound its hedge, including the settlement of such unwinds, as of such Forward Price Reduction Date.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2in; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Net Share Settlement:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">On any Settlement Date in respect of which Net Share Settlement applies, if the Cash Settlement Amount is a (i) positive number, Dealer shall deliver a number of Shares to Counterparty equal to the Net Share Settlement Shares, or (ii) negative number, Counterparty shall deliver a number of Shares to Dealer equal to the Net Share Settlement Shares; <I>provided</I> that, if Dealer determines in its commercially reasonable judgment that it would be required to deliver Net Share Settlement Shares to Counterparty, Dealer may elect to deliver a portion of such Net Share Settlement Shares on one or more dates prior to the applicable Settlement Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Net Share Settlement Shares:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">With respect to a Settlement Date, the absolute value of the Cash Settlement Amount <U>divided by</U> the Unwind Purchase Price, with the number of Shares rounded up in the event such calculation results in a fractional number.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unwind Period:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">The period from and including the first Exchange Business Day following the date Counterparty validly elects Cash Settlement or Net Share Settlement in respect of a Settlement Date through the second Scheduled Trading Day preceding such Settlement Date, subject to &ldquo;Termination Settlement&rdquo; as described in Paragraph 7(f) below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Failure to Deliver:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Applicable if Dealer is required to deliver Shares hereunder; otherwise, Not Applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Share Cap:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Notwithstanding any other provision of this Confirmation, in no event will Counterparty be required to deliver to Dealer on any Settlement Date, whether pursuant to Physical Settlement, Net Share Settlement or any Private Placement Settlement, a number of Shares in excess of (i) 1.5 times the Initial Number of Shares, subject to adjustment from time to time in accordance with the provisions of this Confirmation or the Equity Definitions <U>minus</U> (ii) the aggregate number of Shares delivered by Counterparty to Dealer hereunder prior to such Settlement Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Adjustments:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Method of Adjustment:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Calculation Agent Adjustment.&nbsp;&nbsp;Section 11.2(e) of the Equity Definitions is hereby amended by deleting clause (iii) thereof, and&nbsp;&nbsp;Section 11.2(e)(vii) of the Equity Definitions is hereby amended by adding the words &ldquo;that is within the Issuer&rsquo;s control&rdquo; immediately after the word &ldquo;event&rdquo;.&nbsp;&nbsp;For the avoidance of doubt, the declaration or payment of a cash dividend will not constitute a Potential Adjustment Event.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Additional Adjustment:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">If, in Dealer&rsquo;s commercially reasonable judgment, the actual cost to Dealer (or an affiliate of Dealer), on any Scheduled Trading Day, of borrowing a number of Shares equal to the Number of Shares to hedge in a commercially reasonable manner its exposure to this Transaction exceeds a weighted average rate equal to 25 basis points per annum, the Calculation Agent shall reduce the Forward Price in order to compensate Dealer for the amount by which such cost exceeded a weighted average rate equal to 25 basis points per annum on such day.</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Extraordinary Events:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2in; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Extraordinary Events:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">In lieu of the applicable provisions contained in Article 12 of the Equity Definitions, the consequences of any Extraordinary Event (including, for the avoidance of doubt, any Merger Event, Tender Offer, Nationalization, Insolvency, Delisting, or Change In Law) shall be as specified below under the headings &ldquo;Acceleration&nbsp;&nbsp;Events&rdquo; and &ldquo;Termination Settlement&rdquo; in Paragraphs 7(e) and 7(f), respectively. Notwithstanding anything to the contrary herein or in the Equity Definitions, no Additional Disruption Event will be applicable except to the extent expressly referenced in Section 7(e)(iv) below.&nbsp;&nbsp;The definition of &ldquo;Tender Offer&rdquo; in Section 12.1(d) of the Equity Definitions is hereby amended by replacing &ldquo;10%&rdquo; with &ldquo;15%.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Non-Reliance:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Agreements and Acknowledgments<BR>
 Regarding Hedging Activities:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Additional Acknowledgments:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Transfer:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Notwithstanding anything to the contrary herein or in the Agreement, Dealer may assign, transfer and set over all rights, title and interest, powers, privileges and remedies of Dealer under this Transaction, in whole or in part, to any affiliate of Dealer, whose obligations hereunder are fully and unconditionally guaranteed by Dealer or Dealer&rsquo;s ultimate parent entity, without the consent of Counterparty.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Calculation Agent:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Dealer, whose
    judgments, determinations and calculations shall be made in good faith and in a commercially reasonable manner; <I>provided</I>
    that, following the occurrence and during the continuance of an Event of Default of the type described in Section 5(a)(vii)
    of the Agreement with respect to which Dealer is the sole Defaulting
    Party, if the Calculation     Agent fails to timely make any calculation,
    adjustment or determination required to be made by the Calculation Agent hereunder or to perform any obligation     of
    the Calculation Agent hereunder and such failure continues for five (5)
    Exchange Business Days following notice to the Calculation Agent by Counterparty of such failure, Counterparty shall have
    the     right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to
    act, during the period commencing on the date such Event of Default occurred and ending on the Early Termination Date with
    respect to such Event of Default, as the Calculation Agent. Following any determination or calculation by the
    Calculation Agent hereunder, upon a request by Counterparty, the Calculation Agent shall promptly (but in any event within
    three Scheduled Trading Days) provide to Counterparty by e-mail to the e-mail address provided by Counterparty in such
    request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in
    reasonable     detail the basis for such determination or calculation (including any assumptions used in making such
    determination or     calculation), it being understood that the Calculation Agent shall not be obligated to disclose any
    proprietary or     confidential models or other proprietary or confidential information used by it for such determination or
    calculation<FONT STYLE="text-underline-style: double"><U>.</U></FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="width: 2in; padding-bottom: 10pt; text-align: justify; padding-right: 5pt"><FONT STYLE="font-size: 10pt">Account Details:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(a) Account for delivery of Shares
to Dealer:</P></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To be furnished</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(b) Account for delivery of Shares
to Counterparty:</P></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To be furnished</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD>
    <TD STYLE="padding-bottom: 10pt; padding-right: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(c) Account for payments to Counterparty:</P></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">To be advised under separate cover or telephone confirmed prior to each Settlement Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: justify"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; padding-bottom: 10pt; padding-right: 5pt"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;Account for payments to Dealer:</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">To be advised under separate cover or telephone confirmed prior to each Settlement Date</FONT></TD></TR>
</TABLE>
<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">
    <TD STYLE="width: 0.5in; text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Offices:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">The Office of Counterparty for the Transaction is:&nbsp;&nbsp;Inapplicable, Counterparty is not a Multibranch Party</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Office of Dealer for the Transaction
is: New York&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">Notices:&nbsp;&nbsp;For purposes of this Confirmation:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 10pt">
        <P STYLE="padding-bottom: 0; text-align: left">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address for notices or communications
to Counterparty:&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Agree Realty Corporation</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">70 E. Long
Lake Road</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Bloomfield Hills, Michigan 48304</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Attn: Secretary</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Telephone: (248) 737-4190</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Facsimile: (248) 737-9110</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">With a copy to:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Donald J. Kunz</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Honigman Miller Schwartz and Cohn LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">660 Woodward Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">2290 First National Building</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Detroit, Michigan 48226</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Email: dkunz@honigman.com</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address
        for notices or communications to Dealer:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Citibank, N.A.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">390 Greenwich Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">New York, NY 10013</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Attn: Adam Muchnick</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Telephone: (212) 723-3850</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; text-align: left">Email: adam.muchnick@citi.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify">&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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">7.</TD><TD STYLE="text-align: justify">Other Provisions:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to Effectiveness</U>. The effectiveness of this Confirmation on the Effective Date shall be subject to the satisfaction or waiver
by Dealer of the following conditions: (i) the condition that the representations and warranties of Counterparty contained in the
Underwriting Agreement, dated the date hereof, among Counterparty, Citigroup Global Markets Inc. (as agent for Citibank, N.A.),
as the forward seller, Citibank, N.A., as the forward counterparty, and Citigroup Global Markets Inc. as representative of the
several Underwriters named therein (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) and any certificate delivered pursuant thereto
by Counterparty are true and correct on the Effective Date as if made as of the Effective Date, (ii) the condition that Counterparty
has performed all of the obligations required to be performed by it under the Underwriting Agreement on or prior to the Effective
Date, (iii) all of the conditions set forth or referenced in Section 8 of the Underwriting Agreement, (iv) the Underwriting Agreement
remains in effect and has not terminated pursuant to Section 10 of the Underwriting Agreement, and (v) the condition that, as determined
by Dealer in good faith and a commercially reasonable manner, neither of the following has occurred (A) Dealer is unable to borrow
and deliver for sale a number of Shares equal to the Initial Number of Shares, or (B) in Dealer&rsquo;s commercially reasonable
judgment either it is impracticable to do so or Dealer would incur a stock loan cost of more than a rate equal to 200 basis points
per annum to do so (in which event this Confirmation shall be effective but the Initial Number of Shares for this Transaction shall
be the number of Shares Dealer is required to deliver in accordance with Section 2 of the Underwriting Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretive
Letter</U>. Counterparty agrees and acknowledges that this Transaction is being entered into in accordance with the October 9,
2003 interpretive letter from the staff of the Securities and Exchange Commission to Goldman, Sachs &amp; Co. (the &ldquo;<B>Interpretive
Letter</B>&rdquo;) and agrees to take all actions, and to omit to take any actions, reasonably requested by Dealer for this Transaction
to comply with the Interpretive Letter. Without limiting the foregoing, Counterparty agrees that neither it nor any &ldquo;affiliated
purchaser&rdquo; (as defined in Regulation M (&ldquo;<B>Regulation M</B>&rdquo;) promulgated under the Exchange Act) will, directly
or indirectly, bid for, purchase or attempt to induce any person to bid for or purchase, the Shares or securities that are convertible
into, or exchangeable or exercisable for, Shares during any &ldquo;restricted period&rdquo; as such term is defined in Regulation
M. In addition, Counterparty represents that it is eligible to conduct a primary offering of Shares on Form S-3, the offering contemplated
by the Underwriting Agreement complies with Rule 415 under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;),
and the Shares are &ldquo;actively traded&rdquo; as defined in Rule 101(c)(1) of Regulation M.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreements
and Acknowledgments Regarding Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty
agrees and acknowledges that, in respect of any Shares delivered to Dealer hereunder, such Shares shall be newly issued (unless
mutually agreed otherwise by the parties) and, upon such delivery, duly and validly authorized, issued and outstanding, fully paid
and nonassessable, free of any lien, charge, claim or other encumbrance and not subject to any preemptive or similar rights and
shall, upon such issuance, be accepted for listing or quotation on the Exchange.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty
agrees and acknowledges that Dealer (or an affiliate of Dealer) will hedge its exposure to this Transaction by selling Shares borrowed
from third party securities lenders or other Shares pursuant to a registration statement, and that, pursuant to the terms of the
Interpretive Letter, the Shares (up to the Initial Number of Shares) delivered, pledged or loaned by Counterparty to Dealer (or
an affiliate of Dealer) in connection with this Transaction may be used by Dealer (or an affiliate of Dealer) to return to securities
lenders without further registration or other restrictions under the Securities Act, in the hands of those securities lenders,
irrespective of whether such securities loan is effected by Dealer or an affiliate of Dealer. Accordingly, subject to Section 7(g)
below, Counterparty agrees that the Shares that it delivers, pledges or loans to Dealer (or an affiliate of Dealer) on or prior
to the final Settlement Date will not bear a restrictive legend and that such Shares will be deposited in, and the delivery thereof
shall be effected through the facilities of, the Clearance System.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty
agrees and acknowledges that it has reserved and will keep available at all times, free from preemptive or similar rights and free
from any lien, charge, claim or other encumbrance, authorized but unissued Shares at least equal to the Share Cap, solely for the
purpose of settlement under this Transaction.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
the provisions set forth below under &ldquo;Private Placement Procedures&rdquo; are applicable, Dealer agrees to use any Shares
delivered by Counterparty hereunder on any Settlement Date to return to securities lenders to close out open securities loans created
by Dealer or an affiliate of Dealer in the course of Dealer&rsquo;s or such affiliate&rsquo;s hedging activities related to Dealer&rsquo;s
exposure under this Transaction.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<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">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with bids and purchases of Shares in connection with any Cash Settlement or Net Share Settlement of this Transaction,
Dealer shall use its reasonable efforts, based on the advice of counsel, to conduct its activities, or cause its affiliates to
conduct their activities, in a manner consistent with the requirements of the safe harbor provided by Rule 10b-18 under the Exchange
Act, as if such provisions were applicable to such purchases.</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; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Representations and Agreements of Counterparty</U>. Counterparty represents, warrants and agrees as follows:</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 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty
represents to Dealer on the Trade Date and on any date that Counterparty notifies Dealer that Cash Settlement or Net Share Settlement
applies to this Transaction, that (A) Counterparty is not aware of any material nonpublic information regarding Counterparty or
the Shares, (B) each of its filings under the Securities Act, the Exchange Act or other applicable securities laws that are required
to be filed have been filed and that, as of the date of this representation, when considered as a whole (with the more recent such
filings deemed to amend inconsistent statements contained in any earlier such filings), there is no misstatement of material fact
contained therein or omission of a material fact required to be stated therein or necessary to make the statements made therein,
in the light of the circumstances under which they were made, not misleading and (C) Counterparty is not entering into this Confirmation
nor making any election hereunder to create actual or apparent trading activity in the Shares (or any security convertible into
or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible
into or exchangeable for Shares) or otherwise in violation of the Exchange Act.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is the intent of Dealer and Counterparty that following any election of Cash Settlement or Net Share Settlement by Counterparty,
the purchase of Shares by Dealer during any Unwind Period comply with the requirements of Rule 10b5-l(c)(l)(i)(B) of the Exchange
Act and that this Confirmation shall be interpreted to comply with the requirements of Rule 10b5-l(c). Counterparty acknowledges
that (i) during any Unwind Period Counterparty shall not have, and shall not attempt to exercise, any influence over how, when
or whether to effect purchases of Shares by Dealer (or its agent or affiliate) in connection with this Confirmation and (ii) Counterparty
is entering into the Agreement and this Confirmation in good faith and not as part of a plan or scheme to evade compliance with
federal securities laws including, without limitation, Rule 10b-5 promulgated under the Exchange Act.</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 1.45pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty
shall, at least one day prior to the first day of any Unwind Period, notify Dealer of the total number of Shares purchased in Rule
10b-18 purchases of blocks pursuant to the once-a-week block exception contained in Rule 10b-18(b)(4) by or for Counterparty or
any of its affiliated purchasers during each of the four calendar weeks preceding the first day of the Unwind Period and during
the calendar week in which the first day of the Unwind Period occurs (&ldquo;Rule 10b-18 purchase&rdquo;, &ldquo;blocks&rdquo;
and &ldquo;affiliated purchaser&rdquo; each being used as defined in Rule 10b-18).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any Unwind Period, Counterparty shall (i) notify Dealer prior to the opening of trading in the Shares on any day on which Counterparty
makes, or Counterparty reasonably expects in advance of the opening to be made, any public announcement (as defined in Rule 165(f)
under the Securities Act) of any merger, acquisition, or similar transaction involving a recapitalization relating to Counterparty
(other than any such transaction in which the consideration consists solely of cash and there is no valuation period), (ii) promptly
notify Dealer following any such announcement that such announcement has been made, and (iii) promptly deliver to Dealer following
the making of any such announcement information indicating (A) Counterparty&rsquo;s average daily Rule 10b-18 purchases (as defined
in Rule 10b-18) during the three full calendar months preceding the date of the announcement of such transaction and (B) Counterparty&rsquo;s
block purchases (as defined in Rule 10b-18) effected pursuant to paragraph (b)(4) of Rule 10b-18 during the three full calendar
months preceding the date of the announcement of such transaction. In addition, Counterparty shall promptly notify Dealer of the
earlier to occur of the completion of such transaction and the completion of the vote by target shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 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">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Counterparty nor any of its affiliated purchasers (within the meaning of Rule 10b-18 under the Exchange Act) shall take or refrain
from taking any action (including, without limitation, any direct purchases by Counterparty or any of its affiliates, or any purchases
by a party to a derivative transaction with Counterparty or any of its affiliates), either under this Confirmation, under an agreement
with another party or otherwise, that might reasonably be expected to cause any purchases of Shares by Dealer or any of its affiliates
in connection with any Cash Settlement or Net Share Settlement of this Transaction not to meet the requirements of the safe harbor
provided by Rule 10b-18 determined as if all such foregoing purchases were made by Counterparty.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<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">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty
will not engage in any &ldquo;distribution&rdquo; (as defined in Regulation M), other than a distribution meeting the requirements
of the exception set forth in Rules 101(b)(10) or 102(b)(7) of Regulation M, that would cause a &ldquo;restricted period&rdquo;
(as defined in Regulation M) to occur during any Unwind Period.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty
is not, and after giving effect to the transactions contemplated hereby will not be, required to register as an &ldquo;investment
company&rdquo; as such term is defined in the Investment Company Act of 1940, as amended.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty
is not insolvent, nor will Counterparty be rendered insolvent as a result of this Transaction or its performance of the terms hereof.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that Dealer is not making any representations
or warranties or taking any position or expressing any view with respect to the treatment of this Transaction under any accounting
standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing
Liabilities from Equity and ASC 815-40, Derivatives and Hedging &ndash; Contracts in Entity&rsquo;s Own Equity (or any successor
issue statements) or under FASB&rsquo;s Liabilities &amp; Equity Project.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty
understands no obligations of Dealer to it hereunder will be entitled to the benefit of deposit insurance and that such obligations
will not be guaranteed by any affiliate of Dealer or any governmental agency.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
Counterparty&rsquo;s actual knowledge, no federal, state or local (including non-U.S. jurisdictions) law, rule, regulation or regulatory
order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without
limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or
holding (however defined) Shares, other than Sections 13 and 16 under the Exchange Act and Section 9.2.1 of Counterparty&rsquo;s
Articles of Incorporation, as amended and supplemented.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
filing with, or approval, authorization, consent, license, registration, qualification, order or decree of, any court or governmental
authority or agency, domestic or foreign, is necessary or required for the execution, delivery and performance by Counterparty
of this Confirmation and the consummation of this Transaction (including, without limitation, the issuance and delivery of Shares
on any Settlement Date) except (i) such as have been obtained under the Securities Act and (ii) as may be required to be obtained
under state securities laws.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty
(i) has such knowledge and experience in financial and business affairs as to be capable of evaluating the merits and risks of
entering into this Transaction; (ii) has consulted with its own legal, financial, accounting and tax advisors in connection with
this Transaction; and (iii) is entering into this Transaction for a bona fide business purpose.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty
will, by the next succeeding Scheduled Trading Day, notify Dealer upon obtaining knowledge of the occurrence of any event that
would constitute an Event of Default, a Potential Event of Default or a Potential Adjustment Event.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acceleration
Events</U>. Each of the following events shall constitute an &ldquo;<B>Acceleration Event</B>&rdquo;:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 40.5pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Borrow Event</U>. In the commercially reasonable judgment of Dealer (A) Dealer (or an affiliate of Dealer) is not able to hedge
in a commercially reasonable manner its exposure under this Transaction because insufficient Shares are made available for borrowing
by securities lenders or (B) Dealer (or an affiliate of Dealer) would incur a cost to borrow (or to maintain a borrow of) Shares
to hedge in a commercially reasonable manner its exposure under this Transaction that is greater than a rate equal to 200 basis
points per annum (each, a &ldquo;<B>Stock Borrow Event</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends
and Other Distributions</U>. On any day occurring after the Trade Date, Counterparty declares a distribution, issue or dividend
to existing holders of the Shares of (A) any cash dividend (other than an Extraordinary Dividend) to the extent all cash dividends
having an ex-dividend date during the period from, and including, any Forward Price Reduction Date (with the Trade Date being a
Forward Price Reduction Date for purposes of this paragraph (ii) only) to, but excluding, the next subsequent Forward Price Reduction
Date exceeds, on a per Share basis, the Forward Price Reduction Amount set forth opposite the first date of any such period on
Schedule I, (B) any Extraordinary Dividend, (C) any share capital or other securities of another issuer acquired or owned (directly
or indirectly) by Counterparty as a result of a spin-off or other similar transaction or (D) any other type of securities (other
than Shares), rights or warrants or other assets, in any case for payment (cash or other consideration) at less than the prevailing
market price, as determined in a commercially reasonable manner by Dealer; &ldquo;<B>Extraordinary Dividend</B>&rdquo; means any
dividend or distribution (that is not an ordinary cash dividend) declared by the Issuer with respect to the Shares that, in the
commercially reasonable determination of Dealer, is (1) a dividend or distribution declared on the Shares at a time at which the
Issuer has not previously declared or paid dividends or distributions on such Shares for the prior four quarterly periods, (2)
a payment or distribution by the Issuer to holders of Shares that the Issuer announces will be an &ldquo;extraordinary&rdquo; or
&ldquo;special&rdquo; dividend or distribution, (3) a payment by the Issuer to holders of Shares out of the Issuer&rsquo;s capital
and surplus or (4) any other &ldquo;special&rdquo; dividend or distribution on the Shares that is, by its terms or declared intent,
outside the normal course of operations or normal dividend policies or practices of the Issuer;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ISDA
Termination</U>. Either Dealer or Counterparty has the right to designate an Early Termination Date pursuant to Section 6 of the
Agreement;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
ISDA Events</U>. The announcement of any event that, if consummated, would result in a Merger Event, Tender Offer, Nationalization,
Insolvency or Delisting or the occurrence of any Hedging Disruption or Change in Law; <I>provided</I> that, in case of a Delisting,
in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange
is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock
Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); <I>provided further </I>that
(i) the definition of &ldquo;Change in Law&rdquo; provided in Section 12.9(a)(ii) of the Equity Definitions is hereby amended by
(A) replacing the phrase &ldquo;the interpretation&rdquo; in the third line thereof with the phrase &ldquo;or announcement or statement
of the formal or informal interpretation&rdquo; and (B) immediately following the word &ldquo;Transaction&rdquo; in clause (X)
thereof, adding the phrase &ldquo;in the manner contemplated by Dealer on the Trade Date&rdquo; and (ii) any determination as to
whether (A) the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law) or (B)
the promulgation of or any change in or announcement or statement of the formal or informal interpretation by any court, tribunal
or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing
authority), in each case, constitutes a &ldquo;Change in Law&rdquo; shall be made without regard to Section 739 of the Wall Street
Transparency and Accountability Act of 2010 (the &ldquo;<B>WSTAA</B>&rdquo;) or any similar provision in any legislation enacted
on or after the Trade Date; or</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership
Event</U>. In the good faith judgment of Dealer, on any day, the Share Amount for such day exceeds the Post-Effective Limit for
such day (if any applies) or Counterparty has notified Dealer that the Limited Exception to the Ownership Limit, dated the date
hereof, between Counterparty and Dealer (the &ldquo;<B>Waiver</B>&rdquo;) has been revoked by Counterparty pursuant to the last
sentence of Section 2 thereof (each, an &ldquo;<B>Ownership Event</B>&rdquo;). For purposes of this clause (v), the &ldquo;<B>Share
Amount</B>&rdquo; as of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated
with that of Dealer (Dealer or any such person, a &ldquo;<B>Dealer Person</B>&rdquo;) under any law, rule, regulation or regulatory
order (other than any obligations under Section 13 of the Exchange Act and the rules and regulations promulgated thereunder) or
Counterparty constituent document that for any reason is, or after the Trade Date becomes, applicable to ownership of Shares (&ldquo;<B>Applicable
Provisions</B>&rdquo;), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant
definition of ownership of under the Applicable Provisions, as determined by Dealer in its reasonable discretion. The &ldquo;<B>Post-Effective
Limit</B>&rdquo; means (x) the minimum number of Shares that would give rise to reporting or registration obligations or other
requirements (including obtaining prior approval from any person or entity) of a Dealer Person, or would result in an adverse effect
on a Dealer Person, under the Applicable Provisions, as determined by Dealer in its reasonable discretion, <U>minus</U> (y) 1.0%
of the number of Shares outstanding.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
Settlement</U>. Upon the occurrence of any Acceleration Event, Dealer shall have the right to designate, upon at least one Scheduled
Trading Day&rsquo;s notice, any Scheduled Trading Day following such occurrence to be a Settlement Date hereunder (a &ldquo;<B>Termination
Settlement Date</B>&rdquo;) to which Physical Settlement shall apply, and to select the number of Settlement Shares relating to
such Termination Settlement Date; <I>provided</I> that (i) in the case of an Acceleration Event arising out of an Ownership Event,
the number of Settlement Shares so designated by Dealer shall not exceed the number of Shares necessary to reduce the Share Amount
to reasonably below the Post-Effective Limit (or, in the case of an Ownership Event relating to the revocation of the Waiver, the
number of Settlement Shares so designated by Dealer shall not exceed the Number of Shares), and (ii) in the case of an Acceleration
Event arising out of a Stock Borrow Event, the number of Settlement Shares so designated by Dealer shall not exceed the number
of Shares as to which such Stock Borrow Event exists. If, upon designation of a Termination Settlement Date by Dealer pursuant
to the preceding sentence, Counterparty fails to deliver the Settlement Shares relating to such Termination Settlement Date when
due or otherwise fails to perform obligations within its control in respect of this Transaction, it shall be an Event of Default
with respect to Counterparty and Section 6 of the Agreement shall apply. If an Acceleration Event occurs during an Unwind Period
relating to a number of Settlement Shares to which Cash Settlement or Net Share Settlement applies, then on the Termination Settlement
Date relating to such Acceleration Event, notwithstanding any election to the contrary by Counterparty, Cash Settlement or Net
Share Settlement shall apply to the portion of the Settlement Shares relating to such Unwind Period as to which Dealer has unwound
its hedge and Physical Settlement shall apply in respect of (x) the remainder (if any) of such Settlement Shares and (y) the Settlement
Shares designated by Dealer in respect of such Termination Settlement Date. If an Acceleration Event occurs after Counterparty
has designated a Settlement Date to which Physical Settlement applies but before the relevant Settlement Shares have been delivered
to Dealer, then Dealer shall have the right to cancel such Settlement Date and designate a Termination Settlement Date in respect
of such Shares pursuant to the first sentence hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Private
Placement Procedures</U>. If Counterparty is unable to comply with the provisions of sub-paragraph (ii) of &ldquo;Agreements and
Acknowledgments Regarding Shares&rdquo; above because of a change in law or a change in the policy of the Securities and Exchange
Commission or its staff, or Dealer otherwise determines that in its reasonable opinion any Shares to be delivered to Dealer by
Counterparty may not be freely returned by Dealer or its affiliates to securities lenders as described under such sub-paragraph
(ii) or otherwise constitute &ldquo;restricted securities&rdquo; as defined in Rule 144 under the Securities Act, then delivery
of any such Shares (the &ldquo;<B>Restricted Shares</B>&rdquo;) shall be effected as provided below, unless waived by Dealer.</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 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Counterparty delivers the Restricted Shares pursuant to this clause (i) (a &ldquo;<B>Private Placement Settlement</B>&rdquo;),
then delivery of Restricted Shares by Counterparty shall be effected in accordance with private placement procedures customary
for private placements of equity securities of substantially similar size with respect to such Restricted Shares reasonably acceptable
to Dealer; <I>provided</I> that Counterparty may not elect a Private Placement Settlement if, on the date of its election, it has
taken, or caused to be taken, any action that would make unavailable either the exemption pursuant to Section 4(a)(2) of the Securities
Act for the sale by Counterparty to Dealer (or any affiliate designated by Dealer) of the Restricted Shares or the exemption pursuant
to Section 4(a)(1) or Section 4(a)(3) of the Securities Act for resales of the Restricted Shares by Dealer (or any such affiliate
of Dealer), and if Counterparty fails to deliver the Restricted Shares when due or otherwise fails to perform obligations within
its control in respect of a Private Placement Settlement, it shall be an Event of Default with respect to Counterparty and Section
6 of the Agreement shall apply. The Private Placement Settlement of such Restricted Shares shall include customary representations,
covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer
or any designated buyer of the Restricted Shares by Dealer), opinions and certificates, and such other documentation as is customary
for private placement agreements of equity securities of a substantially similar size, all reasonably acceptable to Dealer. In
the case of a Private Placement Settlement, Dealer shall, in its good faith discretion, adjust the amount of Restricted Shares
to be delivered to Dealer hereunder in a commercially reasonable manner to reflect the fact that such Restricted Shares may not
be freely returned to securities lenders by Dealer and may only be saleable by Dealer at a discount to reflect the lack of liquidity
in Restricted Shares. Notwithstanding the Agreement or this Confirmation, the date of delivery of such Restricted Shares shall
be the Clearance System Business Day following notice by Dealer to Counterparty of the number of Restricted Shares to be delivered
pursuant to this clause (i). For the avoidance of doubt, delivery of Restricted Shares shall be due as set forth in the previous
sentence and not be due on the date that would otherwise be applicable.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<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">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Counterparty delivers any Restricted Shares in respect of this Transaction, Counterparty agrees that (A) such Shares may be transferred
by and among Dealer and its affiliates and (B) after the minimum &ldquo;holding period&rdquo; within the meaning of Rule 144(d)
under the Securities Act has elapsed, Counterparty shall promptly remove, or cause the transfer agent for the Shares to remove,
any legends referring to any transfer restrictions from such Shares upon delivery by Dealer (or such affiliate of Dealer) to Counterparty
or such transfer agent of any seller&rsquo;s and broker&rsquo;s representation letters customarily delivered by Dealer or its affiliates
in connection with resales of restricted securities pursuant to Rule 144 under the Securities Act, each without any further requirement
for the delivery of any certificate, consent, agreement, opinion of counsel, notice or any other document, any transfer tax stamps
or payment of any other amount or any other action by Dealer (or such affiliate of Dealer).</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; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnity</U>.
Counterparty agrees to indemnify Dealer and its affiliates and their respective directors, officers, employees, agents and controlling
persons (Dealer and each such affiliate or person being an &ldquo;<B>Indemnified Party</B>&rdquo;) from and against any and all
losses, claims, damages and liabilities, joint and several, incurred by or asserted against such Indemnified Party arising out
of, in connection with, or relating to any breach of any covenant or representation made by Counterparty in this Confirmation or
the Agreement and will reimburse any Indemnified Party for all reasonable expenses (including reasonable legal fees and reasonable
expenses) as they are incurred in connection with the investigation of, preparation for, or defense of any pending or threatened
claim or any action or proceeding arising therefrom (whether or not such Indemnified Party is a party thereto), except to the extent
determined in a final and nonappealable judgment by a court of competent jurisdiction to have resulted from Dealer&rsquo;s gross
negligence, fraud, bad faith and/or willful misconduct or from a breach of any representation or covenant of Dealer contained in
this Confirmation or the Agreement. The foregoing provisions shall survive any termination or completion of the Transaction.</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">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
of Trial by Jury</U>. <FONT STYLE="text-transform: uppercase">Each of Counterparty and Dealer hereby irrevocably waives (on its
own behalf and, to the extent permitted by applicable law, on behalf of its stockholders) all right to trial by jury in any action,
proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to the Transaction or the
actions of DEALER or its affiliates in the negotiation, performance or enforcement hereof.</FONT></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">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law/Jurisdiction</U>. This Confirmation and any claim, controversy or dispute arising under or related to this Confirmation shall
be governed by the laws of the State of New York without reference to the conflict of laws provisions thereof. The parties hereto
irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the United States Court for the Southern
District of New York in connection with all matters relating hereto and waive any objection to the laying of venue in, and any
claim of inconvenient forum with respect to, these courts.</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">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation
by Dealer</U>. Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase,
sell, receive or deliver any Shares or other securities to or from Counterparty, Dealer may designate any of its affiliates to
purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Dealer obligations in respect of the
Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty only
to the extent of any such performance.</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">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insolvency
Filing</U>. Notwithstanding anything to the contrary herein, in the Agreement or in the Equity Definitions, upon any Insolvency
Filing or other proceeding under the Bankruptcy Code in respect of the Issuer, this Transaction shall automatically terminate on
the date thereof without further liability of either party to this Confirmation to the other party (except for any liability in
respect of any breach of representation or covenant by a party under this Confirmation prior to the date of such Insolvency Filing
or other proceeding), it being understood that this Transaction is a contract for the issuance of Shares by the Issuer.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure</U>.
Effective from the date of commencement of discussions concerning the Transaction, each of Dealer and Counterparty and each of
their employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) relating
to such tax treatment and tax structure.</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">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
to Extend</U>. Dealer may postpone any Settlement Date or any other date of valuation or delivery, with respect to some or all
of the relevant Settlement Shares, if Dealer determines, based on the advice of counsel, that such extension is reasonably necessary
or appropriate to enable Dealer to effect purchases of Shares in connection with its hedging activity hereunder in a manner that
would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal and regulatory
requirements.</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">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparty
Share Repurchases</U>. Counterparty agrees not to repurchase, directly or indirectly, any Shares if, immediately following such
purchase, the Outstanding Share Percentage would be equal to or greater than 9.8%. The &ldquo;<B>Outstanding Share Percentage</B>&rdquo;
as of any day is the fraction (1) the numerator of which is the Number of Shares and (2) the denominator of which is the number
of Shares outstanding on such day.</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limit
on Beneficial Ownership</U>. Notwithstanding any other provisions hereof, Dealer shall not have the right to acquire Shares hereunder
and Dealer shall not be entitled to take delivery of any Shares hereunder (in each case, whether in connection with the purchase
of Shares on any Settlement Date or any Termination Settlement Date, any Private Placement Settlement or otherwise) to the extent
(but only to the extent) that, after such receipt of any Shares hereunder, (i) the Share Amount would exceed the Post-Effective
Limit, (ii) Dealer and each person subject to aggregation of Shares with Dealer under Section 13 or Section 16 of the Exchange
Act and rules promulgated thereunder, including any &ldquo;group&rdquo; of which Dealer or its affiliates is a part, (the &ldquo;<B>Dealer
Group</B>&rdquo;) would directly or indirectly beneficially own (as such term is defined for purposes of Section 13 or Section
16 of the Exchange Act and rules promulgated thereunder) in excess of 4.0% of the then outstanding Shares (the &ldquo;<B>Threshold
Number of Shares</B>&rdquo;) or (iii) such acquisition would result in a violation of any restriction on ownership and transfers
set forth in Section 9.2.1 of Counterparty&rsquo;s Articles of Incorporation, as amended and supplemented, and as further modified
by the Waiver (the &ldquo;<B>Counterparty Stock Ownership Restriction</B>&rdquo;). Any purported delivery hereunder shall be void
and have no effect to the extent (but only to the extent) that, after such delivery, (i) the Share Amount would exceed the Post-Effective
Limit, (ii) the Dealer Group would directly or indirectly so beneficially own in excess of the Threshold Number of Shares or (iii)
such delivery would result in a violation of the Counterparty Stock Ownership Restriction. If any delivery owed to Dealer hereunder
is not made, in whole or in part, as a result of this provision, Counterparty&rsquo;s obligation to make such delivery shall not
be extinguished and Counterparty shall make such delivery as promptly as practicable after, but in no event later than one Scheduled
Trading Day after, Dealer gives notice to Counterparty that, after such delivery, (i) the Share Amount would not exceed the Post-Effective
Limit, (ii) the Dealer Group would not directly or indirectly so beneficially own in excess of the Threshold Number of Shares or
(iii) such delivery would not result in a violation of the Counterparty Stock Ownership Restriction, as applicable.</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">In addition, notwithstanding anything herein
to the contrary, if any delivery owed to Dealer hereunder is not made, in whole or in part, as a result of the immediately preceding
paragraph, Dealer shall be permitted to make any payment due in respect of such Shares to Counterparty in two or more tranches
that correspond in amount to the number of Shares delivered by Counterparty to Dealer pursuant to the immediately preceding paragraph.</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">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Commodity
Exchange Act</U>. Each of Dealer and Counterparty agrees and represents that it is an &ldquo;eligible contract participant&rdquo;
as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended (the &ldquo;<B>CEA</B>&rdquo;), the Agreement and this
Transaction are subject to individual negotiation by the parties and have not been executed or traded on a &ldquo;trading facility&rdquo;
as defined in Section 1a(51) of the CEA.</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">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bankruptcy
Status</U>. Subject to Paragraph 7(l) above, Dealer acknowledges and agrees that this Confirmation is not intended to convey to
Dealer rights with respect to the transactions contemplated hereby that are senior to the claims of Counterparty&rsquo;s common
stockholders in any U.S. bankruptcy proceedings of Counterparty; <I>provided</I>, <I>however</I>, that nothing herein shall be
deemed to limit Dealer&rsquo;s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements
with respect to this Confirmation and the Agreement; and <I>provided</I>, <I>further</I>, that nothing herein shall limit or shall
be deemed to limit Dealer&rsquo;s rights in respect of any transaction other than this Transaction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Collateral or Setoff</U>. Notwithstanding Section 6(f) or any other provision of the Agreement or any other agreement between the
parties to the contrary, the obligations of Counterparty hereunder are not secured by any collateral. Obligations in respect of
this Transaction shall not be set off against any other obligations of the parties, whether arising under the Agreement, under
any other agreement between the parties hereto, by operation of law or otherwise, and no other obligations of the parties shall
be set off against obligations in respect of this Transaction, whether arising under the Agreement, under any other agreement between
the parties hereto, by operation of law or otherwise, and each party hereby waives any such right of setoff.</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">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Matters</U>.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></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">For the purpose of Section
                                         3(f) of the Agreement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(A)</TD><TD STYLE="text-align: left">Dealer makes the following representations:</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is a &ldquo;U.S. person&rdquo; (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for
U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is a national banking association organized and existing under the laws of the United States of America, and is an exempt recipient
under Treasury Regulation Section 1.6049-4(c)(1)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&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: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(B)</TD><TD STYLE="text-align: left">Counterparty makes the following representations:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is a &ldquo;U.S. person&rdquo; (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for
U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is a corporation for U.S. federal income tax purposes and is organized under the laws of the State of Maryland, and is an exempt
recipient under Treasury Regulation Section 1.6049-4(c)(1)(ii)(J).</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></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"><FONT STYLE="text-underline-style: double"><U>(ii)</U></FONT></TD><TD STYLE="text-align: justify"><U>Withholding Tax imposed on payments to non-US counterparties under the United States Foreign
Account Tax Compliance Act</U>. &ldquo;Indemnifiable Tax&rdquo;, as defined in Section 14 of the Agreement, shall not include any
U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986,
as amended (the &ldquo;<B>Code</B>&rdquo;), any current or future regulations or official interpretations thereof, any agreement
entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant
to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a &ldquo;<B>FATCA
Withholding Tax</B>&rdquo;). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which
is required by applicable law for the purposes of Section 2(d) of the Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><U>871(m) Protocol.</U> The parties agree that the definitions and provisions contained in the
ISDA 2015 Section 871(m) Protocol, as published by ISDA and as may be amended, supplemented, replaced or superseded from time to
time (the &ldquo;<B>871(m) Protocol</B>&rdquo;) shall apply to the Agreement as if the parties had adhered to the 871(m) Protocol
as of the effective date of the Agreement.</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>

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<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"><U>Tax documentation</U>. For the purposes of Sections 4(a)(i) and 4(a)(ii) of the Agreement, Counterparty
shall provide to Dealer, and Dealer shall deliver to Counterparty, a valid and duly executed U.S. Internal Revenue Service Form
W-9, or any successor thereto, (i) on or before the date of execution of this Confirmation; (ii) promptly upon reasonable demand
by the other party; and (iii) promptly upon learning that any such tax form previously provided has become invalid, obsolete, or
incorrect. Additionally, Counterparty or Dealer shall, promptly upon reasonable request by the other party, provide such other
tax forms and documents reasonably requested by the other party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><U>Change of Account</U>. Section 2(b) of the Agreement is hereby amended by the addition of the
following after the word &ldquo;delivery&rdquo; in the first line thereof: &ldquo;to another account in the same legal and tax
jurisdiction&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Wall
Street Transparency and Accountability Act of 2010</U>.&nbsp; The parties hereby agree that none of (i) Section 739 of the WSTAA,
(ii) any similar legal certainty provision included in any legislation enacted, or rule or regulation promulgated, on or after
the Trade Date, (iii) the enactment of the WSTAA or any regulation under the WSTAA, (iv) any requirement under the WSTAA or (v)
any amendment made by the WSTAA shall limit or otherwise impair either party&rsquo;s right to terminate, renegotiate, modify, amend
or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased
cost, regulatory change or similar event under this Confirmation, the Equity Definitions or the Agreement (including, but not limited
to, any right arising from any Acceleration Event).</P>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.35in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.35in 0pt 0; text-align: justify">Please confirm your agreement
to be bound by the terms stated herein by executing the copy of this Confirmation enclosed for that purpose and returning it to
us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.35in 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.35in 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Yours sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">CITIBANK, N.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>/s/ James Heathcote</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">James Heathcote</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Authorized Signatory</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">[Signature
    Page to Registered Forward Transaction Confirmation]</FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Confirmed as of the date first above written:</P>

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

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

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

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

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    <TD STYLE="width: 6%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-size: 10pt"><U>/s/ Clayton Thelen </U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Clayton Thelen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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

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    <TD STYLE="vertical-align: top; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">[Signature
    Page to Registered Forward Transaction Confirmation]</FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
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<TYPE>EX-1.2
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<FILENAME>tv488677_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.2</B></P>

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

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

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



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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3,000,000 Shares of Common Stock</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 13, 2018</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">390 Greenwich Street, 3rd Floor</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Agree Realty Corporation,
a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), Agree Limited Partnership, a Delaware limited partnership (the &ldquo;<B>Operating
Partnership</B>&rdquo;), and Citigroup Global Markets Inc., in its capacity as agent for the Forward Counterparty (as defined below)
(in such agency capacity, the &ldquo;<B>Forward Seller</B>&rdquo;), at the request of the Company in connection with the Forward
Sale Agreement (as defined below), confirm their agreement with each of the Underwriters named in <U>Schedule I</U> hereto (collectively,
the &ldquo;<B>Underwriters</B>,&rdquo; which term shall also include any underwriter hereinafter substituted as provided in Section
11 hereof), for whom Citigroup Global Markets Inc. is acting as representative (in such capacity, if and as applicable, the &ldquo;<B>Representative</B>&rdquo;)
with respect to the sale by the Forward Seller and the purchase by the Underwriters, acting severally and not jointly, of an aggregate
of 3,000,000 shares (the &ldquo;<B>Borrowed Firm Shares</B>&rdquo;) of the Company&rsquo;s common stock, $0.0001 par value per
share (&ldquo;<B>Common Stock</B>&rdquo;), and (ii) the grant to the Underwriters, acting severally and not jointly, of the option
described in Section 2 hereof to purchase all or any part of 450,000 additional shares of Common Stock (the &ldquo;<B>Additional
Shares</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif">Any
Additional Shares sold to the Underwriters by the Forward Seller pursuant to Section&nbsp;2 hereof upon exercise of the option
described therein are herein referred to as the &ldquo;<B>Borrowed Additional Shares</B>.&rdquo; Any Additional Shares sold to
the Underwriters by the Company pursuant to Section&nbsp;2 hereof upon exercise of such option and any Company Top-Up Additional
Shares (as defined in Section&nbsp;23(a)&nbsp;hereof) are herein referred to as the &ldquo;<B>Company Additional Shares</B>.&rdquo;
The Borrowed Firm Shares and the Company Top-Up Firm Shares (as defined in Section&nbsp;23(a)&nbsp;hereof) are herein referred
to collectively as the &ldquo;<B>Firm Shares</B>.&rdquo; The Company Top-Up Firm Shares and the Company Additional Shares are herein
referred to collectively as the &ldquo;<B>Company Shares</B>.&rdquo;&nbsp; The Borrowed Firm Shares and the Borrowed Additional
Shares are herein referred to collectively as the &ldquo;<B>Borrowed Shares</B>.&rdquo;&nbsp; The Borrowed Shares and the Company
Shares are herein referred to as the &ldquo;<B>Shares</B>.&rdquo;&nbsp; The Shares are described in the Prospectus which is referred
to below. </FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used herein, &ldquo;<B>Forward
Sale Agreement</B>&rdquo; means the letter agreement, dated the date hereof, between the Company and Citibank, N.A. (the &ldquo;<B>Forward
Counterparty</B>&rdquo;), relating to the forward sale by the Company, subject to the Company&rsquo;s right to elect Cash Settlement
or Net Share Settlement (as such terms are defined in the Forward Sale Agreement), of a number of shares of Common Stock equal
to the number of Borrowed Firm Shares sold by the Forward Seller to the Underwriters pursuant to this Agreement. References herein
to the &ldquo;Forward Sale Agreement&rdquo; are to the initial Forward Sale Agreement and/or the Additional Forward Sale Agreement
as the context requires.</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 Company understands
that the Underwriters propose to make a public offering of the Shares on the terms set forth herein as soon as the Underwriters
deem advisable after this Underwriting Agreement (the &ldquo;<B>Agreement</B>&rdquo;) has been executed and delivered, it being
understood that the Company, the Forward Counterparty, the Forward Seller and the Underwriters will determine the public offering
price per share for the Shares on the first business day after the date the Agreement has been executed and delivered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Registration
Statement and Prospectus</U>. The Company has prepared and filed on June 2, 2017 with the Securities and Exchange Commission (the
&ldquo;<B>Commission</B>&rdquo;) in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and
regulations of the Commission thereunder (collectively, the &ldquo;<B>Act</B>&rdquo;), a shelf registration statement on Form S-3
(No. 333-218476) under the Act (&ldquo;<B>Registration Statement 333-218476</B>&rdquo;), including the prospectus contained therein
(the &ldquo;<B>Basic Prospectus</B>&rdquo;), relating to the issuance and sale of certain securities, including the Shares. The
Company has filed with, or transmitted for filing to, or shall promptly hereafter file with or transmit for filing to, the Commission
a supplement to the prospectus included in such registration statement (the &ldquo;<B>Prospectus Supplement</B>&rdquo;) specifically
relating to the Shares and the plan of distribution thereof pursuant to Rule 424. Registration Statement 333-218476 was automatically
effective upon filing pursuant to Rule 462(e) under the Act. Except where the context otherwise requires, Registration Statement
333-218476, on each date and time that such registration statement and any post-effective amendment or amendments thereto became
or becomes effective (each, an &ldquo;<B>Effective Date</B>&rdquo;), including all exhibits filed as part thereof or incorporated
by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission
pursuant to Rule 424(b) and deemed part of such registration statement by virtue of Rule 430B (the &ldquo;<B>Rule 430B Information</B>&rdquo;),
collectively, are herein called the &ldquo;<B>Registration Statement</B>,&rdquo; and the Basic Prospectus, as supplemented by the
final Prospectus Supplement, in the form first used by the Company in connection with confirmation of sales of the Shares, is herein
called the &ldquo;<B>Prospectus</B>;&rdquo; and the term &ldquo;<B>Preliminary Prospectus</B>&rdquo; means each preliminary form
of the Prospectus Supplement used in connection with the offering of the Shares that omitted Rule 430B Information, including the
related Basic Prospectus in the form first filed by the Company pursuant to Rule 424(b). The Basic Prospectus together with the
Preliminary Prospectus, as amended or supplemented, immediately prior to the Applicable Time is hereafter called the &ldquo;<B>Pricing
Prospectus</B>,&rdquo; and any &ldquo;issuer free writing prospectus&rdquo; (as defined in Rule 433) relating to the Shares is
hereafter called an &ldquo;<B>Issuer Free Writing Prospectus</B>.&rdquo; The &ldquo;<B>Applicable Time</B>&rdquo; shall mean 7:00
p.m. (Eastern Time) on March 13, 2018 or such other time as agreed by the Company and the Representative. The Pricing Prospectus,
as supplemented by the Issuer Free Writing Prospectuses, if any, listed in <U>Schedule II</U> hereto or that the parties hereto
shall hereafter expressly agree in writing to treat as part of the Disclosure Package (as defined below) together with the information
included on <U>Exhibit A</U> all considered together, are hereafter collectively called the &ldquo;<B>Disclosure Package</B>.&rdquo;
Any reference in this Agreement to the Registration Statement, the Disclosure Package, the Prospectus or any amendment or supplement
thereto shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3
under the Act (the &ldquo;<B>Incorporated Documents</B>&rdquo;), as of each Effective Date or the Applicable Time or the date of
the Prospectus, as the case may be (it being understood that the several specific references in this Agreement to documents incorporated
by reference in the Registration Statement, the Disclosure Package or the Prospectus are for clarifying purposes only and are not
meant to limit the inclusiveness of any other definition herein). For purposes of this Agreement, all references to the Registration
Statement, the Disclosure Package or the Prospectus or any amendment or supplement thereto shall be deemed to include the copy
filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (<B>&ldquo;EDGAR&rdquo;</B>).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to financial statements and schedules and other information which is &ldquo;contained,&rdquo; &ldquo;included,&rdquo;
&ldquo;stated&rdquo; or &ldquo;described&rdquo; in the Registration Statement, the Disclosure Package or the Prospectus (and all
other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information
which is or is deemed to be incorporated by reference in the Registration Statement, the Disclosure Package or the Prospectus,
as the case may be; and all references in this Agreement to amendments or supplements to the Registration Statement, the Disclosure
Package or the Prospectus shall be deemed to include the filing after the Applicable Time of any document under the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder (collectively, the &ldquo;<B>Exchange
Act</B>&rdquo;), which is or is deemed to be incorporated by reference in the Registration Statement, the Disclosure Package or
the Prospectus, as the case may be.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the basis of the
warranties and representations and subject to the terms and conditions herein set forth, the Forward Seller (with respect to the
Borrowed Firm Shares) and the Company (with respect to any Company Top-Up Firm Shares), severally and not jointly, agrees to sell
to the Underwriters, and each Underwriter agrees, severally and not jointly, to purchase from the Forward Seller (with respect
to the Borrowed Firm Shares) and the Company (with respect to any Company Top-Up Firm Shares), at a purchase price of $47.28 (the
&ldquo;<B>Purchase Price</B>&rdquo;) per Firm Share, the number of Firm Shares set forth in <U>Schedule I</U> hereto opposite the
name of such Underwriter. The Forward Seller&rsquo;s obligations extend solely to the respective number of Borrowed Firm Shares
set forth opposite the name of such Forward Seller in <U>Schedule I</U> hereto under the heading &ldquo;Number of Borrowed Firm
Shares To Be Sold&rdquo; at the Purchase Price.</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 addition, the several
Underwriters shall have the option to purchase pursuant to clause (A) or clause (B) below as applicable, severally and not jointly,
ratably in accordance with the number of Firm Shares to be purchased by each of them, all or a portion of the Additional Shares
at a purchase price per Additional Share equal to the Purchase Price less an amount per Additional Share equal to any dividends
or distributions declared by the Company and payable on the Firm Shares but not payable on the Additional Shares (the &ldquo;<B>Additional
Shares Purchase Price</B>&rdquo;). This option may be exercised by the Underwriters at any time (but not more than once) on or
before the thirtieth day following the date hereof, by written notice to the Company and the Forward Seller. Such notice shall
set forth the aggregate number of Additional Shares as to which the option is being exercised and the date and time when the Additional
Shares are to be delivered (such date and time being herein referred to as the &ldquo;<B>Option Closing Date</B>&rdquo;); provided,
however, that the Option Closing Date shall not be (i) earlier than the Closing Date (as defined below) or (ii) unless otherwise
agreed to by the Company, the Forward Seller and the Underwriters, earlier than the second or later than the tenth Business Day
after the date on which the option shall have been exercised. As used herein &ldquo;<B>Business Day</B>&rdquo; shall mean a day
on which the New York Stock Exchange (&ldquo;<B>NYSE</B>&rdquo;) is open for trading or commercial banks in the City of New York
are open for business.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees that it will use its commercially reasonable best efforts to, within one Business Day after such notice is given,
execute and deliver to the Forward Seller an additional letter agreement between the Company and the Forward Counterparty (the
&ldquo;<B>Additional Forward Sale Agreement</B>&rdquo;) relating to the forward sale by the Company, subject to the Company&rsquo;s
right to elect Cash Settlement or Net Share Settlement (as such terms are defined in such Additional Forward Sale Agreement), of
a number of shares of Common Stock equal to the aggregate number of Additional Shares being purchased by the Underwriters from
the Forward Seller pursuant to the exercise of such option, on terms substantially similar to the initial Forward Sale Agreement<I>,
mutatis mutandis</I>, as agreed by the parties. Upon the Company&rsquo;s execution and delivery to the Forward Counterparty of
such Additional Forward Sale Agreement, the Forward Counterparty shall promptly execute and deliver such Additional Forward Sale
Agreement to the Company, and upon such execution and delivery to the Company, upon the basis of the warranties and representations
and subject to the terms and conditions herein set forth, the Forward Seller (or, in the case of any Company Top-Up Additional
Shares, the Company), severally and not jointly, hereby agrees to sell to the several Underwriters such number of Additional Shares
at the Additional Shares Purchase Price. The Forward Seller&rsquo;s obligations extend solely to the number of Borrowed Additional
Shares, which shall be not more than the number set forth opposite the name of such Forward Seller in <U>Schedule I</U> hereto
under the heading &ldquo;Maximum Number of Borrowed Additional Shares To Be Sold,&rdquo; at the Additional Shares Purchase Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company does not timely execute and deliver the Additional Forward Sale Agreement pursuant to clause (a) above, then, upon
the basis of the warranties and representations and subject to the terms and conditions herein set forth, the Company agrees to
sell to the several Underwriters the aggregate number of Additional Shares with respect to which the option is being exercised
at the Additional Shares Purchase Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If (i) any of the representations
and warranties of the Company contained herein or any certificate delivered by the Company pursuant hereto are not true and correct
as of the Closing Date or any Option Closing Date, as the case may be, as if made as of the Closing Date or such Option Closing
Date, (ii) the Company has not performed all of the obligations required to be performed by it under this Agreement on or prior
to the Closing Date or such Option Closing Date, (iii) any of the conditions set forth in Section 8 hereof have not been satisfied
on or prior to the Closing Date or such Option Closing Date, (iv) this Agreement shall have been terminated pursuant to Section
10 hereof on or prior to the Closing Date or such Option Closing Date or the Closing Date or such Option Closing Date shall not
have occurred, (v) any of the conditions set forth in Section 7(a) of the initial Forward Sale Agreement (or the equivalent section
of the Additional Forward Sale Agreement) shall not have been satisfied on or prior to the Closing Date or such Option Closing
Date or (vi) any of the representations and warranties of the Company contained in the Forward Sale Agreement are not true and
correct as of the Closing Date or such Option Closing Date as if made as of the Closing Date or such Option Closing Date (clauses
(i) through (vi), together, the &ldquo;<B>Conditions</B>&rdquo;), then the Forward Seller, in its sole discretion, may elect not
to (or in the case of clause (iv), will not) borrow and deliver for sale to the Underwriters the Borrowed Shares otherwise deliverable
on such date. In addition, in the event the Forward Seller determines in good faith and a commercially reasonable manner that (A)
in connection with establishing its commercially reasonable hedge position such Forward Seller is unable to borrow and deliver
for sale under this Agreement a number of shares of Common Stock equal to the number of Borrowed Shares to be sold by it hereunder,
or (B) it would be impracticable for such Forward Seller to do so or it would incur a stock loan cost (excluding, for the avoidance
of doubt, the federal funds rate component payable by the relevant stock lender to the Forward Seller) of more than 200 basis points
per annum with respect to all or any portion of such shares to do so, then, in each case, such Forward Seller shall only be required
to deliver for sale to the Underwriters at the Closing Date or any Option Closing Date, as the case may be, the aggregate number
of shares of Common Stock that such Forward Seller or its affiliate is able to so borrow in connection with establishing its commercially
reasonable hedge position at or below such cost.</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">If the Forward Seller
elects, pursuant to the preceding paragraph not to borrow and deliver for sale to the Underwriters at the Closing Date or any Option
Closing Date, as the case may be, the total number of Borrowed Shares to be sold by it hereunder, such Forward Seller will use
its commercially reasonable efforts to notify the Company no later than 5:00 p.m., New York City time, on the Business Day prior
to the Closing Date or such Option Closing Date. Notwithstanding anything to the contrary herein, in no event will the Company
be required to issue or deliver any Company Shares prior to the Business Day following notice to the Company of the relevant number
of Shares so deliverable in accordance with this paragraph.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Delivery
of the Shares and Payment Therefor</U>.</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: 1in">(a)&#9;<U>Firm Shares</U>.&#9;The
Firm Shares to be purchased by the Underwriters hereunder, in definitive form, and in such authorized denominations and registered
in such names as the Representative may request upon at least forty-eight (48) hours&rsquo; prior notice to the Forward Seller
or the Company, as the case may be, shall be delivered by or on behalf of the Forward Seller or the Company, as the case may be,
to the Representative, including, at the option of the Representative, through the facilities of The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;)
for the account of the Underwriters, against payment by or on behalf of the Underwriters of the purchase price therefor by wire
transfer of Federal (same-day) funds to the account specified to the Representative by the Forward Seller (with respect to the
Borrowed Firm Shares) or by the Company (with respect to the Company Top-Up Shares), in either case, upon at least forty-eight
(48) hours&rsquo; prior notice. The time, date and place of such delivery and payment shall be 10:00 a.m., New York City time,
on the second (third, if the determination of the purchase price of the Firm Shares occurs after 4:00 p.m., New York City time)
business day after the date hereof (unless another time and date shall be agreed to by the Representative, the Forward Seller or
the Company, as applicable) at the office of Hunton &amp; Williams LLP, counsel for the Underwriters, Riverfront Plaza, 951 E.
Byrd Street, Richmond, VA 23219. The time and date at which such delivery and payment are actually made is hereinafter called the
&ldquo;<B>Closing Date</B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#9;<U>Additional
Shares</U>.&#9; Any Additional Shares to be purchased by the Underwriters hereunder, in definitive form, and in such authorized
denominations and registered in such names as the Representative may request upon at least forty-eight (48) hours&rsquo; prior
notice to the Forward Seller shall be delivered by or on behalf of the Forward Seller or the Company, as the case may be, to the
Representative, including, at the option of the Representative, through the facilities of DTC for the account of the Underwriters,
against payment by or on behalf of the Underwriters of the purchase price therefor by wire transfer of Federal (same-day) funds
to the account specified to the Representative by the Company (with respect to the Company Additional Shares) or the Forward Seller
(with respect to the Borrowed Additional Shares), as the case may be, upon at least forty-eight (48) hours&rsquo; prior notice.
The time, date and place of such delivery and payment shall be 9:30 a.m., New York City time, on the date specified by the Representative
in the notice given by the Representative to the Company or the Forward Seller, as the case may be, of the Underwriters&rsquo;
election to purchase such Additional Shares or on such other time and date as the Company and the Representative may agree upon
in writing at the office of Hunton &amp; Williams LLP, counsel for the Underwriters, Riverfront Plaza, 951 E. Byrd Street, Richmond,
VA 23219.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Agreements
of the Company</U>. The Company agrees with the Underwriters, the Forward Seller and the Forward Counterparty as follows:</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 4.5pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at the time this Agreement is executed and delivered, it is necessary for a post-effective amendment to the Registration Statement
to be declared effective before the offering of the Shares may commence, the Company will use its best efforts to cause such post-effective
amendment to become effective as soon as possible and will advise the Representative, the Forward Seller and the Forward Counterparty
promptly and, if requested by the Representative, the Forward Seller or the Forward Counterparty, will confirm such advice in writing,
immediately after such post-effective amendment has become effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time prior to the filing of the Prospectus pursuant to Rule 424(b), any event occurs as a result of which the Disclosure
Package would (x) include any untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein in the light of the circumstances under which they were made or the circumstances then prevailing, not misleading or (y)
conflict with the information contained in the Registration Statement, the Company will (i) notify promptly the Representative,
the Forward Seller and the Forward Counterparty so that any use of the Disclosure Package may cease until it is amended or supplemented;
(ii) amend or supplement the Disclosure Package to correct such statement, omission or conflicting information; and (iii) supply
any amendment or supplement to the Representative, the Forward Seller or the Forward Counterparty in such quantities as may be
reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will advise the Representative, the Forward Seller and the Forward Counterparty promptly and, if requested by the Representative,
the Forward Seller or the Forward Counterparty, will confirm such advice in writing: (i) of any review, issuance of comments or
request by the Commission or its staff on or for an amendment of or a supplement to the Registration Statement, any Preliminary
Prospectus or the Prospectus or for additional information regarding the Company, its affiliates or its filings with the Commission,
whether or not such filings are incorporated by reference into the Registration Statement, any Preliminary Prospectus or the Prospectus;
(ii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of the suspension
of qualification of the Shares for offering or sale in any jurisdiction or the initiation of any proceeding for such purpose or
any examination pursuant to Section 8(e) of the Act relating to the Registration Statement or Section 8A of the Act in connection
with the offering of the Shares; (iii) of the receipt by the Company of any notification with respect to the suspension of the
qualification of the Shares for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose;
and (iv) within the period of time referred to in the first sentence in subsection (f) below, of any change in the Company&rsquo;s
condition (financial or other), business, prospects, properties, net worth or results of operations, or of the happening of any
event, which results in any statement of a material fact made in the Registration Statement or the Prospectus (as then amended
or supplemented) being untrue or which requires the making of any additions to or changes in the Registration Statement or the
Prospectus (as then amended or supplemented) in order to state a material fact required by the Act to be stated therein or necessary
in order to make the statements therein not misleading, or of the necessity to amend or supplement the Prospectus (as then amended
or supplemented) to comply with the Act or any other law. If at any time the Commission shall issue any stop order suspending the
effectiveness of the Registration Statement, the Company will make every reasonable effort to obtain the withdrawal of such order
at the earliest possible time.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees that, unless it has or shall have obtained the prior written consent of the Representative, it has not made and
will not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus or that would otherwise
constitute a Free Writing Prospectus required to be filed by the Company with the Commission or retained by the Company under Rule
433; <U>provided</U> that the prior written consent of the parties hereto shall be deemed to have been given in respect of the
Free Writing Prospectuses listed in <U>Schedule&nbsp;II</U> hereto and any electronic road show. Any such free writing prospectus
consented to by the Representative or the Company is hereinafter referred to as a &ldquo;<B>Permitted Free Writing Prospectus</B>.&rdquo;
The Company agrees that (x) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer
Free Writing Prospectus and (y) it has complied and will comply, as the case may be, with the requirements of Rules 164 and 433
applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record
keeping.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will make generally available to its security holders and to the Underwriters a consolidated earnings statement, which
need not be audited, covering a 12-month period commencing after the date hereof and ending not later than 15 months thereafter,
as soon as practicable after the end of such period, which consolidated earnings statement shall satisfy the provisions of Section&nbsp;11(a)
of the Act and Rule 158.</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 4.5pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the period commencing on the date hereof and ending on the date occurring three (3) years hereafter, the Company will furnish to
the Underwriters, the Forward Seller and the Forward Counterparty: (i)&nbsp;as soon as available, if requested, a copy of each
report of the Company mailed to stockholders or filed with the Commission that is not publicly available on EDGAR or the Company&rsquo;s
website; and (ii)&nbsp;from time to time such other information concerning the Company as the Representative, the Forward Seller
or the Forward Counterparty may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Rule 430A, 430B or 430C is employed, the Company will timely file the Prospectus pursuant to Rule 424(b) and will advise the Representative
of the time and manner of such filing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any affiliate of the Company has taken, nor will the Company or any affiliate of the Company take, directly or
indirectly, any action designed to, or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise,
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not, without the prior written consent of the Representative, offer, sell, contract to sell, pledge or otherwise dispose
of or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition (whether by
actual disposition or effective economic disposition due to cash settlement or otherwise) by the Company or any affiliate of the
Company or the Operating Partnership, directly or indirectly, of any shares of Common Stock (excluding the Shares) or any securities
convertible into or exercisable or exchangeable for, shares of Common Stock, including the filing (or participation in the filing)
of a registration statement with the Commission in respect of any of the foregoing, or establish or increase a put equivalent position
or liquidate or decrease a call equivalent position (within the meaning of Section 16 of the Exchange Act), any shares of Common
Stock (excluding the Shares) or any securities convertible into or exercisable or exchangeable for, shares of Common Stock; or
publicly announce an intention to effect any such transaction, until sixty (60) days from the date of the Prospectus; <I>provided</I>,
<I>however</I>, that the Company may issue and sell Common Stock, or any securities convertible into or exchangeable for shares
of Common Stock, (i) pursuant to the conversion or exchange of convertible or exchangeable securities or the exercise of warrants
or options, in each case outstanding at the Applicable Time, (ii) grant employees stock options and restricted shares pursuant
to the terms of any equity incentive plan in effect at the Applicable Time, (iii) in connection with the acquisition of properties
or in connection with joint ventures or similar arrangements, so long as the recipients agree in writing not to sell or transfer
the Common Stock or such securities for a period of sixty (60) days from the date of the Prospectus without the prior written consent
of the Representative, (iv) in connection with sales of Common Stock pursuant those certain equity distribution agreements, each
dated April 28, 2017, by and between the Company and the managers named therein, <I>provided</I> the Company obtains the written
or electronic consent of the Representative, which consent shall not be unreasonably withheld, at least one Business Day prior
to making sales under such agreements, and (v) any shares of Common Stock issuable upon settlement of the Forward Sale Agreement
or pursuant to an Acceleration Event (as defined in the Forward Sale Agreement).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will comply with all applicable securities and other applicable laws, rules and regulations, including, without limitation,
the Sarbanes-Oxley Act of 2002 (the &ldquo;<B>Sarbanes-Oxley Act</B>&rdquo;), and will use its reasonable best efforts to cause
the Company&rsquo;s directors and officers, in their capacities as such, to comply with such laws, rules and regulations, including,
without limitation, the provisions of the Sarbanes-Oxley Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will file any Issuer Free Writing Prospectus to the extent required by Rule 433 within the time period required by such
rule. The Company will retain, pursuant to reasonable procedures developed in good faith, copies of each Issuer Free Writing Prospectus
that is not filed with the Commission in accordance with Rule 433(g).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will use reasonable best efforts to complete all required filings with the NYSE and other necessary actions in order to
cause the Shares to be listed and admitted and authorized for trading on the NYSE, subject solely to notice of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations
and Warranties of the Company and Operating Partnership</U>. The Company and the Operating Partnership, jointly and severally,
represent, warrant and covenant to each Underwriter, the Forward Seller and the Forward Counterparty as follows:</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: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Basic Prospectus and each Preliminary Prospectus, if any, included as part of the Registration Statement as originally filed or
as part of any amendment or supplement thereto, or filed pursuant to Rule 424, complied when so filed in all material respects
with the provisions of the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
order preventing or suspending the use of the Preliminary Prospectus has been issued by the Commission, and the Preliminary Prospectus
included in the Disclosure Package, at the time of filing thereof, complied in all material respects with the Act, and the Preliminary
Prospectus, as of its date and as of the date hereof, did not, does not and will not contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The representation and warranty contained in this Section&nbsp;6(b) does not apply to statements
in or omissions from the Preliminary Prospectus made in reliance upon and in conformity with the Underwriters Content.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
At the original effectiveness of the Registration Statement, (ii) at the time of the most recent amendment thereto for the purposes
of complying with Section 10(a)(3) of the Act (whether such amendment was by post-effective amendment, incorporated report filed
pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the Company or any person acting
on its behalf (within the meaning, for this clause only, of Rule 163(c) under the Act) made any offer relating to the Shares in
reliance on the exemption of Rule 163 under the Act, and (iv) as of the Applicable Time, the Company was and is a &ldquo;well-known
seasoned issuer&rdquo; (as defined in Rule 405).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement is an &ldquo;automatic shelf registration statement&rdquo; (as defined in Rule 405) and the Shares have
been and remain eligible for registration by the Company on such automatic shelf registration statement. The Registration Statement
has become effective under the Act. No order suspending the effectiveness of the Registration Statement has been issued by the
Commission, and no proceeding for that purpose or pursuant to Section 8A of the Act against the Company or related to the offering
of the Shares has been initiated or, to the knowledge of the Company and the Operating Partnership, threatened by the Commission;
the Registration Statement, as of the date hereof, and any post-effective amendment thereto, as of its applicable effective date,
and at each deemed effective date with respect to the Underwriters pursuant to paragraph (f)(2) of Rule 430B, complied and will
comply in all material respects with the Act, and did not and will not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; and
(ii) as of the date of the Prospectus and any amendment or supplement thereto and as of the Closing Date and as of each Option
Closing Date, as the case may be, the Prospectus, will not contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The Company has not received from the Commission any notice objecting to the use of the shelf registration statement form. The
representation and warranty contained in this Section&nbsp;6(d) does not apply to statements in or omissions from the Registration
Statement, the Disclosure Package or the Prospectus made in reliance upon and in conformity with the Underwriters Content (as hereinafter
defined).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The Disclosure Package, and (ii) each electronic road show, if any, when taken together as a whole with the Disclosure Package,
did not at the Applicable Time, and will not on the Closing Date and on each Option Closing Date, as applicable, contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions
from the Disclosure Package made in reliance upon and in conformity with the Underwriters Content.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a <I>bona
fide </I>offer (within the meaning of Rule 164(h)(2)) of the Shares and (ii) as of the Applicable Time (with such date being used
as the determination date for purposes of this clause (ii)), the Company was not and is not an Ineligible Issuer (as defined in
Rule 405), without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the
Company be considered an Ineligible Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Issuer Free Writing Prospectus does not include any information that conflicts with the information contained in the Registration
Statement, including any Incorporated Document and any prospectus supplement deemed to be a part thereof that has not been superseded
or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based
upon and in conformity with the Underwriters Content.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Incorporated Documents heretofore filed, when they were filed (or, if any amendment with respect to any such document was filed,
when such amendment was filed), conformed in all material respects with the requirements of the Exchange Act and the rules and
regulations of the Commission thereunder. No such document when it was filed (or, if an amendment with respect to any such document
was filed, when such amendment was filed), contained an untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under which
they were made, not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares have been duly and validly authorized and conform in all material respects to the description thereof contained in the Registration
Statement, the Disclosure Package and the Prospectus and, when issued and delivered pursuant to this Agreement or the Forward Sale
Agreement, will be fully paid and non-assessable free and clear of any pledge, lien, encumbrance, security interest or other claim,
and the issuance and sale of the Shares by the Company is not subject to preemptive or other similar rights arising by operation
of law, under the articles of incorporation, by-laws or other organizational documents of the Company or under any agreement to
which the Company or any one of its subsidiaries is a party; no person has a right of participation or first refusal with respect
to the sale of the Shares by the Company or the Forward Seller. The form of certificate for the Shares will be in valid and sufficient
form in compliance with Maryland law and the NYSE requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
number of shares of Common Stock equal to the Share Cap (as defined in the Forward Sale Agreement) have been duly authorized and
reserved for issuance upon settlement of the Forward Sale Agreement and, when issued and delivered by the Company to the Forward
Counterparty pursuant thereto, against payment of any consideration required to be paid by the Forward Counterparty pursuant to
the terms of the Forward Sale Agreement, the shares of Common Stock so issued and delivered will be validly issued, fully paid
and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and the issuance of such
shares of Common Stock will not be subject to any preemptive or other similar rights arising by operation of law, under the articles
of incorporation, by-laws or other organizational documents of the Company or any one of its subsidiaries or under any agreement
to which the Company or any one of its subsidiaries is a party or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately
following the Closing Date, 31,033,259 shares of Common Stock of the Company will be issued and outstanding (excluding any Company
Top-Up Shares); all of the outstanding shares of Common Stock of the Company have been duly and validly authorized and issued and
are fully paid and nonassessable and are free of any preemptive or similar rights. Except as disclosed in the Registration Statement,
the Disclosure Package and the Prospectus (or any amendment or supplement thereto), there are no outstanding (i) securities or
obligations of the Company or any of its subsidiaries convertible into or exchangeable for any equity interests of the Company
or any such subsidiary, (ii) warrants, rights or options to subscribe for or purchase from the Company or any such subsidiary any
such equity interests or any such convertible or exchangeable securities or obligations or (iii) obligations of the Company or
any such subsidiary to issue any equity interests, any such convertible or exchangeable securities or obligation, or any such warrants,
rights or options. Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus (or any amendment
or supplement thereto), there are no persons with registration or other similar rights to have any equity or debt securities, including
securities which are convertible into or exchangeable for equity securities, registered pursuant to the Registration Statement
or otherwise registered by the Company under the Act (other than those that have been waived).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and the Operating Partnership is a corporation and limited partnership, respectively, duly organized, validly existing
and in good standing under the laws of the state of its formation, with full corporate or partnership power, as applicable, and
authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the
Disclosure Package and the Prospectus, and each is duly registered and qualified to conduct its business, and is in good standing,
in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification,
except where the failure to so register or qualify would not reasonably be expected to have a material adverse effect on the condition
(financial or other), prospects, earnings, business, properties, net worth or results of operations of the Company and its subsidiaries
taken as a whole, whether or not arising from transactions in the ordinary course of business (a &ldquo;<B>Material Adverse Effect</B>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Company, the Operating Partnership or any of its subsidiaries does any business in Cuba.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than as set forth on <U>Schedule&nbsp;III</U> hereto, the Company has no subsidiary or subsidiaries and does not control, directly
or indirectly, any corporation, partnership, joint venture, association or other business association. The issued shares of capital
stock of each of the Company&rsquo;s subsidiaries (including the Operating Partnership) have been duly authorized and validly issued,
are fully paid and non-assessable and are owned legally and beneficially by the Company free and clear of any security interests,
liens, encumbrances, equities or claims, except as disclosed in the Registration Statement, the Disclosure Package, and the Prospectus.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no legal or governmental actions, suits, inquiries, investigations or proceedings pending or, to the knowledge of the Company,
threatened, against the Company, the Operating Partnership or any of their subsidiaries, or to which the Company, the Operating
Partnership or any properties of the Company, the Operating Partnership or any of their subsidiaries is subject, that (A)&nbsp;are
required to be described in the Registration Statement, the Disclosure Package or the Prospectus but are not described as required;
(B)&nbsp;could reasonably be expected to have a Material Adverse Effect on the performance of this Agreement or the Forward Sale
Agreement or the consummation of any of the transactions contemplated thereby; or (C)&nbsp;could reasonably be expected to have
a Material Adverse Effect, except as set forth in or contemplated in the Registration Statement, the Disclosure Package and the
Prospectus (exclusive of any supplement thereto). There are no statutes, regulations, off-balance sheet transactions, contingencies
or agreements, contracts, indentures, leases or other instruments or documents of a character that are required to be described
in the Registration Statement or the Prospectus or to be filed or incorporated by reference as an exhibit to the Registration Statement
or any Incorporated Document that are not described, filed or incorporated as required by the Act or the Exchange Act (and the
Pricing Prospectus contains in all material respects the same description of the foregoing matters contained in the Prospectus).
The statements in the Registration Statement, the Disclosure Package, and the Prospectus under the heading &ldquo;Material Federal
Income Tax Considerations&rdquo; and the statements in the Prospectus and Disclosure Package under the heading &ldquo;Additional
Material Federal Income Tax Considerations&rdquo; fairly summarize the matters therein described.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Company, the Operating Partnership or any of their subsidiaries is: (A)&nbsp;in violation of (i)&nbsp;its respective articles
of incorporation, partnership agreement, operating agreement or by-laws (or analogous governing instruments), (ii)&nbsp;any law,
ordinance, administrative or governmental rule or regulation applicable to the Company, the Operating Partnership or any of their
subsidiaries, except in the case of clause (ii), which violation would not reasonably be expected to have a Material Adverse Effect,
or (iii)&nbsp;any decree of any court or governmental agency or body having jurisdiction over the Company or its subsidiaries;
or (B)&nbsp;except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus (or any amendment or supplement
thereto), in default in any material respect in the performance of any obligation, agreement, condition or covenant (financial
or otherwise) contained in any bond, debenture, note or any other evidence of indebtedness or in any Material Agreement (as defined
below), indenture, lease or other instrument to which the Company, the Operating Partnership or any of their subsidiaries is a
party or by which the Company, the Operating Partnership or any of their subsidiaries or any of their respective properties may
be bound, and, to the Company&rsquo;s knowledge, no such default is expected. All agreements, contracts or other arrangements that
are material to the Company and the Operating Partnership are set forth on <U>Schedule IV</U> of this Agreement (the &ldquo;<B>Material
Agreements</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;As
of the date of this Agreement and the Forward Sale Agreement, the Company owns either directly or indirectly through its subsidiaries,
459 properties (the &ldquo;<B>Properties</B>&rdquo;). To the Company&rsquo;s knowledge, none of the Company, the Operating Partnership
or any of their subsidiaries is in violation of any municipal, state or federal law, rule or regulation concerning any of their
Properties, which violation would reasonably be expected to have a Material Adverse Effect; (B)&nbsp;to the Company&rsquo;s knowledge,
each of the Properties complies with all applicable zoning laws, ordinances and regulations in all material respects and, if and
to the extent there is a failure to comply, such failure does not materially impair the value of any of such Properties and will
not result in a forfeiture or reversion of title thereof; (C)&nbsp;none of the Company, the Operating Partnership or any of their
subsidiaries has received from any governmental authority any written notice of any condemnation of, or zoning change affecting
any of, the Properties, and the Company does not know of any such condemnation or zoning change which is threatened and which if
consummated would reasonably be expected to have a Material Adverse Effect; (D)&nbsp;the leases under which the Company or any
of its subsidiaries leases the Properties as lessor (the &ldquo;<B>Leases</B>&rdquo;) are in full force and effect and have been
entered into in the ordinary course of business of such entity, except as would not reasonably be expected to have a Material Adverse
Effect; (E)&nbsp;the Company and each of its subsidiaries has complied with its respective obligations under the Leases in all
material respects and the Company does not know of any default by any other party to the Leases which, alone or together with other
such defaults, would reasonably be expected to have a Material Adverse Effect; and (F)&nbsp;all liens, charges, encumbrances, claims
or restrictions on or affecting the assets (including the Properties) of the Company and its subsidiaries that are required to
be disclosed in the Registration Statement, the Disclosure Package and the Prospectus are disclosed therein.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Company&rsquo;s knowledge, Grant Thornton LLP has certified or shall certify the financial statements and schedules included
or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus (or any amendment or supplement
thereto), is and was, as of the date of this Agreement and the Forward Sale Agreement and during the periods covered by the financial
statements on which Grant Thornton LLP reported, an independent registered public accounting firm with respect to the Company as
required by the Act and the Exchange Act and the applicable published rules and regulations thereunder and by the Public Company
Accounting Oversight Board (&ldquo;<B>PCAOB</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
historical financial statements, together with related schedules and notes, included or incorporated by reference in the Registration
Statement, the Disclosure Package and the Prospectus (and any amendment or supplement thereto), present fairly in all material
respects the financial position, results of operations and changes in financial position of the Company and its subsidiaries on
the basis stated in the Registration Statement and the Incorporated Documents at the respective dates or for the respective periods
to which they apply. Such statements and related schedules and notes have been prepared in accordance with generally accepted accounting
principles consistently applied throughout the periods involved, except as disclosed therein. The other historical financial and
statistical information and data included or incorporated by reference in the Registration Statement, the Disclosure Package and
the Prospectus (and any amendment or supplement thereto) are accurately presented and prepared on a basis consistent with the audited
financial statements, included or incorporated in the Registration Statement, the Disclosure Package and the Prospectus, and the
books and records of the Company and its subsidiaries. The financial statements of the businesses or properties acquired or proposed
to be acquired, if any, included in, or incorporated by reference into, the Registration Statement, the Disclosure Package or the
Prospectus present fairly in all material respects the information set forth therein, have been prepared in conformity with generally
accepted accounting principles (&ldquo;<B>GAAP</B>&rdquo;) applied on a consistent basis and otherwise have been prepared in accordance
with the applicable financial statement requirements of Rule 3-05 or Rule 3-14 of Regulation S-X with respect to real estate operations
acquired or to be acquired. The pro forma financial statements and other pro forma financial information included, or incorporated
by reference in, the Registration Statement, Disclosure Package and the Prospectus include assumptions that provide a reasonable
basis for presenting the significant effects directly attributable to the transactions and events described therein, the related
pro forma adjustments give appropriate effect to those assumptions, and the pro forma adjustments reflect the proper application
of those adjustments to the historical financial statement amounts in the pro forma financial statements included in the Registration
Statement, the Disclosure Package and the Prospectus. The pro forma financial statements included in the Registration Statement,
the Disclosure Package and the Prospectus comply as to form in all material respects with the applicable accounting requirements
of Regulation S-X under the Act. The Company has filed with the Commission all financial statements, together with related schedules
and notes, required to be filed pursuant to Regulation S-X under the Act. Any disclosures contained or incorporated in the Registration
Statement, the Disclosure Package or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined
by the rules and regulations of the Commission) comply with Regulation G under the Exchange Act and Item 10 of Regulation S-K of
the Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language incorporated by reference in
the Registration Statement, the Disclosure Package and the Prospectus fairly presents the information called for in all material
respects and has been prepared in accordance in all material respects with the Commission&rsquo;s rules and guidelines applicable
thereto.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Forward Sale Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and binding agreement
of the Company, enforceable against the Company in accordance with its terms, except as the enforcement thereof may be limited
by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally
or by general principles of equity, and except to the extent that any indemnification provisions thereof may be limited by public
policy considerations in respect thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the Registration Statement, the Disclosure Package and the Prospectus (or any amendment or supplement thereto),
subsequent to the respective dates as of which such information is given in the Registration Statement, the Disclosure Package
and the Prospectus (or any amendment or supplement thereto), (A) none of the Company, the Operating Partnership or any of their
subsidiaries has incurred any liability or obligation (financial or other), direct or contingent, or entered into any transaction
(including any off-balance sheet activities or transactions), not in the ordinary course of business, that is material to the Company
and its subsidiaries, as a whole; (B) there has not been any material change in the capital stock, or partnership interests, as
the case may be, or material increase in the short-term debt or long-term debt (including any off-balance sheet activities or transactions),
of either of the Company or the Operating Partnership or the occurrence of or any development which may reasonably be expected
to result in a Material Adverse Effect; and (C) except for regular quarterly dividends on the Common Stock in amounts per share
that are consistent with the past practice, there has been no dividend or distribution of any kind declared, paid or made by the
Company on any class of its capital stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Operating Partnership and each of their subsidiaries has good and marketable title to all property (real and personal)
described in the Registration Statement, the Disclosure Package and the Prospectus as being owned by each of them (including the
Properties), free and clear of all liens, claims, security interests or other encumbrances that would materially and adversely
affect the value thereof or materially interfere with the use made or presently contemplated to be made thereof by them as described
in the Registration Statement, the Disclosure Package and the Prospectus, except such as are described in the Registration Statement,
the Disclosure Package and the Prospectus, or in any document filed as an exhibit to the Registration Statement, and each property
described in the Registration Statement, the Disclosure Package and the Prospectus as being held under lease by the Company or
any of its subsidiaries is held by it under a valid, subsisting and enforceable lease.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not distributed and, prior to the later to occur of (x) the Closing Date and (y) completion of the distribution of
the Shares, will not distribute, any offering material in connection with the offering and sale of the Shares other than the Registration
Statement, the Disclosure Package or the Prospectus. The Company has not, directly or indirectly: (i)&nbsp;taken any action designed
to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Shares; or (ii)&nbsp;since the filing of the
Registration Statement (A)&nbsp;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of, the Shares
or (B)&nbsp;paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of the
Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Operating Partnership and each of their subsidiaries possess all certificates, permits, licenses, franchises and authorizations
of governmental or regulatory authorities (the &ldquo;<B>permits</B>&rdquo;) as are necessary to own their respective properties
and to conduct their respective businesses in the manner described in the Registration Statement, the Disclosure Package and the
Prospectus, where such failure to possess could have, individually or in the aggregate, a Material Adverse Effect, subject to such
qualifications as may be set forth in the Registration Statement, the Disclosure Package and the Prospectus. The Company, the Operating
Partnership and each of their subsidiaries has fulfilled and performed all of their respective material obligations with respect
to such permits, and no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination
thereof or which would result in any other material impairment of the rights of the holder of any such permit, subject in each
case to such qualification as may be set forth in the Registration Statement, the Disclosure Package and the Prospectus.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Operating Partnership and each of their subsidiaries have established and maintain disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) that are designed to ensure that information required to be disclosed
by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported,
within the time periods specified in the Commission&rsquo;s rules and forms and is accumulated and communicated to the Company&rsquo;s
management, including its chief executive officer and chief financial officer, or persons performing similar functions, as appropriate
to allow timely decisions regarding required disclosure; and the Company, the Operating Partnership and each of their subsidiaries
maintain a system of internal control over financial reporting sufficient to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles and which includes policies and procedures that (i) pertain to the maintenance of records that in reasonable
detail accurately and fairly reflect the transactions and dispositions of the assets of the Company, the Operating Partnership
and each of their subsidiaries, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company,
the Operating Partnership and each of their subsidiaries are being made only in accordance with the authorization of management,
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisitions, use or dispositions of
assets that could have a material effect on the financial statements, and (iv) provide reasonable assurance that the interactive
data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Disclosure
Package and the Prospectus fairly presents the information called for in all material respects and is prepared in accordance with
the Commission&rsquo;s rules and guidelines applicable thereto. The Company&rsquo;s disclosure controls and procedures have been
evaluated for effectiveness as of the end of the period covered by the Company&rsquo;s most recently filed periodic report on Form
10-Q or 10-K, as the case may be, which precedes the date of the Prospectus and were effective in all material respects to perform
the functions for which they were established. Based on the most recent evaluation of its internal control over financial reporting,
the Company was not aware of (i) any material weaknesses in the design or operation of internal control over financial reporting,
except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, or (ii) any fraud, whether or not
material, that involves management or other employees who have a significant role in the Company&rsquo;s internal control over
financial reporting. There has been no change in the Company&rsquo;s internal control over financial reporting that has occurred
during its most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
Company&rsquo;s internal control over financial reporting, except as disclosed in the Registration Statement, the Disclosure Package
and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is and has been no failure on the part of the Company and any of the Company&rsquo;s directors or officers, in their capacities
as such, to comply with any provision of the Sarbanes-Oxley Act and the rules and regulations promulgated in connection therewith,
including, without limitation, Section&nbsp;402 related to loans to insiders and Sections 302 and 906 related to certifications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the Company&rsquo;s knowledge, none of the Company, the Operating Partnership or any of their subsidiaries nor any employee or
agent of the Company, the Operating Partnership or any of their subsidiaries has made any payment of funds of the Company or its
subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt or retention
of funds is of a character required to be disclosed in the Registration Statement, the Disclosure Package or the Prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Company, the Operating Partnership or any of their subsidiaries nor, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company, the Operating Partnership or any of their subsidiaries is aware of or has taken any
action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977,
as amended, and the rules and regulations thereunder (the &ldquo;<B>FCPA</B>&rdquo;), including, without limitation, making use
of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay
or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything
of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political party or official
thereof or any candidate for foreign political office, in contravention of the FCPA; and the Company, the Operating Partnership,
their subsidiaries and, to the knowledge of the Company, their affiliates have conducted their businesses in compliance with the
FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue
to ensure, continued compliance therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
operations of the Company, the Operating Partnership and their subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency
(collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company, the Operating Partnership or any of their subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(bb)&#9;Each of the Company,
the Operating Partnership and their subsidiaries has timely filed all foreign, federal, state and local tax returns that are required
to be filed, which returns are complete and correct, or has requested extensions thereof (except in any case in which the failure
to so file timely would not reasonably be expected to have a Material Adverse Effect and except as set forth in the Registration
Statement, the Disclosure Package and the Prospectus) and has paid all material taxes required to be paid by it and any material
other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any
such assessment, fine or penalty that is currently being contested in good faith. The Company has made appropriate provisions in
the Company&rsquo;s financial statements that are incorporated by reference into the Registration Statement (or otherwise described
in the Registration Statement, the Disclosure Package and the Prospectus) in respect of all federal, state, local and foreign income
and franchise taxes for all current or prior periods as to which the tax liability of the Company, the Operating Partnership and
their subsidiaries has not been finally determined, except to the extent of any inadequacy that would not reasonably be expected
to result in a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(cc)&#9;No holder of
any security of the Company or the Operating Partnership has any right to require registration of the Shares or any other security
of the Company or the Operating Partnership because of the filing of the Registration Statement or consummation of the transactions
contemplated by this Agreement or the Forward Sale Agreement, which right has not been waived in connection with the transactions
contemplated by this Agreement or the Forward Sale Agreement. The holders of outstanding shares of capital stock of the Company
and the Operating Partnership are not entitled to preemptive or other rights to subscribe for the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(dd)&#9;The Company,
the Operating Partnership and their subsidiaries own or possess all patents, trademarks, trademark registrations, service marks,
service mark registrations, trade names, copyrights, licenses, inventions, trade secrets and rights described in the Registration
Statement, the Disclosure Package and the Prospectus as being owned by them or necessary for the conduct of their respective businesses.
The Company is not aware of any claim to the contrary or any challenge by any other person to the rights of the Company, the Operating
Partnership and their subsidiaries with respect to the foregoing that would reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ee)&#9;Neither the Company
nor any subsidiary is now, and after sale of the Shares to be sold by the Company hereunder and the application of the net proceeds
from such sale as described in the Registration Statement, the Disclosure Package and the Prospectus under the caption &ldquo;Use
of Proceeds,&rdquo; will be, an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of 1940, as amended.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(gg)&#9;None of the Company,
the Operating Partnership or any of their subsidiaries has at any time and, to the Company&rsquo;s knowledge, no other party has
at any time, handled, buried, stored, retained, refined, transported, processed, manufactured, generated, produced, spilled, allowed
to seep, leak, escape or leach, or be pumped, poured, emitted, emptied, discharged, injected, dumped, transferred or otherwise
disposed of or dealt with, Hazardous Materials (as defined below) on, to, under or from the Properties, except as disclosed in
Environmental Reports, the Registration Statement, the Disclosure Package and the Prospectus and except for those circumstances
that have not had or would reasonably be expect to have a Material Adverse Effect. None of the Company, the Operating Partnership
or any of their subsidiaries intends to use the Properties or any subsequently acquired properties for the purpose of handling,
burying, storing, retaining, refining, transporting, processing, manufacturing, generating, producing, spilling, seeping, leaking,
escaping, leaching, pumping, pouring, emitting, emptying, discharging, injecting, dumping, transferring or otherwise disposing
of or dealing with Hazardous Materials; <I>provided</I>, <I>however</I>, the tenants of the Company and the Operating Partnership
may use Properties for their intended purpose, which may involve the handling, storing and transporting of Hazardous Materials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">To the Company&rsquo;s
knowledge, no seepage, leak, escape, leach, discharge, injection, release, emission, spill, pumping, pouring, emptying or dumping
of Hazardous Materials into any surface water, groundwater, soil, air or other media on or adjacent to the Properties has occurred,
is occurring or is reasonably expected to occur, except as is disclosed in the Environmental Reports or the Registration Statement,
the Disclosure Package and the Prospectus, and except for those circumstances that would not reasonably be expected to have a Material
Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">None of the Company,
the Operating Partnership or any of their subsidiaries has received written notice from any Governmental Authority or other person
of, or has knowledge of, any occurrence or circumstance which, with notice, passage of time, or failure to act, would give rise
to any claim against the Company, the Operating Partnership or any of their subsidiaries under or pursuant to any Environmental
Law or under common law pertaining to Hazardous Materials on or originating from the existing Properties or any act or omission
of any party with respect to the existing Properties, except as disclosed in the Environmental Reports, or the Registration Statement,
the Disclosure Package and the Prospectus and except for those circumstances that would not reasonably be expected to have a Material
Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">To the Company&rsquo;s
knowledge, none of the Properties is included or proposed for inclusion on any federal, state, or local lists of sites which require
or might require environmental cleanup, including, but not limited to, the National Priorities List or CERCLIS List issued pursuant
to CERCLA (as defined below) by the United States Environmental Protection Agency or any analogous state list, except as is disclosed
in the Environmental Reports or the Registration Statement, the Disclosure Package and the Prospectus and except for those circumstances
that would not reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In the ordinary course
of its business, the Company periodically reviews the effect of Environmental Laws on the business, operations and properties of
the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including,
without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental
Laws, or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third
parties). On the basis of such review, the Company has reasonably concluded that such associated costs and liabilities would not,
singly or in the aggregate, reasonably be expected to have a Material Adverse Effect, whether or not arising from transactions
in the ordinary course of business, except as set forth in or contemplated in the Registration Statement, the Disclosure Package
and the Prospectus.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As used herein, &ldquo;<B>Environmental
Law</B>&rdquo; shall mean all laws, common law duties, regulations or ordinances (including any orders or agreements) of any Federal,
state or local governmental authority having or claiming jurisdiction over any of the Properties (a &ldquo;<B>Governmental Authority</B>&rdquo;)
that are designed or intended to protect the public health and the environment or to regulate the handling of Hazardous Materials,
including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (42
U.S.C. Section&nbsp;9601 et seq.) (&ldquo;<B>CERCLA</B>&rdquo;), the Hazardous Material Transportation Act, as amended (49 U.S.C.
Section&nbsp;1801 et seq.), the Resource Conservation and Recovery Act, as amended (42 U.S.C. Section&nbsp;6901 et seq.), the Federal
Water Pollution Control Act, as amended (33 U.S.C. Section&nbsp;1251 et seq.), and the Clean Air Act, as amended (42 U.S.C. Section&nbsp;7401
et seq.), and any and all analogous state or local laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(hh)&#9;Commencing with
its taxable year ended December 31, 1994, the Company has been organized and operated in conformity with the requirements for qualification
and taxation as a REIT under the Code, and the Company&rsquo;s current and proposed method of operations as described in the Registration
Statement, the Disclosure Package and the Prospectus will enable it to continue to meet the requirements for qualification and
taxation as a REIT under the Code for its taxable year ending December 31, 2018 and thereafter. No transaction or other event has
occurred, and none of the Company, the Operating Partnership, or any of their subsidiaries has taken any action, that would reasonably
be expected to cause the Company to not be able to qualify as a REIT for its taxable year ending December 31, 2018 or future taxable
years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Operating Partnership and each of their subsidiaries is insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged and
the value of their properties. All policies of insurance and fidelity or surety bonds insuring the Company, the Operating Partnership
or any of their subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and effect.
The Company, the Operating Partnership and each of their subsidiaries are in compliance with the terms of such policies and instruments
in all material respects and there are no claims by the Company, the Operating Partnership or any of their subsidiaries under any
such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause,
except as would not reasonably be expected to have a Material Adverse Effect. None of the Company, the Operating Partnership or
any of their subsidiaries has been refused any insurance coverage sought or applied for, and the Company does not have any reason
to believe that the Company, the Operating Partnership and each of their subsidiaries will not be able to renew its respective
existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary
to continue their respective businesses at a cost that would not reasonably be expected to have a Material Adverse Effect.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(jj)&nbsp;&nbsp;&nbsp;The Company,
the Operating Partnership and their subsidiaries have title insurance on each of the Properties owned in fee simple in amounts
at least equal to the cost of acquisition of such property; with respect to an uninsured loss on any of the Properties, the title
insurance shortfall would not reasonably be expected to have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(kk)&nbsp;&nbsp;&nbsp;Except as disclosed
in the Registration Statement, the Disclosure Package and the Prospectus (or pursuant to the terms of the indebtedness described
therein), no subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company,
from making any other distribution on such subsidiary&rsquo;s capital stock, from repaying to the Company any loans or advances
to such subsidiary from the Company or from transferring any of such subsidiary&rsquo;s assets or property to the Company or any
other subsidiary of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(mm)&nbsp;&nbsp;&nbsp;Each of the Company
and its subsidiaries has fulfilled its obligations, if any, under the minimum funding standards of Section&nbsp;302 of the United
States Employee Retirement Income Security Act of 1974 (&ldquo;<B>ERISA</B>&rdquo;) and the regulations and published interpretations
thereunder with respect to each &ldquo;plan&rdquo; (as defined in Section&nbsp;3(3) of ERISA and such regulations and published
interpretations) in which employees of the Company and its subsidiaries are eligible to participate. Each such plan is in compliance
in all material respects with the presently applicable provisions of ERISA and such regulations and published interpretations.
Neither the Company nor any of its subsidiaries has incurred any unpaid liability to the Pension Benefit Guaranty Corporation (other
than for the payment of premiums in the ordinary course) or to any such plan under Title IV of ERISA.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s authorized capitalization is as set forth in the Registration Statement, the Disclosure Package and the Prospectus;
the capital stock of the Company conforms in all material respects to the description thereof contained in the Registration Statement,
the Disclosure Package and the Prospectus; the outstanding shares of Common Stock of the Company have been duly and validly authorized
and issued in compliance with all Federal and state securities laws, and are fully paid and non-assessable.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(pp)&nbsp;&nbsp;&nbsp;The Company will
use its reasonable best efforts to cause the Shares to be listed on the NYSE and to maintain such listing.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless the Underwriters, the directors,
officers, employees, affiliates and agents of each Underwriter and each person who controls the Underwriters, within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act, the Forward Seller, the Forward Counterparty, their respective directors,
officers, employees, affiliates and agents and any person who controls the Forward Seller or the Forward Counterparty within the
meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, against any and all losses, claims, damages
or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other Federal
or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) (i) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement or in any amendment thereof (including the Rule 430B Information), or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make the statement therein not misleading; (ii)&nbsp;arise
out of or are based upon any untrue statement or alleged untrue statement of material fact included in any Preliminary Prospectus,
the Disclosure Package or the Prospectus (or any amendment or supplement thereof) or the omission or alleged omission therefrom
of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and (iii) arise out of any untrue statement or alleged untrue statement of a material
fact contained in any Issuer Free Writing Prospectus or the omission or alleged omission therefrom of a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company
and Operating Partnership, jointly and severally, agree to reimburse each such indemnified party, as incurred, for any legal or
other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability
or action; <U>provided</U>, <U>however</U>, that the Company and the Operating Partnership will not be liable in any such case
arising in connection with this Section&nbsp;7 to the extent that any such loss, claim, damage or liability arises out of or is
based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon
and in conformity with the Underwriters Content. This indemnity agreement will be in addition to any liability, which the Company
and the Operating Partnership may otherwise have.</P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after receipt by an indemnified party under this Section&nbsp;7 of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the indemnifying party under this Section&nbsp;7, notify the indemnifying
party in writing of the commencement thereof; but the failure so to notify the indemnifying party: (i)&nbsp;will not relieve it
from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure
results in the forfeiture by the indemnifying party of substantial rights and defenses; and (ii)&nbsp;will not, in any event, relieve
the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph
(a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party&rsquo;s choice at the indemnifying
party&rsquo;s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying
party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or
parties, except as set forth below); <U>provided</U>, <U>however</U>, that such counsel shall be reasonably satisfactory to the
indemnified party. Notwithstanding the indemnifying party&rsquo;s election to appoint counsel to represent the indemnified party
in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying
party shall bear the reasonable fees, costs and expenses of such separate counsel if: (i)&nbsp;the use of counsel chosen by the
indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii)&nbsp;the actual
or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties
which are different from or additional to those available to the indemnifying party; (iii)&nbsp;the indemnifying party shall not
have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time
after notice of the institution of such action; or (iv)&nbsp;the indemnifying party shall in writing authorize the indemnified
party to employ separate counsel at the expense of the indemnifying party. In no event will the indemnifying parties be liable
for the fees, costs or expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for
all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances. An indemnifying party will not, without the prior written consent of the
indemnified parties, settle or compromise, or consent to the entry of any judgment with respect to any pending or threatened claim,
action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified
parties are actual or potential parties to such claim or action), unless such settlement, compromise or consent (x) includes an
unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and (y)
does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of any indemnified
party.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the indemnity provided in paragraph (a) or (b) of this Section&nbsp;7 is unavailable to, or insufficient to hold
harmless, an indemnified party for any reason, the Company and the Operating Partnership, on the one hand, and the Underwriters,
the Forward Counterparty and the Forward Seller on the other, agree to contribute to the aggregate losses, claims, damages and
liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending the same) (collectively
&ldquo;<B>Losses</B>&rdquo;) to which the Company, the Operating Partnership, the Underwriters, the Forward Counterparty or the
Forward Seller may be subject in such proportion as is appropriate to reflect the relative benefits received by the Company and
by the Underwriters, the Forward Counterparty or the Forward Seller from the offering of the Shares; <U>provided</U>, <U>however</U>,
that in no case shall (i) the Underwriters be responsible for any amount in excess of the underwriting discount or commission applicable
to the Shares purchased by the Underwriters hereunder nor (ii) the Forward Seller and the Forward Counterparty be responsible for
any amount in excess of the Spread (as defined in the Forward Sale Agreement) deducted from the Forward Purchase Price (as defined
in the Forward Sale Agreement). If the allocation provided by the immediately preceding sentence is unavailable for any reason,
then each applicable indemnifying party shall contribute in such proportion as is appropriate to reflect not only such relative
benefits but also the relative fault of the Company, and of the Underwriters, the Forward Counterparty or the Forward Seller, in
connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations.
Benefits received by the Company shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses)
received by it, which such proceeds shall include the proceeds to be received by the Company pursuant to the Forward Sale Agreement
assuming full Physical Settlement on the Effective Date (each as defined in the Forward Sale Agreement), and benefits received
by the Underwriters shall be deemed to be equal to the total underwriting discounts and commissions, in each case as set forth
on the cover page of the Prospectus. Benefits received by the Forward Counterparty and the Forward Seller shall be deemed to be
equal to the Spread (as defined in the Forward Sale Agreement) deducted from the Forward Purchase Price (as defined in the Forward
Sale Agreement). Relative fault of the Company, the Underwriters, the Forward Counterparty and the Forward Seller shall be determined
by reference to, among other things: (i)&nbsp;whether any untrue or any alleged untrue statement of a material fact or the omission
or alleged omission to state a material fact relates to information provided by the Company or the Operating Partnership, or the
Underwriters, the Forward Counterparty or the Forward Seller; (ii)&nbsp;the intent of the parties and their relative knowledge;
(iii)&nbsp;access to information; and (iv)&nbsp;the opportunity to correct or prevent such untrue statement or omission. The Company,
the Operating Partnership, the Underwriters, the Forward Counterparty and the Forward Seller agree that it would not be just and
equitable if contribution were determined by pro rata allocation or any other method of allocation which does not take account
of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation. For purposes of this Section&nbsp;7, each person who controls an Underwriter,
the Forward Counterparty or the Forward Seller within the meaning of either the Act or the Exchange Act and each director, officer,
employee and agent of an Underwriter, the Forward Counterparty or the Forward Seller shall have the same rights to contribution
as the Underwriters, the Forward Counterparty, the Forward Seller and each person who controls the Company within the meaning of
either the Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director
of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions
of this paragraph (d). The Underwriters&rsquo; respective obligations to contribute pursuant to this Section 7 are several in proportion
to the number of Borrowed Firm Shares set forth opposite their respective names in <U>Schedule I</U> hereto and not joint.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Conditions
of the Obligations Underwriters and the Forward Seller</U>. The obligations of the Forward Seller hereunder to sell and deliver
the Borrowed Firm Shares and the Borrowed Additional Shares and of the Underwriters hereunder to purchase and pay for the Shares,
in each case on the Closing Date or on each Option Closing Date, as applicable, are subject to the following further conditions:</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: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The Prospectus, and any supplement thereto, have been filed in the manner and within the time period required by Rule&nbsp;424(b)
(without reference to Rule 424(b)(8)); and any material required to be filed by the Company pursuant to Rule 433(d) shall have
been filed with the Commission within the applicable time periods prescribed for such filings by Rule 433 and (ii)&nbsp;any request
of the Commission for additional information (to be included in the Registration Statement, the Disclosure Package or the Prospectus
or otherwise) shall have been complied with to the reasonable satisfaction of the Representative.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent
to the Applicable Time, or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of
any amendment thereto), the Disclosure Package and the Prospectus (exclusive of any amendment thereof), there shall not have occurred
any event or development relating to or involving the Company and its subsidiaries or any officer or director of the Company and
its subsidiaries which makes any statement made in the Disclosure Package or the Prospectus untrue or which, in the opinion of
the Company and its counsel or the Representative and counsel to the Underwriters, requires the making of any addition to or change
in the Disclosure Package in order to state a material fact required by the Act or any other law to be stated therein, or necessary
in order to make the statements therein not misleading, if amending or supplementing the Disclosure Package to reflect such event
or development would, in the opinion of the Representative, adversely affect the market for the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative, the Forward Seller and the Forward Counterparty shall have received on the Closing Date or on each Option Closing
Date, as applicable, an opinion, negative assurance letter and tax opinion of Honigman Miller Schwartz and Cohn, LLP, counsel for
the Company, dated as of such date and addressed to the Representative, the Forward Seller and the Forward Counterparty, to the
effect set forth on <U>Exhibit C</U> , <U>Exhibit D</U>, and <U>Exhibit E</U>, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative, the Forward Seller and the Forward Counterparty shall have received on the Closing Date or on each Option Closing
Date, as applicable, an opinion and negative assurance letter of Hunton &amp; Williams LLP, counsel for the Underwriters, dated
as of such date and addressed to the Representative, the Forward Seller and the Forward Counterparty with respect to such matters
as the Representative, the Forward Seller and the Forward Counterparty may request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received letters addressed to the Underwriters and dated as of the date hereof, the Closing Date or on
each Option Closing Date, as applicable, from Grant Thornton LLP, an independent registered public accounting firm, substantially
in the form heretofore approved by the Representative; <U>provided</U> that the letter delivered on the Closing Date or any applicable
Option Closing Date shall use a &ldquo;cut-off&rdquo; date no more than three (3) Business Days prior to the Closing Date or each
Option Closing Date, as the case may be.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;No stop
order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall
have been taken or, to the knowledge of the Company, shall be contemplated by the Commission at or prior to the Closing Date and
on each Option Closing Date, as applicable; (ii)&nbsp;there shall not have been any change in the capital stock of the Company
nor any material increase in the short-term or long-term debt (including any off-balance sheet activities or transactions) of the
Company and its subsidiaries (other than in the ordinary course of business) from that set forth or contemplated in the Registration
Statement, the Disclosure Package or the Prospectus (or any amendment or supplement thereto); (iii)&nbsp;there shall not have been,
since the respective dates as of which information is given in the Registration Statement, the Disclosure Package and the Prospectus
(or any amendment or supplement thereto), except as may otherwise be stated in the Registration Statement, the Disclosure Package
and Prospectus (or any amendment or supplement thereto), any Material Adverse Effect; (iv)&nbsp;the Company and its subsidiaries
shall not have any liabilities or obligations (financial or other), direct or contingent (whether or not in the ordinary course
of business), that are material to the Company or its subsidiaries, other than those reflected in the Registration Statement or
the Disclosure Package and the Prospectus (or any amendment or supplement thereto); and (v)&nbsp;all the representations and warranties
of the Company and the Operating Partnership contained in this Agreement shall be true and correct at and as of the Applicable
Time and on and as of the Closing Date and each Option Closing Date, as applicable, as if made at and as of such time or on and
as of such date, and the Representative, the Forward Seller and the Forward Counterparty shall have received a certificate, dated
the Closing Date and each Option Closing Date, as applicable, and signed by either the chief executive officer, chief operating
officer or the chief financial officer of the Company (or such other officers as are acceptable to the Representative, the Forward
Seller and the Forward Counterparty), to the effect set forth in this Section&nbsp;8(g) and in Section&nbsp;8(i) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not have failed at or prior to the Closing Date or any Option Closing Date, as applicable, to have performed or complied
with any of its agreements herein contained and required to be performed or complied with by it hereunder, at or prior to the Closing
Date and on each Option Closing Date, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative, the Forward Seller and the Forward Counterparty shall have received a certificate, dated the Closing Date or on
each Option Closing Date, as applicable, and signed by the chief financial officer of the Company, in form and substance reasonably
satisfactory to the Representative, the Forward Seller and the Forward Counterparty, certifying to the accuracy of certain financial
information contained in the Registration Statement, the Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent
to the Applicable Time, there shall not have been any decrease in the rating of any of the Company&rsquo;s debt securities by any
&ldquo;nationally recognized statistical rating organization&rdquo; (as defined in Section 3(a)(62) of the Exchange Act) or any
notice given of any intended or potential decrease in any such rating or of a possible change in any such rating that does not
indicate the direction of the possible change.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">With respect to the Closing
Date and each applicable Option Closing Date, the documents required to be delivered by this Section&nbsp;8 shall be delivered
at the offices of Hunton &amp; Williams LLP, Attention: David C. Wright, counsel for the Underwriters, at Riverfront Plaza, East
Tower, 951 Byrd Street, Richmond, Virginia 23219 on or prior to such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Expenses</U>.
The Company agrees to pay the following costs and expenses and all other costs and expenses incident to the performance by the
Company of its obligations hereunder: (i)&nbsp;the preparation, printing or reproduction, and filing with the Commission of the
registration statement (including financial statements and exhibits thereto), each Preliminary Prospectus, if any, the Prospectus,
each Issuer Free Writing Prospectus and each amendment or supplement to any of them; (ii)&nbsp;the printing (or reproduction) and
delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the Registration Statement,
each Preliminary Prospectus, the Prospectus, each Issuer Free Writing Prospectus, the Incorporated Documents, and all amendments
or supplements to any of them, as may be reasonably requested for use in connection with the offering and sale of the Shares; (iii)&nbsp;the
preparation, printing, authentication, issuance and delivery of certificates for the Shares, including any stamp or other taxes
in connection with the original issuance and sale of the Shares; (iv)&nbsp;the printing (or reproduction) and delivery of this
Agreement, the preliminary and supplemental blue sky memoranda and all other agreements or documents printed (or reproduced) and
delivered in connection with the offering of the Shares; (v)&nbsp;the registration or qualification of the Shares for offer and
sale under the securities or blue sky laws of the several states as provided in Section&nbsp;5(g) hereof (including the reasonable
fees, expenses and disbursements of counsel for the Underwriters relating to the preparation, printing or reproduction, and delivery
of the preliminary and supplemental blue sky memoranda and such registration and qualification); (vi)&nbsp;the filing fees and
the fees and expenses of counsel for the Underwriters in connection with any filings required to be made with FINRA; (vii) the
transportation and other expenses incurred by or on behalf of Company Representative in connection with presentations to prospective
purchasers of the Shares; (viii)&nbsp;the fees and expenses of the Company&rsquo;s accountants and counsel (including local and
special counsel) for the Company; and (ix) the fees and expenses incurred in connection with the listing on the NYSE of the Company
Shares, if any, and the shares of Common Stock, if any, issuable upon settlement of the Forward Sale Agreement or pursuant to an
Acceleration Event (as defined in the Forward Sale Agreement).</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination
of Agreement</U>. This Agreement shall be subject to termination in the absolute discretion of the Representative, without liability
on the part of the Underwriters, the Forward Seller or the Forward Counterparty to the Company, by notice to the Company, the Forward
Seller and the Forward Counterparty, if, prior to the Closing Date: (i)&nbsp;there shall have occurred any change, or any development
involving a prospective change, in or affecting the condition (financial or otherwise), earnings, business, prospects, properties,
net worth, or results of operations of the Company and its subsidiaries, whether or not arising from transactions in the ordinary
course of business, the effect of which, in the sole judgment of the Representative, is so material and adverse as to make it impractical
or inadvisable to proceed with the offering or delivery of the Shares as contemplated by the Registration Statement (exclusive
of any amendments thereto), the Disclosure Package and the Prospectus (exclusive of any supplement thereto); (ii) there shall have
occurred any downgrading in the rating of any debt securities or preferred stock of the Company by any &ldquo;nationally recognized
statistical rating organization&rdquo; (as defined for purposes of Section 3(a)(62) of the Exchange Act), or any public announcement
that any such organization has under surveillance or review its rating of any debt securities or preferred stock of the Company
(other than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading, of
such rating); (iii)&nbsp;trading in the Company&rsquo;s common stock or outstanding preferred stock shall have been suspended by
the Commission or the NYSE or trading in securities generally on the NYSE or the Nasdaq Stock Market shall have been suspended
or materially limited; (iv)&nbsp;a general moratorium on commercial banking activities in the State of New York shall have been
declared by either federal or state authorities; (v)&nbsp;the Company or any of its subsidiaries shall have sustained a substantial
loss by fire, flood, accident or other calamity which renders it impracticable, in the reasonable judgment of the Representative,
to consummate the sale of the Shares and the delivery of the Shares by the Underwriters at the initial public offering price; or
(vi)&nbsp;there shall have occurred any outbreak or escalation of hostilities or other international or domestic calamity, crisis
or change in political, financial or economic conditions, the effect of which on the financial markets of the United States is
such as to make it, in the sole judgment of the Representative, impracticable or inadvisable to commence or continue the offering
as contemplated by the Registration Statement (exclusive of any amendments thereto), the Disclosure Package, and the Prospectus
(exclusive of any supplement thereto). Notice of such termination may be given to the Company, the Forward Seller and the Forward
Counterparty by telegram, telecopy or telephone and shall be subsequently confirmed by letter.</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Information
Furnished by the Underwriters</U>. The Company hereby acknowledges that the only information that the Underwriters have furnished
to the Company expressly for use in the Registration Statement, the Disclosure Package or the Prospectus are paragraph 9 and paragraph
26 under the heading &ldquo;Underwriting&rdquo; in such documents (collectively, the &ldquo;<B>Underwriters Content</B>&rdquo;).
The Company hereby acknowledges that no information has been provided by the Forward Counterparty or the Forward Seller for inclusion
in the Registration Statement, the Disclosure Package or the Prospectus.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
purchase and sale of the Shares pursuant to this Agreement are an arm&rsquo;s-length commercial transaction among the Company,
the Underwriters, the Forward Seller, the Forward Counterparty and any affiliate or affiliates through which the Underwriters,
the Forward Seller and the Forward Counterparty may be acting;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Underwriters are acting as principal and not as an agent or fiduciary of the Company; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
engagement by the Company of the Underwriters in connection with the offering and the process leading up to the offering is as
independent contractors and not in any other capacity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Furthermore, the Company
agrees that it is solely responsible for making its own judgments in connection with the offering (irrespective of whether any
Underwriter, the Forward Seller or the Forward Counterparty has advised or is currently advising the Company on related or other
matters). The Company agrees that it will not claim that the Underwriters, the Forward Seller or the Forward Counterparty have
rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company, in connection
with such transaction or the process leading thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notices</U>.
All communications hereunder will be in writing and effective only on receipt, and, (i) if sent to the Underwriters, will be mailed,
delivered or telefaxed to Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013 (facsimile 646-291-1469)
Attention: General Counsel; (ii) if to the Forward Seller or Forward Counterparty, will be will be mailed, delivered or telefaxed
to Citibank, N.A. at 390 Greenwich Street, 1st Floor, New York, New York 10013, Attn: Adam Muchnick, Email: adam.muchnick@citi.com;
or, if sent to the Company, will be mailed, delivered or telefaxed to the office of the Company at 70 E. Long Lake Road, Bloomfield,
Michigan 48304 (facsimile: 248-737-9110), Attention: Clayton Thelen, Email: cthelen@agreerealty.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Successors</U>.
This Agreement has been made solely for the benefit of the Underwriters, the Forward Seller, the Forward Counterparty, the Company,
the Operating Partnership, their directors and officers, and the other controlling persons referred to in Section&nbsp;7 hereof
and their respective successors and assigns, to the extent provided herein. This Agreement will inure to the benefit of and be
binding upon the parties hereto and their respective successors and the officers and directors and controlling persons referred
to in Section&nbsp;7 hereof, and no other person shall acquire or have any right under or by virtue of this Agreement. Neither
the term &ldquo;successor&rdquo; nor the term &ldquo;successors and assigns&rdquo; as used in this Agreement shall include a purchaser
from the Underwriters of any of the Shares in his status as such purchaser.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Counterparts</U>.
This Agreement may be signed in one or more counterparts, each of which shall constitute an original, and all of which together
shall constitute one and the same agreement.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Issuance
and Sale by the Company</U>.</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: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Forward Seller elects not to borrow Shares, pursuant to Section 2 hereof, or the Forward Seller is unable to
borrow and deliver for sale under this Agreement a number of shares of Common Stock equal to the number of Borrowed Firm Shares
or Borrowed Additional Shares, as applicable, to be purchased by the Underwriters on the Closing Date or the Option Closing Date,
as applicable, and deliverable by the Forward Seller hereunder, or the Forward Seller determines in good faith, in its commercially
reasonable judgment, it is either impracticable to do so or that the Forward Seller would incur a stock loan cost (excluding, for
the avoidance of doubt, the federal funds rate component payable by the relevant stock lender to the Forward Seller) of more than
a rate equal to 200 basis points per annum to do so, then, upon notice by the Forward Seller to the Company (which notice shall
be delivered no later than 5:00 p.m., New York City time, on the Business Day immediately preceding the Closing Date or any Option
Closing Date, as the case may be), the Company shall issue and sell to the Underwriters, pursuant to Section&nbsp;2 hereof, in
whole but not in part, an aggregate number of shares of Common Stock equal to the number of Borrowed Firm Shares or Borrowed Additional
Shares, as applicable, deliverable by the Forward Seller hereunder that the Forward Seller does not so deliver and sell to the
Underwriters. In connection with any such issuance and sale by the Company, the Company or the Representative shall have the right
to postpone the Closing Date or the Option Closing Date, as applicable, for one business day in order to effect any required changes
in any documents or arrangements. Any shares of Common Stock sold by the Company to the Underwriters pursuant to this Section&nbsp;23(a)
in lieu of any Borrowed Firm Shares are referred to herein as the &ldquo;<B>Company Top-Up Firm Shares</B>.&rdquo; Any shares of
Common Stock sold by the Company to the Underwriters pursuant to this Section&nbsp;23(a) in lieu of any Borrowed Additional Shares
in respect of which an Additional Forward Sale Agreement has been executed are referred to herein as the &ldquo;<B>Company Top-Up
Additional Shares</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Forward Counterparty nor the Forward Seller shall have any liability whatsoever for any Borrowed Firm Shares or Borrowed Additional
Shares that the Forward Seller does not deliver and sell to the Underwriters or any other party if (i) all of the Conditions with
respect to the Forward Counterparty and the Forward Seller are not satisfied on or prior to the Closing Date or the Option Closing
Date or any additional time of purchase (in respect of any Borrowed Additional Shares in respect of which an Additional Forward
Sale Agreement has been executed), as applicable, and the Forward Seller elects pursuant to Section&nbsp;2 hereof not to deliver
and sell to the Underwriters the Borrowed Firm Shares or Borrowed Additional Shares, as applicable, deliverable by the Forward
Seller hereunder, or (ii) the Forward Seller determines in good faith, in its commercially reasonable judgment, it is unable to
borrow and cause the Forward Seller to deliver for sale under this Agreement on the Closing Date or the Option Closing Date, as
applicable, a number of shares of Common Stock equal to the number of Borrowed Firm Shares or Borrowed Additional Shares, as applicable,
deliverable by the Forward Seller hereunder or (iii) the Forward Seller determines in good faith, in its commercially reasonable
judgment, it is either impracticable to do so or that the Forward Seller would incur a stock loan cost of more than a rate equal
to 200 basis points per annum to do so (excluding, for the avoidance of doubt, the federal funds rate component payable by the
relevant stock lender to the Forward Seller), it being understood that the foregoing exclusion of liability shall not apply in
the case of fraud and/or any intentional misconduct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Duties</U>.
Nothing in this Agreement shall be deemed to create a partnership, joint venture or agency relationship between the parties. The
parties hereto undertake to perform such duties and obligations only as expressly set forth herein. Such duties and obligations
of the parties hereto with respect to the Shares shall be determined solely by the express provisions of this Agreement, and the
parties hereto shall not be liable except for the performance of such duties and obligations with respect to the Shares as are
specifically set forth in this Agreement. The Company acknowledges that the Underwriters, the Forward Seller and the Forward Counterparty
disclaim any implied duties (including any fiduciary duty), covenants or obligations arising from the Underwriters&rsquo;, the
Forward Seller&rsquo;s and the Forward Counterparty&rsquo;s performance of their respective duties and obligations expressly set
forth herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Definitions</U>.
The terms that follow, when used in this Agreement, shall have the meanings indicated:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Rule 158</B>,&rdquo;
&ldquo;<B>Rule 164</B>,&rdquo; &ldquo;<B>Rule 172</B>,&rdquo; &ldquo;<B>Rule 173</B>,&rdquo; &ldquo;<B>Rule 405</B>,&rdquo; &ldquo;<B>Rule&nbsp;415</B>,&rdquo;
&ldquo;<B>Rule&nbsp;424</B>,&rdquo; &ldquo;<B>Rule 430A</B>,&rdquo; &ldquo;<B>Rule 430B</B>,&rdquo; &ldquo;<B>Rule 430C</B>,&rdquo;
&ldquo;<B>Rule 433</B>&rdquo; and &ldquo;<B>Rule 436</B>&rdquo; refer to such rules under the Act.</P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></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">If the foregoing correctly
sets forth the understanding among the Company, the Underwriters, the Forward Seller and the Forward Counterparty, please so indicate
in the space provided below for the purpose, whereupon this Agreement shall constitute a binding agreement among the Company, the
Underwriters, the Forward Seller and the Forward Counterparty.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>AGREE REALTY CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid">/s/ Joel N. Agree</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD COLSPAN="2">Joel N. Agree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD COLSPAN="2">President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>AGREE LIMITED PARTNERSHIP</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">By: AGREE REALTY CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Joel N. Agree</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD COLSPAN="2">Joel N. Agree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD COLSPAN="2">President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>CITIGROUP GLOBAL MARKETS INC.</B>, in its capacity as the Forward Seller </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ James Heathcote</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Name: James Heathcote</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Title: Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>CITIBANK, N.A.</B>, in its capacity as Forward Counterparty, solely as the recipient and/or beneficiary of certain representations, warranties, covenants and indemnities set forth in this Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ James Heathcote</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Name: James Heathcote</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Title: Authorized Signatory</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; text-indent: 3in"></P>

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



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


<!-- Field: Page; Sequence: 38 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 214.55pt 0pt 0">For itself and as Representative of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 214.55pt 0pt 0">several Underwriters named in <U>Schedule I</U>
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 214.55pt 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 214.55pt 0pt 0"><FONT STYLE="text-transform: uppercase"><B>Citigroup
Global Markets Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 214.55pt 0pt 0">&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: 3%">By:</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid">/s/ Joshua Li</TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 214.55pt 0pt 0">Name: Joshua Li</P>

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

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

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

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

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

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

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

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

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

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

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



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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 78%; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1.5pt solid"><B>Name of Underwriter</B></P></TD>
    <TD STYLE="vertical-align: top; width: 22%; padding: 5.05pt 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1.5pt solid"><B>Number
of Firm</B><BR>
<B>Shares</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt">Citigroup Global Markets Inc.</TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">2,000,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt">Raymond James &amp; Associates, Inc.</TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">243,056</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Wells Fargo Securities, LLC</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">208,333</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stifel, Nicolaus &amp; Company, Incorporated</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">166,667</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Robert W. Baird &amp; Co. Incorporated</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">104,167</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital One Securities, Inc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">104,167</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">PNC Capital Markets LLC</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">104,167</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">BTIG, LLC</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">69,443</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt"><B>Total</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding: 5.05pt 6pt; text-align: center">3,000,000</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 78%; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1.5pt solid"><B>Name of Forward
Seller</B></P></TD>
    <TD STYLE="vertical-align: top; width: 22%; padding: 5.05pt 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1.5pt solid"><B>Maximum
Number of Borrowed Additional Shares to be Sold</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt">Citigroup Global Markets Inc. (as agent for Citibank, N.A.)</TD>
    <TD STYLE="vertical-align: bottom; padding: 5.05pt 6pt; text-align: center">450,000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 5.05pt; padding-right: 6pt; padding-bottom: 5.05pt"><B>Total</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding: 5.05pt 6pt; text-align: center">450,000</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 0; text-align: center">Schedule I-1</P>



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


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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule II-1</P>



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


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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.5in; padding-top: 4.55pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2in; padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Jurisdiction of</B></FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Subsidiary</U></B></FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Organization</U></B></FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Foreign Qualification</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Center Point Birmingham AL LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Alabama</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Montgomery AL LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Alabama</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Chandler, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Arizona</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Rancho Cordova I</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">California</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Rancho Cordova II</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">California</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Roseville CA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">California</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Manchester CT, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Connecticut</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Mansfield, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Connecticut</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree 1031, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Tennessee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree 103-Middleburg Jacksonville, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree 2016, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Alabama, Michigan, Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Altoona PA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Anderson SC LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Ann Arbor Jackson, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Ann Arbor MI, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Apopka FL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Appleton WI, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Archer Chicago IL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Atlantic Beach, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Belton MO LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Berkeley Solano, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">California</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Brenham TX, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Brighton, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree BT, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Indiana, Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Buffalo Center IA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Burlington LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Washington</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Cannon Station LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Cedar Park TX, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Charlotte County, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Columbia SC LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Construction Management LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Crystal River FL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree CW, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Kentucky, Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Davenport IA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Des Moines IA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Iowa</FONT></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.5in; padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Development, LLC</FONT></TD>
    <TD STYLE="width: 2in; padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Doraville GA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree DT Jacksonville NC, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Egg Harbor NJ, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Evergreen CO, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Colorado</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Facility No. 1, L.L.C.</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Fort Worth TX, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Grand Chute WI LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Grandview Heights OH, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Hazard KY, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Kentucky</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Holdings I, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Holly Springs MS, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Hopkinsville KY, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Kentucky</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Indianapolis Glendale LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Indianapolis IN II, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Jackson MS, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Junction City KS LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Kansas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Kirkland WA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Washington</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Leawood, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Kansas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Littleton CO LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Colorado</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Lowell, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Marion Oaks, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Marshall MI Outlot, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree MCW, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Minot ND, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">North Dakota</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Mt. Dora FL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Nampa ID, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Idaho</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Nashua NH, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">New Hampshire</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree North Miami FL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Onaway MI, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Oxford Commons AL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Alabama</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Palafox Pensacola FL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Port Orange FL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Port St. John LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Portland ME, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Maine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Portland OR LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Oregon</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Provo UT, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Utah</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Realty Services, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Richmond VA LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Rockford IL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree RT Amite LA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Louisiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree RT Arlington TX, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree RT Gulfport MS, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Mississippi</FONT></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.5in; padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree RT Port Richey FL, LLC</FONT></TD>
    <TD STYLE="width: 2in; padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree RT Villa Rica GA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Salem OR, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Oregon</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Sarasota FL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Silver Springs Shores, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Southfield &amp; Webster, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Springfield OH, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree St. Augustine Shores, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Statesville NC, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Stores, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">North Carolina, Kentucky, Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Indiana, Michigan, Connecticut,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Sunnyvale CA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">California</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Terre Haute IN LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree TK, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Topeka KS, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Kansas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Tri-State Lease, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pennsylvania, New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Upland CA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">California</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Vero Beach FL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree W 63rd Chicago IL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Wheaton IL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Whittier CA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">California</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Indianapolis Store No. 16, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Lawrence Store No. 203, L.L.C.</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Kansas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Lunacorp, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pharm Nashville IN, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree 17-92, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Boynton, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree East Palatka, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Fort Walton Beach, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Orange &amp; McCoy, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Pensacola LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Pensacola Nine Mile LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Pinellas Park, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Poinciana LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree St Petersburg LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Tallahassee, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Venice, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Cochran GA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Lyons GA LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Marietta, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Morrow GA, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
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<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: 3.5in; padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Statham GA, LLC</FONT></TD>
    <TD STYLE="width: 2in; padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Antioch, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Belvidere IL LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Berwyn IL LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Chicago Kedzie, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Lake in the Hills, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Lake Zurich IL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Lejune Springfield IL, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree New Lenox 2 LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree New Lenox, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Spring Grove, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Springfield IL LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Indianapolis, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Atchison, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Kansas</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Wichita, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Kansas</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Baton Rouge LA LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Louisiana</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Mall of Louisiana, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Louisiana</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Wawa Baltimore, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Maryland</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">2355 Jackson Avenue, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree 117 Mission, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Ann Arbor State Street, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Beecher LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Bristol &amp; Fenton Project, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Corunna LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Elkhart, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree M-59 LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Madison AL LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Alabama</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Novi MI LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Plainfield, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Realty South-East, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Shelby, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Southfield LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Walker, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Mt. Pleasant Shopping Center, L.L.C.</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Mt. Pleasant Outlot I, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Minneapolis Clinton Ave, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Minnesota</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Forest MS LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Mississippi</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Joplin MO LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Missouri</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree St. Joseph MO, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Missouri</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree North Las Vegas, LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Nevada</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Sun Valley NV LLC</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify"><FONT STYLE="font-size: 10pt">Nevada</FONT></TD>
    <TD STYLE="padding-top: 4.55pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.5in; padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Rochester NY LLC</FONT></TD>
    <TD STYLE="width: 2in; padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">New York</FONT></TD>
    <TD STYLE="padding-top: 4.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Charlotte Poplar, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Concord, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Fuquay Varina LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Jacksonville NC, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Wilmington, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Grand Forks LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">North Dakota</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Brooklyn OH LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Johnstown, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Allentown PA LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Ligonier PA LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Montgomeryville PA LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Daniel Morgan Ave Spartanburg LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Fort Mill SC, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Greenville SC, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Spartanburg SC LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Rapid City SD, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">South Dakota</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Alcoa TN LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Tennessee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Magnolia Knoxville TN LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Tennessee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Memphis Getwell, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Tennessee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Arlington TX LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Texas</FONT></TD></TR>
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    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Dallas Forest Drive, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Harlingen LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Madisonville TX LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree McKinney TX LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Wichita Falls TX LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Forest VA LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Lebanon VA LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Virginia</FONT></TD></TR>
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    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Americus GA, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
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    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Baltimore MD, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
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    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Bloomington MN, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
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    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Brenham TX, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Edmond OK, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree K&amp;G Joplin MO LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Lowell AR LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Millsboro DE, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree RT Jackson MS, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Secaucus NJ, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Springfield MO LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Agree Woodstock IL, LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 4.55pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2in; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="width: 1.5in; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Jurisdiction of</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B><U>Significant Subsidiary</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B><U>Organization</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B><U>Foreign Qualification</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Agree Limited Partnership</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Alabama, Arkansas, Arizona,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">California, Colorado,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Connecticut, Florida, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Georgia, Illinois, Indiana, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Iowa, Kansas, Kentucky,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Louisiana, Maryland, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Michigan, Minnesota, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Mississippi, Missouri, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Montana, Nebraska, Nevada, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">New Hampshire, New Jersey, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">New Mexico, New York, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">North Carolina, North </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Dakota, Ohio, Oklahoma, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Pennsylvania, South Carolina, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Tennessee, Texas, Utah, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Virginia, West Virginia, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-left: 0.375in"><FONT STYLE="font-size: 10pt">Wisconsin</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in">&nbsp;</P>

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

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

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

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


<!-- Field: Page; Sequence: 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%"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Rights Agreement, dated as of December 7, 1998, by and between Agree Realty Corporation, a Maryland
corporation, and Computershare Trust Company, N.A., f/k/a EquiServe Trust Company, N.A., a national banking association, as successor
rights agent to BankBoston, N.A., a national banking association</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Second Amendment to Rights Agreement, dated as of December 8, 2008, by and between Agree Realty
Corporation, a Maryland corporation, and Computershare Trust Company, N.A., f/k/a EquiServe Trust Company, N.A., a national banking
association, as successor rights agent to BankBoston, N.A., a national banking association</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Third Amendment to Rights Agreement, dated as of December 20, 2017, by and between Agree Realty
Corporation and Computershare Trust Company, N.A.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Amended and Restated Registration Rights Agreement, dated July 8, 1994 by and among the Agree Realty
Corporation, Richard Agree, Edward Rosenberg and Joel Weiner</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">First Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership, dated
as of April 22, 1994, as amended, by and among the Agree Realty Corporation, Richard Agree, Edward Rosenberg and Joel Weiner</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">Second Amendment to First Amended and Restated Agreement of Limited Partnership of Agree Limited
Partnership, dated as of March 20, 2013</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">First Amendment and Joinder, dated December 15, 2016, to the Term Loan Agreement dated July 1,
2016, among Agree Limited Partnership, Capital One and the other lenders party thereto</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify">Amended Employment Agreement, dated July 1, 2014, by and between the Company and Richard Agree</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify">Amended Employment Agreement, dated July 1, 2014, by and between the Company and Joey Agree</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify">Letter Agreement of Employment dated April 5, 2010 between Agree Limited Partnership and Laith
Hermiz</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify">Employment Agreement, dated October 20, 2017, between Agree Realty Corporation and Clayton R. Thelen</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">12.</TD><TD STYLE="text-align: justify">Agree Realty Corporation Profit Sharing Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">13.</TD><TD STYLE="text-align: justify">Agree Realty Corporation 2014 Omnibus Incentive Plan</TD></TR></TABLE>

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

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

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

<P STYLE="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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">14.</TD><TD STYLE="text-align: justify">Form of Restricted Stock Agreement under the Agree Realty Corporation 2014 Omnibus Incentive Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">15.</TD><TD STYLE="text-align: justify">Form of Performance Share Award Agreement pursuant to the Agree Realty Corporation 2014 Omnibus
Incentive Plan</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">16.</TD><TD STYLE="text-align: justify">Agree Realty Corporation 2017 Executive Incentive Plan, dated February 16, 2017</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">17.</TD><TD STYLE="text-align: justify">Note Purchase Agreement, by Agree Limited Partnership dated May 28, 2015</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">18.</TD><TD STYLE="text-align: justify">Note Purchase Agreement, dated July 28, 2016, by and among Agree Realty Corporation, Agree Limited
Partnership, Teachers Insurance and Annuity Association of America, The Guardian Life Insurance Company of America and Advantus
Capital Management, Inc.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">19.</TD><TD STYLE="text-align: justify">Amended and Restated Revolving Credit and Term Loan Agreement, dated as of December 15, 2016, among
Agree Limited Partnership, as the Borrower, Agree Realty Corporation, as the parent REIT and a guarantor, certain subsidiaries
of the Borrower, as guarantors, PNC Bank, National Association and the other lenders party thereto</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">20.</TD><TD STYLE="text-align: justify">Term Loan Agreement dated July 1, 2016, among Agree Limited Partnership, Capital One and the other
lenders party thereto</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">21.</TD><TD STYLE="text-align: justify">Note Purchase Agreement, dated as of August 3, 2017, among Agree Limited Partnership, the Company
and the purchasers named therein</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">22.</TD><TD STYLE="text-align: justify">Uncommitted Master Note Facility, dated as of August 3, 2017, among Agree Limited Partnership,
the Company and Teachers Insurance and Annuity Associate of America (&ldquo;TIAA&rdquo;) and each TIAA Affiliate (as defined therein)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">23.</TD><TD STYLE="text-align: justify">Uncommitted Master Note Facility, dated as of August 3, 2017, among Agree Limited Partnership,
the Company and Teachers Insurance and AIG Asset Management (U.S.), LLC (&ldquo;AIG&rdquo;) and each AIG Affiliate (as defined
therein)</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: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&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%"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Schedule IV-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></TD><TD STYLE="width: 33%">&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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merrie S. Frankel</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">Clayton Thelen</P>

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

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

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

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

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

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

<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: 45%; padding-bottom: 12pt; text-align: left; text-indent: 0in">Aggregate number of shares offered:</TD>
    <TD STYLE="width: 55%; padding-bottom: 12pt; text-align: left; text-indent: 0in">3,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: left; text-indent: 0in">Offering price to public:</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: left; text-indent: 0in">$48.00</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tv488677_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="margin: 0">&nbsp;<IMG SRC="image01.jpg" ALT=""></P>

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

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

<P STYLE="margin: 0">&nbsp;<IMG SRC="image02.jpg" ALT=""></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">March 16, 2018</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-bottom: 0.15in">
        <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 Rd.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bloomfield Hills, Michigan 48304</P></TD>
    <TD STYLE="width: 50%; padding-bottom: 0.15in; layout-grid-mode: char; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Agree Realty Corporation, a Maryland corporation (the &ldquo;Company&rdquo;) -- Issuance and Sale by the Company of up to 3,450,000
shares (the &ldquo;Shares&rdquo;) of common stock, par value $0.0001 per share (&ldquo;Common Stock&rdquo;), of the Company pursuant
to a Registration Statement on Form S-3 (Registration No. 333-218476) filed with the United States Securities and Exchange Commission
(the &ldquo;Commission&rdquo;) on June 2, 2017 (the &ldquo;Registration Statement&rdquo;) and pursuant to, and in accordance with
the terms and conditions of, the Underwriting Agreement and the Forward Sale Agreement (as such terms are defined herein)</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">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have acted as Maryland corporate counsel
to the Company in connection with the registration of the Shares under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;),
by the Company pursuant to the Registration Statement. The Shares are to be issued by the Company pursuant to, and in accordance
with the terms and conditions of, (i) the underwriting agreement, dated as of March 13, 2018 (the &ldquo;Underwriting Agreement&rdquo;),
by and among the Company, Agree Limited Partnership, a Delaware limited partnership of which the Company acts as the general partner
(the &ldquo;Operating Partnership&rdquo;), and Citigroup Global Markets, Inc., in its capacity (a) as the agent for Citibank, N.A.
(the &ldquo;Forward Counterparty&rdquo;) (in such agency capacity, the &ldquo;Forward Seller&rdquo;), at the request of the Company
in connection with the Forward Sale Agreement and (b) as representative of the several underwriters listed in Schedule I to the
Underwriting Agreement (the &ldquo;Underwriters&rdquo;), and (ii) the letter agreement, dated as of March 13, 2018, and, if and
when executed and delivered, any Additional Forward Sale Agreement (as defined in the Underwriting Agreement), by and between the
Company and the Forward Counterparty (the &ldquo;Forward Sale Agreement&rdquo;). You have requested our opinion with respect to
the matters set forth below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In our capacity as Maryland corporate counsel
to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to
our satisfaction, of the following documents (collectively, the &ldquo;Documents&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
corporate charter of the Company (the &ldquo;Charter&rdquo;) represented by Articles of Incorporation filed with the State Department
of Assessments and Taxation of Maryland (the &ldquo;Department&rdquo;) on December 15, 1993, Articles of Amendment filed with the
Department on April 7, 1994, two Articles Supplementary filed with the Department on December 8, 2008, Articles Supplementary filed
with the Department on September 21, 2012, Articles of Amendment filed with the Department on May 8, 2013, two Articles Supplementary
filed with the Department on July 31, 2013, Articles of Amendment filed with the Department on May 5, 2015 and Articles of Amendment
filed with the Department on May 3, 2016;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">March 16, 2018</P>

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

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Bylaws of the Company adopted as of November 8, 2006, as amended and restated by the Amended and Restated Bylaws of the Company,
adopted as of May 8, 2013 (the &ldquo;Bylaws&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>resolutions
adopted by the Board of Directors of the Company, or a duly authorized committee thereof, on or as of June 1, 2017, March 12, 2018
and March 13, 2018, which, among other things, authorized the issuance of the Shares (together, the &ldquo;Directors&rsquo; Resolutions&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a
copy of the fully executed Underwriting Agreement and a copy of the fully executed Forward Sale Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Registration Statement and the related form of prospectus and prospectus supplement included therein, in substantially the form
filed with the Commission pursuant to the Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a
certificate of Joey Agree, President and Chief Executive Officer of the Company, and Clayton R. Thelen, Chief Financial Officer
and Secretary of the Company, dated as of a recent date (the &ldquo;Officers&rsquo; Certificate&rdquo;), to the effect that, among
other things, the Charter, the Bylaws and the Directors&rsquo; Resolutions are true, correct and complete, have not been rescinded
or modified and are in full force and effect on the date of the Officers&rsquo; Certificate and certifying as to the approval,
form, execution and delivery of the Underwriting Agreement and the Forward Sale Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a
status certificate of the Department, dated as of a recent date, to the effect that the Company is duly incorporated and existing
under the laws of the State of Maryland and is duly authorized to transact business in the State of Maryland; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
other laws, records, documents, certificates, opinions and instruments as we have deemed necessary to render this opinion, subject
to the limitations, assumptions and qualifications noted below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In reaching the opinions set forth below,
we have assumed the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
person executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
natural person executing any of the Documents is legally competent to do so;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
of the Documents submitted to us as originals are authentic; any of the Documents submitted to us as certified or photostatic copies
conform to the original documents; all signatures on all of the Documents are genuine; all public records reviewed or relied upon
by us or on our behalf are true and complete; all statements and information contained in the Documents are true and complete;
there has been no modification of, or amendment to, any of the Documents, and there has been no waiver of any provision of any
of the Documents by action or omission of the parties or otherwise;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">March 16, 2018</P>

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Officers&rsquo; Certificate and all other certificates submitted to us are true and correct both when made and as of the date hereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Company has not, and is not required to be, registered under the Investment Company Act of 1940;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>none
of the Shares will be issued or transferred in violation of the provisions of Article Ninth of the Charter relating to restrictions
on ownership and transfer of shares of stock of the Company;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>upon
each issuance of any of the Shares subsequent to the date hereof, the total number of shares of Common Stock of the Company issued
and outstanding, after giving effect to such issuance of such Shares, will not exceed the total number of shares of Common Stock
that the Company is authorized to issue under its Charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based on the foregoing, and subject to the
assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">March 16, 2018</P>

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinions are limited to the
substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion
as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland,
or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinions are expressed
herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such
matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion letter is issued as of the date
hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention.
We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become
aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein
after the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We consent to your filing this opinion as
an exhibit to the Registration Statement and further consent to the filing of this opinion as an exhibit to the applications to
securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification
of our firm as Maryland corporate counsel to the Company in the section of the Registration Statement entitled &ldquo;Legal Matters&rdquo;.
In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the
Act.</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%; font-size: 10pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">/s/ Ballard Spahr LLP</TD></TR>
</TABLE>
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<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>tv488677_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 8.1&nbsp;</B></P>

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

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    <TD STYLE="width: 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="honigman-logo.jpg" ALT=""></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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">(313)
        465-7000</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">Fax:
        (313) 465-8000</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt">honigman.com</FONT></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 16, 2018</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">390 Greenwich Street</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Forward Counterparty (as defined in the Underwriting Agreement)</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">Citigroup Global Markets Inc. (as agent
for Citibank, N.A.)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Forward Seller (as defined in the Underwriting
Agreement)</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&#9;Re:&#9;<U>Certain
U.S. Federal Income Tax Matters</U></B></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 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; 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 acted as counsel
to Agree Realty Corporation, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), and Agree Limited Partnership, a Delaware
limited partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;), in connection with the Underwriting Agreement, dated March
13, 2018, by and among Citigroup Global Markets Inc., as Representative of the several Underwriters listed in Schedule I attached
thereto, Citigroup Global Markets Inc., in its capacity as agent for Citibank, N.A., the Company and the Operating Partnership
(the &ldquo;<U>Underwriting Agreement</U>&rdquo;), and the public offering (the &ldquo;<U>Offering</U>&rdquo;) of up to 3,450,000
shares of the Company&rsquo;s common stock, par value $0.0001 per share (the &ldquo;<U>Common Shares</U>&rdquo;), including up
to 450,000 Common Shares issuable pursuant to the 30-day option granted to the Underwriters. This opinion letter is provided to
you at the request of the Company and the Operating Partnership pursuant to Section 8(c) of the Underwriting Agreement. Except
as otherwise indicated, capitalized terms used in this opinion letter are defined as set forth in the Underwriting Agreement.</P>

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

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

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

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    <TD STYLE="vertical-align: top; width: 61%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;<IMG SRC="honigman-logo2.jpg" ALT=""></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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    <TD STYLE="width: 49%; padding-bottom: 3pt; font-size: 10pt">March 16, 2018</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">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">&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 Registration Statement on Form S-3 filed on June 2, 2017 (the &ldquo;<U>Registration
Statement</U>&rdquo;), the prospectus filed as part of the Registration Statement (the &ldquo;<U>Base Prospectus</U>&rdquo;), and
the prospectus supplement filed on March 13, 2018 (together with the Base Prospectus, the &ldquo;<U>Prospectus</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">(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;</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 Clay Thelen, Chief Financial Officer 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 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>

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

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

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

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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    <TD STYLE="vertical-align: top; width: 61%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;<IMG SRC="honigman-logo2.jpg" ALT=""></TD>
    <TD STYLE="width: 39%; 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>
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<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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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: 49%; padding-bottom: 3pt; font-size: 10pt">March 16, 2018</TD>
    <TD STYLE="width: 51%; padding-bottom: 3pt; font-size: 10pt; text-align: right">Page 3</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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 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 ending December 31, 2018, and future taxable years, the Company will operate
in a manner that 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; 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; text-indent: 0.5in"></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"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; font-size: 8pt"><TD STYLE="width: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2290 First National Building &middot; 660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><I>Detroit &#8729; Ann Arbor &#8729; Bloomfield Hills &#8729; Chicago &#8729; Kalamazoo &#8729; Lansing</I></FONT></P></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: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 61%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;<IMG SRC="honigman-logo2.jpg" ALT=""></TD>
    <TD STYLE="width: 39%; 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; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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: 49%; padding-bottom: 3pt; font-size: 10pt">March 16, 2018</TD>
    <TD STYLE="width: 51%; padding-bottom: 3pt; font-size: 10pt; text-align: right">Page 4</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">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; (which are incorporated
herein by reference), we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company qualified to be taxed as a REIT pursuant to sections 856 through 860 of the Code for its taxable years ended December 31,
2010 through December 31, 2017, and the Company&rsquo;s current and proposed method of operation will enable it to continue to
qualify as a REIT under the Code for its taxable year ending December 31, 2018 and thereafter; 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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
description of the law and the legal conclusions contained in the Prospectus 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; 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"></P>

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

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; font-size: 8pt"><TD STYLE="width: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2290 First National Building &middot; 660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><I>Detroit &#8729; Ann Arbor &#8729; Bloomfield Hills &#8729; Chicago &#8729; Kalamazoo &#8729; Lansing</I></FONT></P></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: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 61%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;<IMG SRC="honigman-logo2.jpg" ALT=""></TD>
    <TD STYLE="width: 39%; 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; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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: 49%; padding-bottom: 3pt; font-size: 10pt">March 16, 2018</TD>
    <TD STYLE="width: 51%; padding-bottom: 3pt; font-size: 10pt; text-align: right">Page 5</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">Other than as expressly
stated above, we express no opinion as to any other U.S. federal income tax issue or matter relating to the Company. 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 Offering 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; text-indent: 0.5in">&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 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 68%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>/s/ HONIGMAN MILLER SCHWARTZ AND COHN LLP</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; font-size: 8pt"><TD STYLE="width: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2290 First National Building &middot; 660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</P><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><I>Detroit &#8729; Ann Arbor &#8729; Bloomfield Hills &#8729; Chicago &#8729; Kalamazoo &#8729; Lansing</I></FONT></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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


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