<SEC-DOCUMENT>0001104659-20-039970.txt : 20200330
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<ACCEPTANCE-DATETIME>20200330090049
ACCESSION NUMBER:		0001104659-20-039970
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20200330
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200330
DATE AS OF CHANGE:		20200330

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:		20754280

	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>
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<p style="margin-top: 0; text-align: center; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>WASHINGTON, D.C. 20549</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>FORM <span id="xdx_909_edei--DocumentType_c20200329__20200330_z3k0dcJdX765"><ix:nonNumeric contextRef="From2020-03-29to2020-03-30" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CURRENT REPORT</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of report (Date
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><span id="xdx_908_edei--EntityIncorporationStateCountryCode_c20200329__20200330_zHrSPLdzX6T4"><ix:nonNumeric contextRef="From2020-03-29to2020-03-30" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">Maryland</ix:nonNumeric></span></b></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&#8217;s telephone number, including
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-decoration: underline">Not applicable </span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%">
<tr style="vertical-align: top">
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under the Securities Act (17 CFR 230.425)</span></td></tr>
<tr style="vertical-align: top">
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    <td style="text-align: justify; font-size: 10pt"><span style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-size: 10pt">Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_90F_edei--PreCommencementIssuerTenderOffer_c20200329__20200330_zPyuDdOMta21"><ix:nonNumeric contextRef="From2020-03-29to2020-03-30" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-size: 10pt">Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify">Securities registered pursuant
to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify">&#160;</p>

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    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 20%; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Trading Symbol(s)</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify">Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Emerging growth company <span style="font-family: Wingdings"><span id="xdx_90D_edei--EntityEmergingGrowthCompany_c20200329__20200330_zFZeoCTauJ7i"><ix:nonNumeric contextRef="From2020-03-29to2020-03-30" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify">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. <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</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">&#160;&#160;</p>

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

<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<td style="width: 0"></td><td style="width: 1in; text-align: left"><b>Item 8.01</b></td><td style="text-align: justify"><b>Other Events.</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><b><i>At-The-Market Equity Program</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 30, 2020,
Agree Realty Corporation (the &#8220;<span style="text-decoration: underline">Company</span>&#8221;) and Agree Limited Partnership (the &#8220;<span style="text-decoration: underline">Operating Partnership</span>&#8221;),
for which the Company is the sole general partner, entered into separate at the market (&#8220;<span style="text-decoration: underline">ATM</span>&#8221;) equity distribution
agreements with each of Robert W. Baird &#38; Co. Incorporated, Stifel, Nicolaus &#38; Company, Incorporated, Sun Trust Robinson
Humphrey, Inc. and Capital One Securities, Inc. (collectively, the &#8220;<span style="text-decoration: underline">Non-Forward ATM Equity Distribution Agreements</span>&#8221;)
and with Raymond James Associates, Inc. (&#8220;<span style="text-decoration: underline">Raymond James</span>&#8221;), Citigroup Global Markets Inc. (&#8220;<span style="text-decoration: underline">Citigroup</span>&#8221;),
Jefferies LLC (&#8220;<span style="text-decoration: underline">Jefferies</span>&#8221;) and Wells Fargo Securities, LLC (&#8220;<span style="text-decoration: underline">Wells Fargo</span>&#8221;) (collectively,
the &#8220;<span style="text-decoration: underline">Forward ATM Equity Distribution Agreements</span>&#8221;, and together with the Non-Forward Equity Distribution Agreements,
the &#8220;<span style="text-decoration: underline">ATM Equity Distribution Agreements</span>&#8221;), pursuant to which the Company may issue and sell from time to time
shares of the Company&#8217;s common stock, $0.0001 par value per share, having an aggregate offering price of up to $400,0000,000
(the &#8220;<span style="text-decoration: underline">Shares</span>&#8221;). We refer to these entities, when acting in their capacity as sales agents, individually as a
 &#8220;sales agent&#8221; and collectively as &#8220;sales agents.&#8221; The Forward ATM Equity Distribution Agreements with Raymond
James, Citigroup, Jefferies and Wells Fargo provide that, in addition to the issuance and sale of common stock by us through a
sales agent acting as a sales agent or directly to the sales agent acting as principal for its own account at a price agreed upon
at the time of sale, we also may enter into forward sale agreements, between us and each of Raymond James, Citigroup, Jefferies
and Wells Fargo, or their respective affiliates. We refer to Raymond James, Citigroup, Jefferies and Wells Fargo, when acting as
agents for forward purchasers, individually as a &#8220;forward seller&#8221; and collectively as &#8220;forward sellers.&#8221; Upon entering into the ATM Equity Distribution
Agreements, we simultaneously terminated the
equity distribution agreements we entered into with
the same parties in connection with a prior at the
market offering program established in July 2019.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales of the Shares,
if any, may be made in negotiated transactions, which may include block trades, or transactions that are deemed to be &#8220;at
the market&#8221; offerings as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly
on the New York Stock Exchange or sales made to or through a market maker other than on an exchange.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
issuance and sale of the Shares through the sales agents, the Forward ATM Equity Distribution Agreements with Raymond James, Citigroup,
Jefferies and Wells Fargo provide that the Company also may enter into forward sale agreements under separate master forward sale
confirmations and related supplemental confirmations between the Company and a forward seller or its affiliate. The Company refers
to these entities, when acting in this capacity, individually as a &#8220;forward purchaser&#8221; and collectively as &#8220;forward
purchasers.&#8221; In connection with each particular forward sale agreement, the relevant forward purchaser will borrow from third
parties and, through the relevant forward seller, sell a number of shares of common stock equal to the number of shares of common
stock underlying the particular forward sale agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will not
initially receive any proceeds from the sale of borrowed shares of common stock by a forward seller. The Company expects to fully
physically settle each particular forward sale agreement with the applicable forward purchaser on one or more dates specified by
the Company on or prior to the maturity date of that particular forward sale agreement, in which case the Company will expect to
receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward sale agreement
multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a particular
forward sale agreement, in which case the Company may not receive any proceeds from the issuance of shares, and the Company will
instead receive or pay cash (in the case of cash settlement) or receive or deliver shares of its common stock (in the case of net
share settlement).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each sales agent will
receive from the Company a commission that will not exceed, but may be lower than, 2.0% of the gross sales price of all Shares
sold through it as sales agent under the applicable ATM Equity Distribution Agreement. In connection with each forward sale, the
Company will pay the relevant forward seller, in the form of a reduced initial forward sale price under the related forward sale
agreement with the related forward purchaser, commissions at a mutually agreed rate that shall not be more than 2.0% of the gross
sales price of all borrowed Shares sold by it as a forward seller.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Shares will be
issued pursuant to the Company&#8217;s registration statement on Form S-3ASR (File No. 333-218476), filed with the Securities and
Exchange Commission (the &#8220;<span style="text-decoration: underline">Commission</span>&#8221;) on June 2, 2017, which became immediately effective upon filing, and
a prospectus supplement dated March 30, 2020, filed by the Company with the Commission. This Current Report on Form 8-K does not
constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of Shares in any state in which
such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
state.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the material terms of the ATM Equity Distribution Agreements and the master forward sale confirmations does not purport to be
complete and is qualified in its entirety by reference to Exhibits 1.1, 1.2 and 1.3 filed herewith, which are incorporated herein
by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b><i>Supplemental Risk
Factor</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is supplementing
the risk factors set forth under &#34;Item 1A. Risk Factors&#34; in the Company's Annual Report on Form 10-K for the year ended
December 31, 2019 (the &#34;<span style="text-decoration: underline">2019 Annual Report</span>&#34;) with the additional risk factor set forth below. This supplemental
risk factor should be read in conjunction with the risk factors set forth in the 2019 Annual Report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>The current pandemic
of the novel coronavirus, or COVID-19, and the future outbreak of other highly infectious or contagious diseases, could materially
and adversely impact or disrupt our financial condition, results of operations, cash flows and performance.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since being reported
in December 2019, COVID-19 has spread globally, including to every state in the United States. On March 11, 2020, the World Health
Organization declared COVID-19 a pandemic, and on March 13, 2020, the United States declared a national emergency with respect
to COVID-19.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The COVID-19
pandemic has had, and another pandemic in the future could have, repercussions across regional and global economies and
financial markets. The outbreak of COVID-19 in many countries has significantly adversely impacted global economic activity
and has contributed to significant volatility and negative pressure in financial markets. The global impact of the outbreak
has been rapidly evolving and, as cases of COVID-19 have continued to be identified in additional countries, many countries,
including the United States, have reacted by instituting quarantines, mandating business and school closures and restricting
travel.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain states and
cities, including where we own properties and/or have development sites, have also reacted by instituting quarantines, restrictions
on travel, &#34;shelter in place&#34; rules, restrictions on types of business that may continue to operate, and/or restrictions
on the types of construction projects that may continue. The Company expects that additional states and cities will implement similar
restrictions. As a result, the COVID-19 pandemic is negatively impacting almost every industry directly or indirectly. A number
of our tenants have announced temporary closures of their stores and requested rent deferral or rent abatement during this pandemic.
Many experts predict that the outbreak will trigger, or even has already triggered, a period of global economic slowdown or a global
recession. The COVID-19 pandemic, or a future pandemic, could have material and adverse effects on our ability to successfully
operate and on our financial condition, results of operations and cash flows due to, among other factors:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-family: Symbol">&#183;</span></td>
    <td style="text-align: justify">a complete or partial closure of, or other operational issues at, one or more of our properties resulting from government or tenant action;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-family: Symbol">&#183;</span></td>
    <td style="text-align: justify">the reduced economic activity severely impacts our tenants' businesses, financial condition and liquidity and may cause one or more of our tenants to be unable to meet their obligations to us in full, or at all, or to otherwise seek modifications of such obligations;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-family: Symbol">&#183;</span></td>
    <td style="text-align: justify">the reduced economic activity could result in a recession, which could negatively impact consumer discretionary spending;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-family: Symbol">&#183;</span></td>
    <td style="text-align: justify">difficulty accessing debt and equity capital on attractive terms, or at all, and a severe disruption and instability in the global financial markets or deteriorations in credit and financing conditions may affect our access to capital necessary to fund business operations or address maturing liabilities on a timely basis and our tenants' ability to fund their business operations and meet their obligations to us;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-family: Symbol">&#183;</span></td>
    <td style="text-align: justify">the financial impact of the COVID-19 pandemic could negatively impact our future compliance
    with financial covenants of our credit facility and other debt agreements and result in a default and potentially an
    acceleration of indebtedness, which non-compliance could negatively impact our ability to make additional borrowings under
    our revolving credit facility and pay dividends;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-family: Symbol">&#183;</span></td>
    <td style="text-align: justify">a general decline in business activity and demand for real estate transactions could adversely affect our ability or desire to grow our portfolio of properties;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-family: Symbol">&#183;</span></td>
    <td style="text-align: justify">a deterioration in our or our tenants' ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed for our or our tenants' efficient operations could adversely affect our operations and those of our tenants; and</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-family: Symbol">&#183;</span></td>
    <td style="text-align: justify">the potential negative impact on the health of our personnel, particularly if a significant number of them are impacted, could result in a deterioration in our ability to ensure business continuity during a disruption.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The extent to which
the COVID-19 pandemic impacts our operations and those of our tenants will depend on future developments, which are highly uncertain
and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain
the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among
others. Additional closures by our tenants of their stores and early terminations by our tenants of their leases could reduce our
cash flows, which could impact our ability to continue paying dividends to our stockholders at expected levels or at all. The rapid
development and fluidity of this situation precludes any prediction as to the full adverse impact of the COVID-19 pandemic. Nevertheless,
the COVID-19 pandemic presents material uncertainty and risk with respect to our performance, financial condition, results of operations,
cash flows and performance. Moreover, many risk factors set forth in the 2019 Annual Report should be interpreted as heightened
risks as a result of the impact of the COVID-19 pandemic.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 1in; text-align: left"><b>Item 9.01</b></td><td style="text-align: justify"><b>Financial Statements and Exhibits.</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 1in; text-align: left"><b>(d)</b></td><td style="text-align: justify"><b>Exhibits.</b></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 15%; font-size: 10pt; text-indent: 0"><span style="font-size: 10pt"><span style="text-decoration: underline">Exhibit Number</span></span></td>
    <td style="width: 85%; font-size: 10pt; text-indent: 0"><span style="font-size: 10pt"><span style="text-decoration: underline">Description</span></span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-indent: 0">&#160;</td>
    <td style="font-size: 10pt; text-indent: 0">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-indent: 0"><a href="tm2014112d1_ex1-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">1.1</span></a></td>
    <td style="font-size: 10pt; text-align: justify; text-indent: 0"><a href="tm2014112d1_ex1-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Form of Non-Forward ATM Equity Distribution Agreement</span></a></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-indent: 0"><a href="tm2014112d1_ex1-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">1.2</span></a></td>
    <td style="font-size: 10pt; text-align: justify; text-indent: 0"><a href="tm2014112d1_ex1-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Form of Forward ATM Equity Distribution Agreement</span></a></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-indent: 0"><span style="font-size: 10pt"><a href="tm2014112d1_ex1-3.htm" style="-sec-extract: exhibit">1.3</a></span></td>
    <td style="font-size: 10pt; text-align: justify; text-indent: 0"><span style="font-size: 10pt"><a href="tm2014112d1_ex1-3.htm" style="-sec-extract: exhibit">Form of Master Forward Sale Confirmation</a></span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-indent: 0"><span style="font-size: 10pt"><a href="tm2014112d1_ex5-1.htm" style="-sec-extract: exhibit">5.1</a></span></td>
    <td style="font-size: 10pt; text-align: justify; text-indent: 0"><span style="font-size: 10pt"><a href="tm2014112d1_ex5-1.htm" style="-sec-extract: exhibit">Opinion of Ballard Spahr LLP regarding the validity of the Shares to be issued</a></span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-indent: 0"><span style="font-size: 10pt"><a href="tm2014112d1_ex8-1.htm" style="-sec-extract: exhibit">8.1</a></span></td>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-indent: 0"><span style="font-size: 10pt"><a href="tm2014112d1_ex8-1.htm">23.2</a></span></td>
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<tr style="vertical-align: top">
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p>

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<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">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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-indent: 0">&#160;</td>
    <td colspan="2" style="text-indent: 0"><span style="font-size: 10pt">AGREE REALTY CORPORATION</span></td>
    <td style="text-indent: 0">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-indent: 0; width: 50%">&#160;</td>
    <td style="text-indent: 0; width: 5%">&#160;</td>
    <td style="text-indent: 0; width: 30%">&#160;</td>
    <td style="text-indent: 0; width: 15%">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-indent: 0">&#160;</td>
    <td style="text-indent: 0">&#160;</td>
    <td style="text-indent: 0">&#160;</td>
    <td style="text-indent: 0">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-indent: 0"><span style="font-size: 10pt">Date:&#160;&#160;March 30, 2020</span></td>
    <td style="text-indent: 0"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; text-indent: 0"><span style="font-size: 10pt">/s/ Clayton R. Thelen</span></td>
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<tr style="vertical-align: top">
    <td style="text-indent: 0">&#160;</td>
    <td style="text-indent: 0">&#160;</td>
    <td style="text-indent: 0">
        <p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">Clayton R. Thelen,</p>
        <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">Chief Financial Officer and Secretary</p></td>
    <td style="text-indent: 0">&#160;</td></tr>
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<p style="margin-top: 0pt; margin-bottom: 0pt"></p>

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<TYPE>EX-1.1
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<FILENAME>tm2014112d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">AGREE
        REALTY CORPORATION</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">Shares
        of Common Stock<BR>
        <BR>
        (Par Value $0.0001 Per Share)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><U>EQUITY
        DISTRIBUTION AGREEMENT</U></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Dated: March 30, 2020</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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">TABLE OF
CONTENTS</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"></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-bottom: 1pt; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0"><B><U>Page</u></b></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; width: 1%; padding-right: 0; padding-left: 0">SECTION 1</TD>
    <TD STYLE="padding-bottom: 1pt; width: 81%; padding-right: 0; padding-left: 0">DESCRIPTION OF SECURITIES.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; width: 9%; padding-right: 0; padding-left: 0">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 2</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">PLACEMENTS.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 3</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SALE OF SECURITIES.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 4</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SUSPENSION OF SALES.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 5</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">REPRESENTATIONS AND WARRANTIES.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 6</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SALE AND DELIVERY; SETTLEMENT.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 7</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">COVENANTS OF THE COMPANY AND THE OPERATING PARTNERSHIP.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 8</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">PAYMENT OF EXPENSES.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 9</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">CONDITIONS OF THE OBLIGATIONS OF THE MANAGER.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 10</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">INDEMNIFICATION.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 11</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">CONTRIBUTION.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">38</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 12</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 13</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">TERMINATION OF AGREEMENT.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 14</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">NOTICES.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 15</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">PARTIES.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 16</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">ADJUSTMENTS FOR SHARE SPLITS.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 17</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">GOVERNING LAW AND TIME.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 18</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">EFFECT OF HEADINGS.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 19</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">RESEARCH ANALYST INDEPENDENCE.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 20</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">PERMITTED FREE WRITING PROSPECTUSES.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 21</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">ABSENCE OF FIDUCIARY RELATIONSHIP.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 22</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">CONSENT TO JURISDICTION.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 23</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">PARTIAL UNENFORCEABILITY.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 24</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">WAIVER OF JURY TRIAL.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 25</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">COUNTERPARTS.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 26</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">AMENDMENTS AND WAIVERS.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 27&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">RECOGNITION OF THE U.S. SPECIAL RESOLUTION REGIMES.</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-right: 0; padding-left: 0">44</TD></TR>
</TABLE>


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBITS</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"></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-left: 0; white-space: nowrap; width: 1pt; padding-right: 0; text-indent: 0in">Exhibit&nbsp;A</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; width: 1pt; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-indent: 0in">Form of Placement Notice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; white-space: nowrap; padding-right: 0; text-indent: 0in">Exhibit&nbsp;B</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-indent: 0in">Authorized Individuals for Placement Notices and Acceptances</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; white-space: nowrap; padding-right: 0; text-indent: 0in">Exhibit&nbsp;C</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-indent: 0in">Compensation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; white-space: nowrap; padding-right: 0; text-indent: 0in">Exhibit&nbsp;D</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-indent: 0in">Officers&rsquo; Certificate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; white-space: nowrap; padding-right: 0; text-indent: 0in">Exhibit&nbsp;E</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-indent: 0in">Form of Corporate Opinion of Honigman LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; white-space: nowrap; padding-right: 0; text-indent: 0in">Exhibit&nbsp;F</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-indent: 0in">Form of Tax Opinion of Honigman LLP </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; white-space: nowrap; padding-right: 0; text-indent: 0in">Exhibit&nbsp;G</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-indent: 0in">Form of Opinion of Ballard Spahr LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; white-space: nowrap; padding-right: 0; text-indent: 0in">Exhibit&nbsp;H</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; width: 1pt; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; text-indent: 0in">Permitted Free Writing Prospectus</TD></TR>
</TABLE>


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SCHEDULES</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"></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="white-space: nowrap; padding-bottom: 0; width: 0.5%; padding-right: 0; padding-left: 0">Schedule I</TD>
    <TD STYLE="padding-bottom: 0; white-space: nowrap; padding-left: 0; width: 0.1in; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">List of Subsidiaries and Joint Ventures</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0">Schedule II</TD>
    <TD STYLE="padding-bottom: 0; white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Material Agreements</TD></TR>
</TABLE>


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<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-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Agree Realty Corporation<BR>
(a Maryland corporation)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shares of Common Stock<BR>
<BR>
(Par Value $.0001 Per Share)</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-transform: uppercase; text-align: center"><U>EQUITY DISTRIBUTION
AGREEMENT</U></P>

<P STYLE="font: 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 30, 2020</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">[ ]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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;<U>Company</U>&rdquo;), and Agree Limited Partnership, a Delaware limited partnership (the &ldquo;<U>Operating
Partnership</U>&rdquo;), of which the Company is the sole general partner, each confirms its agreement (this &ldquo;<U>Agreement</U>&rdquo;)
with [&bull;] (the &ldquo;<U>Manager</U>&rdquo;), 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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>DESCRIPTION OF SECURITIES</U>.</P>



<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: 0.5in">Each of the Company
and the Operating Partnership agrees that, from time to time during the term of this Agreement, on the terms and subject to the
conditions set forth herein, the Company may issue and sell through the Manager, acting as agent and/or principal shares (the &ldquo;<U>Securities</U>&rdquo;)
of the Company&rsquo;s common stock, par value $0.0001 per share (the &ldquo;<U>Common Stock</U>&rdquo;), having an aggregate offering
price of up to $400,000,000 (the &ldquo;<U>Maximum Amount</U>&rdquo;). Notwithstanding anything to the contrary contained herein,
the parties hereto agree that compliance with the limitations set forth in this Section&nbsp;1 regarding the aggregate offering
price of the Securities issued and sold under this Agreement shall be the sole responsibility of the Company, and the Manager shall
have no obligation in connection with such compliance. The issuance and sale of the Securities through the Manager will be effected
pursuant to the Registration Statement (as defined below) that was filed by the Company under the Securities Act of 1933, as amended
(collectively with the rules and regulations of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) thereunder,
the &ldquo;<U>Securities Act</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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">The Company has filed,
in accordance with the provisions of the Securities Act, with the Commission a shelf registration statement on Form S-3 (File No.&nbsp;333-218476)
on June 2, 2017, including a base prospectus, relating to certain securities, including the Securities to be issued from time to
time by the Company, which shelf registration statement, including any amendments thereto, was declared effective by the Commission
under the Securities Act and which incorporates by reference documents that the Company has filed or will file in accordance with
the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (collectively,
the &ldquo;<U>Exchange Act</U>&rdquo;). The Company has prepared a prospectus supplement specifically relating to the Securities
(the &ldquo;<U>Prospectus Supplement</U>&rdquo;) to the base prospectus included as part of such registration statement. The Company
will furnish to the Manager, for use by the Manager copies, of the base prospectus included as part of such registration statement,
as supplemented by the Prospectus Supplement, relating to the Securities. Except where the context otherwise requires, such registration
statement, on each date and time that such registration statement and any post-effective amendment thereto became or becomes effective,
including all documents 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&nbsp;424(b) of the Securities Act or deemed
to be a part of such registration statement pursuant to Rule&nbsp;430B of the Securities Act (the &ldquo;<U>Rule 430B Information</U>&rdquo;),
is herein called the &ldquo;<U>Registration Statement</U>.&rdquo; The base prospectus included in the Registration Statement, including
all documents incorporated therein by reference, as it may be supplemented by the Prospectus Supplement, in the form in which such
prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule&nbsp;424(b)
of the Securities Act, is herein called the &ldquo;<U>Prospectus</U>.&rdquo; The Company may file one or more additional registration
statements (which shall be the Registration Statement) from time to time that will contain a base prospectus and related prospectus
or prospectus supplement, if applicable (which shall be the Prospectus Supplement), with respect to the Securities. Any reference
herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include
the documents incorporated by reference therein, and any reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo;
or &ldquo;supplement&rdquo; with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include
the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein.</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">For purposes of this
Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed
to include any copy filed with the Commission pursuant to the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval
system (&ldquo;<U>EDGAR</U>&rdquo;); all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer
Free Writing Prospectuses that, pursuant to Rule 433 under the Securities Act, are not required to be filed with the Commission)
shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to
 &ldquo;supplements&rdquo; to the Prospectus shall include, without limitation, any supplements, &ldquo;wrappers&rdquo; or similar
materials prepared in connection with any offering, sale or private placement of any Placement Securities by the Manager outside
of the United States. All references in this Agreement to financial statements and schedules and other information that is &ldquo;contained,&rdquo;
 &ldquo;included&rdquo; or &ldquo;stated&rdquo; in the Registration Statement 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 that is incorporated
by reference in the Registration Statement 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">As used in this Agreement,
the following terms have the respective meanings set forth below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Manager</U>&rdquo;
has the meaning set forth in the introductory paragraph 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">&ldquo;<U>Applicable
Time</U>&rdquo; means the time of each sale of any Securities pursuant to 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commitment
Period</U>&rdquo; means the period commencing on the date of this Agreement and expiring on the date this Agreement is terminated
pursuant to Section 13.</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;<U>Investment
Company Act</U>&rdquo; means 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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuance</U>&rdquo;
means each occasion the Company elects to exercise its right to deliver a Placement Notice that specifies that it relates to an
 &ldquo;Issuance&rdquo; and requires the Manager to use commercially reasonable efforts to sell the Securities as specified in such
Placement Notice, subject to the terms and conditions 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">&ldquo;<U>Issuer Free
Writing Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities
Act, relating to the Securities that (i) is required to be filed with the Commission by the Company, (ii) is a &ldquo;road show&rdquo;
that is a &ldquo;written communication&rdquo; within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with
the Commission, or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Securities
or of the offering that does not reflect the final terms, and all free writing prospectuses that are listed in <U>Exhibit&nbsp;H</U>
hereto, in each case in the form furnished (electronically or otherwise) to the Manager for use in connection with the offering
of the Securities.</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;<U>NYSE</U>&rdquo;
means the New York Stock Exchange.</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;<U>Rule 158</U>,&rdquo;
 &ldquo;<U>Rule 172</U>,&rdquo; &ldquo;<U>Rule 405</U>,&rdquo; &ldquo;<U>Rule 415</U>,&rdquo; &ldquo;<U>Rule 424(b)</U>,&rdquo;
 &ldquo;<U>Rule 430B</U>,&rdquo; and &ldquo;<U>Rule 433</U>&rdquo; refer to such rules under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sales Price</U>&rdquo;
means, for each Issuance hereunder, the actual sale execution price of each Security sold by the Manager on the NYSE hereunder
in the case of ordinary brokers&rsquo; transactions, or as otherwise agreed by the parties in other methods of sale. Where the
context requires, the term &ldquo;Sales Price&rdquo; as used herein shall include the definition of the same under the Alternative
Distribution Agreements.</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;<U>Sarbanes-Oxley
Act</U>&rdquo; means the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the provisions
thereof.</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;<U>Selling Period</U>&rdquo;
means the period of one to 20 consecutive Trading Days (as determined by the Company in the Company&rsquo;s sole discretion and
specified in the applicable Placement Notice (as amended by the corresponding Acceptance, if applicable)) beginning on the date
specified in the applicable Placement Notice (as amended by the corresponding Acceptance, if applicable) or, if such date is not
a Trading Day, the next Trading Day following such date.</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;<U>Securities</U>&rdquo;
means all shares of Common Stock issued or issuable pursuant to an Issuance that has occurred or may occur in accordance with the
terms and conditions of this Agreement. Where the context requires, the term &ldquo;Securities&rdquo; as used herein, shall include
the definition of the same under the Alternative Distribution Agreements.</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;<U>Trading Day</U>&rdquo;
means any day which is a trading day on the NYSE.</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 will contribute
the Net Proceeds (as defined in Section 6(b)) from the sale of the Securities from time to time pursuant to this Agreement to the
Operating Partnership, and in exchange therefor, at each Settlement Date (as defined in Section 6(b)), the Operating Partnership
will issue to the Company units of limited partnership interest in the Operating Partnership (&ldquo;<U>OP Units</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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">The Manager has been
appointed by the Company as its agent to sell the Securities and agrees to use commercially reasonable efforts to sell the Securities
offered by the Company upon the terms and subject to the conditions contained 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">The Company and the
Operating Partnership have also entered into separate equity distribution agreements (collectively, the &ldquo;<U>Alternative Distribution
Agreements</U>&rdquo;), dated as of even date herewith, with [ ] (and, as applicable, their respective affiliates) (each, in its
capacity as agent and/or principal and, as applicable, forward seller and forward purchaser thereunder, an &ldquo;<U>Alternative
Manager</U>&rdquo;), for the issuance (in the case of the Securities) or borrowing (in the case of the Forward Hedge Securities
(as defined therein)) and sale from time to time through the applicable Alternative Managers on the terms set forth in the applicable
Alternative Distribution Agreements. The aggregate offering price of the Securities that may be sold pursuant to this Agreement
and the Alternative Distribution Agreements shall not exceed the Maximum Amount.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>PLACEMENTS</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the terms and subject to the conditions of this Agreement, on any Trading Day as provided in Section 2(c) hereof during
the Commitment Period on which the conditions set forth in Section 9 hereof have been satisfied, the Company wishes to issue and
sell the Securities hereunder (each, a &ldquo;<U>Placement</U>&rdquo;), by delivery of an email notice (or other method mutually
agreed to in writing by the parties) to the Manager containing the parameters in accordance with which it desires the Securities
to be sold, which shall at a minimum include the number of Securities to be issued (the &ldquo;<U>Placement Securities</U>&rdquo;),
the time period during which sales are requested to be made, any limitation on the number of Securities that may be sold in any
one day and any minimum price below which sales may not be made (a &ldquo;<U>Placement Notice</U>&rdquo;), a form of which containing
such minimum sales parameters necessary is attached hereto as <U>Exhibit&nbsp;A</U>. The Placement Notice shall originate from
any of the individuals from the Company set forth on <U>Exhibit&nbsp;B</U> (with a copy to each of the other individuals from the
Company listed on such schedule), and shall be addressed to each of the individuals from the Manager set forth on <U>Exhibit&nbsp;B</U>,
as such <U>Exhibit&nbsp;B</U> may be amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Manager wishes to accept such proposed terms included in the Placement Notice (which it may decline to do for any
reason in its sole discretion) or, following discussion with the Company, wishes to accept amended terms, the Manager will, prior
to 4:30&nbsp;p.m. (New York City Time) on the business day following the business day on which such Placement Notice is delivered
to the Manager, issue to the Company a notice by email (or other method mutually agreed to in writing by the parties) addressed
to all of the individuals from the Company and the Manager set forth on <U>Exhibit&nbsp;B</U>) setting forth the terms that the
Manager is willing to accept. Where the terms provided in the Placement Notice are amended as provided for in the immediately preceding
sentence, such terms will not be binding on the Company or the Manager until the Company delivers to the Manager an acceptance
by email (or other method mutually agreed to in writing by the parties) of all of the terms of such Placement Notice, as amended
(the &ldquo;<U>Acceptance</U>&rdquo;), which email shall be addressed to all of the individuals from the Company and the Manager
set forth on <U>Exhibit&nbsp;B</U>. The Placement Notice (as amended by the corresponding Acceptance, if applicable) shall be effective
upon receipt by the Company of the Manager&rsquo;s acceptance of the terms of the Placement Notice or upon receipt by the Manager
of the Company&rsquo;s Acceptance, as the case may be, unless and until (i) the entire amount of the Placement Securities has been
sold, (ii) in accordance with the notice requirements set forth in the second sentence of the prior paragraph, the Company terminates
the Placement Notice, (iii) the Company issues a subsequent Placement Notice with parameters superseding those on the earlier dated
Placement Notice, (iv) this Agreement has been terminated under the provisions of Section 13 or (v) either party shall have suspended
the sale of the Placement Securities in accordance with Section 4 below. The termination of the effectiveness of a Placement Notice
as set forth in the prior sentence shall not affect or impair any party&rsquo;s obligations with respect to any Securities sold
hereunder prior to such termination or any Securities sold under any Alternative Distribution Agreement. It is expressly acknowledged
and agreed that neither the Company nor the Manager will have any obligation whatsoever with respect to a Placement or any Placement
Securities unless and until the Company delivers a Placement Notice to the Manager and either (i) the Manager accepts the terms
of such Placement Notice or (ii) where the terms of such Placement Notice are amended, the Company accepts such amended terms by
means of an Acceptance pursuant to the terms set forth above, and then only upon the terms specified in the Placement Notice (as
amended by the corresponding Acceptance, if applicable) and herein. In the event of a conflict between the terms of this Agreement
and the terms of a Placement Notice (as amended by the corresponding Acceptance, if applicable), the terms of the Placement Notice
(as amended by the corresponding Acceptance, if applicable) will control.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Placement Notice may be delivered hereunder other than on a Trading Day during the Commitment Period, no Placement Notice
may be delivered hereunder if the Selling Period specified therein may overlap in whole or in part with any Selling Period specified
in a Placement Notice (as amended by the corresponding Acceptance, if applicable) delivered hereunder or under any Alternative
Distribution Agreement unless the Securities to be sold under all such previously delivered Placement Notices have all been sold.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of this Agreement, any notice required to be delivered by the Company or by the Manager
pursuant to this Section&nbsp;2 may be delivered by telephone (confirmed promptly by facsimile or email addressed to all of the
individuals from the Company and the Manager set forth on <U>Exhibit&nbsp;B</U>, which confirmation will be promptly acknowledged
by the receiving party) or other method mutually agreed to in writing by the parties. For the avoidance of doubt, notices delivered
by telephone shall originate from any of the individuals from the Company or the Manager set forth on <U>Exhibit&nbsp;B</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">3<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>SALE OF SECURITIES</U>.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of Sections 2(b) and 6(a), upon the delivery of a Placement Notice (as amended by the corresponding
Acceptance, if applicable), the Manager will use its commercially reasonable efforts consistent with its normal trading and sales
practices to sell the Securities at market prevailing prices up to the amount specified, and otherwise in accordance with the terms
of such Placement Notice (as amended by the corresponding Acceptance, if applicable). The Manager will provide written confirmation
to the Company no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it
has made sales of Securities hereunder setting forth the number of Securities sold on such day, the compensation payable by the
Company to the Manager pursuant to this Section 3(a) with respect to such sales, and the Net Proceeds payable to the Company, with
an itemization of deductions made by the Manager (as set forth in Section 6(b)) from the gross proceeds that it receives from such
sales. The amount of any commission, discount or other compensation to be paid by the Company to the Manager, when the Manager
is acting as agent, in connection with the sale of the Securities shall be determined in accordance with the terms set forth in
<U>Exhibit&nbsp;C</U>. The amount of any commission, discount or other compensation to be paid by the Company to the Manager, when
the Manager is acting as principal, in connection with the sale of the Securities shall be as separately agreed among the parties
hereto at the time of any such sales.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Securities may be offered and sold by any method permitted by law deemed to be an &ldquo;at the market&rdquo; offering
as defined in Rule 415 under the Securities Act, including without limitation sales made directly on the NYSE, on any other existing
trading market for the Common Stock or to or through a market maker, or subject to the terms of the Placement Notice (as amended
by the corresponding Acceptance, if applicable), by any other method permitted by law, including but not limited to, privately
negotiated transactions.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">4<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>SUSPENSION OF SALES</U>.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company or the
Manager may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the other
party set forth on <U>Exhibit&nbsp;B</U>, if receipt of such correspondence is actually acknowledged by any of the individuals
to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission
or email correspondence to each of the individuals of the other party set forth on <U>Exhibit&nbsp;B</U>), suspend any sale of
Securities, and the applicable Selling Period shall immediately terminate; <U>provided</U>, <U>however</U>, that such suspension
and termination shall not affect or impair either party&rsquo;s obligations with respect to any Securities sold hereunder prior
to the receipt of such notice or any Securities sold under any Alternative Distribution Agreement. The Company agrees that no such
notice under this Section&nbsp;4 shall be effective against the Manager unless it is made to one of the individuals named on <U>Exhibit&nbsp;B</U>
hereto, as such Exhibit may be amended from time to time. The Manager agrees that no such notice shall be effective against the
Company unless it is made to one of the individuals named on <U>Exhibit&nbsp;B</U> hereto, as such Exhibit may be amended from
time to time; provided that the failure by Manager to deliver such notice shall in no way effect such party&rsquo;s right to suspend
the sale of Securities hereunder.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">5<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>REPRESENTATIONS AND WARRANTIES</U>.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Representations and Warranties of the Company and the Operating Partnership</I>. The Company and the Operating Partnership,
jointly and severally, represent, warrant and covenant to the Manager as of the date hereof and as of each Representation Date
(as defined below) on which a certificate is required to be delivered pursuant to Section&nbsp;7(o) of this Agreement, as of each
Applicable Time and as of each Settlement Date, and agrees with the Manager, as follows:</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">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration Statement and Prospectuses</U>. The Registration Statement is an &ldquo;automatic shelf registration statement&rdquo;
(as defined in Rule 405 of the Securities Act) and the Securities have been and remain eligible for registration by the Company
on such automatic shelf registration statement. The Company and the transactions contemplated by this Agreement meet the requirements
for using Form S-3 under the Securities Act pursuant to the standards for such form as currently in effect and as in effect immediately
prior to October 21, 1992 and the Securities have been and remain eligible for registration by the Company on such shelf registration
statement. The Registration Statement was automatically deemed effective upon filing with the Commission on June 2, 2017. No stop
order suspending the effectiveness of the Registration Statement is in effect, and no proceedings or examination under Section&nbsp;8(d)
or 8(e) of the Securities Act are pending before or, to the Company&rsquo;s knowledge, threatened by the Commission. The Company
is not the subject of a pending proceeding under Section 8A of the Securities Act in connection with the offering of the Securities.
The Registration Statement meets the requirements set forth in Rule 415(a)(1)(x) and complies in all other material respects with
such Rule. The Company has not received from the Commission any notice objecting to the use of the shelf registration statement
form.</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">Each of the
Registration Statement and any post-effective amendment thereto, at the time of its effectiveness, at each deemed effective date
with respect to the Manager pursuant to Rule 430B(f)(2) under the Securities Act and as of each Settlement Date, complied and will
comply in all material respects at the time it became effective and at each Applicable Time with the requirements of the Securities
Act. Each preliminary prospectus (including the prospectus filed as part of the Registration Statement as originally filed or as
part of any amendment or supplement thereto), any supplement or any prospectus wrapper prepared in connection therewith, and the
Prospectus complied in all material respects at the time it was filed and at each Applicable Time with the Securities Act. Each
preliminary prospectus and the Prospectus delivered to the Manager for use in connection with the offering of any Securities was
identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted
by Regulation S-T.</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">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Well-Known Seasoned Issuer</U>. (i) At the time of filing 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 or otherwise (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) of the
Securities Act) made any offer relating to the Securities in reliance on the exemption of Rule 163 of the Act and (iv) at the date
hereof, the Company is a &ldquo;well-known seasoned issuer&rdquo; as defined in Rule 405 of the Securities 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">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Incorporated Documents</U>. The documents incorporated or deemed to be incorporated by reference in the Registration
Statement, the Prospectus and any Issuer Free Writing Prospectus (the &ldquo;<U>Incorporated Documents</U>&rdquo;), when they became
effective or at the time they were or hereafter are filed with the Commission, as the case may be, complied, comply and will comply
in all material respects with the requirements of the Exchange Act and, when read together with the other information in the Registration
Statement, the Prospectus or such Issuer Free Writing Prospectus when considered together with the Prospectus, as the case may
be, (a)&nbsp;at the time the Registration Statement became effective, (b) with respect to any offering of Securities,&nbsp;at the
earlier of the time the Prospectus was first used and the date and time of the first contract of sale of such Securities, and (c)&nbsp;at
each relevant Settlement Date, did not and will not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading.</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"></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">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accurate Disclosure</U>. Neither the Registration Statement nor any amendment thereto, at the times they became effective,
at each deemed effective date with respect to the Manager pursuant to Rule 430B(f)(2) under the Securities Act, at each Applicable
Time and at each Settlement Date, contained, contains or will contain an untrue statement of a material fact or omitted, omits
or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
Neither the Prospectus (nor any one or more Issuer Free Writing Prospectuses when considered together with the Prospectus) nor
any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of filing with the Commission
pursuant to Rule 424(b) under the Securities Act, at each Applicable Time or at any Settlement Date, included, includes or will
include an untrue statement of a material fact or omitted, omits or will 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.</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">The representations
and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement (or any amendment
thereto), any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto (including any prospectus
wrapper)), made in reliance upon and in conformity with written information furnished to the Company by the Manager expressly for
use therein.</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">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuer Free Writing Prospectuses</U>. No Issuer Free Writing Prospectus conflicts or will conflict with the information
contained in the Registration Statement or the Prospectus including any document incorporated or deemed incorporated by reference
therein, and any preliminary or other prospectus deemed to be a part thereof that has not been superseded or modified.</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">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization and Description of Securities</U>. The Securities to be sold through the Manager, as principal or agent,
have been duly and validly authorized and conform in all material respects to the description thereof contained in the Registration
Statement and the Prospectus and, when issued and delivered pursuant to this Agreement, will be fully paid and non-assessable free
and clear of any pledge, lien, encumbrance, security interest or other claim, and the issuance and sale of the Securities 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 Securities by the Company.
The form of certificate for the Securities 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 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">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U>. As of the date of this Agreement, 45,601,858 shares of Common Stock of the Company are issued and
outstanding; 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
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 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 Securities Act (other than those that have been waived).</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">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Good Standing of the Company</U>. 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 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;<U>Material Adverse Effect</U>&rdquo;).</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">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Good Standing of the Subsidiaries</U>. 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;I</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 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 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">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Business in Cuba</U>. None of the Company, the Operating Partnership or any of its subsidiaries does any business in
Cuba.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries</U>. Other than as set forth on <U>Schedule&nbsp;I</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
and the Prospectus.</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">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Significant Subsidiaries</U>. The &ldquo;significant subsidiaries&rdquo; of the Company as defined in Section 1-02(w)
of Regulation S-X under the Securities Act are set forth in <U>Schedule&nbsp;I</U> hereto.</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">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Proceedings</U>. 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 or the Prospectus but are not
described as required; (B)&nbsp;could reasonably be expected to have a Material Adverse Effect on the performance of this Agreement
or the consummation of any of the transactions contemplated hereby; or (C)&nbsp;could reasonably be expected to have a Material
Adverse Effect, except as set forth in or contemplated in the Registration Statement 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 Securities Act or the Exchange Act. The statements in the Registration
Statement and the Prospectus under the heading &ldquo;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 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">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Violation, Defaults and Conflicts</U>. 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 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&nbsp;II</U>
of this Agreement (the &ldquo;<U>Material Agreements</U>&rdquo;).</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"></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">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Properties</U>. A) As of the date of this Agreement, the Company owns either directly or indirectly through its subsidiaries,
865 properties (the &ldquo;<U>Properties</U>&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) 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) 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) the leases under which the Company or any of its subsidiaries
leases the Properties as lessor (the &ldquo;<U>Leases</U>&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) 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) 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 and the Prospectus are disclosed therein.</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">(16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Conflicts</U>. Neither the issuance and sale of the Securities, the execution, delivery or performance of
this Agreement by the Company or the Operating Partnership, nor the consummation by the Company or the Operating Partnership of
the transactions contemplated hereby (including the application of the proceeds from the sale of the Securities as described in
the Registration Statement 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 Securities under the Securities Act, the listing of the Securities 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Independent Accountants</U>. 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 and the Prospectus (or any
amendment or supplement thereto), is and was, as of the date of this Agreement and during the periods covered by the financial
statements on which Grant Thornton LLP reported, an independent registered public accounting firm with respect to the Company as
required by the Securities Act and the Exchange Act and the applicable published rules and regulations thereunder and by the Public
Company Accounting Oversight Board (&ldquo;<U>PCAOB</U>&rdquo;).</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">(18)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Statements; Non-GAAP Financial Measures</U>. The historical financial statements, together with related schedules
and notes, included or incorporated by reference in the Registration Statement 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 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 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 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;<U>GAAP</U>&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 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 and the Prospectus. The
pro forma financial statements included in the Registration Statement and the Prospectus comply as to form in all material respects
with the applicable accounting requirements of Regulation S-X under the Securities Act. The Company has filed with the Commission
all financial statements, together with related schedules and notes, required to be filed pursuant to the Securities Act. Any disclosures
contained or incorporated in the Registration Statement or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as
such term is defined by the rules and regulations of the Commission) comply with Regulation G under the Exchange Act and Item 10
of Regulation S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language
incorporated by reference in the Registration Statement 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(19)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporate Power</U>. The Company has the corporate power to issue, sell and deliver the Securities 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, fraudulent transfer, reorganization, moratorium or other similar laws affecting creditors&rsquo; rights
generally or by general principles of equity, and except 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(20)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Change in Business</U>. Except as disclosed in the Registration Statement 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 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(21)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to Property</U>. 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 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 and the Prospectus, except such as are described in the Registration Statement
and the Prospectus, or in any document filed as an exhibit to the Registration Statement, and each property described in the Registration
Statement and the Prospectus as being held under lease by the Company or any of its subsidiaries is held by it under a valid, subsisting
and enforceable lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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">(22)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Permitted Free Writing Prospectus</U>. Neither the Company nor any of its subsidiaries has distributed or will distribute
any offering material in connection with the offering and sale of the Securities to be sold hereunder by the Manager, as principal
or agent for the Company, other than the Prospectus and any Permitted Free Writing Prospectus (as defined in Section 20) reviewed
and consented to by the Manager.</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">(23)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Manipulation</U>. None of the Company, the Operating Partnership or any of their subsidiaries, nor any of
the officers, directors or partners thereof has taken, nor will any of them take, directly or indirectly, any action resulting
in a violation of Regulation M under the Exchange Act or designed to cause or result in, or which has constituted or which reasonably
might be expected to constitute, the stabilization or manipulation of the price of the Securities or facilitation of the sale or
resale of the Securities.</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">(24)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Prior Written Communications</U>. Any offer that is a written communication relating to the Securities made prior to
the initial filing of the Registration Statement by the Company or any person acting on its behalf (within the meaning, for this
paragraph only, of Rule 163(c) of the Securities Act) has been filed with the Commission in accordance with the exemption provided
by Rule 163 of the Securities Act and otherwise complied with the requirements of Rule 163 of the Securities Act, including without
limitation the legending requirement.</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">(25)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Possession of Licenses and Permits</U>. 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;<U>permits</U>&rdquo;)
as are necessary to own their respective properties and to conduct their respective businesses in the manner described in the Registration
Statement 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 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 and the Prospectus.</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">(26)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disclosure Controls and Procedures; Internal Controls</U>. 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 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 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 Package and the Prospectus.</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">(27)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cybersecurity.</U> With such exceptions as would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect: to the Company&rsquo;s knowledge, there has been no material security breach, incident, or other compromise
of the Company&rsquo;s, the Operating Partnership&rsquo;s or any of their subsidiaries&rsquo; information computer systems, networks,
and databases (including, without limitation, the personal data and information of their respective customers, employees, suppliers
and vendors and any third party data maintained, processed or stored by the Company, the Operating Partnership and each of their
subsidiaries, (collectively, &ldquo;<U>IT Systems and Data</U>&rdquo;); neither the Company, the Operating Partnership nor any
of their subsidiaries have been notified of, or have knowledge of any event or condition that would reasonably be expected to result
in, any material security breach, incident or other compromise to their IT Systems and Data; the Company, the Operating Partnership
and each of their subsidiaries have implemented appropriate physical, technological and administrative controls designed to maintain
and protect the integrity, confidentiality and availability of their IT Systems and Data, taking into account the nature, sensitivity
and use of such IT Systems and Data, or as required by applicable regulatory standards in all material respects; and the Company,
the Operating Partnership and each of their subsidiaries are presently in material compliance with all applicable laws or statutes,
applicable judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority having jurisdiction
over the Company, the Operating Partnership or any of their subsidiaries and internal policies and contractual obligations relating
to the privacy and security of IT Systems and Data and the protection of such IT Systems and Data from unauthorized use, access,
misappropriation or modification.</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">(28)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sarbanes-Oxley Act</U>. There is and has been no failure on the part of the Company or 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 402 related to loans to insiders and Sections 302 and
906 related to certifications.</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">(29)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Funds</U>. 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 or the Prospectus.</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">(30)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Corrupt Practices Act</U>. 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;<U>FCPA</U>&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 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">(31)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Money Laundering Laws</U>. 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;<U>Money Laundering Laws</U>&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 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">(32)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Conflict with OFAC Laws</U>. 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 representative of the Company, the Operating Partnership
or any of their subsidiaries is an individual or entity (&ldquo;<U>Person</U>&rdquo;) currently the subject or target of any 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;<U>OFAC</U>&rdquo;), the United Nations Security Council (&ldquo;<U>UNSC</U>&rdquo;),
the European Union, Her Majesty&rsquo;s Treasury (&ldquo;<U>HMT</U>&rdquo;), or other relevant sanctions authority (collectively,
 &ldquo;<U>Sanctions</U>&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 Securities, 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 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 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">(33)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Labor Dispute</U>. 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 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">(34)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Returns</U>. 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 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 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 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">(35)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration Rights</U>. No holder of any security of the Company or the Operating Partnership has any right to require
registration of the Securities or any other security of the Company or the Operating Partnership because of the filing of the Registration
Statement or consummation of the transactions contemplated by this Agreement, which right has not been waived. 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 Securities.</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">(36)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Possession of Intellectual Property</U>. 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 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 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">(37)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Company Act</U>. Neither the Company nor any subsidiary is now, and after sale of the Securities to be sold
by the Company hereunder and the application of the net proceeds from such sale as described in the Registration Statement 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.</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">(38)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Laws</U>. 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 Manager or its counsel (collectively, the &ldquo;<U>Environmental Reports</U>&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 and the Prospectus.</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">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 and the Prospectus and except for those circumstances that have not had or would
reasonably be expected to have a Material Adverse Effect. None of the Company, the Operating Partnership or any of their subsidiaries
intends to use the Properties or any subsequently acquired properties for the purpose of handling, burying, storing, retaining,
refining, transporting, processing, manufacturing, generating, producing, spilling, seeping, leaking, escaping, leaching, pumping,
pouring, emitting, emptying, discharging, injecting, dumping, transferring or otherwise disposing of or dealing with Hazardous
Materials; <I>provided</I>, <I>however</I>, the tenants of the Company and the Operating Partnership may use Properties for their
intended purpose, which may involve the handling, storing and transporting of Hazardous Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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">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
and the Prospectus, and except for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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">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
and the Prospectus and except for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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">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, the Registration Statement and the Prospectus and except for those circumstances that would not reasonably
be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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">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 and the Prospectus.</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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    <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 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">As used herein,
 &ldquo;<U>Hazardous Material</U>&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;<U>PCBs</U>&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 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">As used herein,
 &ldquo;<U>Environmental Law</U>&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;<U>Governmental Authority</U>&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;<U>CERCLA</U>&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 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">(39)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>REIT Qualification</U>. Commencing with its taxable year ended December 31, 1994, the Company has been organized and
operated in conformity with the requirements for qualification and taxation as a real estate investment trust (&ldquo;<U>REIT</U>&rdquo;)
under the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (collectively,
the &ldquo;<U>Code</U>&rdquo;), and the Company&rsquo;s current and proposed method of operations as described in the Registration
Statement 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, 2020 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, 2020 or future taxable years.</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">(40)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>. 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 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">(41)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title&nbsp;Insurance</U>. 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 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">(42)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions</U>. Except as disclosed in the Registration Statement 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 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">(43)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer Taxes</U>. There are no transfer taxes or other similar fees or charges under Federal law or the laws of any
state, or any political subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement
or the issuance by the Company or sale by the Company of the Securities.</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">(44)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Employee Benefits</U>. 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;<U>ERISA</U>&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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(45)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Equity Awards</U>. To the knowledge of the Company, no stock option 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 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">(46)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorized Capital Stock</U>. The Company&rsquo;s authorized capitalization is as set forth in the Registration Statement
and the Prospectus; the capital stock of the Company conforms in all material respects to the description thereof contained in
the Registration Statement 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 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">(47)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>NYSE</U>. The outstanding shares of Common Stock and the Securities to be sold by the Company from time to time hereunder
have been approved for listing, subject only to official notice of issuance, on the NYSE, and are registered pursuant to Section&nbsp;12(b)
of the Exchange Act, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration
of the Securities under the Exchange Act or delisting any such securities from the NYSE, nor has the Company received any notification
that the Commission or the NYSE is contemplating terminating such registration or listing.</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">(48)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Statistical and Market-Related Data</U>. The statistical and market related data included in the Registration Statement
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 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">(49)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Independent Directors</U>. Each of the independent directors (or independent director nominees, once appointed, if applicable)
named in the Registration Statement 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 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">(50)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Further Requirements</U>. 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;<U>FINRA</U>&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 and the Prospectus, which is not so described.</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">(51)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lending Relationships</U>. Except as disclosed in the Registration Statement and the Prospectus, (i) neither the Company
nor any of its subsidiaries has any material lending or similar relationship with the Manager or any bank or other lending institution
affiliated with the Manager; and (ii) the Company does not intend to use any of the proceeds from the sale of the Securities by
the Company hereunder to reduce or retire the balance of any loan or credit facility extended by any affiliate of the Manager.</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">(52)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Finder&rsquo;s Fee</U>. Except for the discounts and commissions payable by the Company to the Manager and each of
the Alternative Managers in connection with the offering of the Securities contemplated herein or as otherwise disclosed in the
Registration Statement and the Prospectus, the Company has not incurred any liability for any brokerage commission, finder&rsquo;s
fees or similar payments in connection with the offering of the Securities contemplated hereby.</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">(53)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Actively Traded Security</U>. The shares of Common Stock are &ldquo;actively traded securities&rdquo; excepted from the
requirements of Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule.</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">(54)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proprietary Trading by the Manager</U>. The Company acknowledges and agrees that the Manager has informed the Company
that the Manager may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell the Common Stock
for its own account while this Agreement is in effect, and shall be under no obligation to purchase Securities on a principal basis
pursuant to this Agreement, except as otherwise agreed by the Manager in the Placement Notice (as amended by the corresponding
Acceptance, if applicable); provided, that no such purchase or sales shall take place while a Placement Notice is in effect (except
(i) as agreed by the Manager in the Placement Notice (as amended by the corresponding Acceptance, if applicable) or (ii) to the
extent the Manager may engage in sales of Placement Securities purchased or deemed purchased from the Company as a &ldquo;riskless
principal&rdquo; or in a similar capacity).</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">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Officers&rsquo; Certificates</I>. Any certificate signed by any officer of the Company or any authorized representative
of the Operating Partnership and delivered to the Manager or to counsel for the Manager shall be deemed a representation and warranty
by the Company or the Operating Partnership, as the case may be, to the Manager as to the matters covered thereby as of the date
or dates indicated on such certificate.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">6<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>SALE AND DELIVERY; SETTLEMENT</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Sale of Securities. </I>On the basis of the representations and warranties herein contained and subject to the terms
and conditions herein set forth, upon the Manager&rsquo;s acceptance of the terms of a Placement Notice or upon receipt by the
Manager of an Acceptance, as the case may be, and unless the sale of the Securities described therein has been declined, suspended,
or otherwise terminated in accordance with the terms of this Agreement, the Manager will use its commercially reasonable efforts
consistent with its normal trading and sales practices to sell such Securities at market prevailing prices up to the amount specified,
and otherwise in accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance, if applicable).
Each of the Company and the Operating Partnership acknowledges and agrees that (i) there can be no assurance that the Manager will
be successful in selling Securities, (ii) the Manager will incur no liability or obligation to the Company, the Operating Partnership
or any other person or entity if it does not sell Securities for any reason other than a failure by the Manager to use its commercially
reasonable efforts consistent with its normal trading and sales practices to sell such Securities as required under this Section&nbsp;6
and (iii) the Manager shall be under no obligation to purchase Securities on a principal basis pursuant to this Agreement, except
as otherwise agreed by the Manager in the Placement Notice (as amended by the corresponding Acceptance, if 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; 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">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Settlement of Securities. </I>Unless otherwise specified in the applicable Placement Notice (as amended by the corresponding
Acceptance, if applicable), settlement for sales of Securities will occur on the second (2nd) Trading Day (or such earlier day
as is industry practice for regular-way trading) following the date on which such sales are made (each, a &ldquo;<U>Settlement
Date</U>&rdquo;). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Securities
sold will be equal to the aggregate offering price received by the Manager at which such Securities were sold, after deduction
for (i) the Manager&rsquo;s commission, discount or other compensation for such sales payable by the Company pursuant to Section
3 hereof, (ii) any other amounts due and payable by the Company to the Manager hereunder pursuant to Section 8(a) hereof, and (iii)
any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales (the &ldquo;<U>Net Proceeds</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Delivery of Securities</I>. On or before each Settlement Date, the Company will, or will cause its transfer agent to,
electronically transfer the Securities being sold by crediting the Manager&rsquo;s or its designee&rsquo;s account (provided the
Manager shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company
through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the
parties hereto which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement
Date, the Manager will deliver the related Net Proceeds in same day funds to an account designated by the Company prior to the
Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver
Securities on a Settlement Date, the Company agrees that in addition to and in no way limiting the rights and obligations set forth
in Section 10(a) and Section 11 hereto, it will (i) hold the Manager harmless against any loss, liability, claim, damage, or expense
whatsoever (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the
Company or its transfer agent (if applicable) and (ii) pay to the Manager any commission, discount, or other compensation to which
it would otherwise have been entitled absent such default. If the Manager breaches this Agreement by failing to deliver the applicable
Net Proceeds on any Settlement Date for Securities delivered by the Company, the Manager will pay the Company interest based on
the effective overnight federal funds rate until such proceeds, together with interest, have been fully paid.</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">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Denominations; Registration. </I>The Securities shall be in such denominations and registered in such names as the Manager
may request in writing at least one full business day before the Settlement Date. The Company shall deliver the Securities, if
any, through the facilities of The Depository Trust Company as described in the preceding paragraphs unless the Manager shall otherwise
instruct.</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">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Limitations on Offering Size</I>. Under no circumstances shall the Company cause or request the offer or sale of any
Securities, if after giving effect to the sale of such Securities, the aggregate offering price of the Securities sold pursuant
to this Agreement would exceed the lesser of (A) together with all sales of Securities under this Agreement and each of the Alternative
Distribution Agreements, the Maximum Amount, (B) the amount available for offer and sale under the currently effective Registration
Statement, and (C) the amount authorized from time to time to be issued and sold under this Agreement by the Company and notified
to the Manager in writing. Under no circumstances shall the Company cause or request the offer or sale of any Securities pursuant
to this Agreement at a price lower than the minimum price authorized from time to time by the Company and notified to the Manager
in writing. Further, under no circumstances shall the aggregate offering price of Securities sold pursuant to this Agreement and
the Alternative Distribution Agreements, including any separate underwriting or similar agreement covering principal transactions
described in Section 1 of this Agreement and the Alternative Distribution Agreements, exceed the Maximum Amount.</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">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Limitation on Managers. </I>The Company agrees that any offer to sell, any solicitation of an offer to buy or any sales
of Securities shall only be effected by or through only the Manager or the respective Alternative Manager on any single given day,
but in no event more than one, and the Company shall in no event request that the Manager and one or more of the Alternative Managers
sell Securities on the same day; <U>provided</U>, <U>however</U>, that (a) the foregoing limitation shall not apply to (i) the
exercise of any option, warrant, right or any conversion privilege set forth in the instrument governing such security or (ii)
sales solely to employees or security holders of the Company or its subsidiaries, or to a trustee or other person acquiring such
securities for the accounts of such persons, (b) such limitation shall not apply on any day during which no sales are made pursuant
to this Agreement and (c) such limitation shall not apply if, prior to any such request to sell Securities, all Securities the
Company has previously requested the Manager to sell have been sold.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer
or sale of, any Securities and, by notice to the Manager given by telephone (confirmed promptly by facsimile transmission or email),
shall cancel any instructions for the offer or sale of any Securities, and the Manager shall not be obligated to offer or sell
any Securities, (i) during any period in which the Company is, or reasonably could be deemed to be, in possession of material non-public
information, (ii) at any time during the period commencing on the 10th business day prior to the date (each, an &ldquo;<U>Announcement
Date</U>&rdquo;) on which the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues
or other results of operations (each, an &ldquo;<U>Earnings Announcement</U>&rdquo;), (iii) except as provided in Section 6(h)
below, at any time from and including an Announcement Date through and including the time that the Company files (a &ldquo;<U>Filing
Time</U>&rdquo;) a Quarterly Report on Form 10-Q or an Annual Report on Form 10-K that includes consolidated financial statements
as of and for the same period or periods, as the case may be, covered by such Earnings Announcement; provided that, unless otherwise
agreed between the Company and the Manager for purposes of (i) and (ii) above, such period shall be deemed to end at the relevant
Filing Time.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company wishes to offer, sell or deliver Securities at any time during the period from and including an Announcement
Date through and including time that is 24 hours after the corresponding Filing Time, the Company shall (i) prepare and deliver
to the Manager (with a copy to its counsel) a Current Report on Form 8-K which shall include substantially the same financial and
related information as was set forth in the relevant Earnings Announcement (other than any earnings projections, similar forward-looking
data and officers&rsquo; quotations) (each, an &ldquo;<U>Earnings 8-K</U>&rdquo;), in form and substance reasonably satisfactory
to the Manager, (ii) provide the Manager with the officers&rsquo; certificate, opinions/letters of counsel and accountants&rsquo;
letter called for by Sections 7(o), (p), (q), (r), and (s) hereof; respectively, (iii) afford the Manager the opportunity to conduct
a due diligence review in accordance with Section 7(m) hereof and (iv) file such Earnings 8-K with the Commission. The provisions
of clause (ii) of Section 6(g) shall not be applicable for the period from and after the time at which the foregoing conditions
shall have been satisfied (or, if later, the time that is 24 hours after the time that the relevant Earnings Announcement was first
publicly released) through and including the Filing Time of the relevant Quarterly Report on Form 10-Q or Annual Report on Form
10-K under the Exchange Act, as the case may be. For purposes of clarity, the parties hereto agree that (A) the delivery of any
officers&rsquo; certificate, opinions/letters of counsel and accountants&rsquo; letter pursuant to this Section&nbsp;6(h) shall
not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form 10-Q or Annual
Report on Form 10-K, as the case may be, including, without limitation, the obligation to deliver officers&rsquo; certificates,
opinions/letters of counsel and accountants&rsquo; letters as provided in Section 7 hereof and (B) other than as set forth in this
Section&nbsp;6(h), this Section 6(h) shall in no way affect or limit the operation of the provisions of clauses (i) and (iii) of
Section 6(h), which shall have independent application.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">7<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>COVENANTS OF THE COMPANY AND THE OPERATING PARTNERSHIP</U>.</P>



<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: 0.5in">Each of the Company
and the Operating Partnership jointly and severally covenants with the Manager 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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Registration Statement Amendments</I>. After the date of this Agreement and during any Selling Period or period in which
a Prospectus relating to any Securities is required to be delivered by the Manager under the Securities Act (including in circumstances
where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), (i) the Company will promptly notify the
Manager of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference
therein, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus has been
filed and of any comment letter from the Commission or any request by the Commission for any amendment or supplement to the Registration
Statement or Prospectus or for additional information; (ii) the Company will prepare and file with the Commission, promptly upon
the Manager&rsquo;s request, any amendments or supplements to the Registration Statement or Prospectus that, in the reasonable
opinion of the Manager may be necessary or advisable in connection with the distribution of the Securities by the Manager (<U>provided</U>,
<U>however</U>, that the failure of the Manager to make such request shall not relieve the Company of any obligation or liability
hereunder, or affect the Manager&rsquo;s right to rely on the representations and warranties made by the Company and the Operating
Partnership in this Agreement); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus,
other than documents incorporated by reference into the Registration Statement, relating to the Securities or a security convertible
into the Securities unless a copy thereof has been submitted to the Manager within a reasonable period of time before the filing
and the Manager has not reasonably objected thereto (<U>provided</U>, <U>however</U>, that the failure of the Manager to make such
objection shall not relieve the Company of any obligation or liability hereunder, or affect the Manager&rsquo;s right to rely on
the representations and warranties made by the Company and the Operating Partnership in this Agreement) and the Company will furnish
to the Manager at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference
into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause
each amendment or supplement to the Prospectus, other than documents incorporated by reference into the Registration Statement,
to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) under the Securities Act (without
reliance on Rule 424(b)(8)).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Notice of Commission Stop Orders</I>. The Company will advise the Manager, promptly after it receives notice or obtains
knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or of any other order preventing or suspending the use of the Prospectus or any Issuer Free Writing Prospectus,
or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction or of the loss or suspension
of any exemption from any such qualification, or of the initiation or threatening of any proceedings for any of such purposes,
or of any examination pursuant to Section 8(e) of the Securities Act concerning the Registration Statement or if the Company becomes
the subject of a proceeding under Section 8A of the Securities Act in connection with the offering of the Securities. The Company
will use its commercially reasonable efforts to prevent the issuance of any stop order, the suspension of any qualification of
the Securities for offering or sale and any loss or suspension of any exemption from any such qualification, and if any such stop
order is issued or any such suspension or loss occurs, to obtain the lifting thereof at the earliest possible moment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Delivery of Registration Statement and Prospectus. </I>The Company will furnish to the Manager and its respective counsel
(at the expense of the Company), on or before their respective due dates, copies of the Registration Statement, the Prospectus
(including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or
Prospectus, and any Issuer Free Writing Prospectuses, that are filed with the Commission during any Selling Period or period in
which a Prospectus relating to the Securities is required to be delivered under the Securities Act, in such quantities and at such
locations as the Manager may from time to time reasonably request; <U>provided</U>, <U>however</U>, that the Company shall not
be required to furnish any document (other than the Prospectus) to the Manager to the extent such document is available on EDGAR.
The copies of the Registration Statement and the Prospectus and any supplements or amendments thereto furnished to the Manager
will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent
permitted by Regulation S-T.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Continued Compliance with Securities Laws. </I>If at any time during any Selling Period or period when a Prospectus is
required by the Securities Act or the Exchange Act to be delivered in connection with a pending sale of the Securities (including,
without limitation, pursuant to Rule 172), any event shall occur or condition shall exist as a result of which it is necessary,
in the opinion of counsel for the Manager or for the Company, to (i) amend the Registration Statement in order that the Registration
Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading, (ii) amend or supplement the Prospectus in order that the Prospectus
will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser, or (iii) amend the
Registration Statement or amend or supplement the Prospectus in order to comply with the requirements of the Securities Act, the
Company will promptly notify the Manager to suspend the offering of Securities during such period and the Company will promptly
prepare and file with the Commission such amendment or supplement as may be necessary to correct such statement or omission or
to make the Registration Statement or the Prospectus comply with such requirements, and the Company will furnish to the Manager
such number of copies of such amendment or supplement as the Manager may reasonably request. If at any time following issuance
of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing
Prospectus conflicted, conflicts or would conflict with the information contained in the Registration Statement or the Prospectus
or included, includes or would include an untrue statement of a material fact or omitted, omits or would 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, prevailing
at that subsequent time, not misleading, the Company will promptly notify the Manager to suspend the offering of Securities during
such period and the Company will, subject to Section 7(a) hereof, promptly amend or supplement, at its own expense, such Issuer
Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Blue Sky and Other Qualifications. </I>The Company will use its best efforts, in cooperation with the Manager, to qualify
the Securities for offering and sale, or to obtain an exemption for the Securities to be offered and sold, under the applicable
securities laws of such states and other jurisdictions (domestic or foreign) as the Manager may designate and to maintain such
qualifications and exemptions in effect for so long as required for the distribution of the Securities (but in no event for less
than one year from the date of this Agreement); <U>provided</U>, <U>however</U>, that the Company shall not be obligated to file
any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction
in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is
not otherwise so subject. In each jurisdiction in which the Securities have been so qualified or exempt, the Company will file
such statements and reports as may be required by the laws of such jurisdiction to continue such qualification or exemption, as
the case may be, in effect for so long as required for the distribution of the Securities (but in no event for less than one year
from the date 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">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Rule 158. </I>The Company will make generally available to its securityholders as soon as practicable an earnings statement
for the purposes of, and to provide to the Manager the benefits contemplated by, the last paragraph of Section 11(a) of the Securities
Act and Rule 158.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Use of Proceeds</I>. The Company and the Operating Partnership will use the Net Proceeds received by them from the sale
of the Securities in the manner specified in the Prospectus under &ldquo;Use of Proceeds.&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">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Listing. </I>During any Selling Period or any period in which the Prospectus relating to the Securities is required to
be delivered by the Manager under the Securities Act with respect to a pending sale of the Securities (including in circumstances
where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially reasonable
efforts to cause the Securities to be listed on the NYSE.</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">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Filings with the NYSE</I>. The Company will timely file with the NYSE all material documents and notices required by
the NYSE of companies that have or will issue securities that are traded on the NYSE.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Reporting Requirements. </I>The Company, during any Selling Period or period when the Prospectus is required to be delivered
under the Securities Act and the Exchange Act (including in circumstances where such requirement may be satisfied pursuant to Rule
172 under the Securities Act), will file all documents required to be filed with the Commission pursuant to the Exchange Act within
the time periods required by the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Notice of Other Sales</I>. During any Selling Period, the Company shall provide the Manager notice as promptly as reasonably
possible (and, in any event, at least two (2) business days) before it offers to sell, contracts to sell, sells, grants any option
to sell or otherwise disposes of any shares of Common Stock (other than Securities offered pursuant to the provisions of this Agreement
or the Alternative Distribution Agreements) or securities convertible into or exchangeable for Common Stock, warrants or any rights
to purchase or acquire shares of Common Stock; <U>provided</U>, that such notice shall not be required in connection with the (i)
issuance, grant or sale of Common Stock, options to purchase shares of Common Stock or shares of Common Stock issuable upon the
exercise of options or other equity awards pursuant to any stock option, stock bonus or other stock or compensatory plan or arrangement
described in the Prospectus, including shares of Common Stock issuable upon redemption of OP Units, (ii) the issuance of securities
in connection with an acquisition, merger or sale or purchase of assets described in the Prospectus, or (iii) the issuance or sale
of shares of Common Stock pursuant to any dividend reinvestment plan that the Company may adopt from time to time, provided the
implementation of such dividend reinvestment plan is disclosed to the Manager in advance.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Change of Circumstances</I>. The Company will, at any time during a fiscal quarter in which the Company intends to tender
a Placement Notice or sell Securities, advise the Manager promptly after it shall have received notice or obtained knowledge thereof,
of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document
provided to the Manager pursuant to 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">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Due Diligence Cooperation</I>. The Company will cooperate with any reasonable due diligence review conducted by the Manager
or its respective agents in connection with the transactions contemplated hereby, including, without limitation, providing information
and making available documents and senior officers, during regular business hours and at the Company&rsquo;s principal offices,
as the Manager may reasonably request.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Disclosure of Sales. </I>The Company will disclose in its Quarterly Reports on Form 10-Q and in its Annual Report on
Form 10-K in respect of any quarter in which sales of Securities were made under this Agreement, and/or, at the Company&rsquo;s
option, in a Current Report on Form 8-K, the number of Securities sold under this Agreement and any Alternative Distribution Agreement,
the Net Proceeds to the Company and the compensation payable by the Company with respect to such sales.</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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<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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Representation Dates; Certificates</I>. On or prior to the date that the first Securities are sold pursuant to the terms
of this Agreement, each time Securities are delivered to the Manager as principal on a Settlement Date and each time the Company:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>files the Prospectus relating to the Securities or amends or supplements the Registration Statement or the Prospectus relating
to the Securities by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents
by reference into the Registration Statement or the Prospectus relating to the Securities;</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>files an Annual Report on Form 10-K 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 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>files a Quarterly Report on Form 10-Q under the Exchange Act; 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">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>files a Current Report on Form 8-K containing amended financial information (other than an Earnings Announcement, to &ldquo;furnish&rdquo;
information pursuant to Item 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the
reclassifications of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards
No. 144) under the Exchange Act (each such date of filing of one or more of the documents referred to in clauses (1)(i) through
(iv) and any time of request pursuant to this Section 7(o) shall be a &ldquo;<U>Representation Date</U>&rdquo;), the Company shall
furnish the Manager with a certificate, in the form attached hereto as <U>Exhibit&nbsp;D</U> as promptly as possible and in no
event later than three (3) Trading Days of any Representation Date. The requirement to provide a certificate under this Section
7(o) shall be waived for any Representation Date occurring at a time at which no Placement Notice (as amended by the corresponding
Acceptance, if applicable) is pending, which waiver shall continue until the earlier to occur of the date the Company delivers
a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring
Representation Date; provided, however, that such waiver shall not apply for any Representation Date on which the Company files
its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Securities following
a Representation Date when the Company relied on such waiver and did not provide the Manager with a certificate under this Section
7(o), then before the Company delivers the Placement Notice or the Manager sells any Securities, the Company shall provide the
Manager with a certificate, in the form attached hereto as <U>Exhibit&nbsp;D</U>, dated the date of the Placement Notice.</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">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Counsel for Company and the Operating Partnership</I>. On or prior to the date that the first Securities are
sold pursuant to the terms of this Agreement, each time Securities are delivered to the Manager as principal on a Settlement Date,
and as promptly as possible and in no event later than three (3) Trading Days of each Representation Date with respect to which
the Company is obligated to deliver a certificate in the form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable,
the Company shall cause to be furnished to the Manager a written opinion and a 10b-5 statement of Honigman LLP, counsel for the
Company and the Operating Partnership, or other counsel satisfactory to the Manager, in form and substance satisfactory to the
Manager and its counsel, dated the date that the opinion and 10b-5 statement is required to be delivered, substantially similar
to the form attached hereto as <U>Exhibit&nbsp;E</U>, modified, as necessary, to relate to the Registration Statement and the Prospectus
as then amended or supplemented; <U>provided</U>, <U>however</U>, that in lieu of such opinions for subsequent Representation Dates,
any such counsel may furnish the Manager with a letter (a &ldquo;<U>Reliance Letter</U>&rdquo;) to the effect that the Manager
may rely on a prior opinion delivered under this Section 7(p) to the same extent as if it were dated the date of such letter (except
that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or
supplemented at such Representation Date).</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Tax Counsel</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this
Agreement, each time Securities are delivered to the Manager as principal on a Settlement Date, and as promptly as possible and
in no event later than three (3) Trading Days of each Representation Date with respect to which the Company is obligated to deliver
a certificate in the form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Company shall cause to
be furnished to the Manager a written opinion of Honigman LLP, tax counsel for the Company and the Operating Partnership, or other
counsel satisfactory to the Manager, in form and substance satisfactory to the Manager and its counsel, dated the date that the
opinion is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;F</U>, modified, as necessary,
to relate to the Registration Statement and the Prospectus as then amended or supplemented; <U>provided</U>, <U>however</U>, that
in lieu of such opinions for subsequent Representation Dates, any such counsel may furnish the Manager with a Reliance Letter to
the effect that the Manager may rely on a prior opinion delivered under this Section 7(q) to the same extent as if it were dated
the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and
the Prospectus as amended or supplemented at such Representation Date).</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Maryland Counsel Legal Opinion</I>. On or prior to the date that the first Securities are sold pursuant to the terms
of this Agreement, each time Securities are delivered to the Manager as principal on a Settlement Date, and as promptly as possible
and in no event later than three (3)&nbsp;Trading Days of each Representation Date with respect to which the Company is obligated
to deliver a certificate in the form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Manager shall
have received the favorable opinion of Ballard Spahr LLP, Maryland counsel for the Company dated the date that the opinion is required
to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;G</U>, modified, as necessary, to relate
to the Registration Statement and the Prospectus as then amended or supplemented; <U>provided</U><I>, </I><U>however</U>, that
in lieu of such opinions for subsequent Representation Dates, any such counsel may furnish the Manager with a Reliance Letter to
the effect that the Manager may rely on a prior opinion delivered under this Section 7(r) to the same extent as if it were dated
the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and
the Prospectus as amended or supplemented at such Representation Date).</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">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Comfort Letter</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement,
each time Securities are delivered to the Manager as principal on a Settlement Date, and as promptly as possible and in no event
later than three (3) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate
in the form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Company shall cause its independent
accountants to furnish the Manager a letter (a &ldquo;<U>Comfort Letter</U>&rdquo;), dated the date the Comfort Letter is delivered,
in form and substance satisfactory to the Manager, (i) confirming that they are an independent registered public accounting firm
within the meaning of the Securities Act, the Exchange Act and the PCAOB, (ii) stating, as of such date, the conclusions and findings
of such firm with respect to the financial information and other matters ordinarily covered by accountants&rsquo; &ldquo;comfort
letters&rdquo; to underwriters in connection with registered public offerings (the first such letter, the &ldquo;<U>Initial Comfort
Letter</U>&rdquo;) and (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial
Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus,
as amended and supplemented to the date of such 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Market Activities</I>. Neither the Company nor the Operating Partnership will, directly or indirectly, (i) take any action
designed to cause or result in, or that constitutes or 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 Securities or (ii) sell, bid for, or purchase
the Securities to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the
Securities to be issued and sold pursuant to this Agreement other than the Manager; <U>provided</U>, <U>however</U>, that the Company
may bid for and purchase shares of its Common Stock in accordance with Rule 10b-18 under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Compliance with Laws</I>. The Company, the Operating Partnership and each of their subsidiaries shall maintain, or cause
to be maintained, all material environmental permits, licenses and other authorizations required by federal, state and local law
in order to conduct their businesses as described in the Prospectus, and the Company and each of its subsidiaries shall conduct
their businesses, or cause their businesses to be conducted, in substantial compliance with such permits, licenses and authorizations
and with applicable Environmental Laws, except where the failure to maintain or be in compliance with such permits, licenses and
authorizations could 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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Securities Act and Exchange Act</I>. The Company will use its best efforts to comply with all requirements imposed upon
it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales
of, or dealings in, the Securities as contemplated by the provisions hereof and 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">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Offer to Sell</I>. Other than a free writing prospectus (as defined in Rule 405 under the Securities Act) approved
in advance in writing by the Company and the Manager in its capacity as principal or agent hereunder, the Company (including its
agents and representatives, other than the Manager as such) will not, directly or indirectly, make, use, prepare, authorize, approve
or refer to any free writing prospectus relating to the Securities to be sold by the Manager as principal or agent hereunder.</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">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Regulation M. </I>If the Company has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation
M under the Exchange Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify the Manager
and sales of the Securities under this Agreement shall be suspended until that or other exemptive provisions have been satisfied
in the judgment of each party.</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">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Qualification and Taxation as a REIT</I>. The Company will use its best efforts to continue to qualify for taxation as
a REIT under the Code and will not take any action to revoke or otherwise terminate the Company&rsquo;s REIT election, unless the
Company&rsquo;s board of directors determines in good faith that it is no longer in the best interests of the Company and its stockholders
to be so qualified.</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">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Renewal of Registration Statement. </I>The date of this Agreement is not more than three years subsequent to the initial
effective date of the Registration Statement (the &ldquo;<U>Renewal Date</U>&rdquo;). If, immediately prior to the Renewal Date,
this Agreement has not terminated and a prospectus is required to be delivered or made available by the Manager under the Securities
Act or the Exchange Act in connection with the sale of such Securities, the Company will, prior to the Renewal Date, file, if it
has not already done so, a new shelf registration statement or, if applicable, an automatic shelf registration statement relating
to such Securities, and, if such registration statement is not an automatic shelf registration statement, will use its best efforts
to cause such registration statement to be declared effective within 180 days after the Renewal Date, and will take all other reasonable
actions necessary or appropriate to permit the public offer and sale of such Securities to continue as contemplated in the expired
registration statement relating to such Securities. References herein to the &ldquo;Registration Statement&rdquo; shall include
such new shelf registration statement or automatic shelf registration statement, 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">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Rights to Refuse Purchase. </I>If, to the knowledge of the Company, all filings required by Rule 424 under the Securities
Act in connection with the offering of the Securities shall not have been made or the representations and warranties of the Company
and the Operating Partnership in Section 5 hereof shall not be true and correct on any applicable Settlement Date, the Company
will offer to any person who has agreed to purchase Securities from the Company as a result of an offer to purchase solicited by
the Manager the right to refuse to purchase and pay for such Securities.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">8<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>PAYMENT OF EXPENSES</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Expenses. </I>The Company will pay all expenses incident to the performance of its obligations under this Agreement,
including (i) the preparation, printing and filing of the Registration Statement (including financial statements and exhibits)
as originally filed and of each amendment and supplement thereto, (ii) the preparation, issuance and delivery of the certificates
for the Securities to the Manager, including any stock or other transfer taxes and any capital duties, stamp duties or other duties
or taxes payable upon the sale, issuance or delivery of the Securities to the Manager, (iii) the fees and disbursements of the
counsel, accountants and other advisors to the Company, (iv) the qualification or exemption of the Securities under securities
laws in accordance with the provisions of Section 7(e) hereof, including filing fees and the reasonable fees and disbursements
of counsel for the Manager in connection therewith and in connection with the preparation of a state securities law or &ldquo;blue
sky&rdquo; survey and any supplements thereto, (v) the printing and delivery to the Manager of copies of any Permitted Free Writing
Prospectus and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery of any
of the foregoing by the Manager to investors, (vi) the fees and expenses of the custodian and the transfer agent and registrar
for the Securities, (vii) the filing fees incident to, and the reasonable fees and disbursements of counsel to the Manager in connection
with, the review by FINRA of the terms of the sale of the Securities and (viii) the fees and expenses incurred in connection with
the listing of the Securities on the NYSE.</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">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination of Agreement</I>. If this Agreement is terminated by the Manager in accordance with the provisions of Section&nbsp;9
or Section&nbsp;13(a)(i) or (iii) (with respect to the first clause only) hereof, the Company shall reimburse the Manager and the
Alternative Managers for all reasonable out of pocket expenses, including reasonable fees and disbursements of counsel incurred
by the Manager and the Alternative Managers in connection with the transactions contemplated by this Agreement and the Alternative
Distribution Agreements, unless Securities having an aggregate offering price of $20,000,000 or more have previously been offered
and sold under this Agreement and/or the Alternative Distribution Agreements; <U>provided</U>, <U>however</U>, that the Expenses
shall not exceed an aggregate under this Agreement and the Alternative Distribution Agreements of $100,000.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">9<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>CONDITIONS OF THE OBLIGATIONS OF THE MANAGER</U>.</P>



<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: 0.5in">The obligations of
the Manager hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations
and warranties of the Company and the Operating Partnership contained in this Agreement or in certificates of any officer of the
Company, the Operating Partnership or any of their subsidiaries delivered pursuant to the provisions hereof, to the performance
by the Company and the Operating Partnership of their covenants and other obligations hereunder, and 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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Effectiveness of Registration Statement; Payment of Filing Fee. </I>The Registration Statement shall have become effective
and shall be available for (i) all sales of Securities issued pursuant to all prior Placement Notices (each as amended by a corresponding
Acceptance, if applicable) and (ii) the sale of all Securities contemplated to be issued by any Placement Notice (as amended by
the corresponding Acceptance, if applicable). The Company shall have paid the required Commission filing fees relating to the Securities
within the time required by Rule 456(b)(1)(i) of the Securities Act without regard to the proviso therein and otherwise in accordance
with Rules 456(b) and 457(r) of the Securities Act (including, if applicable, by updating the &ldquo;Calculation of Registration
Fee&rdquo; table in accordance with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration Statement or on
the cover page of 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">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Material Notices</I>. None of the following events shall have occurred and be continuing: (i) receipt by the Company
or any of its subsidiaries of any request for additional information from the Commission or any other federal or state governmental
authority during the period of effectiveness of the Registration Statement, the response to which would require any post-effective
amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal
or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation
of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the
Prospectus, or any Issuer Free Writing Prospectus, or any material document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus,
or any Issuer Free Writing Prospectus, or such documents so that, in the case of the Registration Statement, it will not contain
any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading and, that in the case of the Prospectus and any Issuer Free Writing Prospectus, it
will not contain any materially untrue statement of a material fact or omit to state any 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.</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">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Misstatement or Material Omission</I>. The Manager shall not have advised the Company that the Registration Statement
or Prospectus, or any Issuer Free Writing Prospectus, or any amendment or supplement thereto, contains a material untrue statement
of fact or omits to state a material fact that is required to be stated therein or is necessary to make the statements therein
not misleading.</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">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Material Changes</I>. Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with
the Commission, there shall not have been any material adverse change to the condition, financial or otherwise, or in the properties,
earnings, business affairs or business prospects of the Company, the Operating Partnership and each of their subsidiaries considered
as one enterprise.</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">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Counsel for Company and the Operating Partnership. </I>The Manager shall have received the favorable opinions
of Honigman LLP, required to be delivered pursuant to Section 7(p) on the date on which such delivery of such opinion is required
pursuant to Section 7(p).</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">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Tax Counsel for Company and the Operating Partnership. </I>The Manager shall have received the favorable opinions
of Honigman LLP, tax counsel for the Company and the Operating Partnership, required to be delivered pursuant to Section 7(q) on
the date on which such delivery of such opinion is required pursuant to Section 7(q).</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Maryland Counsel for the Company</I>. The Manager shall have received the favorable opinions of the Company&rsquo;s
Maryland Counsel, required to be delivered pursuant to Section 7(r) on the date on which such delivery of such opinion is required
pursuant to Section 7(r).</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">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Counsel for the Manager</I>. On or prior to the date that the first Securities are sold pursuant to the terms
of this Agreement and each time Securities are delivered to the Manager as principal on the Settlement Date, as promptly as possible
and in no event later than three (3) Trading Days of each Representation Date with respect to which no waiver is applicable, the
Manager shall have received the favorable opinion of Hunton Andrews Kurth LLP, counsel for the Manager, dated the date the opinion
is required to be delivered, in customary form and substance satisfactory to the Manager, and the Company shall have furnished
to such counsel such documents as they reasonably request for the purpose of enabling them to pass upon such matters. In rendering
such opinion, Hunton Andrews Kurth LLP may rely as to matter involving the laws of the State of Maryland upon the opinion of Ballard
Spahr LLP referred to in Section 7(r).</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Representation Certificate. </I>The Manager shall have received the certificate required to be delivered pursuant to
Section 7(o) on the date on which delivery of such certificate is required pursuant to Section 7(o).</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">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Accountant&rsquo;s Comfort Letter. </I>The Manager shall have received the Comfort Letter required to be delivered pursuant
to Section 7(s) on the date on which such delivery of such Comfort Letter is required pursuant to Section 7(s).</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Approval of Listing</I>. The Securities shall have been approved for listing on the NYSE, subject only to official notice
of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Suspension</I>. Trading in the Securities shall not have been suspended on the NYSE.</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">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Additional Documents. </I>On each date on which the Company is required to deliver a certificate pursuant to Section
7(o), counsel for the Manager shall have been furnished with such documents and opinions as they may reasonably require for the
purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated, or in order to evidence the
accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Securities Act Filings Made</I>. All filings with the Commission required by Rule 424 under the Securities Act to have
been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed
for such filing by Rule 424.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination of Agreement. </I>If any condition specified in this Section&nbsp;9 shall not have been fulfilled when and
as required to be fulfilled, this Agreement may be terminated by the Manager by notice to the Company, and such termination shall
be without liability of any party to any other party except as provided in Section&nbsp;8 hereof and except that, in the case of
any termination of this Agreement, Sections&nbsp;5, 10, 11, 12 and 21 hereof shall survive such termination and remain in full
force and effect. For the avoidance of doubt, any such termination shall not affect or impair any party&rsquo;s obligations with
respect to any Securities sold hereunder prior to the occurrence thereof or any Securities sold under any Alternative Distribution
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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">10<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>INDEMNIFICATION</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Indemnification by the Company. </I>The Company and the Operating Partnership, jointly and severally, agree to indemnify
and hold harmless the Manager, its affiliates (as such term is defined in Rule 501(b) under the Securities Act (each an &ldquo;<U>Affiliate</U>&rdquo;)),
its selling agents and each person, if any, who controls the Manager within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act and any director, officer, employee or affiliate thereof 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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission
or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not
misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any Issuer Free Writing
Prospectus or the Prospectus (or any amendment or supplement thereto), 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;</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">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount
paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission;
provided that (subject to Section 10(d) below) any such settlement is effected with the written consent of the Company; and</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Manager)
reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission,
or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above, <U>provided</U>,
<U>however</U>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising
out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written
information furnished to the Company by the Manager expressly for use in the Registration Statement (or any amendment thereto),
or in any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).</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">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Indemnification by the Manager</I>. The Manager agrees to indemnify and hold harmless the Company and the Operating Partnership,
the Company&rsquo;s directors, each of the Company&rsquo;s officers who signed the Registration Statement, and each person, if
any, who controls the Company or the Operating Partnership within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act, to the same extent as the foregoing indemnity from the Company and the Operating Partnership to the Manager
contained in subsection (a) of this Section 10, as incurred, but only with respect to untrue statements or omissions, or alleged
untrue statements or omissions, made in the Registration Statement (or any amendment thereto), any Issuer Free Writing Prospectus
or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information furnished
to the Company by the Manager expressly for use therein.</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">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Actions against Parties; Notification. </I>Each indemnified party shall give notice as promptly as reasonably practicable
to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure
to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not
materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise
than on account of this indemnity agreement. In the case of parties indemnified pursuant to Section 10(a) above, counsel to the
indemnified parties shall be selected by the Manager, and, in the case of parties indemnified pursuant to Section 10(b) above,
counsel to the indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in
the defense of any such action; <U>provided</U>, <U>however</U>, that counsel to the indemnifying party shall not (except with
the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable
for fees and 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. No indemnifying party shall, without the prior written consent of the indemnified parties,
settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution
could be sought under this Section 10 or Section 11 hereof (whether or not the indemnified parties are actual or potential parties
thereto), unless (x) such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from
all liability arising out of such litigation, investigation, proceeding or claim and (ii) 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 and (y) the indemnifying party
confirms in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment.</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">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Settlement without Consent if Failure to Reimburse</I>. If at any time an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable
for any settlement of the nature contemplated by Section 10(a)(ii) effected without its written consent if (i) such settlement
is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party
shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)
such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such
settlement.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">11<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>CONTRIBUTION</U>.</P>



<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: 0.5in">If the indemnification
provided for in Section 10 hereof is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect
of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the
aggregate amount of such losses, liabilities, claims, damages and expenses reasonably incurred by such indemnified party, as incurred,
(i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Operating Partnership,
on the one hand, and the Manager, on the other hand, from the offering of the Securities pursuant to this Agreement or (ii) if
the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only
the relative benefits referred to in clause (i) above but also the relative fault of the Company and the Operating Partnership,
on the one hand, and of the Manager, on the other hand, in connection with the statements or omissions that resulted in such losses,
liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.</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 relative benefits
received by the Company and the Operating Partnership, on the one hand, and the Manager, on the other hand, in connection with
the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as (a) in the
case of the Company and the Operating Partnership, the total net proceeds from the offering of the Securities for each Issuance
under this Agreement (before deducting expenses) received by the Company and the Operating Partnership, and (b) in the case of
Manager, the total commissions received by the Manager bear to the aggregate public offering price of the Securities.</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 relative fault
of the Company and the Operating Partnership, on the one hand, and the Manager, on the other hand, shall be determined by reference
to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by each such party and the parties&rsquo; relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission.</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">Each of the Company,
the Operating Partnership and the Manager agrees that it would not be just and equitable if contribution pursuant to this Section
11 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to above in this Section 11. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an
indemnified party and referred to above in this Section 11 shall be deemed to include any legal or other expenses reasonably incurred
by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by
any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue
statement or omission or alleged omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
provisions of this Section 11, the Manager shall not in any event be required to contribute any amount in excess of the amount
by which total price at which the Securities sold by it pursuant to this Agreement, exceeds the amount of any damages which the
Manager has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.</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">No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.</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">For purposes of this
Section 11, each person, if any who controls the Manager within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act and the Manager&rsquo;s Affiliates and selling agents shall have the same rights to contribution as the Manager,
and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who
controls the Company or the Operating Partnership within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act shall have the same rights to contribution as the Company or the Operating Partnership, subject in each case to the preceding
two paragraphs.</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">For purposes of this
Section 11, the Company and the Operating Partnership shall be deemed one party, jointly and severally liable for any obligations
hereunder.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">12<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY</U>.</P>



<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: 0.5in">All representations,
warranties and agreements contained in this Agreement or in certificates of officers of the Company, the Operating Partnership
or each of their subsidiaries submitted pursuant hereto, shall remain operative and in full force and effect, regardless of any
investigation made by or on behalf of the Manager or any of its Affiliates or selling agents, any person controlling the Manager
or its respective officers or directors, or by or on behalf of the Company or the Operating Partnership or any person controlling
the Company or the Operating Partnership, and shall survive delivery of the Securities to the Manager and shall survive delivery
and acceptance of the Securities and payment therefor or any termination 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"></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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">13<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>TERMINATION OF AGREEMENT</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination; General. </I>The Manager may terminate this Agreement, by notice to the Company, as hereinafter specified
at any time (i) if there has been, since the time of execution of this Agreement or since the date as of which information is given
in the Prospectus, any material adverse change in the condition, financial or otherwise, or in the properties, earnings, business
affairs or business prospects of the Company, the Operating Partnership and each of their subsidiaries whether or not arising in
the ordinary course of business, or (ii) if there has occurred any material adverse change in the financial markets in the United
States or the international financial markets, any outbreak of hostilities or escalation thereof, any acts of terrorism involving
the United States or other calamity or crisis or any change or development involving a prospective change in national or international
political, financial or economic conditions, in each case the effect of which is such as to make it, in the sole judgment of the
Manager, impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the Securities, (iii) if
trading in the Securities has been suspended or materially limited by the Commission or the NYSE, or (iv) if trading generally
on the NYSE, the NYSE American or the Nasdaq Global Market has been suspended or materially limited, or minimum or maximum prices
for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the Commission,
FINRA or any other governmental authority, or a material disruption has occurred in commercial banking or securities settlement
or clearance services in the United States, or (v) if a banking moratorium has been declared by either Federal or New York authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination by the Company. </I>Subject to Section 13(f) hereof, the Company shall have the right to terminate this Agreement
in its sole discretion at any time after the date 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">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination by the Manager. </I>Subject to Section 13(f) hereof, the Manager shall have the right to terminate this Agreement
in its sole discretion at any time after the date 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">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Automatic Termination. </I>Unless earlier terminated pursuant to this Section 13, this Agreement shall automatically
terminate upon the issuance and sale of Securities through the Manager or the Alternative Managers on the terms and subject to
the conditions set forth herein or the Alternative Distribution Agreements, as applicable, with an aggregate sale price equal to
the Maximum Amount.</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">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Continued Force and Effect. </I>This Agreement shall remain in full force and effect unless terminated pursuant to Sections
13(a), (b), (c), or (d) above or otherwise by mutual agreement of the parties.</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">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Effectiveness of Termination. </I>Any termination of this Agreement shall be effective on the date specified in such
notice of termination; <U>provided</U>, <U>however</U>, that such termination shall not be effective until the close of business
on the date of receipt of such notice by the Manager or the Company, as the case may be. If such termination shall occur prior
to the Settlement Date for any sale of Securities, such Securities shall settle in accordance with the provisions 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"></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">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Liabilities. </I>If this Agreement is terminated pursuant to this Section 13, such termination shall be without liability
of any party to any other party except as provided in Section&nbsp;8 hereof, and except that, in the case of any termination of
this Agreement, Section&nbsp;5, Section 10, Section 11, Section 12, Section 21 and Section 22 hereof shall survive such termination
and remain in full force and effect.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">14<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>NOTICES</U>.</P>



<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: 0.5in">Except as otherwise
provided in this Agreement, all notices and other communications hereunder shall be in writing and shall be deemed to have been
duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Manager shall be directed to [ ]
[ ]; and notices to the Company and the Operating Partnership shall be directed to it 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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">15<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>PARTIES</U>.</P>



<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: 0.5in">This Agreement shall
inure to the benefit of and be binding upon the Manager, the Company, the Operating Partnership and their respective successors.
Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other
than the Manager, the Company, the Operating Partnership and their respective successors and the controlling persons and officers,
directors, employees or affiliates referred to in Sections 10 and 11 and their heirs and legal representatives, any legal or equitable
right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions
and provisions hereof are intended to be for the sole and exclusive benefit of the Manager, the Company, the Operating Partnership
and their respective successors, and said controlling persons and officers, directors, employees or affiliates and their heirs
and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from the Manager
shall be deemed to be a successor by reason merely of such purchase.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">16<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>ADJUSTMENTS FOR SHARE SPLITS</U>.</P>



<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: 0.5in">The parties acknowledge
and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any share split, share
dividend or similar event effected with respect to the Securities.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">17<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>GOVERNING LAW AND TIME</U>.</P>



<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: 0.5in">THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.
UNLESS OTHERWISE EXPLICITLY PROVIDED, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">18<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>EFFECT OF HEADINGS</U>.</P>



<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: 0.5in">The Section and Exhibit
headings 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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">19<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT><U>RESEARCH ANALYST INDEPENDENCE</U></FONT>.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges that (a) the Manager&rsquo;s
research analysts and research departments are required to be independent from their respective investment banking divisions and
are subject to certain regulations and internal policies and (b) the Manager&rsquo;s research analysts may hold views and make
statements or investment recommendations and/or publish research reports with respect to the Company, the value of the Common Stock
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 it may have against the Manager with respect to any conflict
of interest that may arise from the fact that the views expressed by the Manager&rsquo;s independent research analysts and research
departments may be different from or inconsistent with the views or advice communicated to the Company by the Manager&rsquo;s investment
banking division. The Company acknowledges that the Manager 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 companies that are the subject of the transactions contemplated by this 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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">20<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>PERMITTED FREE WRITING PROSPECTUSES</U>.</P>



<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: 0.5in">Each of the Company
and the Operating Partnership represent, warrant and agree that, unless it obtains the prior consent of the Manager and the Manager
represents, warrants and agrees that, unless it obtains the prior consent of the Company, it has not made and will not make any
offer relating to the Securities that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a
 &ldquo;free writing prospectus,&rdquo; as defined in Rule 405 under the Securities Act, required to be filed with the Commission.
Any such free writing prospectus consented to by the Manager or by the Company, as the case may be, is hereinafter referred to
as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo; The Company represents and warrants that it has treated and agrees
that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule
433 under the Securities Act, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free
Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For the purposes
of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in <U>Exhibit&nbsp;H</U> hereto are Permitted
Free Writing Prospectuses.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">21<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>ABSENCE OF FIDUCIARY RELATIONSHIP</U>.</P>



<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: 0.5in">Each of the Company
and the Operating Partnership, severally and not jointly, 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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Manager is acting solely as agent and/or principal in connection with the public offering of the Securities and in connection
with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory
relationship among the Company, the Operating Partnership or any of their respective affiliates, stockholders (or other equity
holders), creditors or employees or any other party, on the one hand, and the Manager, on the other hand, has been or will be created
in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not the Manager has advised or
is advising the Company and/or the Operating Partnership on other matters, and the Manager has no obligation to the Company or
the Operating Partnership with respect to the transactions contemplated by this Agreement except the obligations expressly set
forth in 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"></P>

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the public offering price of the Securities set forth in this Agreement was not established by the Manager;</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">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions
contemplated by this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Manager has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated
by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</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">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is aware that the Manager and its respective affiliates are engaged in a broad range of transactions which may involve
interests that differ from those of the Company and the Operating Partnership and the Manager have no obligation to disclose such
interests and transactions to the Company or the Operating Partnership by virtue of any fiduciary, advisory or agency relationship
or otherwise;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Manager and its respective affiliates may engage in trading in the Common Stock for their own account or for the account
of its clients at the same time as sales of the Securities occur pursuant to this Agreement; and</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it waives, to the fullest extent permitted by law, any claims it may have against the Manager for breach of fiduciary duty
or alleged breach of fiduciary duty and agrees that the Manager shall not have any liability (whether direct or indirect, in contract,
tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf
or in right of it or the Company, the Operating Partnership, employees or creditors of the Company or the Operating Partnership.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">22<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>CONSENT TO JURISDICTION</U>.</P>



<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: 0.5in">Any legal suit, action
or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby shall be instituted in (i) the
federal courts of the United States of America located in the City and County of New York, Borough of Manhattan or (ii) the courts
of the State of New York located in the City and County of New York, Borough of Manhattan (collectively, the &ldquo;<U>Specified
Courts</U>&rdquo;), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard
to the enforcement of a judgment of any such court, as to which such jurisdiction is non-exclusive) of such courts in any such
suit, action or proceeding. Service of any process, summons, notice or document by mail to such party&rsquo;s address set forth
above shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably
and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts
and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other
proceeding brought in any such court has been brought in an inconvenient forum.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">23<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>PARTIAL UNENFORCEABILITY</U>.</P>



<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: 0.5in">The invalidity or unenforceability
of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section,
paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid
or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it
valid and enforceable.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">24<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>WAIVER OF JURY TRIAL</U>.</P>



<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: 0.5in">Each of the Company
(on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates), the Operating Partnership
and the Manager 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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">25<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>COUNTERPARTS</U>.</P>



<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: 0.5in">This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together
constitute one and the same Agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature
covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or
other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to
have been duly and validly delivered and be valid and effective for all purposes.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">26<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>AMENDMENTS AND WAIVERS</U>.</P>



<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: 0.5in">Any provision or requirement
of this Agreement may be waived or amended in any respect by a writing signed by the parties hereto. No waiver or amendment shall
be enforceable against any party hereto unless in writing and signed by the party against which such waiver is claimed. A waiver
of any provision or requirement of this Agreement shall not constitute a waiver of any other term and shall not affect the other
provisions of this Agreement. A waiver of a provision or requirement of this Agreement will apply only to the specific circumstances
cited therein and will not prevent a party from subsequently requiring compliance with the waived provision or requirement in other
circumstances.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">27<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>RECOGNITION OF THE U.S. SPECIAL RESOLUTION REGIMES</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Manager is a Covered Entity and becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from the Manager of this Agreement, and any interest and obligation in or under this Agreement, will be effective
to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such
interest and obligation, were governed by the laws of the United States or a state of the United States.</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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    <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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Manager is a Covered Entity or a BHC Act Affiliate of the Manager and becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against the Manager are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this
Agreement were governed by the laws of the United States or a state of the United States.</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">As used in this Section&nbsp;15:</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;<U>BHC Act Affiliate</U>&rdquo;
has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect;
1841(k).</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;<U>Covered Entity</U>&rdquo;
means any of the following:</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: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with,
12&nbsp;C.F.R. &sect; 252.82(b);</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: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12&nbsp;C.F.R.
 &sect; 47.3(b); or</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: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12&nbsp;C.F.R.
 &sect; 382.2(b).</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: 0.5in">&ldquo;<U>Default Right</U>&rdquo;
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12&nbsp;C.F.R. &sect;&sect; 252.81, 47.2
or 382.1, 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; text-indent: 0.5in">&ldquo;<U>U.S. Special
Resolution Regime</U>&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</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"><B>[Signature Page Follows]</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">&nbsp;&nbsp;</P>


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

<P STYLE="font: 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 is
in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement among the Manager, the Operating Partnership and the Company
in accordance with its terms.</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">Very truly yours,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>Agree Realty Corporation</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>Agree Limited Partnership</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="font-size: 10pt">Agree Realty Corporation,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">as the sole general partner</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt">Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page to the 2020 Equity Distribution Agreement without Forward</I>]</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONFIRMED AND ACCEPTED, as of the date first above written:</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">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>[ ], as Manager</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt">Name:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page to the 2020 Equity Distribution Agreement without Forward</I>]</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Form of Placement Notice</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______________ ____, 20__</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">[Bank Name]</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">[Address]</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="white-space: nowrap; width: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Attention:&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">[_________________]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">(facsimile number: [_________________])</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Email:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">[______________________]</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; text-align: justify">Reference is made to the Equity Distribution
Agreement among Agree Realty Corporation (the &ldquo;<U>Company</U>&rdquo;), Agree Limited Partnership (the &ldquo;<U>Operating
Partnership</U>&rdquo;) and [ ] (the &ldquo;<U>Manager</U>&rdquo;), dated as of March 30, 2020 (the &ldquo;<U>Equity Distribution
Agreement</U>&rdquo;). Capitalized terms used in this Placement Notice without definition shall have the respective definitions
ascribed to them in the Equity Distribution Agreement. The Company confirms that all conditions to the delivery of this Placement
Notice are satisfied as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company represents and warrants that
each representation, warranty, covenant and other agreement of the Company contained in the Equity Distribution Agreement is true
and correct on the date hereof, and that the Prospectus, including the documents incorporated by reference therein, and any applicable
Issuer Free Writing Prospectus, as of the date hereof, do not contain an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of Days in Selling Period:</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">First Date of Selling Period:</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">Maximum Number of Securities to be Sold:</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">Issuance Amount: $</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">Floor Price (Adjustable by Company during the Selling Period,
and in no event less than $1.00 per share): $ per share</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;&nbsp;</P>

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Authorized Individuals for Placement Notices and Acceptances</U></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><U>Name</U></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><U>Email</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><B><U>Agree Realty Corporation</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><U>Name</U></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><U>Email</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Joel Agree</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">jagree@agreerealty.com</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Clayton Thelen</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">cthelen@agreerealty.com</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Richard Agree</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">ragree@agreerealty.com</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">&nbsp;</P>

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


<!-- Field: Page; Sequence: 52; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Manager shall be paid compensation at
a mutually agreed rate, not to exceed 2.0% of the gross sales price of Securities pursuant to the terms of this Agreement.</P>

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

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


<!-- Field: Page; Sequence: 53; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Officers&rsquo; Certificate</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, Joel
Agree and Clayton R. Thelen, the duly qualified and elected Chief Executive Officer and President, and Chief Financial Officer
and Secretary, respectively, of Agree Realty Corporation, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), do hereby
certify on behalf of the Company, for itself and in its capacity as sole member of the general partner of Agree Limited Partnership,
a Delaware limited partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;), pursuant to Section&nbsp;7(o) of those certain
Equity Distribution Agreements dated March 30, 2020 (the &ldquo;<U>Non-Forward Agreements</U>&rdquo;), among the Company and the
Operating Partnership, on the one hand, and each of Robert W. Baird &amp; Co. Incorporated, Stifel, Nicolaus &amp; Company, Incorporated,
Sun Trust Robinson Humphrey, Inc. and Capital One Securities, Inc.as managers (collectively, the &ldquo;<U>Non-Forward Managers</U>&rdquo;),
and those certain Equity Distribution Agreements dated March 30, 2020 (together with the Non-Forward Agreements, the &ldquo;<U>Agreements</U>&rdquo;),
among the Company and the Operating Partnership, on the one hand, and the applicable Forward Purchaser and each of Raymond James
 &amp; Associates, Inc., Citigroup Global Markets Inc., Jefferies LLC and Wells Fargo Securities, LLC, as managers and in each of
their capacities as agent for the applicable Forward Purchaser (together with the Non-Forward Managers, the &ldquo;<U>Managers</U>&rdquo;),
on the other hand, that to the knowledge of the undersigned:</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) The representations
and warranties of the Company and the Operating Partnership in Section&nbsp;5 of the Agreements are true and correct on and as
of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations
and warranties that speak solely as of a specific date and which were true and correct as of such date;</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">(ii) The Company and
the Operating Partnership have each complied in all material respects with all agreements and satisfied all conditions on their
part to be performed or satisfied pursuant to the Agreements at or prior to the date hereof (other than those conditions waived
by the Managers or the Forward Purchasers, 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; text-indent: 0.5in">(iii) Since the respective
dates of which information is given in the Prospectus, there has been no material adverse effect on the condition (financial or
otherwise), 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; and</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">(iv) No stop order
suspending the effectiveness of the Registration Statement or order suspending or preventing the use of the Prospectus has been
issued by any governmental agency or authority and no proceedings for that purpose have been instituted or are pending or, to the
knowledge of the undersigned, are contemplated by any governmental agency or authority.</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">Capitalized terms used
but not otherwise defined herein shall have the meanings ascribed to them in the Agreements.</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>Signatures on following page</I>]</P>

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


<!-- Field: Page; Sequence: 54; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the undersigned have executed this Officers&rsquo; Certificate as of the date first written above.</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">AGREE REALTY CORPORATION</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; width: 55%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; width: 39%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Name: </TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Joey Agree</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Title:&nbsp;&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Chief Executive Officer and President</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Name:&nbsp; </TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Clay Thelen</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Title: </TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Chief Financial Officer and Secretary</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</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">&nbsp;</P>

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


<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Form of Corporate Opinion of<BR>
Honigman LLP</U></P>

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

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

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

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

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

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


<!-- Field: Page; Sequence: 56; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">E-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Form of TAX Opinion of<BR>
Honigman LLP</U></P>

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

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

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

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

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

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


<!-- Field: Page; Sequence: 57; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Form of Opinion of Ballard Spahr LLP</U></P>

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

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

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

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

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

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


<!-- Field: Page; Sequence: 58; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">G-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Permitted Free Writing Prospectus</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-transform: uppercase; text-align: left; text-indent: 0in">&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>


<!-- Field: Page; Sequence: 59; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">H-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>List of Subsidiaries and Joint Ventures</U></P>

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

<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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jurisdiction of</B></FONT></TD>
    <TD STYLE="padding-left: 0; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Subsidiary</U></B></FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Organization</U></B></FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Foreign Qualification</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Center Point Birmingham AL LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alabama</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Montgomery AL LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alabama</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Chandler, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arizona</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Rancho Cordova I LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Rancho Cordova II LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Roseville CA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Manchester, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Connecticut</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Mansfield, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Connecticut</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree 1031, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tennessee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree 103-Middleburg Jacksonville, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree 2016, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alabama, Florida, Georgia,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan, North Carolina,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Carolina, Tennessee, Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree 6 LA &amp; MS, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Louisiana, Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Altoona PA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Americus GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Anderson SC LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Ann Arbor MI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Apopka FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Apopka FL TP, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Appleton WI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Archer Chicago IL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Atlantic Beach, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida, Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Baltimore MD, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Belton MO LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Bloomington MN, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnesota</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Boone NC WM, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Brenham TX, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Brighton, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree BT, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indiana, Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Buffalo Center IA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Burlington LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Cannon Station LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Carlinville IL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Caro MI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; width: 50%; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Cedar Park TX, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; width: 15%; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; width: 35%; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Central, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arkansas, Illinois, Indiana, Iowa,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan, Minnesota, Ohio,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oklahoma, Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Charlotte County, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Clifton Heights PA, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Cocoa FL, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Columbus OH, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Columbus GA, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Columbia SC, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Construction Management LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Convenience No. 1, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois, Missouri, New York,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">West Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Crystal River FL, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree CW, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kentucky, Michigan, Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Davenport IA, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Des Moines IA, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Development, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Donna TX, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Doraville GA, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree DT Jacksonville NC, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Edmond OK, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oklahoma</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Egg Harbor NJ, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Elk Grove IL, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Evergreen CO, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colorado</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Evergreen Park IL, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Facility No. 1, L.L.C.</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Farmington NM, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Mexico</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree FL VA Portfolio, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida, Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Florissant MO, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Forked River NJ, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Fort Mill SC, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Fort Worth TX, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Fuquay-Varina NC WM, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Garland TX, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Gas City IN, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree GCG, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois, Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Grand Chute WI LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Grandview Heights OH, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Greenwich CT, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Connecticut</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Hazard KY, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kentucky</FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Holdings I, LLC</FONT></TD>
    <TD STYLE="width: 15%; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Holly Springs MS, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Hope Mills NC, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Hopkinsville KY, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kentucky</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree IL &amp; VA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois, Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Indianapolis Glendale LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Indianapolis IN II, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Jackson MS, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Johnstown PA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Junction City KS LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kansas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree K&amp;G Joplin MO, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree K&amp;G OK, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oklahoma</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Kentwood LA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Louisiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Kirkland WA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Leawood, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kansas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Liberty PA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Littleton CO LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colorado</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Lowell AR, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arkansas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Manassas VA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Marshall MI Outlot, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Matthews NC, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Maumee OH, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree MCW, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida, Iowa, New Mexico</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Merritt Island FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Middletown OH, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Millsboro DE, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Minot ND, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Dakota</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Monroe MI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Mt. Dora FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Nampa ID, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Idaho</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Nashua NH, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Hampshire</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Neosho MO, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Newport News VA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree North Branch MN, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnesota</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree North Miami Beach FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Onaway MI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Orange CT, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Connecticut</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Oxford Commons AL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alabama</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree PA Properties, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Palafox Pensacola FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Paramus NJ, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Plymouth MI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Pooler GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Port Orange FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
</TABLE>


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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>

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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>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Port St. John LLC</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Portland ME, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maine</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Portland OR LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oregon</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Provo UT, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utah</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Randleman NC WM, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Realty Services, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Richmond RI, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rhode Island</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Richmond VA LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Rifle CO, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colorado</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Riverside IA, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Rockford IL, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree RT Amite LA, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Louisiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree RT Arlington TX, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree RT Gulfport MS, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree RT Jackson MS, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree RT Port Richey FL, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree RT Villa Rica GA, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Salem OR, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oregon</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Sarasota FL, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree SB, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alabama, Indiana, Georgia,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kentucky, Ohio, North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tennessee, Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Secaucus NJ, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Shelf ES PA, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Shelf PA, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Signal Hill CA, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Southfield &amp; Webster, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Springfield MO LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Springfield OH LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree St. Augustine Shores, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Statesville NC, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Stores, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alabama, Arizona, Connecticut,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida,&nbsp;&nbsp;Georgia, Illinois,&nbsp;&nbsp;Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kansas, Kentucky, Louisiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland, Massachusetts, Michigan,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnesota, Missouri, Nevada, New</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hampshire, New Jersey, New York,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina, Ohio, Pennsylvania,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Carolina, Tennessee, Texas,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia, West Virginia, Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Sunnyvale CA, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Terre Haute IN LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree TK, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Toledo OH, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Topeka KS LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kansas</FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Tri-State Lease, LLC</FONT></TD>
    <TD STYLE="width: 15%; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="width: 35%; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania, New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Upland CA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Vero Beach FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree W 63</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>rd</SUP> <FONT STYLE="font-size: 10pt">Chicago IL, LLC</FONT></FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Wallingford CT, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Connecticut</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Warrensville Heights OH, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree West Palm Beach FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Wheaton IL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Whitestone WI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Whittier CA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Wilmington DE, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Woodland Park NJ, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Woodstock IL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DD71, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DT Lawton Bartlesville OK, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oklahoma</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indianapolis Store No. 16 L.L.C.</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indiana, Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lawrence Store No. 203, L.L.C.</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kansas, Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lunacorp, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pachyderm Chattanooga TN, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tennessee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pachyderm Marietta GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pachyderm Myrtle Beach SC, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pachyderm Philadelphia PA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pachyderm Properties, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alabama, Arkansas, Colorado,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Connecticut, Florida, Georgia,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois, Indiana, Kentucky,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Louisiana, Maryland,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Massachusetts, Minnesota,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mississippi, Missouri, New</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hampshire, New Jersey, New York,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina, Ohio, Oklahoma,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rhode Island, South Carolina,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tennessee, Texas, Virginia,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington, Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pachyderm Properties II, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pachyderm Riverdale GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pachyderm Waite Park MN, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnesota</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paint PA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pharm Nashville IN, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree 17-92, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Boynton, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree East Palatka, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Fort Walton Beach, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Orange &amp; McCoy, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Pensacola LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Pensacola Nine Mile LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Pinellas Park, LLC</FONT></TD>
    <TD STYLE="width: 15%; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-left: 0; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Poinciana LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree St Petersburg LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Tallahassee, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Venice, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Cochran GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Lyons GA, LLC.</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Marietta, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Morrow GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Statham GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Antioch, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Belvidere IL LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Berwyn IL LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Chicago Kedzie, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Lake in the Hills, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Lake Zurich IL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Lejune Springfield IL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree New Lenox 2 LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree New Lenox, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Spring Grove, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Springfield IL LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Indianapolis, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indiana</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Atchison, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kansas</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Wichita, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kansas</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Baton Rouge LA LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Louisiana</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Mall of Louisiana, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Louisiana</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Wawa Baltimore, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2355 Jackson Avenue, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree 117 Mission, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Ann Arbor State Street, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Beecher LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Bristol &amp; Fenton Project, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Corunna LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Elkhart, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree M-59 LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Madison AL LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alabama</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Novi MI LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Plainfield, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Realty South-East, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Southfield LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Walker, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&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>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; width: 50%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mt. Pleasant Shopping Center, L.L.C.</FONT></TD>
    <TD STYLE="padding-bottom: 0; width: 15%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-bottom: 0; width: 35%; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mt. Pleasant Outlot I, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Minneapolis Clinton Ave, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnesota</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Forest MS LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mississippi</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Joplin MO LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Missouri</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree St. Joseph MO, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Missouri</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree North Las Vegas, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevada</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Sun Valley NV LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevada</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Rochester NY LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Charlotte Poplar, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Concord, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Fuquay-Varina LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Jacksonville NC, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Wilmington, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Grand Forks LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Dakota</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Brooklyn OH LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohio</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Johnstown, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohio</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Allentown PA LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Ligonier PA LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Montgomeryville PA LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Daniel Morgan Avenue Spartanburg SC LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Fort Mill SC, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Spartanburg SC LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Rapid City SD, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Dakota</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Alcoa TN LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tennessee</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Magnolia Knoxville TN LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tennessee</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Memphis Getwell, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tennessee</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Arlington TX LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Dallas Forest Drive, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Harlingen LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Madisonville TX LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree McKinney TX LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Wichita Falls TX LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Forest VA LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Lebanon VA, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virginia</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
</TABLE>


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    <TD STYLE="padding-bottom: 0; width: 50%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Limited Partnership</FONT></TD>
    <TD STYLE="padding-bottom: 0; width: 14%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; width: 36%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alabama, Arkansas, Arizona, California,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colorado, Connecticut, Florida, Georgia, Illinois,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indiana, Iowa, Kansas, Kentucky, Louisiana,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland, Michigan, Minnesota, Mississippi,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Missouri, Montana, Nebraska, Nevada,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Hampshire, New Jersey, New Mexico, New York,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina, North Dakota, Ohio, Oklahoma,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oregon, Pennsylvania, South Carolina, South Dakota,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tennessee, Texas, Utah, Virginia, West Virginia,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington, Wisconsin</FONT></TD></TR>
</TABLE>


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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">&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>

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


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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&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">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">2.</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">3.</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">4.</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">5.</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">6.</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">7.</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">8.</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">9.</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">10.</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>

<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">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">12.</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">13.</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">14.</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">15.</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">16.</TD><TD STYLE="text-align: justify">Term Loan Agreement dated July 1, 2016, among Agree Limited Partnership, Capital One, 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>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">Sch II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Second Amendment to Term Loan Agreement dated November 2, 2018, among Agree Limited Partnership,
Capital One, 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">18.</TD><TD STYLE="text-align: justify">Note Purchase Agreement, dated as of August 3, 2017, among Agree Limited Partnership, Agree Realty
Corporation 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">19.</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">20.</TD><TD STYLE="text-align: justify">First Supplement to Uncommitted Master Note Facility, dated as of September 26, 2018, among Agree
Limited Partnership, Agree Realty Corporation and TIAA</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">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>

<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">First Supplement to Uncommitted Master Note Facility, dated as of September 26, 2018, among Agree
Limited Partnership, Agree Realty Corporation, AIG and the institutional investors 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">23.</TD><TD STYLE="text-align: justify">Increase Agreement, dated July 18, 2018 among Agree Limited Partnership, as the Borrower, the Company,
as the parent, PNC Bank, National Association and the other lender parties 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">24.</TD><TD STYLE="text-align: justify">Form of Revolving Note under the Increase Agreement dated July 18, 2018</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">25.</TD><TD STYLE="text-align: justify">Term Loan Agreement, dated December 27, 2018, by and among Agree Limited Partnership, Agree Realty
Corporation, 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">26.</TD><TD STYLE="text-align: justify">Guaranty, dated as of December 27, 2018, by and among Agree Realty Corporation and each of the
subsidiaries of Agree Limited Partnership 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">27.</TD><TD STYLE="text-align: justify">Reimbursement Agreement, dated as of November 18, 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">28.</TD><TD STYLE="text-align: justify">Form of Performance Unit Award Notice</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">29.</TD><TD STYLE="text-align: justify">Note Purchase Agreement, dated as of June 14, 2019, among Agree Limited Partnership, Agree Realty
Corporation 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">30.</TD><TD STYLE="text-align: justify">First Amendment to Term Loan Agreement, dated May 6, 2019, by and among Agree Limited Partnership,
Agree Realty Corporation, 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">31.</TD><TD STYLE="text-align: justify">Third Amendment to Term Loan Agreement, dated May 6, 2019, by and among Agree Limited Partnership,
Agree Realty Corporation, Capital One, 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>

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

<!-- Field: Page; Sequence: 69 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">32.</TD><TD STYLE="text-align: justify">Second Amended and Restated Revolving Credit and Term Loan Agreement, dated December 5, 2019, among
the Company, the Borrower, PNC Bank 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">33.</TD><TD STYLE="text-align: justify">Fourth Amendment to Term Loan Agreement, dated December 5, 2019, among Agree Limited Partnership,
Agree Realty Corporation, Capital One, National Association and the other lenders party thereto.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">34.</TD><TD STYLE="text-align: justify">Second Amendment to Term Loan Agreement, dated December 5, 2019, among Agree Limited Partnership,
Agree Realty Corporation, PNC Bank, National Association and the other lenders party thereto.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">35.</TD><TD STYLE="text-align: justify">Summary of Material Terms of Compensation Arrangement with Danielle M. Spehar (effective December
7, 2019).</TD></TR></TABLE>

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<TYPE>EX-1.2
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<FILENAME>tm2014112d1_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.2</B></P>

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

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">AGREE
        REALTY CORPORATION</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">Shares
        of Common Stock<BR>
        <BR>
        (Par Value $0.0001 Per Share)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><U>EQUITY
        DISTRIBUTION AGREEMENT</U></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">Dated: March 30, 2020</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">TABLE OF
CONTENTS</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"><B><U>Page</U></B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; width: 1%; padding-right: 0; padding-left: 0">SECTION 1</TD>
    <TD STYLE="padding-bottom: 1pt; width: 81%; padding-right: 0; padding-left: 0">DESCRIPTION OF SECURITIES.</TD>
    <TD STYLE="padding-bottom: 1pt; width: 9%; padding-right: 0; padding-left: 0; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 2</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">PLACEMENTS.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 3</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SALE OF SECURITIES.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 4</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SUSPENSION OF SALES.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 5</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">REPRESENTATIONS AND WARRANTIES.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 6</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">SALE AND DELIVERY; SETTLEMENT.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 7</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">COVENANTS OF THE COMPANY AND THE OPERATING PARTNERSHIP.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 8</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">PAYMENT OF EXPENSES.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 9</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">CONDITIONS OF THE OBLIGATIONS OF THE AGENT, THE FORWARD SELLER AND THE FORWARD PURCHASER.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 10</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">INDEMNIFICATION.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 11</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">CONTRIBUTION.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 12</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 13</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">TERMINATION OF AGREEMENT.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 14</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">NOTICES.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 15</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">RECOGNITION OF THE U.S. SPECIAL RESOLUTION REGIMES.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 16</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">PARTIES.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 17</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">ADJUSTMENTS FOR SHARE SPLITS.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 18</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">GOVERNING LAW AND TIME.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 19</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">EFFECT OF HEADINGS.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 20</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">RESEARCH ANALYST INDEPENDENCE.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 21</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">PERMITTED FREE WRITING PROSPECTUSES.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 22</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">ABSENCE OF FIDUCIARY RELATIONSHIP.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 23</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">CONSENT TO JURISDICTION.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 24</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">PARTIAL UNENFORCEABILITY.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 25</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">WAIVER OF JURY TRIAL.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 26</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">COUNTERPARTS.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">SECTION 27&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0">AMENDMENTS AND WAIVERS.</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 0; padding-left: 0; text-align: right">54</TD></TR>
</TABLE>


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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>

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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">EXHIBITS</P>

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    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; width: 1pt; padding-right: 0; text-indent: 0in">Exhibit&nbsp;A</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; width: 1pt; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Form of Placement Notice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Exhibit&nbsp;B</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Authorized Individuals for Placement Notices and Acceptances</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Exhibit&nbsp;C</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Compensation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Exhibit&nbsp;D</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Officers&rsquo; Certificate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Exhibit&nbsp;E</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Form of Corporate Opinion of Honigman LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Exhibit&nbsp;F</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Form of Tax Opinion of Honigman LLP </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Exhibit&nbsp;G</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Form of Opinion of Ballard Spahr LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Exhibit&nbsp;H</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; width: 1pt; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; text-indent: 0in">Permitted Free Writing Prospectus</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></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 0pt 1.25in; text-indent: -1.25in"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SCHEDULES</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"></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="white-space: nowrap; padding-bottom: 1pt; width: 1%; padding-right: 0; padding-left: 0">Schedule I</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; width: 1%; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0; width: 98%">List of Subsidiaries and Joint Ventures</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">Schedule II</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0; padding-right: 0; text-indent: 0in">&nbsp;&nbsp;&nbsp;&ndash;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; padding-right: 0; padding-left: 0">Material Agreements</TD></TR>
</TABLE>


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


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<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">Agree Realty Corporation<BR>
(a Maryland corporation)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shares of Common Stock<BR>
<BR>
(Par Value $.0001 Per Share)</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-transform: uppercase; text-align: center"><U>EQUITY DISTRIBUTION
AGREEMENT</U></P>

<P STYLE="font: 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 30, 2020</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">[ ]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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;<U>Company</U>&rdquo;), and Agree Limited Partnership, a Delaware limited partnership (the &ldquo;<U>Operating
Partnership</U>&rdquo;), of which the Company is the sole general partner, each confirms its agreement (this &ldquo;<U>Agreement</U>&rdquo;)
with [&#8729;] (in its capacity as purchaser under any Forward Contract (as defined below), the &ldquo;<U>Forward Purchaser</U>&rdquo;)
and [&#8729;] (in its capacity as agent for the Company and/or principal in connection with the offering and sale of any Issuance
Securities (as defined below) hereunder, &ldquo;Manager,&rdquo; and in its capacity as agent for the Forward Purchaser in connection
with the offering and sale of any Forward Hedge Securities (as defined below) hereunder, the &ldquo;<U>Forward Seller</U>&rdquo;),
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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>DESCRIPTION OF SECURITIES</U>.</P>



<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: 0.5in">Each of the Company
and the Operating Partnership agrees that, from time to time during the term of this Agreement, on the terms and subject to the
conditions set forth herein, the Company may issue and sell, in the manner contemplated by this Agreement, shares (the &ldquo;<U>Securities</U>&rdquo;)
of the Company&rsquo;s common stock, par value $0.0001 per share (the &ldquo;<U>Common Stock</U>&rdquo;), having an aggregate offering
price of up to $400,000,000 (the &ldquo;<U>Maximum Amount</U>&rdquo;). Notwithstanding anything to the contrary contained herein,
the parties hereto agree that compliance with the limitations set forth in this Section 1 regarding the aggregate offering price
of the Securities issued and sold under this Agreement shall be the sole responsibility of the Company, and the Manager or the
Forward Seller, as applicable, shall have no obligation in connection with such compliance. The issuance and sale of the Securities
through the Manager or the Forward Seller, as applicable, will be effected pursuant to the Registration Statement (as defined below)
that was filed by the Company under the Securities Act of 1933, as amended (collectively with the rules and regulations of the
Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) thereunder, the &ldquo;<U>Securities Act</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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">The Company has filed,
in accordance with the provisions of the Securities Act, with the Commission a shelf registration statement on Form S-3 (File No.&nbsp;333-218476)
on June 2, 2017, including a base prospectus, relating to certain securities, including the Securities to be issued from time to
time by the Company, which shelf registration statement, including any amendments thereto, was declared effective by the Commission
under the Securities Act and which incorporates by reference documents that the Company has filed or will file in accordance with
the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (collectively,
the &ldquo;<U>Exchange Act</U>&rdquo;). The Company has prepared a prospectus supplement specifically relating to the Securities
(the &ldquo;<U>Prospectus Supplement</U>&rdquo;) to the base prospectus included as part of such registration statement. The Company
will furnish to the Manager or the Forward Seller, as applicable, for use by the Manager or the Forward Seller, as applicable,
copies of the base prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, relating
to the Securities. Except where the context otherwise requires, such registration statement, on each date and time that such registration
statement and any post-effective amendment thereto became or becomes effective, including all documents 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&nbsp;424(b) of the Securities Act or deemed to be a part of such registration statement pursuant
to Rule&nbsp;430B of the Securities Act (the &ldquo;<U>Rule 430B Information</U>&rdquo;), is herein called the &ldquo;<U>Registration
Statement</U>.&rdquo; The base prospectus included in the Registration Statement, including all documents incorporated therein
by reference, as it may be supplemented by the Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement
have most recently been filed by the Company with the Commission pursuant to Rule&nbsp;424(b) of the Securities Act, is herein
called the &ldquo;<U>Prospectus</U>.&rdquo; The Company may file one or more additional registration statements (which shall be
the Registration Statement) from time to time that will contain a base prospectus and related prospectus or prospectus supplement,
if applicable (which shall be the Prospectus Supplement), with respect to the Securities. Any reference herein to the Registration
Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated
by reference therein, and any reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo;
with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution
hereof of any document with the Commission deemed to be incorporated by reference therein.</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">For purposes of this
Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed
to include any copy filed with the Commission pursuant to the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval
system (&ldquo;<U>EDGAR</U>&rdquo;); all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer
Free Writing Prospectuses that, pursuant to Rule 433 under the Securities Act, are not required to be filed with the Commission)
shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to
 &ldquo;supplements&rdquo; to the Prospectus shall include, without limitation, any supplements, &ldquo;wrappers&rdquo; or similar
materials prepared in connection with any offering, sale or private placement of any Placement Securities by the Manager or the
Forward Seller outside of the United States. All references in this Agreement to financial statements and schedules and other information
that is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo; in the Registration Statement 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 that is incorporated by reference in the Registration Statement or the Prospectus, as the case may be.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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">As used in this Agreement,
the following terms have the respective meanings set forth below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Actual Sold
Forward Amount</U>&rdquo; means, for any Forward Hedge Selling Period for any Forward, the number of Forward Hedge Securities that
the Forward Seller has sold during such Forward Hedge Selling Period.</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;<U>Manager</U>&rdquo;
has the meaning set forth in the introductory paragraph 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">&ldquo;<U>Aggregate
Forward Hedge Price</U>&rdquo; means, with respect to a period, the product of the Actual Sold Forward Amount during such period
and the Forward Hedge Price during such period.</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;<U>Aggregate
Sales Price</U>&rdquo; means, with respect to a period, the sum of the Sales Prices for all Issuance Securities or Forward Hedge
Securities, as applicable, sold during such period.</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;<U>Applicable
Time</U>&rdquo; means the time of each sale of any Securities pursuant to 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">&ldquo;<U>Capped Number</U>&rdquo;
with respect to any Forward Contract has the meaning set forth in such Forward Contract.</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;<U>Commitment
Period</U>&rdquo; means the period commencing on the date of this Agreement and expiring on the date this Agreement is terminated
pursuant to Section 13.</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;<U>Forward</U>&rdquo;
means the transaction resulting from each Placement Notice (as amended by the corresponding Acceptance, if applicable) specifying
that it relates to a &ldquo;Forward&rdquo; and requiring the Forward Seller to use commercially reasonable efforts to sell, as
specified in such Placement Notice and subject to the terms and conditions of this Agreement and the applicable Forward Contract,
the Forward Hedge Securities.</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;<U>Forward Contract</U>&rdquo;
means, for each Forward, the contract evidencing such Forward between the Company and the Forward Purchaser, which shall be comprised
of the Master Forward Confirmation and the related &ldquo;Supplemental Confirmation&rdquo; (as defined in the Master Forward Confirmation)
for such Forward.</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;<U>Forward Hedge
Amount</U>&rdquo; means, for any Forward, the amount specified as such in the Placement Notice for such Forward (as amended by
the corresponding Acceptance, if applicable), which amount shall be the target Aggregate Sales Price of the Forward Hedge Securities
to be sold by the Forward Seller in respect of such Forward, subject to the terms and conditions 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Forward Hedge
Price</U>&rdquo; means, for any Forward Contract, the product of (x) an amount equal to one (1) minus the Forward Hedge Selling
Commission Rate for such Forward Contract; and (y) the Volume-Weighted Hedge 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">&ldquo;<U>Forward Hedge
Selling Commission</U>&rdquo; means, for any Forward Contract, the product of (x) the Forward Hedge Selling Commission Rate for
such Forward Contract and (y) the Volume-Weighted Hedge 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">&ldquo;<U>Forward Hedge
Selling Commission Rate</U>&rdquo; means, for any Forward Contract, a rate mutually agreed to between the Company and the Forward
Seller and recorded in the applicable Placement Notice (as amended by the corresponding Acceptance, if applicable), not to exceed
2%.</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;<U>Forward Hedge
Selling Period</U>&rdquo; means, subject to Section 2(c) hereof, the period of one to 20 consecutive Trading Days (as determined
by the Company in the Company&rsquo;s sole discretion and specified in the applicable Placement Notice (as amended by the corresponding
Acceptance, if applicable) specifying that it relates to a &ldquo;Forward&rdquo;) beginning on the date specified in the applicable
Placement Notice (as amended by the corresponding Acceptance, if applicable) or, if such date is not a Trading Day, the next Trading
Day following such date and ending on the last such Trading Day or such earlier date on which the Forward Seller shall have completed
the sale of Forward Hedge Securities in connection with the applicable Forward; provided that if, prior to the scheduled end of
any Forward Hedge Selling Period (x) any event occurs that would permit the Forward Purchaser to designate a &ldquo;Scheduled Trading
Day&rdquo; as an &ldquo;Early Valuation Date&rdquo; (as each such term is defined in the Master Forward Confirmation) under, and
pursuant to the provisions opposite the caption &ldquo;Early Valuation&rdquo; in Section 2 of the Master Forward Confirmation or
(y) a &ldquo;Bankruptcy Termination Event&rdquo; (as such term is defined in the Master Forward Confirmation) occurs, then the
Forward Hedge Selling Period shall, upon the Forward Seller becoming aware of such occurrence, immediately terminate as of the
first such occurrence. Any Forward Hedge Selling Period then in effect shall immediately terminate upon the termination of this
Agreement pursuant to Section 9 or Section 13 hereof and as set forth in Sections 2(b) and 4 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">&ldquo;<U>Forward Hedge
Securities</U>&rdquo; means all Common Stock borrowed by the Forward Purchaser and offered and sold by the Forward Seller in connection
with any Forward that has occurred or may occur in accordance with the terms and conditions of this Agreement. Where the context
requires, the term &ldquo;Forward Hedge Securities&rdquo; as used herein shall include the definition of the same under the Alternative
Distribution Agreements.</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;<U>Forward Purchaser</U>&rdquo;
has the meaning set forth in the introductory paragraph of this Agreement. If a Forward Purchaser has not been identified in the
introductory paragraph of this Agreement, the Company agrees that all provisions of this Agreement related to the Forward Purchaser
are not applicable hereunder.</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;<U>Forward Seller</U>&rdquo;
has the meaning set forth in the introductory paragraph of this Agreement. If a Forward Seller has not been identified in the introductory
paragraph of this Agreement, the Company agrees that all provisions of this Agreement related to the Forward Seller are not applicable
hereunder.</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;<U>Investment
Company Act</U>&rdquo; means 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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuance</U>&rdquo;
means each occasion the Company elects to exercise its right to deliver a Placement Notice that does not involve a Forward and
that specifies that it relates to an &ldquo;Issuance&rdquo; and requires the Manager to use commercially reasonable efforts to
sell the Issuance Securities as specified in such Placement Notice, subject to the terms and conditions 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuance
Selling Period</U>&rdquo; means the period of one to 20 consecutive Trading Days (as determined by the Company in the Company&rsquo;s
sole discretion and specified in the applicable Placement Notice (as amended by the corresponding Acceptance, if applicable) specifying
that it relates to an &ldquo;Issuance&rdquo;) beginning on the date specified in the applicable Placement Notice (as amended by
the corresponding Acceptance, if applicable) or, if such date is not a Trading Day, the next Trading Day following such date.</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;<U>Issuance
Securities</U>&rdquo; means all shares of Common Stock issued or issuable pursuant to an Issuance that has occurred or may occur
in accordance with the terms and conditions of this Agreement. Where the context requires, the term &ldquo;Issuance Securities&rdquo;
as used herein, shall include the definition of the same under the Alternative Distribution Agreements.</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;<U>Issuer Free
Writing Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities
Act, relating to the Securities that (i) is required to be filed with the Commission by the Company, (ii) is a &ldquo;road show&rdquo;
that is a &ldquo;written communication&rdquo; within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with
the Commission, or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Securities
or of the offering that does not reflect the final terms, and all free writing prospectuses that are listed in <U>Exhibit&nbsp;H</U>
hereto, in each case in the form furnished (electronically or otherwise) to the Manager for use in connection with the offering
of the Securities.</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;<U>Master Forward
Confirmation</U>&rdquo; means the Master Confirmation for Issuer Share Forward Sale Transactions, dated as of the date hereof,
by and among the Company, the Operating Partnership and the Forward Purchaser, including all provisions incorporated by reference
therein.</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;<U>NYSE</U>&rdquo;
means the New York Stock Exchange.</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;<U>Rule 158</U>,&rdquo;
 &ldquo;<U>Rule 172</U>,&rdquo; &ldquo;<U>Rule 405</U>,&rdquo; &ldquo;<U>Rule 415</U>,&rdquo; &ldquo;<U>Rule 424(b)</U>,&rdquo;
 &ldquo;<U>Rule 430B</U>,&rdquo; and &ldquo;<U>Rule 433</U>&rdquo; refer to such rules under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sales Price</U>&rdquo;
means, for each Forward or each Issuance hereunder, the actual sale execution price of each Forward Hedge Security or Issuance
Security, as the case may be, sold by the Manager or the Forward Seller on the NYSE hereunder in the case of ordinary brokers&rsquo;
transactions, or as otherwise agreed by the parties in other methods of sale. Where the context requires, the term &ldquo;Sales
Price&rdquo; as used herein shall include the definition of the same under the Alternative Distribution Agreements.</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;<U>Sarbanes-Oxley
Act</U>&rdquo; means the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the provisions
thereof.</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;<U>Securities</U>&rdquo;
means Issuance Securities and Forward Hedge Securities, as applicable. Where the context requires, the term &ldquo;Securities&rdquo;
as used herein shall include the definition of the same under the Alternative Distribution Agreements.</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;<U>Selling Period</U>&rdquo;
means any Forward Hedge Selling Period or any Issuance Selling Period.</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;<U>Settlement
Date</U>&rdquo; means, unless the Company and the Manager shall otherwise agree, any Forward Hedge Settlement Date or any Issuance
Settlement Date, 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; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trading Day</U>&rdquo;
means any day which is a trading day on the NYSE.</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;<U>Unwind Date</U>&rdquo;
shall have the meaning set forth in the Master Forward Confirmation.</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;<U>Volume-Weighted
Hedge Price</U>&rdquo; has the meaning set forth in the Master Forward Confirmation; provided that, for purposes of determining
the Aggregate Forward Hedge Price payable to the Forward Purchaser in respect of a Trading Day on which the Forward Seller has
made sales of Forward Hedge Securities hereunder pursuant to Sections 3(b) and 6(e), the Volume-Weighted Hedge Price shall be determined
solely with respect to the Forward Hedge Securities sold by the Forward Seller on such Trading 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">The Company will contribute
the Net Proceeds (as defined in Section 6(b)) from the sale of the Securities and any proceeds received under the Forward Contract
from time to time pursuant to this Agreement to the Operating Partnership, and in exchange therefor, at each Issuance Settlement
Date (as defined in Section 6(b)) and on each day the Company is required to deliver Common Stock under any Forward Contract, the
Operating Partnership will issue to the Company units of limited partnership interest in the Operating Partnership (&ldquo;<U>OP
Units</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Manager has been
appointed by the Company as its agent to sell the Issuance Securities and agrees to use commercially reasonable efforts to sell
the Issuance Securities offered by the Company upon the terms and subject to the conditions contained herein. The Forward Seller
agrees with the Company and the Forward Purchaser to use commercially reasonable efforts to sell the Forward Hedge Securities to
be borrowed by the Forward Purchaser upon the terms and subject to the conditions contained herein. Notwithstanding any other provision
of this Agreement, if a Forward Seller and Forward Purchaser have not been identified in the introductory paragraph of this Agreement
and have not executed this Agreement, the Company agrees that all provisions of this Agreement related to the Forward Seller, the
Forward Purchaser and Forwards are not applicable hereunder and no sales of Forward Hedge Securities shall take place pursuant
to 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">The Company and the
Operating Partnership have also entered into separate equity distribution agreements (collectively, the &ldquo;<U>Alternative Distribution
Agreements</U>&rdquo;), dated as of even date herewith, with [ ] (and, as applicable, their respective affiliates) (each, in its
capacity as agent and/or principal, forward seller and forward purchaser thereunder, an &ldquo;<U>Alternative Manager</U>&rdquo;),
for the issuance (in the case of the Issuance Securities) or borrowing (in the case of the Forward Hedge Securities) and sale from
time to time through the applicable Alternative Managers on the terms set forth in the applicable Alternative Distribution Agreements.
The aggregate offering price of the Securities that may be sold pursuant to this Agreement and the Alternative Distribution Agreements
shall not exceed the Maximum Amount.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>PLACEMENTS</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the terms and subject to the conditions of this Agreement, on any Trading Day as provided in Section 2(c) hereof during
the Commitment Period on which (i)&nbsp;the conditions set forth in Section 9 hereof have been satisfied and (ii)&nbsp;with respect
to any Forward, no event described in clause (x) or clause (y) of the proviso contained in the definition of Forward Hedge Selling
Period shall have occurred, the Company wishes to issue (in the case of an Issuance) and sell the Securities hereunder (each, a
 &ldquo;<U>Placement</U>&rdquo;), by delivery of an email notice (or other method mutually agreed to in writing by the parties)
to the Manager (in the case of an Issuance) or the Forward Seller and the Forward Purchaser (in the case of a Forward) containing
the parameters in accordance with which it desires the Securities to be sold, which shall at a minimum specify whether it relates
to an &ldquo;Issuance&rdquo; or a &ldquo;Forward&rdquo; and include the number of Securities to be issued (the &ldquo;<U>Placement
Securities</U>&rdquo;), the time period during which sales are requested to be made, any limitation on the number of Securities
that may be sold in any one day, any minimum price below which sales may not be made or a formula pursuant to which such minimum
price shall be determined and, as applicable, certain specified terms of the Forward (a &ldquo;<U>Placement Notice</U>&rdquo;),
a form of which containing such minimum sales parameters necessary with respect to Issuances and Forwards is attached hereto as
<U>Exhibit&nbsp;A</U>. The Placement Notice shall originate from any of the individuals from the Company set forth on <U>Exhibit&nbsp;B</U>
(with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the
individuals from the Manager or the Forward Seller and the Forward Purchaser, as applicable, set forth on <U>Exhibit&nbsp;B</U>,
as such <U>Exhibit&nbsp;B</U> may be amended from time to time.</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">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Manager or the Forward Seller and the Forward Purchaser, as applicable, wish to accept such proposed terms included
in the Placement Notice (which they may decline to do for any reason in their sole discretion) or, following discussion with the
Company, wish to accept amended terms, the Manager or the Forward Seller and the Forward Purchaser, as applicable, will, prior
to 4:30&nbsp;p.m. (New York City Time) on the business day following the business day on which such Placement Notice is delivered
to the Manager or the Forward Seller and the Forward Purchaser, as applicable, issue to the Company a notice by email (or other
method mutually agreed to in writing by the parties) addressed to all of the individuals from the Company and the Manager or the
Forward Seller and the Forward Purchaser, as applicable, set forth on <U>Exhibit&nbsp;B</U>) setting forth the terms that the Manager
or the Forward Seller and the Forward Purchaser, as applicable, are willing to accept. Where the terms provided in the Placement
Notice are amended as provided for in the immediately preceding sentence, such terms will not be binding on the Company or the
Manager or the Forward Seller and the Forward Purchaser, as applicable, until the Company delivers to the Manager or the Forward
Seller and the Forward Purchaser, as applicable, an acceptance by email (or other method mutually agreed to in writing by the parties)
of all of the terms of such Placement Notice, as amended (the &ldquo;<U>Acceptance</U>&rdquo;), which email shall be addressed
to all of the individuals from the Company and the Manager or the Forward Seller and the Forward Purchaser, as applicable, set
forth on <U>Exhibit&nbsp;B</U>. The Placement Notice (as amended by the corresponding Acceptance, if applicable) shall be effective
upon receipt by the Company of the Manager&rsquo;s or the Forward Seller&rsquo;s and the Forward Purchaser&rsquo;s, as applicable,
acceptance of the terms of the Placement Notice or upon receipt by the Manager or the Forward Seller and the Forward Purchaser,
as applicable, of the Company&rsquo;s Acceptance, as the case may be, unless and until (i) the entire amount of the Placement Securities
has been sold, (ii) in accordance with the notice requirements set forth in the second sentence of the prior paragraph, the Company
terminates the Placement Notice, (iii) the Company issues a subsequent Placement Notice with parameters superseding those on the
earlier dated Placement Notice, (iv) this Agreement has been terminated under the provisions of Section 13 or (v) either party
shall have suspended the sale of the Placement Securities in accordance with Section 4 below. The termination of the effectiveness
of a Placement Notice as set forth in the prior sentence shall not affect or impair any party&rsquo;s obligations with respect
to any Securities sold hereunder prior to such termination or any Securities sold under any Alternative Distribution Agreement
(including, in the case of any Forward Hedge Securities, the obligation to enter into the resulting Forward Contract). It is expressly
acknowledged and agreed that neither the Company nor the Manager will have any obligation whatsoever with respect to a Placement
or any Placement Securities unless and until the Company delivers a Placement Notice to the Manager and either (i) the Manager
accepts the terms of such Placement Notice or (ii) where the terms of such Placement Notice are amended, the Company accepts such
amended terms by means of an Acceptance pursuant to the terms set forth above, and then only upon the terms specified in the Placement
Notice (as amended by the corresponding Acceptance, if applicable) and herein. It is expressly acknowledged and agreed that the
Company, the Forward Seller and the Forward Purchaser will have no obligation whatsoever with respect to a Placement or any Placement
Securities unless and until the Company delivers a Placement Notice to the Forward Seller and the Forward Purchaser and either
(i) the Forward Seller and the Forward Purchaser accept the terms of such Placement Notice or (ii) where the terms of such Placement
Notice are amended, the Company accepts such amended terms by means of an Acceptance pursuant to the terms set forth above, and
then only upon the terms specified in the Placement Notice (as amended by the corresponding Acceptance, if applicable), this Agreement
and the Master Forward Confirmation. In the event of a conflict between the terms of this Agreement and the terms of a Placement
Notice (as amended by the corresponding Acceptance, if applicable), the terms of the Placement Notice (as amended by the corresponding
Acceptance, if applicable) will control.</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">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Placement Notice may be delivered hereunder other than on a Trading Day during the Commitment Period, no Placement Notice
may be delivered hereunder if the Selling Period specified therein may overlap in whole or in part with any Selling Period specified
in a Placement Notice (as amended by the corresponding Acceptance, if applicable) delivered hereunder or under any Alternative
Distribution Agreement unless the Securities to be sold under all such previously delivered Placement Notices have all been sold;
no Placement Notice may be delivered hereunder or under any Alternative Distribution Agreement if any Selling Period specified
therein may overlap in whole or in part with any Unwind Date under any Forward Contract entered into between the Company and the
Forward Purchaser or any Alternative Manager; and no Placement Notice specifying that it relates to a &ldquo;Forward&rdquo; may
be delivered if such Placement Notice, together with all prior Placement Notices (as amended by the corresponding Acceptance, if
applicable) delivered by the Company relating to a &ldquo;Forward&rdquo; hereunder and under any Alternative Distribution Agreements,
would result in the sum of the number of shares of Common Stock issued under all Forward Contracts (whether with a Forward Purchaser
or any Alternative Manager) that have settled, plus the Capped Numbers under all Forward Contracts then outstanding or to be entered
into between the Company and the Forward Purchaser and any Forward Contracts then outstanding between the Company and any Alternative
Manager exceeding 19.99% of the number of shares of Common Stock outstanding as of the date 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">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of this Agreement, any notice required to be delivered by the Company or by the Manager
(in the case of an Issuance) or the Forward Seller and the Forward Purchaser (in the case of a Forward) pursuant to this Section&nbsp;2
may be delivered by telephone (confirmed promptly by facsimile or email addressed to all of the individuals from the Company and
the Manager (in the case of an Issuance) or the Forward Seller and the Forward Purchaser (in the case of a Forward) set forth on
<U>Exhibit&nbsp;B</U>, which confirmation will be promptly acknowledged by the receiving party) or other method mutually agreed
to in writing by the parties. For the avoidance of doubt, notices delivered by telephone shall originate from any of the individuals
from the Company or the Manager (in the case of an Issuance) or the Forward Seller and the Forward Purchaser (in the case of a
Forward) set forth on <U>Exhibit&nbsp;B</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"></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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">3<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>SALE OF SECURITIES</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of Sections 2(b) and 6(a), upon the delivery of a Placement Notice (as amended by the corresponding
Acceptance, if applicable) specifying that it relates to an &ldquo;Issuance,&rdquo; the Manager will use its commercially reasonable
efforts consistent with its normal trading and sales practices to sell the Issuance Securities at market prevailing prices up to
the amount specified, and otherwise in accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance,
if applicable). The Manager will provide written confirmation to the Company no later than the opening of the Trading Day (as defined
below) immediately following the Trading Day on which it has made sales of Issuance Securities hereunder setting forth the number
of Issuance Securities sold on such day, the corresponding Aggregate Sales Price, the compensation payable by the Company to the
Manager pursuant to this Section 3(a) with respect to such sales, and the Net Proceeds payable to the Company, with an itemization
of deductions made by the Manager (as set forth in Section 6(b)) from the gross proceeds that it receives from such sales. The
amount of any commission, discount or other compensation to be paid by the Company to the Manager, when the Manager is acting as
agent, in connection with the sale of the Issuance Securities shall be determined in accordance with the terms set forth in <U>Exhibit&nbsp;C</U>.
The amount of any commission, discount or other compensation to be paid by the Company to the Manager, when the Manager is acting
as principal, in connection with the sale of the Issuance Securities shall be as separately agreed among the parties hereto at
the time of any such sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of Sections 3(b), 6(d) and the Master Forward Confirmation, upon the delivery of a Placement Notice
(as amended by the corresponding Acceptance, if applicable) specifying that it relates to a &ldquo;Forward,&rdquo; the Forward
Purchaser will use commercially reasonable efforts to borrow, offer and sell Forward Hedge Securities through the Forward Seller
to hedge the Forward, and the Forward Seller will use its commercially reasonable efforts consistent with its normal trading and
sales practices to sell such Forward Hedge Securities at market prevailing prices up to the Forward Hedge Amount specified in such
Placement Notice (as amended by the corresponding Acceptance, if applicable), and otherwise in accordance with the terms of such
Placement Notice (as amended by the corresponding Acceptance, if applicable). The Forward Seller will provide written confirmation
by email to all of the individuals from the Company set forth on <U>Exhibit&nbsp;B</U> (as such <U>Exhibit&nbsp;B</U> may be amended
from time to time) and to the Forward Purchaser no later than the opening of the Trading Day immediately following each Trading
Day on which it has made sales of Forward Hedge Securities hereunder setting forth the number of Forward Hedge Securities sold
on such day, the Forward Hedge Selling Commission in respect of such Forward Hedge Securities, the corresponding Aggregate Sales
Price and the Aggregate Forward Hedge Price payable to the Forward Purchaser in respect thereof.</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">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No later than the opening of the Trading Day immediately following the last Trading Day of each Forward Hedge Selling Period
(or, if earlier, no later than the opening of the Trading Day immediately following the date on which any Forward Hedge Selling
Period is suspended or terminated pursuant to Section 4 or the Forward Contract or this Agreement is terminated pursuant to Section
9 or Section 13 hereof), the Forward Purchaser shall execute and deliver to the Company a &ldquo;Supplemental Confirmation&rdquo;
in respect of the Forward for such Forward Hedge Selling Period, which &ldquo;Supplemental Confirmation&rdquo; shall set forth
the &ldquo;Trade Date&rdquo; for such Forward (which shall, subject to the terms of the Master Forward Confirmation, be the last
Trading Day of such Forward Hedge Selling Period), the &ldquo;Effective Date&rdquo; for such Forward (which shall, subject to the
terms of the Master Forward Confirmation, be the date one Settlement Cycle (as such term is defined in the Master Forward Confirmation)
immediately following the last Trading Day of such Forward Hedge Selling Period), the initial &ldquo;Number of Shares&rdquo; for
such Forward (which shall be the Actual Sold Forward Amount for such Forward Hedge Selling Period), the &ldquo;Maturity Date&rdquo;
for such Forward (which shall, subject to the terms of the Master Forward Confirmation, be the date that follows the last Trading
Day of such Forward Hedge Selling Period by the number of days or months set forth opposite the caption &ldquo;Term&rdquo; in the
Placement Notice (as amended by the corresponding Acceptance, if applicable) for such Forward, which number of days or months shall
in no event be less than three months nor more than two years), the &ldquo;Initial Forward Price&rdquo; for such Forward, the &ldquo;Spread&rdquo;
for such Forward (as set forth in the related Placement Notice (as amended by the corresponding Acceptance, if applicable)), the
 &ldquo;Volume-Weighted Hedge Price&rdquo; for such Forward, the &ldquo;Threshold Price&rdquo; for such Forward, the &ldquo;Initial
Stock Loan Rate&rdquo; for such Forward (as set forth in the related Placement Notice (as amended by the corresponding Acceptance,
if applicable)), the &ldquo;Maximum Stock Loan Rate&rdquo; for such Forward (as set forth in the related Placement Notice (as amended
by the corresponding Acceptance, if applicable)), the &ldquo;Forward Price Reduction Dates&rdquo; for such Forward (which shall
be each of the dates set forth below the caption &ldquo;Forward Price Reduction Dates&rdquo; in the Placement Notice (as amended
by the corresponding Acceptance, if applicable) for such Forward) and the &ldquo;Forward Price Reduction Amounts&rdquo; corresponding
to such Forward Price Reduction Dates (which shall be each amount set forth opposite each &ldquo;Forward Price Reduction Date&rdquo;
and below the caption &ldquo;Forward Price Reduction Amounts&rdquo; in the Placement Notice (as amended by the corresponding Acceptance,
if applicable) for such Forward) and the &ldquo;Regular Dividend Amounts&rdquo; for such Forward (which shall be each of the amount(s)
set forth below the caption &ldquo;Regular Dividend Amounts&rdquo; in the Placement Notice (as amended by the corresponding Acceptance,
if applicable) for such Forward).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything herein to the contrary, the Forward Purchaser&rsquo;s obligation to use its commercially reasonable
efforts to borrow all or any portion of the Forward Hedge Securities (and the Forward Seller&rsquo;s obligation to use its commercially
reasonable efforts to sell such portion of the Forward Hedge Securities) for any Forward hereunder shall be subject in all respects
to the last paragraph of Section 3 of the Master Forward Confirmation.</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">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Securities may be offered and sold by any method permitted by law deemed to be an &ldquo;at the market&rdquo; offering
as defined in Rule 415 under the Securities Act, including without limitation sales made directly on the NYSE, on any other existing
trading market for the Common Stock or to or through a market maker, or subject to the terms of the Placement Notice (as amended
by the corresponding Acceptance, if applicable), by any other method permitted by law, including but not limited to, privately
negotiated transactions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">4<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>SUSPENSION OF SALES</U>.</P>



<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: 0.5in">The Company, the Manager
or the Forward Seller or the Forward Purchaser may, upon notice to the other parties in writing (including by email correspondence
to each of the individuals of the other party set forth on <U>Exhibit&nbsp;B</U>, if receipt of such correspondence is actually
acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately
by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on <U>Exhibit&nbsp;B</U>),
suspend any sale of Securities, and the applicable Selling Period shall immediately terminate; <U>provided</U>, <U>however</U>,
that such suspension and termination shall not affect or impair any party&rsquo;s obligations with respect to any Securities sold
hereunder prior to the receipt of such notice or any Securities sold under any Alternative Distribution Agreement (including, in
the case of any Forward Hedge Securities, the obligation to enter into the resulting Forward Contract). The Company agrees that
no such notice under this Section&nbsp;4 shall be effective against the Manager, the Forward Seller or the Forward Purchaser unless
it is made to one of the individuals named on <U>Exhibit&nbsp;B</U> hereto, as such Exhibit may be amended from time to time. Each
of the Manager, the Forward Seller and the Forward Purchaser agrees that no such notice shall be effective against the Company
unless it is made to one of the individuals named on <U>Exhibit&nbsp;B</U> hereto, as such Exhibit may be amended from time to
time; provided that the failure by Manager, the Forward Seller or the Forward Purchaser to deliver such notice shall in no way
effect such party&rsquo;s right to suspend the sale of Securities hereunder.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">5<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>REPRESENTATIONS AND WARRANTIES</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Representations and Warranties of the Company and the Operating Partnership</I>. The Company and the Operating Partnership,
jointly and severally, represent, warrant and covenant to the Manager as of the date hereof and as of each Representation Date
(as defined below) on which a certificate is required to be delivered pursuant to Section 7(o) of this Agreement, as of each Applicable
Time and as of each Settlement Date, and agrees with the Manager, 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">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration Statement and Prospectuses</U>. The Registration Statement is an &ldquo;automatic shelf registration statement&rdquo;
(as defined in Rule 405 of the Securities Act) and the Securities have been and remain eligible for registration by the Company
on such automatic shelf registration statement. The Company and the transactions contemplated by this Agreement meet the requirements
for using Form S-3 under the Securities Act pursuant to the standards for such form as currently in effect and as in effect immediately
prior to October 21, 1992 and the Securities have been and remain eligible for registration by the Company on such shelf registration
statement. The Registration Statement was automatically deemed effective upon filing with the Commission on June 2, 2017. No stop
order suspending the effectiveness of the Registration Statement is in effect, and no proceedings or examination under Section&nbsp;8(d)
or 8(e) of the Securities Act are pending before or, to the Company&rsquo;s knowledge, threatened by the Commission. The Company
is not the subject of a pending proceeding under Section 8A of the Securities Act in connection with the offering of the Securities.
The Registration Statement meets the requirements set forth in Rule 415(a)(1)(x) and complies in all other material respects with
such Rule. The Company has not received from the Commission any notice objecting to the use of the shelf registration statement
form.</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">Each of the
Registration Statement and any post-effective amendment thereto, at the time of its effectiveness, at each deemed effective date
with respect to the Manager or Forward Seller, as applicable, pursuant to Rule 430B(f)(2) under the Securities Act and as of each
Settlement Date, complied and will comply in all material respects at the time it became effective and at each Applicable Time
with the requirements of the Securities Act. Each preliminary prospectus (including the prospectus filed as part of the Registration
Statement as originally filed or as part of any amendment or supplement thereto), any supplement or any prospectus wrapper prepared
in connection therewith, and the Prospectus complied in all material respects at the time it was filed and at each Applicable Time
with the Securities Act. Each preliminary prospectus and the Prospectus delivered to the Manager or Forward Seller, as applicable,
for use in connection with the offering of any Securities was identical to the electronically transmitted copies thereof filed
with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</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">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Well-Known Seasoned Issuer</U>. (i) At the time of filing 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 or otherwise (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) of the
Securities Act) made any offer relating to the Securities in reliance on the exemption of Rule 163 of the Act and (iv) at the date
hereof, the Company is a &ldquo;well-known seasoned issuer&rdquo; as defined in Rule 405 of the Securities 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">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Incorporated Documents</U>. The documents incorporated or deemed to be incorporated by reference in the Registration
Statement, the Prospectus and any Issuer Free Writing Prospectus (the &ldquo;<U>Incorporated Documents</U>&rdquo;), when they became
effective or at the time they were or hereafter are filed with the Commission, as the case may be, complied, comply and will comply
in all material respects with the requirements of the Exchange Act and, when read together with the other information in the Registration
Statement, the Prospectus or such Issuer Free Writing Prospectus when considered together with the Prospectus, as the case may
be, (a)&nbsp;at the time the Registration Statement became effective, (b) with respect to any offering of Securities,&nbsp;at the
earlier of the time the Prospectus was first used and the date and time of the first contract of sale of such Securities, and (c)&nbsp;at
each relevant Settlement Date, did not and will not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading.</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">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accurate Disclosure</U>. Neither the Registration Statement nor any amendment thereto, at the times they became effective,
at each deemed effective date with respect to the Manager pursuant to Rule 430B(f)(2) under the Securities Act, at each Applicable
Time and at each Settlement Date, contained, contains or will contain an untrue statement of a material fact or omitted, omits
or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
Neither the Prospectus (nor any one or more Issuer Free Writing Prospectuses when considered together with the Prospectus) nor
any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of filing with the Commission
pursuant to Rule 424(b) under the Securities Act, at each Applicable Time or at any Settlement Date, included, includes or will
include an untrue statement of a material fact or omitted, omits or will 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.</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">The representations
and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement (or any amendment
thereto), any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto (including any prospectus
wrapper)), made in reliance upon and in conformity with written information furnished to the Company by the Manager or Forward
Seller expressly for use therein.</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">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuer Free Writing Prospectuses</U>. No Issuer Free Writing Prospectus conflicts or will conflict with the information
contained in the Registration Statement or the Prospectus including any document incorporated or deemed incorporated by reference
therein, and any preliminary or other prospectus deemed to be a part thereof that has not been superseded or modified.</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">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization and Description of Securities</U>. The Securities to be sold through the Manager, as principal or agent,
or Forward Seller, as applicable, have been duly and validly authorized and conform in all material respects to the description
thereof contained in the Registration Statement and the Prospectus and, when issued and delivered pursuant to this Agreement or
the Forward Contract, 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 Securities 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 Securities by the Company or the Forward Seller. The form of certificate for the Securities 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 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">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization of Securities Under the Forward Contract</U>. A number of shares of Common Stock equal to the Share Cap
(as defined in the Forward Contract) have been duly authorized and reserved for issuance upon settlement of the Forward Contract
and, when issued and delivered by the Company to the Forward Purchaser pursuant thereto, against payment of any consideration required
to be paid by the Forward Purchaser pursuant to the terms of the Forward Contract, 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 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">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U>. As of the date of this Agreement, 45,601,858 shares of Common Stock of the Company are issued and
outstanding; 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
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 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 Securities Act (other than those that have been waived).</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">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Good Standing of the Company</U>. 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 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;<U>Material Adverse Effect</U>&rdquo;).</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">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Good Standing of the Subsidiaries</U>. 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;I</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 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>

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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">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Business in Cuba</U>. 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 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">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries</U>. Other than as set forth on <U>Schedule&nbsp;I</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
and the Prospectus.</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">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Significant Subsidiaries</U>. The &ldquo;significant subsidiaries&rdquo; of the Company as defined in Section 1-02(w)
of Regulation S-X under the Securities Act are set forth in <U>Schedule&nbsp;I</U> hereto.</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">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Proceedings</U>. 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 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 Contract 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 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 Securities Act or the Exchange Act. The statements in the Registration
Statement and the Prospectus under the heading &ldquo;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 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">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Violation, Defaults and Conflicts</U>. 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 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&nbsp;II</U>
of this Agreement (the &ldquo;<U>Material Agreements</U>&rdquo;).</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">(16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Properties</U>. (A) As of the date of this Agreement and the Forward Contract, the Company owns either directly or indirectly
through its subsidiaries, 865 properties (the &ldquo;<U>Properties</U>&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) 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) 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) the leases under which the Company
or any of its subsidiaries leases the Properties as lessor (the &ldquo;<U>Leases</U>&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) 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) 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 and the Prospectus are disclosed therein.</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">(17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Conflicts</U>. Neither the issuance and sale of the Securities, the execution, delivery or performance of
this Agreement or the Forward Contract by the Company or the Operating Partnership, nor the consummation by the Company or the
Operating Partnership of the transactions contemplated hereby (including the application of the proceeds from the sale of the Securities
as described in the Registration Statement 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 Securities under the Securities Act, the listing of the
Securities 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>

<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">(18)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Independent Accountants</U>. 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 and the Prospectus (or any
amendment or supplement thereto), is and was, as of the date of this Agreement and the Forward Contract 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 Securities Act and the Exchange Act and the applicable published rules and regulations
thereunder and by the Public Company Accounting Oversight Board (&ldquo;<U>PCAOB</U>&rdquo;).</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">(19)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Statements; Non-GAAP Financial Measures</U>. The historical financial statements, together with related schedules
and notes, included or incorporated by reference in the Registration Statement 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 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 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 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;<U>GAAP</U>&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 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 and the Prospectus. The
pro forma financial statements included in the Registration Statement and the Prospectus comply as to form in all material respects
with the applicable accounting requirements of Regulation S-X under the Securities Act. The Company has filed with the Commission
all financial statements, together with related schedules and notes, required to be filed pursuant to the Securities Act. Any disclosures
contained or incorporated in the Registration Statement or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as
such term is defined by the rules and regulations of the Commission) comply with Regulation G under the Exchange Act and Item 10
of Regulation S-K under the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language
incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in all material
respects and has been prepared in accordance in all material respects with the Commission&rsquo;s rules and guidelines applicable
thereto.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(20)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Corporate Power</U>. The Company has the corporate power to issue, sell and deliver the Securities 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, fraudulent transfer, reorganization, moratorium or other similar laws affecting creditors&rsquo; rights
generally or by general principles of equity, and except to the extent that rights to indemnity and contribution hereunder may
be limited by federal or state securities laws; the execution and delivery of, and the performance by the Operating Partnership
of its obligations under, this Agreement have been duly and validly authorized by the Operating Partnership, and this Agreement
has been duly executed and delivered by the Operating Partnership and constitutes the valid and legally binding agreement of the
Operating Partnership, enforceable against the Operating Partnership in accordance with its terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors&rsquo; rights generally and by general
principles of equity and to the extent that rights to indemnity and contribution hereunder may be limited by federal or state securities
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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">(21)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Enforceability of the Forward Contract</U>. The Forward Contract 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 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 and contribution
provisions thereof may be limited by federal or state securities laws or public policy considerations in respect thereof.</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">(22)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Change in Business</U>. Except as disclosed in the Registration Statement 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 and the Prospectus (or any amendment or supplement thereto), (A) none of the Company, the Operating Partnership or any
of their subsidiaries has incurred any liability or obligation (financial or other), direct or contingent, or entered into any
transaction (including any off-balance sheet activities or transactions), not in the ordinary course of business, that is material
to the Company and its subsidiaries, as a whole; (B) there has not been any material change in the capital stock, or partnership
interests, as the case may be, or material increase in the short-term debt or long-term debt (including any off-balance sheet activities
or transactions), of either of the Company or the Operating Partnership or the occurrence of or any development which may reasonably
be expected to result in a Material Adverse Effect; and (C) except for regular quarterly dividends on the Common Stock in amounts
per share that are consistent with the past practice, there has been no dividend or distribution of any kind declared, paid or
made by the Company on any class of its capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">(23)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to Property</U>. 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 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 and the Prospectus, except such as are described in the Registration Statement
and the Prospectus, or in any document filed as an exhibit to the Registration Statement, and each property described in the Registration
Statement and the Prospectus as being held under lease by the Company or any of its subsidiaries is held by it under a valid, subsisting
and enforceable lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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">(24)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Permitted Free Writing Prospectus</U>. Neither the Company nor any of its subsidiaries has distributed or will distribute
any offering material in connection with the offering and sale of the Securities to be sold hereunder by the Manager, as principal
or agent for the Company, or the Forward Seller, as applicable, other than the Prospectus and any Permitted Free Writing Prospectus
(as defined in Section 20) reviewed and consented to by the Manager or Forward Seller, as 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">(25)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Manipulation</U>. None of the Company, the Operating Partnership or any of their subsidiaries, nor any of
the officers, directors or partners thereof has taken, nor will any of them take, directly or indirectly, any action resulting
in a violation of Regulation M under the Exchange Act or designed to cause or result in, or which has constituted or which reasonably
might be expected to constitute, the stabilization or manipulation of the price of the Securities or facilitation of the sale or
resale of the Securities.</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">(26)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Prior Written Communications</U>. Any offer that is a written communication relating to the Securities made prior to
the initial filing of the Registration Statement by the Company or any person acting on its behalf (within the meaning, for this
paragraph only, of Rule 163(c) of the Securities Act) has been filed with the Commission in accordance with the exemption provided
by Rule 163 of the Securities Act and otherwise complied with the requirements of Rule 163 of the Securities Act, including without
limitation the legending requirement.</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">(27)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Possession of Licenses and Permits</U>. 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;<U>permits</U>&rdquo;)
as are necessary to own their respective properties and to conduct their respective businesses in the manner described in the Registration
Statement 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 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 and the Prospectus.</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">(28)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disclosure Controls and Procedures; Internal Controls</U>. 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 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 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 Package and the Prospectus.</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">(29)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cybersecurity.</U> With such exceptions as would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect: to the Company&rsquo;s knowledge, there has been no material security breach, incident, or other compromise
of the Company&rsquo;s, the Operating Partnership&rsquo;s or any of their subsidiaries&rsquo; information computer systems, networks,
and databases (including, without limitation, the personal data and information of their respective customers, employees, suppliers
and vendors and any third party data maintained, processed or stored by the Company, the Operating Partnership and each of their
subsidiaries, (collectively, &ldquo;<U>IT Systems and Data</U>&rdquo;); neither the Company, the Operating Partnership nor any
of their subsidiaries have been notified of, or have knowledge of any event or condition that would reasonably be expected to result
in, any material security breach, incident or other compromise to their IT Systems and Data; the Company, the Operating Partnership
and each of their subsidiaries have implemented appropriate physical, technological and administrative controls designed to maintain
and protect the integrity, confidentiality and availability of their IT Systems and Data, taking into account the nature, sensitivity
and use of such IT Systems and Data, or as required by applicable regulatory standards in all material respects; and the Company,
the Operating Partnership and each of their subsidiaries are presently in material compliance with all applicable laws or statutes,
applicable judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority having jurisdiction
over the Company, the Operating Partnership or any of their subsidiaries and internal policies and contractual obligations relating
to the privacy and security of IT Systems and Data and the protection of such IT Systems and Data from unauthorized use, access,
misappropriation or modification.</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">(30)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sarbanes-Oxley Act</U>. There is and has been no failure on the part of the Company or 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 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 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">(31)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Funds</U>. 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 or the Prospectus.</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">(32)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Corrupt Practices Act</U>. 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;<U>FCPA</U>&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 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">(33)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Money Laundering Laws</U>. 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;<U>Money Laundering Laws</U>&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 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">(34)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Conflict with OFAC Laws</U>. 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 representative of the Company, the Operating Partnership
or any of their subsidiaries is an individual or entity (&ldquo;<U>Person</U>&rdquo;) currently the subject or target of any 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;<U>OFAC</U>&rdquo;), the United Nations Security Council (&ldquo;<U>UNSC</U>&rdquo;),
the European Union, Her Majesty&rsquo;s Treasury (&ldquo;<U>HMT</U>&rdquo;), or other relevant sanctions authority (collectively,
 &ldquo;<U>Sanctions</U>&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 Securities, 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 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 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">(35)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Labor Dispute</U>. 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 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">(36)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Returns</U>. 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 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 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 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">(37)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration Rights</U>. No holder of any security of the Company or the Operating Partnership has any right to require
registration of the Securities 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 Contract, which right has not been
waived. 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 Securities.</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">(38)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Possession of Intellectual Property</U>. 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 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 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">(39)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Company Act</U>. Neither the Company nor any subsidiary is now, and after sale of the Securities to be sold
by the Company hereunder and the application of the net proceeds from such sale as described in the Registration Statement 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.</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">(40)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Laws</U>. 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 Manager, the Forward Seller, the Forward Purchaser or their counsel (collectively, the &ldquo;<U>Environmental Reports</U>&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 and the Prospectus.</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">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 and the Prospectus and except for those circumstances that have not had or would
reasonably be expected to have a Material Adverse Effect. None of the Company, the Operating Partnership or any of their subsidiaries
intends to use the Properties or any subsequently acquired properties for the purpose of handling, burying, storing, retaining,
refining, transporting, processing, manufacturing, generating, producing, spilling, seeping, leaking, escaping, leaching, pumping,
pouring, emitting, emptying, discharging, injecting, dumping, transferring or otherwise disposing of or dealing with Hazardous
Materials; <I>provided</I>, <I>however</I>, the tenants of the Company and the Operating Partnership may use Properties for their
intended purpose, which may involve the handling, storing and transporting of Hazardous Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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">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
and the Prospectus, and except for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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">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
and the Prospectus and except for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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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    <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 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">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, the Registration Statement and the Prospectus and except for those circumstances that would not reasonably
be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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">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 and the Prospectus.</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">As used herein,
 &ldquo;<U>Hazardous Material</U>&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;<U>PCBs</U>&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 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">As used herein,
 &ldquo;<U>Environmental Law</U>&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;<U>Governmental Authority</U>&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;<U>CERCLA</U>&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 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">(41)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>REIT Qualification</U>. Commencing with its taxable year ended December 31, 1994, the Company has been organized and
operated in conformity with the requirements for qualification and taxation as a real estate investment trust (&ldquo;<U>REIT</U>&rdquo;)
under the Internal Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (collectively,
the &ldquo;<U>Code</U>&rdquo;), and the Company&rsquo;s current and proposed method of operations as described in the Registration
Statement 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, 2020 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, 2020 or future taxable years.</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">(42)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>. 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 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">(43)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title&nbsp;Insurance</U>. 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 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">(44)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions</U>. Except as disclosed in the Registration Statement 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 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">(45)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer Taxes</U>. 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 Contract or the issuance by the Company or sale by the Company of the Securities.</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">(46)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Employee Benefits</U>. 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;<U>ERISA</U>&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 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">(47)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Equity Awards</U>. To the knowledge of the Company, no stock option 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 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">(48)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorized Capital Stock</U>. The Company&rsquo;s authorized capitalization is as set forth in the Registration Statement
and the Prospectus; the capital stock of the Company conforms in all material respects to the description thereof contained in
the Registration Statement 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 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">(49)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>NYSE</U>. The outstanding shares of Common Stock and the Securities to be sold by the Company from time to time hereunder
have been approved for listing, subject only to official notice of issuance, on the NYSE, and are registered pursuant to Section&nbsp;12(b)
of the Exchange Act, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration
of the Securities under the Exchange Act or delisting any such securities from the NYSE, nor has the Company received any notification
that the Commission or the NYSE is contemplating terminating such registration or listing.</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">(50)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Statistical and Market-Related Data</U>. The statistical and market related data included in the Registration Statement
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 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">(51)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Independent Directors</U>. Each of the independent directors (or independent director nominees, once appointed, if applicable)
named in the Registration Statement 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 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">(52)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Further Requirements</U>. 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;<U>FINRA</U>&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 and the Prospectus, which is not so described.</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">(53)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lending Relationships</U>. Except as disclosed in the Registration Statement and the Prospectus, (i) neither the Company
nor any of its subsidiaries has any material lending or similar relationship with the Manager or any bank or other lending institution
affiliated with the Manager; and (ii) the Company does not intend to use any of the proceeds from the sale of the Securities by
the Company hereunder to reduce or retire the balance of any loan or credit facility extended by any affiliate of the Manager.</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">(54)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Finder&rsquo;s Fee</U>. Except for the discounts and commissions payable by the Company to the Manager and each of
the Alternative Managers or the Forward Seller, as applicable, in connection with the offering of the Securities contemplated herein
or as otherwise disclosed in the Registration Statement and the Prospectus, the Company has not incurred any liability for any
brokerage commission, finder&rsquo;s fees or similar payments in connection with the offering of the Securities contemplated hereby.</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">(55)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Actively Traded Security</U>. The shares of Common Stock are &ldquo;actively traded securities&rdquo; excepted from the
requirements of Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule.</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">(56)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proprietary Trading by the Manager</U>. The Company acknowledges and agrees that the Manager has informed the Company
that the Manager may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell the Common Stock
for its own account while this Agreement is in effect, and shall be under no obligation to purchase Securities on a principal basis
pursuant to this Agreement, except as otherwise agreed by the Manager in the Placement Notice (as amended by the corresponding
Acceptance, if applicable); provided, that no such purchase or sales shall take place while a Placement Notice is in effect (except
(i) as agreed by the Manager in the Placement Notice (as amended by the corresponding Acceptance, if applicable) or (ii) to the
extent the Manager may engage in sales of Placement Securities purchased or deemed purchased from the Company as a &ldquo;riskless
principal&rdquo; or in a similar capacity).</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">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Officers&rsquo; Certificates</I>. Any certificate signed by any officer of the Company or any authorized representative
of the Operating Partnership and delivered to the Manager, Forward Seller or Forward Purchaser or to counsel for the Manager, Forward
Seller or Forward Purchaser shall be deemed a representation and warranty by the Company or the Operating Partnership, as the case
may be, to the Manager, Forward Seller or Forward Purchaser as to the matters covered thereby as of the date or dates indicated
on such certificate.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">6<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>SALE AND DELIVERY; SETTLEMENT</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Sale of Issuance Securities. </I>On the basis of the representations and warranties herein contained and subject to the
terms and conditions herein set forth, upon the Manager&rsquo;s acceptance of the terms of a Placement Notice specifying that it
relates to an &ldquo;Issuance&rdquo; or upon receipt by the Manager of an Acceptance, as the case may be, and unless the sale of
the Issuance Securities described therein has been declined, suspended, or otherwise terminated in accordance with the terms of
this Agreement, the Manager will use its commercially reasonable efforts consistent with its normal trading and sales practices
to sell such Issuance Securities at market prevailing prices up to the amount specified, and otherwise in accordance with the terms
of such Placement Notice (as amended by the corresponding Acceptance, if applicable). Each of the Company and the Operating Partnership
acknowledges and agrees that (i) there can be no assurance that the Manager will be successful in selling Issuance Securities,
(ii) the Manager will incur no liability or obligation to the Company, the Operating Partnership or any other person or entity
if it does not sell Issuance Securities for any reason other than a failure by the Manager to use its commercially reasonable efforts
consistent with its normal trading and sales practices to sell such Issuance Securities as required under this Section&nbsp;6 and
(iii) the Manager shall be under no obligation to purchase Issuance Securities on a principal basis pursuant to this Agreement,
except as otherwise agreed by the Manager in the Placement Notice (as amended by the corresponding Acceptance, if 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; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Settlement of Issuance Securities. </I>Unless otherwise specified in the applicable Placement Notice (as amended by the
corresponding Acceptance, if applicable), settlement for sales of Issuance Securities will occur on the second (2nd) Trading Day
(or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each, an
 &ldquo;<U>Issuance Settlement Date</U>&rdquo;). The amount of proceeds to be delivered to the Company on an Issuance Settlement
Date against receipt of the Issuance Securities sold will be equal to the aggregate offering price received by the Manager at which
such Issuance Securities were sold, after deduction for (i) the Manager&rsquo;s commission, discount or other compensation for
such sales payable by the Company pursuant to Section 3 hereof, (ii) any other amounts due and payable by the Company to the Manager
hereunder pursuant to Section 8(a) hereof, and (iii) any transaction fees imposed by any governmental or self-regulatory organization
in respect of such sales (the &ldquo;<U>Net Proceeds</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Delivery of Issuance Securities</I>. On or before each Issuance Settlement Date, the Company will, or will cause its
transfer agent to, electronically transfer the Issuance Securities being sold by crediting the Manager&rsquo;s or its designee&rsquo;s
account (provided the Manager shall have given the Company written notice of such designee prior to the Issuance Settlement Date)
at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may
be mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered shares in good
deliverable form. On each Issuance Settlement Date, the Manager will deliver the related Net Proceeds in same day funds to an account
designated by the Company prior to the Issuance Settlement Date. The Company agrees that if the Company, or its transfer agent
(if applicable), defaults in its obligation to deliver Issuance Securities on an Issuance Settlement Date, the Company agrees that
in addition to and in no way limiting the rights and obligations set forth in Section 10(a) and Section 11 hereto, it will (i)
hold the Manager harmless against any loss, liability, claim, damage, or expense whatsoever (including reasonable legal fees and
expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable)
and (ii) pay to the Manager any commission, discount, or other compensation to which it would otherwise have been entitled absent
such default. If the Manager breaches this Agreement by failing to deliver the applicable Net Proceeds on any Settlement Date for
Issuance Securities delivered by the Company, the Manager will pay the Company interest based on the effective overnight federal
funds rate until such proceeds, together with interest, have been fully paid.</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">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Sale of Forward Hedge Securities</I>. On the basis of the representations and warranties herein contained and subject
to the terms and conditions in this Agreement and the Master Forward Confirmation, upon the Forward Purchaser&rsquo;s and the Forward
Seller&rsquo;s acceptance of the terms of a Placement Notice specifying that it relates to a &ldquo;Forward&rdquo; or upon receipt
by the Forward Purchaser and Forward Seller of an Acceptance, as the case may be, and unless the sale of the Forward Hedge Securities
described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement or the Master
Forward Confirmation (including without limitation as a result of any event described in clause (x) or (y) of the proviso contained
in the definition of Forward Hedge Selling Period), the Forward Purchaser will use its commercially reasonable efforts to borrow
a number of Forward Hedge Securities sufficient to have an Aggregate Sales Price as close as reasonably practicable to the Forward
Hedge Amount specified in the Placement Notice (as amended by the corresponding Acceptance, if applicable) and the Forward Seller
will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Forward Hedge
Securities at market prevailing prices, and otherwise in accordance with the terms of such Placement Notice (as amended by the
corresponding Acceptance, if applicable). Each of the Company and the Forward Purchaser acknowledges and agrees that (i) there
can be no assurance that the Forward Purchaser will be successful in borrowing or that the Forward Seller will be successful in
selling Forward Hedge Securities, (ii) the Forward Seller will incur no liability or obligation to the Company, the Forward Purchaser,
or any other person or entity if it does not sell Forward Hedge Securities borrowed by the Forward Purchaser for any reason other
than a failure by the Forward Seller to use its commercially reasonable efforts consistent with its normal trading and sales practices
to sell such Forward Hedge Securities as required under this Section&nbsp;6, and (iii) the Forward Purchaser will incur no liability
or obligation to the Company, the Forward Seller, or any other person or entity if it does not borrow Forward Hedge Securities
for any reason other than a failure by the Forward Purchaser to use its commercially reasonable efforts to borrow such Forward
Hedge Securities as required under this Section&nbsp;6. In acting hereunder, the Forward Seller will be acting as agent for the
Forward Purchaser and not as principal.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Delivery of Forward Hedge Securities</I>. Unless otherwise specified in the applicable Placement Notice (as amended by
the corresponding Acceptance, if applicable), settlement for sales of Forward Hedge Securities will occur on the second (2nd) Trading
Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each,
a &ldquo;<U>Forward Hedge Settlement Date</U>&rdquo;). On or before each Forward Hedge Settlement Date, the Forward Purchaser will,
or will cause its transfer agent to, electronically transfer the Forward Hedge Securities being sold by crediting the Forward Seller
or its designee&rsquo;s account (provided Forward Seller shall have given the Forward Purchaser written notice of such designee
prior to the Forward Hedge Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System
or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable,
transferable, registered shares in good deliverable form. On each Forward Hedge Settlement Date, the Forward Seller will deliver
the related Aggregate Forward Hedge Price to the Forward Purchaser in same day funds to an account designated by the Forward Purchaser
prior to the relevant Forward Hedge Settlement Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Denominations; Registration. </I>The Securities shall be in such denominations and registered in such names as the Manager
or the Forward Seller, as applicable, may request in writing at least one full business day before the Settlement Date. The Company
or the Forward Purchaser, as the case may be, shall deliver the Securities, if any, through the facilities of The Depository Trust
Company as described in the preceding paragraphs unless the Manager or the Forward Seller, as applicable, shall otherwise instruct.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Limitations on Offering Size</I>. Under no circumstances shall the Company cause or request the offer or sale of any
Securities, if after giving effect to the sale of such Securities, the aggregate offering price of the Securities sold pursuant
to this Agreement would exceed the lesser of (A) together with (i) all sales of Issuance Securities under this Agreement and each
of the Alternative Distribution Agreements and (ii) all Forward Hedge Securities sold under this Agreement and each of the Alternative
Distribution Agreements, the Maximum Amount, (B) the amount available for offer and sale under the currently effective Registration
Statement, and (C) the amount authorized from time to time to be issued and sold under this Agreement by the Company and notified
to the Manager, the Forward Seller and the Forward Purchaser in writing. Under no circumstances shall the Company cause or request
the offer or sale of any Securities pursuant to this Agreement at a price lower than the minimum price authorized from time to
time by the Company and notified to the Manager in writing. Further, under no circumstances shall the aggregate offering price
of Securities sold pursuant to this Agreement and the Alternative Distribution Agreements, including any separate underwriting
or similar agreement covering principal transactions described in Section 1 of this Agreement and the Alternative Distribution
Agreements, exceed the Maximum Amount.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Limitation on Managers. </I>The Company agrees that any offer to sell, any solicitation of an offer to buy or any sales
of Securities shall only be effected by or through only one of the Manager or the Forward Seller, as the case may be, or the respective
Alternative Manager on any single given day, but in no event more than one, and the Company shall in no event request that the
Manager or the Forward Seller, as the case may be, or one or more of the Alternative Managers sell Securities on the same day;
<U>provided</U>, <U>however</U>, that (a) the foregoing limitation shall not apply to (i) the exercise of any option, warrant,
right or any conversion privilege set forth in the instrument governing such security or (ii) sales solely to employees or security
holders of the Company or its subsidiaries, or to a trustee or other person acquiring such securities for the accounts of such
persons, (b) such limitation shall not apply on any day during which no sales are made pursuant to this Agreement and (c) such
limitation shall not apply if, prior to any such request to sell Securities, all Securities the Company has previously requested
the Manager, the Forward Seller or any Alternative Managers to sell have been sold.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer
or sale of, any Securities and, by notice to the Manager (in the case of an Issuance) or the Forward Seller and the Forward Purchaser
(in the case of a Forward) given by telephone (confirmed promptly by facsimile transmission or email), shall cancel any instructions
for the offer or sale of any Securities, and the Manager, the Forward Seller and the Forward Purchaser, as the case may be, shall
not be obligated to offer or sell any Securities, (i) during any period in which the Company is, or reasonably could be deemed
to be, in possession of material non-public information, (ii) at any time during the period commencing on the 10th business day
prior to the date (each, an &ldquo;<U>Announcement Date</U>&rdquo;) on which the Company issues a press release containing, or
shall otherwise publicly announce, its earnings, revenues or other results of operations (each, an &ldquo;<U>Earnings Announcement</U>&rdquo;),
(iii) except as provided in Section 6(j) below, at any time from and including an Announcement Date through and including the time
that the Company files (a &ldquo;<U>Filing Time</U>&rdquo;) a Quarterly Report on Form 10-Q or an Annual Report on Form 10-K that
includes consolidated financial statements as of and for the same period or periods, as the case may be, covered by such Earnings
Announcement; provided that, unless otherwise agreed between the Company and the Manager, the Forward Seller or the Forward Purchaser,
as the case may be, for purposes of (i) and (ii) above, such period shall be deemed to end at the relevant Filing Time.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company wishes to offer, sell or deliver Securities at any time during the period from and including an Announcement
Date through and including time that is 24 hours after the corresponding Filing Time, the Company shall (i) prepare and deliver
to the Manager (in the case of an Issuance) or the Forward Seller and the Forward Purchaser (in the case of a Forward) (with a
copy to their counsel) a Current Report on Form 8-K which shall include substantially the same financial and related information
as was set forth in the relevant Earnings Announcement (other than any earnings projections, similar forward-looking data and officers&rsquo;
quotations) (each, an &ldquo;<U>Earnings 8-K</U>&rdquo;), in form and substance reasonably satisfactory to the Manager or the Forward
Seller and the Forward Purchaser, as the case may be, (ii) provide the Manager or the Forward Seller and the Forward Purchaser,
as the case may be, with the officers&rsquo; certificate, opinions/letters of counsel and accountants&rsquo; letter called for
by Sections 7(o), (p), (q), (r), and (s) hereof; respectively, (iii) afford the Manager or the Forward Seller and the Forward Purchaser,
as the case may be, the opportunity to conduct a due diligence review in accordance with Section 7(m) hereof and (iv) file such
Earnings 8-K with the Commission. The provisions of clause (ii) of Section 6(i) shall not be applicable for the period from and
after the time at which the foregoing conditions shall have been satisfied (or, if later, the time that is 24 hours after the time
that the relevant Earnings Announcement was first publicly released) through and including the Filing Time of the relevant Quarterly
Report on Form 10-Q or Annual Report on Form 10-K under the Exchange Act, as the case may be. For purposes of clarity, the parties
hereto agree that (A) the delivery of any officers&rsquo; certificate, opinions/letters of counsel and accountants&rsquo; letter
pursuant to this Section&nbsp;6(j) shall not relieve the Company from any of its obligations under this Agreement with respect
to any Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as the case may be, including, without limitation, the obligation
to deliver officers&rsquo; certificates, opinions/letters of counsel and accountants&rsquo; letters as provided in Section 7 hereof
and (B) other than as set forth in this Section&nbsp;6(j), this Section 6(j) shall in no way affect or limit the operation of the
provisions of clauses (i) and (iii) of Section 6(j), which shall have independent application.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">7<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>COVENANTS OF THE COMPANY AND THE OPERATING PARTNERSHIP</U>.</P>



<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: 0.5in">Each of the Company
and the Operating Partnership jointly and severally covenants with the Manager, the Forward Seller and the Forward Purchaser as
follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Registration Statement Amendments</I>. After the date of this Agreement and during any Selling Period or period in which
a Prospectus relating to any Securities is required to be delivered by the Manager under the Securities Act (including in circumstances
where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), (i) the Company will promptly notify the
Manager, the Forward Seller and the Forward Purchaser of the time when any subsequent amendment to the Registration Statement,
other than documents incorporated by reference therein, has been filed with the Commission and/or has become effective or any subsequent
supplement to the Prospectus has been filed and of any comment letter from the Commission or any request by the Commission for
any amendment or supplement to the Registration Statement or Prospectus or for additional information; (ii) the Company will prepare
and file with the Commission, promptly upon the request of the Manager or the Forward Seller and the Forward Purchaser, as the
case may be, any amendments or supplements to the Registration Statement or Prospectus that, in the reasonable opinion of the Manager
or the Forward Seller and the Forward Purchaser, as the case may be, may be necessary or advisable in connection with the distribution
of the Securities by the Manager, the Forward Seller or the Forward Purchaser, as the case may be (<U>provided</U>, <U>however</U>,
that the failure of the Manager, the Forward Seller or the Forward Purchaser to make such request shall not relieve the Company
of any obligation or liability hereunder, or affect the Manager&rsquo;s, the Forward Seller&rsquo;s or the Forward Purchaser&rsquo;s
right to rely on the representations and warranties made by the Company and the Operating Partnership in this Agreement); (iii)
the Company will not file any amendment or supplement to the Registration Statement or Prospectus, other than documents incorporated
by reference into the Registration Statement, relating to the Securities or a security convertible into the Securities unless a
copy thereof has been submitted to the Manager, the Forward Seller and the Forward Purchaser within a reasonable period of time
before the filing and the Manager, the Forward Seller and the Forward Purchaser have not reasonably objected thereto (<U>provided</U>,
<U>however</U>, that the failure of the Manager, the Forward Seller or the Forward Purchaser to make such objection shall not relieve
the Company of any obligation or liability hereunder, or affect the Manager&rsquo;s, the Forward Seller&rsquo;s or the Forward
Purchaser&rsquo;s right to rely on the representations and warranties made by the Company and the Operating Partnership in this
Agreement) and the Company will furnish to the Manager, the Forward Seller and the Forward Purchaser at the time of filing thereof
a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus,
except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus,
other than documents incorporated by reference into the Registration Statement, to be filed with the Commission as required pursuant
to the applicable paragraph of Rule 424(b) under the Securities Act (without reliance on Rule 424(b)(8)).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Notice of Commission Stop Orders</I>. The Company will advise the Manager, the Forward Seller and the Forward Purchaser,
promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any
stop order suspending the effectiveness of the Registration Statement or of any other order preventing or suspending the use of
the Prospectus or any Issuer Free Writing Prospectus, or of the suspension of the qualification of the Securities for offering
or sale in any jurisdiction or of the loss or suspension of any exemption from any such qualification, or of the initiation or
threatening of any proceedings for any of such purposes, or of any examination pursuant to Section 8(e) of the Securities Act concerning
the Registration Statement or if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection
with the offering of the Securities. The Company will use its commercially reasonable efforts to prevent the issuance of any stop
order, the suspension of any qualification of the Securities for offering or sale and any loss or suspension of any exemption from
any such qualification, and if any such stop order is issued or any such suspension or loss occurs, to obtain the lifting thereof
at the earliest possible moment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Delivery of Registration Statement and Prospectus. </I>The Company will furnish to the Manager, the Forward Seller, the
Forward Purchaser and their respective counsel (at the expense of the Company), on or before their respective due dates, copies
of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and
supplements to the Registration Statement or Prospectus, and any Issuer Free Writing Prospectuses, that are filed with the Commission
during any Selling Period or period in which a Prospectus relating to the Securities is required to be delivered under the Securities
Act, in such quantities and at such locations as the Manager, the Forward Seller or the Forward Purchaser may from time to time
reasonably request; <U>provided</U>, <U>however</U>, that the Company shall not be required to furnish any document (other than
the Prospectus) to the Manager, the Forward Seller and the Forward Purchaser to the extent such document is available on EDGAR.
The copies of the Registration Statement and the Prospectus and any supplements or amendments thereto furnished to the Manager
will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent
permitted by Regulation S-T.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Continued Compliance with Securities Laws. </I>If at any time during any Selling Period or period when a Prospectus is
required by the Securities Act or the Exchange Act to be delivered in connection with a pending sale of the Securities (including,
without limitation, pursuant to Rule 172), any event shall occur or condition shall exist as a result of which it is necessary,
in the opinion of counsel for the Manager, the Forward Seller or the Forward Purchaser or for the Company, to (i) amend the Registration
Statement in order that the Registration Statement will not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading, (ii) amend or supplement the Prospectus
in order that the Prospectus will not include any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to
a purchaser, or (iii) amend the Registration Statement or amend or supplement the Prospectus in order to comply with the requirements
of the Securities Act, the Company will promptly notify the Manager or the Forward Seller and the Forward Purchaser, as applicable,
to suspend the offering of Securities during such period and the Company will promptly prepare and file with the Commission such
amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement or the
Prospectus comply with such requirements, and the Company will furnish to the Manager or the Forward Seller and the Forward Purchaser,
as applicable, such number of copies of such amendment or supplement as the Manager or the Forward Seller and the Forward Purchaser,
as applicable, may reasonably request. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or
occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted, conflicts or would conflict
with the information contained in the Registration Statement or the Prospectus or included, includes or would include an untrue
statement of a material fact or omitted, omits or would 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, prevailing at that subsequent time, not misleading, the
Company will promptly notify the Manager or the Forward Seller and the Forward Purchaser, as applicable, to suspend the offering
of Securities during such period and the Company will, subject to Section 7(a) hereof, promptly amend or supplement, at its own
expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Blue Sky and Other Qualifications. </I>The Company will use its best efforts, in cooperation with the Manager and the
Forward Seller, to qualify the Securities for offering and sale, or to obtain an exemption for the Securities to be offered and
sold, under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Manager and the
Forward Seller may designate and to maintain such qualifications and exemptions in effect for so long as required for the distribution
of the Securities (but in no event for less than one year from the date of this Agreement); <U>provided</U>, <U>however</U>, that
the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or
as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing
business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the Securities have been so
qualified or exempt, the Company will file such statements and reports as may be required by the laws of such jurisdiction to continue
such qualification or exemption, as the case may be, in effect for so long as required for the distribution of the Securities (but
in no event for less than one year from the date 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">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Rule 158. </I>The Company will make generally available to its securityholders as soon as practicable an earnings statement
for the purposes of, and to provide to the Manager and the Forward Seller the benefits contemplated by, the last paragraph of Section
11(a) of the Securities Act and Rule 158.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Use of Proceeds</I>. The Company and the Operating Partnership will use the Net Proceeds received by them from the sale
of the Securities and the net proceeds received under each Forward Contract in the manner specified in the Prospectus under &ldquo;Use
of Proceeds.&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">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Listing. </I>During any Selling Period or any period in which the Prospectus relating to the Securities is required to
be delivered by the Manager or the Forward Seller under the Securities Act with respect to a pending sale of the Securities (including
in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its
commercially reasonable efforts to cause the Securities to be listed on the NYSE.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Filings with the NYSE</I>. The Company will timely file with the NYSE all material documents and notices required by
the NYSE of companies that have or will issue securities that are traded on the NYSE.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Reporting Requirements. </I>The Company, during any Selling Period or period when the Prospectus is required to be delivered
under the Securities Act and the Exchange Act (including in circumstances where such requirement may be satisfied pursuant to Rule
172 under the Securities Act), will file all documents required to be filed with the Commission pursuant to the Exchange Act within
the time periods required by the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Notice of Other Sales</I>. During any Selling Period, the Company shall provide the Manager, the Forward Seller and the
Forward Purchaser notice as promptly as reasonably possible (and, in any event, at least two (2) business days) before it offers
to sell, contracts to sell, sells, grants any option to sell or otherwise disposes of any shares of Common Stock (other than Securities
offered pursuant to the provisions of this Agreement or the Alternative Distribution Agreements) or securities convertible into
or exchangeable for Common Stock, warrants or any rights to purchase or acquire shares of Common Stock; <U>provided</U>, that such
notice shall not be required in connection with the (i) issuance, grant or sale of Common Stock, options to purchase shares of
Common Stock or shares of Common Stock issuable upon the exercise of options or other equity awards pursuant to any stock option,
stock bonus or other stock or compensatory plan or arrangement described in the Prospectus, including shares of Common Stock issuable
upon redemption of OP Units, (ii) the issuance of securities in connection with an acquisition, merger or sale or purchase of assets
described in the Prospectus, or (iii) the issuance or sale of shares of Common Stock pursuant to any dividend reinvestment plan
that the Company may adopt from time to time, provided the implementation of such dividend reinvestment plan is disclosed to the
Manager, the Forward Seller and the Forward Purchaser in advance.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Change of Circumstances</I>. The Company will, at any time during a fiscal quarter in which the Company intends to tender
a Placement Notice or sell Securities, advise the Manager or Forward Seller, as applicable, promptly after it shall have received
notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion,
certificate, letter or other document provided to the Manager or Forward Seller, as applicable, pursuant to 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">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Due Diligence Cooperation</I>. The Company will cooperate with any reasonable due diligence review conducted by the Manager
or the Forward Seller and the Forward Purchaser, or its respective agents in connection with the transactions contemplated hereby,
including, without limitation, providing information and making available documents and senior officers, during regular business
hours and at the Company&rsquo;s principal offices, as the Manager or the Forward Seller and the Forward Purchaser may reasonably
request.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Disclosure of Sales. </I>The Company will disclose in its Quarterly Reports on Form 10-Q and in its Annual Report on
Form 10-K in respect of any quarter in which sales of Securities were made under this Agreement, and/or, at the Company&rsquo;s
option, in a Current Report on Form 8-K, the number of Securities sold under this Agreement and any Alternative Distribution Agreement,
the Net Proceeds to the Company and the compensation payable by the Company with respect to such sales.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Representation Dates; Certificates</I>. On or prior to the date that the first Securities are sold pursuant to the terms
of this Agreement, each time Securities are delivered to the Manager as principal on a Settlement Date and each time the Company:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>files the Prospectus relating to the Securities or amends or supplements the Registration Statement or the Prospectus relating
to the Securities by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents
by reference into the Registration Statement or the Prospectus relating to the Securities;</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">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>files an Annual Report on Form 10-K 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 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>files a Quarterly Report on Form 10-Q under the Exchange Act; 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">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>files a Current Report on Form 8-K containing amended financial information (other than an Earnings Announcement, to &ldquo;furnish&rdquo;
information pursuant to Item 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the
reclassifications of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards
No. 144) under the Exchange Act (each such date of filing of one or more of the documents referred to in clauses (1)(i) through
(iv) and any time of request pursuant to this Section 7(o) shall be a &ldquo;<U>Representation Date</U>&rdquo;), the Company shall
furnish the Manager, the Forward Seller and the Forward Purchaser with a certificate, in the form attached hereto as <U>Exhibit&nbsp;D</U>
as promptly as possible and in no event later than three (3) Trading Days of any Representation Date. The requirement to provide
a certificate under this Section 7(o) shall be waived for any Representation Date occurring at a time at which no Placement Notice
(as amended by the corresponding Acceptance, if applicable) is pending, which waiver shall continue until the earlier to occur
of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation
Date) and the next occurring Representation Date; provided, however, that such waiver shall not apply for any Representation Date
on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to
sell Securities following a Representation Date when the Company relied on such waiver and did not provide the Manager with a certificate
under this Section 7(o), then before the Company delivers the Placement Notice or the Manager or the Forward Seller sells any Securities,
the Company shall provide the Manager, the Forward Seller and the Forward Purchaser with a certificate, in the form attached hereto
as <U>Exhibit&nbsp;D</U>, dated the date of the Placement Notice.</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">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Counsel for Company and the Operating Partnership</I>. On or prior to the date that the first Securities are
sold pursuant to the terms of this Agreement, each time Securities are delivered to the Manager as principal on a Settlement Date,
and as promptly as possible and in no event later than three (3) Trading Days of each Representation Date with respect to which
the Company is obligated to deliver a certificate in the form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable,
the Company shall cause to be furnished to the Manager, the Forward Seller and the Forward Purchaser a written opinion and to the
Manager and the Forward Seller a 10b-5 statement of Honigman LLP, counsel for the Company and the Operating Partnership, or other
counsel satisfactory to the Manager, the Forward Seller and the Forward Purchaser, in form and substance satisfactory to the Manager,
the Forward Seller and the Forward Purchaser and its counsel, dated the date that the opinion and 10b-5 statement is required to
be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;E</U>, modified, as necessary, to relate to
the Registration Statement and the Prospectus as then amended or supplemented; <U>provided</U>, <U>however</U>, that in lieu of
such opinions for subsequent Representation Dates, any such counsel may furnish the Manager, the Forward Seller and the Forward
Purchaser with a letter (a &ldquo;<U>Reliance Letter</U>&rdquo;) to the effect that the Manager, the Forward Seller and the Forward
Purchaser may rely on a prior opinion delivered under this Section 7(p) to the same extent as if it were dated the date of such
letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus
as amended or supplemented at such Representation Date).</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">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Tax Counsel</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this
Agreement, each time Securities are delivered to the Manager as principal on a Settlement Date, and as promptly as possible and
in no event later than three (3) Trading Days of each Representation Date with respect to which the Company is obligated to deliver
a certificate in the form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Company shall cause to
be furnished to the Manager, the Forward Seller and the Forward Purchaser a written opinion of Honigman LLP, tax counsel for the
Company and the Operating Partnership, or other counsel satisfactory to the Manager, the Forward Seller and the Forward Purchaser,
in form and substance satisfactory to the Manager, the Forward Seller and the Forward Purchaser and its counsel, dated the date
that the opinion is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;F</U>, modified,
as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; <U>provided</U>, <U>however</U>,
that in lieu of such opinions for subsequent Representation Dates, any such counsel may furnish the Manager, the Forward Seller
and the Forward Purchaser with a Reliance Letter to the effect that the Manager, the Forward Seller and the Forward Purchaser may
rely on a prior opinion delivered under this Section 7(q) to the same extent as if it were dated the date of such letter (except
that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or
supplemented at such Representation Date).</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Maryland Counsel Legal Opinion</I>. On or prior to the date that the first Securities are sold pursuant to the terms
of this Agreement, each time Securities are delivered to the Manager as principal on a Settlement Date, and as promptly as possible
and in no event later than three (3)&nbsp;Trading Days of each Representation Date with respect to which the Company is obligated
to deliver a certificate in the form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Manager, the
Forward Seller and the Forward Purchaser shall have received the favorable opinion of Ballard Spahr LLP, Maryland counsel for the
Company dated the date that the opinion is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;G</U>,
modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; <U>provided</U><I>,
</I><U>however</U>, that in lieu of such opinions for subsequent Representation Dates, any such counsel may furnish the Manager,
the Forward Seller and the Forward Purchaser with a Reliance Letter to the effect that the Manager, the Forward Seller and the
Forward Purchaser may rely on a prior opinion delivered under this Section 7(r) to the same extent as if it were dated the date
of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus
as amended or supplemented at such Representation Date).</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">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Comfort Letter</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement,
each time Securities are delivered to the Manager as principal on a Settlement Date, and as promptly as possible and in no event
later than three (3) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate
in the form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Company shall cause its independent
accountants to furnish the Manager and the Forward Seller a letter (a &ldquo;<U>Comfort Letter</U>&rdquo;), dated the date the
Comfort Letter is delivered, in form and substance satisfactory to the Manager and the Forward Seller, (i) confirming that they
are an independent registered public accounting firm within the meaning of the Securities Act, the Exchange Act and the PCAOB,
(ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters
ordinarily covered by accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters in connection with registered public offerings
(the first such letter, the &ldquo;<U>Initial Comfort Letter</U>&rdquo;) and (iii) updating the Initial Comfort Letter with any
information that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary
to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such 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>

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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">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Market Activities</I>. Neither the Company nor the Operating Partnership will, directly or indirectly, (i) take any action
designed to cause or result in, or that constitutes or 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 Securities or (ii) sell, bid for, or purchase
the Securities to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the
Securities to be issued and sold pursuant to this Agreement other than the Manager; <U>provided</U>, <U>however</U>, that the Company
may bid for and purchase shares of its Common Stock in accordance with Rule 10b-18 under the Exchange Act. In connection with entering
into any Forward Contract, the Company will not acquire any long position (either directly or indirectly, including through an
Affiliate or through a derivative transaction) with respect to shares of Common Stock. For purposes of the foregoing, Affiliate
means, with respect to any person or entity, any other person or entity directly or indirectly controlling, controlled by, or under
common control with such person or entity. For purposes of this definition, &ldquo;control&rdquo; when used with respect to any
person or entity means ownership of 50% or more of the voting power or value of such person or entity.</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">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Compliance with Laws</I>. The Company, the Operating Partnership and each of their subsidiaries shall maintain, or cause
to be maintained, all material environmental permits, licenses and other authorizations required by federal, state and local law
in order to conduct their businesses as described in the Prospectus, and the Company and each of its subsidiaries shall conduct
their businesses, or cause their businesses to be conducted, in substantial compliance with such permits, licenses and authorizations
and with applicable Environmental Laws, except where the failure to maintain or be in compliance with such permits, licenses and
authorizations could 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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Securities Act and Exchange Act</I>. The Company will use its best efforts to comply with all requirements imposed upon
it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales
of, or dealings in, the Securities as contemplated by the provisions hereof and 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">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Offer to Sell</I>. Other than a free writing prospectus (as defined in Rule 405 under the Securities Act) approved
in advance in writing by the Company and the Manager in its capacity as principal or agent hereunder or the Forward Seller as agent
hereunder, as applicable, the Company (including its agents and representatives, other than the Manager or the Forward Seller,
in their respective capacities as such) will not, directly or indirectly, make, use, prepare, authorize, approve or refer to any
free writing prospectus relating to the Securities to be sold by the Manager as principal or agent hereunder or by the Forward
Seller as agent hereunder.</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">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Regulation M. </I>If the Company has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation
M under the Exchange Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify the other
parties to this Agreement and sales of the Securities under this Agreement shall be suspended until that or other exemptive provisions
have been satisfied in the judgment of all parties to 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">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Qualification and Taxation as a REIT</I>. The Company will use its best efforts to continue to qualify for taxation as
a REIT under the Code and will not take any action to revoke or otherwise terminate the Company&rsquo;s REIT election, unless the
Company&rsquo;s board of directors determines in good faith that it is no longer in the best interests of the Company and its stockholders
to be so qualified.</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">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Renewal of Registration Statement. </I>The date of this Agreement is not more than three years subsequent to the initial
effective date of the Registration Statement (the &ldquo;<U>Renewal Date</U>&rdquo;). If, immediately prior to the Renewal Date,
this Agreement has not terminated and a prospectus is required to be delivered or made available by the Manager or the Forward
Seller under the Securities Act or the Exchange Act in connection with the sale of such Securities, the Company will, prior to
the Renewal Date, file, if it has not already done so, a new shelf registration statement or, if applicable, an automatic shelf
registration statement relating to such Securities, and, if such registration statement is not an automatic shelf registration
statement, will use its best efforts to cause such registration statement to be declared effective within 180 days after the Renewal
Date, and will take all other reasonable actions necessary or appropriate to permit the public offer and sale of such Securities
to continue as contemplated in the expired registration statement relating to such Securities. References herein to the &ldquo;Registration
Statement&rdquo; shall include such new shelf registration statement or automatic shelf registration statement, 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">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Rights to Refuse Purchase. </I>If, to the knowledge of the Company, all filings required by Rule 424 under the Securities
Act in connection with the offering of the Securities shall not have been made or the representations and warranties of the Company
and the Operating Partnership in Section 5 hereof shall not be true and correct on any applicable Settlement Date, the Company
will offer to any person who has agreed to purchase Securities from the Company as a result of an offer to purchase solicited by
the Manager the right to refuse to purchase and pay for such Securities.</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">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Reservation of Shares</I>. In respect of any Forward, a number of shares of Common Stock at least equal to the Capped
Number will be reserved for issuance by the Company&rsquo;s board of directors.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">8<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>PAYMENT OF EXPENSES</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Expenses. </I>The Company will pay all expenses incident to the performance of its obligations under this Agreement,
including (i) the preparation, printing and filing of the Registration Statement (including financial statements and exhibits)
as originally filed and of each amendment and supplement thereto, (ii) the preparation, issuance and delivery of the certificates
for the Securities to the Manager, including any stock or other transfer taxes and any capital duties, stamp duties or other duties
or taxes payable upon the sale, issuance or delivery of the Securities to the Manager, (iii) the fees and disbursements of the
counsel, accountants and other advisors to the Company, (iv) the qualification or exemption of the Securities under securities
laws in accordance with the provisions of Section 7(e) hereof, including filing fees and the reasonable fees and disbursements
of counsel for the Manager in connection therewith and in connection with the preparation of a state securities law or &ldquo;blue
sky&rdquo; survey and any supplements thereto, (v) the printing and delivery to the Manager, the Forward Seller and the Forward
Purchaser of copies of any Permitted Free Writing Prospectus and the Prospectus and any amendments or supplements thereto and any
costs associated with electronic delivery of any of the foregoing by the Manager or the Forward Seller to investors, (vi) the fees
and expenses of the custodian and the transfer agent and registrar for the Securities, (vii) the filing fees incident to, and the
reasonable fees and disbursements of counsel to the Manager in connection with, the review by FINRA of the terms of the sale of
the Securities and (viii) the fees and expenses incurred in connection with the listing of the Securities on the NYSE.</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">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination of Agreement</I>. If this Agreement is terminated by the Manager in accordance with the provisions of Section
9 or Section 13(a)(i) or (iii) (with respect to the first clause only) hereof, the Company shall reimburse the Manager, the Forward
Seller, the Forward Purchasers and the Alternative Managers for all reasonable out of pocket expenses, including reasonable fees
and disbursements of counsel incurred by the Manager, the Forward Seller, the Forward Purchasers and the Alternative Managers in
connection with the transactions contemplated by this Agreement and the Alternative Distribution Agreements, unless Securities
having an aggregate offering price of $20,000,000 or more have previously been offered and sold under this Agreement and/or the
Alternative Distribution Agreements; <U>provided</U>, <U>however</U>, that the Expenses shall not exceed an aggregate under this
Agreement and the Alternative Distribution Agreements of $100,000.</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; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">9<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>CONDITIONS OF THE OBLIGATIONS OF THE AGENT, THE FORWARD SELLER AND THE FORWARD PURCHASER</U>.</P>



<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: 0.5in">The obligations of
each of the Manager, the Forward Seller and the Forward Purchaser hereunder with respect to a Placement will be subject to the
continuing accuracy and completeness of the representations and warranties of the Company and the Operating Partnership contained
in this Agreement or in certificates of any officer of the Company, the Operating Partnership or any of their subsidiaries delivered
pursuant to the provisions hereof, to the performance by the Company and the Operating Partnership of their covenants and other
obligations hereunder, and 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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Effectiveness of Registration Statement; Payment of Filing Fee. </I>The Registration Statement shall have become effective
and shall be available for (i) all sales of Securities issued pursuant to all prior Placement Notices (each as amended by a corresponding
Acceptance, if applicable) and (ii) the sale of all Securities contemplated to be issued by any Placement Notice (as amended by
the corresponding Acceptance, if applicable). The Company shall have paid the required Commission filing fees relating to the Securities
within the time required by Rule 456(b)(1)(i) of the Securities Act without regard to the proviso therein and otherwise in accordance
with Rules 456(b) and 457(r) of the Securities Act (including, if applicable, by updating the &ldquo;Calculation of Registration
Fee&rdquo; table in accordance with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration Statement or on
the cover page of 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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Material Notices</I>. None of the following events shall have occurred and be continuing: (i) receipt by the Company
or any of its subsidiaries of any request for additional information from the Commission or any other federal or state governmental
authority during the period of effectiveness of the Registration Statement, the response to which would require any post-effective
amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal
or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation
of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the
Prospectus, or any Issuer Free Writing Prospectus, or any material document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related Prospectus,
or any Issuer Free Writing Prospectus, or such documents so that, in the case of the Registration Statement, it will not contain
any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading and, that in the case of the Prospectus and any Issuer Free Writing Prospectus, it
will not contain any materially untrue statement of a material fact or omit to state any 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.</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">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Misstatement or Material Omission</I>. None of the Manager, the Forward Seller or the Forward Purchaser shall have
advised the Company that the Registration Statement or Prospectus, or any Issuer Free Writing Prospectus, or any amendment or supplement
thereto, contains a material untrue statement of fact or omits to state a material fact that is required to be stated therein or
is necessary to make the statements therein not misleading.</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">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Material Changes</I>. Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with
the Commission, there shall not have been any material adverse change to the condition, financial or otherwise, or in the properties,
earnings, business affairs or business prospects of the Company, the Operating Partnership and each of their subsidiaries considered
as one enterprise.</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">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Counsel for Company and the Operating Partnership. </I>The Manager, the Forward Seller and the Forward Purchaser
shall have received the favorable opinions of Honigman LLP, required to be delivered pursuant to Section 7(p) on the date on which
such delivery of such opinion is required pursuant to Section 7(p).</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">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Tax Counsel for Company and the Operating Partnership. </I>The Manager, the Forward Seller and the Forward
Purchaser shall have received the favorable opinions of Honigman LLP, tax counsel for the Company and the Operating Partnership,
required to be delivered pursuant to Section 7(q) on the date on which such delivery of such opinion is required pursuant to Section
7(q).</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">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Maryland Counsel for the Company</I>. The Manager, the Forward Seller and the Forward Purchaser shall have
received the favorable opinions of the Company&rsquo;s Maryland Counsel, required to be delivered pursuant to Section 7(r) on the
date on which such delivery of such opinion is required pursuant to Section 7(r).</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">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Opinion of Counsel for the Manager</I>. On or prior to the date that the first Securities are sold pursuant to the terms
of this Agreement and each time Securities are delivered to the Manager as principal on the Settlement Date, as promptly as possible
and in no event later than three (3) Trading Days of each Representation Date with respect to which no waiver is applicable, the
Manager, the Forward Seller and the Forward Purchaser shall have received the favorable opinion of Hunton Andrews Kurth LLP, counsel
for the Manager, dated the date the opinion is required to be delivered, in customary form and substance satisfactory to the Manager,
the Forward Seller and the Forward Purchaser, and the Company shall have furnished to such counsel such documents as they reasonably
request for the purpose of enabling them to pass upon such matters. In rendering such opinion, Hunton Andrews Kurth LLP may rely
as to matter involving the laws of the State of Maryland upon the opinion of Ballard Spahr LLP referred to in Section 7(r).</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Representation Certificate. </I>The Manager, the Forward Seller and the Forward Purchaser shall have received the certificate
required to be delivered pursuant to Section 7(o) on the date on which delivery of such certificate is required pursuant to Section
7(o).</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Accountant&rsquo;s Comfort Letter. </I>The Manager and the Forward Seller shall have received the Comfort Letter required
to be delivered pursuant to Section 7(s) on the date on which such delivery of such Comfort Letter is required pursuant to Section
7(s).</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Approval of Listing</I>. The Securities shall have been approved for listing on the NYSE, subject only to official notice
of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Suspension</I>. Trading in the Securities shall not have been suspended on the NYSE.</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">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Additional Documents. </I>On each date on which the Company is required to deliver a certificate pursuant to Section
7(o), counsel for the Manager, the Forward Seller and the Forward Purchaser, as applicable, shall have been furnished with such
documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the
Securities as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment
of any of the conditions, herein contained.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Securities Act Filings Made</I>. All filings with the Commission required by Rule 424 under the Securities Act to have
been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed
for such filing by Rule 424.</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Effectiveness of Master Forward Confirmation</I>. In respect of any Placement Notice delivered in respect of any Forward,
the Master Forward Confirmation shall be in full force and effect.</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">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination of Agreement. </I>If any condition specified in this Section&nbsp;9 shall not have been fulfilled when and
as required to be fulfilled, this Agreement may be terminated by the Manager, the Forward Seller or the Forward Purchaser, as applicable,
by notice to the Company, and such termination shall be without liability of any party to any other party except as provided in
Section&nbsp;8 hereof and except that, in the case of any termination of this Agreement, Sections&nbsp;5, 10, 11, 12 and 22 hereof,
as well as the obligation to enter into any Forward Contract pursuant to Section 2(c) hereof as a result of sales of Forward Hedge
Securities occurring prior to such termination, shall survive such termination and remain in full force and effect. For the avoidance
of doubt, any such termination shall not affect or impair any party&rsquo;s obligations with respect to any Securities sold hereunder
prior to the occurrence thereof or any Securities sold under any Alternative Distribution Agreement (including, in the case of
any Forward Hedge Securities, the obligation to enter into the resulting Forward Contract).</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; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">10<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>INDEMNIFICATION</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Indemnification by the Company. </I>The Company and the Operating Partnership, jointly and severally, agree to indemnify
and hold harmless each of the Manager, the Forward Seller and the Forward Purchaser, each of their respective affiliates (as such
term is defined in Rule 501(b) under the Securities Act (each an &ldquo;<U>Affiliate</U>&rdquo;)), each of their respective selling
agents and each person, if any, who controls the Manager, the Forward Seller or the Forward Purchaser within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act and any director, officer, employee or affiliate thereof 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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission
or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not
misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any Issuer Free Writing
Prospectus or the Prospectus (or any amendment or supplement thereto), 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;</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount
paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission;
provided that (subject to Section 10(d) below) any such settlement is effected with the written consent of the Company; and</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Manager,
the Forward Seller or the Forward Purchaser, as applicable) reasonably incurred in investigating, preparing or defending against
any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such
expense is not paid under (i) or (ii) above, <U>provided</U>, <U>however</U>, that this indemnity agreement shall not apply to
any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in conformity with written information furnished to the Company by the Manager, the Forward
Seller or the Forward Purchaser, as the case may be, expressly for use in the Registration Statement (or any amendment thereto),
or in any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).</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">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Indemnification by the Manager, the Forward Seller or the Forward Purchaser</I>. Each of the Manager, the Forward Seller
or the Forward Purchaser agrees to indemnify and hold harmless the Company and the Operating Partnership, the Company&rsquo;s directors,
each of the Company&rsquo;s officers who signed the Registration Statement, and each person, if any, who controls the Company or
the Operating Partnership within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, to the same
extent as the foregoing indemnity from the Company and the Operating Partnership to the Manager, the Forward Seller or the Forward
Purchaser, as applicable, contained in subsection (a) of this Section 10, as incurred, but only with respect to untrue statements
or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), any Issuer
Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written
information furnished to the Company by the Manager, the Forward Seller or the Forward Purchaser expressly for use therein.</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">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Actions against Parties; Notification. </I>Each indemnified party shall give notice as promptly as reasonably practicable
to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure
to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not
materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise
than on account of this indemnity agreement. In the case of parties indemnified pursuant to Section 10(a) above, counsel to the
indemnified parties shall be selected by the Manager or the Forward Seller, as applicable, and, in the case of parties indemnified
pursuant to Section 10(b) above, counsel to the indemnified parties shall be selected by the Company. An indemnifying party may
participate at its own expense in the defense of any such action; <U>provided</U>, <U>however</U>, that counsel to the indemnifying
party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall
the indemnifying parties be liable for fees and 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. No indemnifying party shall, without the prior
written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect
of which indemnification or contribution could be sought under this Section 10 or Section 11 hereof (whether or not the indemnified
parties are actual or potential parties thereto), unless (x) such settlement, compromise or consent (i) includes an unconditional
release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii)
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 and (y) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to such settlement,
compromise or judgment.</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">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Settlement without Consent if Failure to Reimburse</I>. If at any time an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable
for any settlement of the nature contemplated by Section 10(a)(ii) effected without its written consent if (i) such settlement
is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party
shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)
such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such
settlement.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">11<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>CONTRIBUTION</U>.</P>



<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: 0.5in">If the indemnification
provided for in Section 10 hereof is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect
of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the
aggregate amount of such losses, liabilities, claims, damages and expenses reasonably incurred by such indemnified party, as incurred,
(i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Operating Partnership,
on the one hand, and the Manager, the Forward Seller and the Forward Purchaser on the other hand, from the offering of the Securities
pursuant to this Agreement or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Company and the Operating Partnership, on the one hand, and of the Manager, the Forward Seller and the Forward Purchaser on the
other hand, in connection with the statements or omissions that resulted in such losses, liabilities, claims, damages or expenses,
as well as any other relevant equitable considerations.</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 relative benefits
received by the Company and the Operating Partnership, on the one hand, and the Manager, the Forward Seller and the Forward Purchaser,
on the other hand, in connection with the offering of the Securities pursuant to this Agreement shall be deemed to be in the same
respective proportions as (a) in the case of the Company and the Operating Partnership, (x) the total net proceeds from the offering
of the Issuance Securities for each Issuance under this Agreement (before deducting expenses) received by the Company and the Operating
Partnership bear to the Aggregate Sales Price of the Issuance Securities, or (y) the Actual Sold Forward Amount for each Forward
under this Agreement, multiplied by the Forward Hedge Price for such Forward (the &ldquo;<U>Net Forward Proceeds</U>&rdquo;), bear
to the sum of the Net Forward Proceeds and the Actual Forward Commission (as defined below) (such sum, the &ldquo;<U>Gross Forward
Amount</U>&rdquo;), (b) in the case of Manager, the total commissions received by the Manager bear to the aggregate public offering
price of the Issuance Securities, (c) in the case of the Forward Seller, the Actual Sold Forward Amount for each Forward under
this Agreement, multiplied by the Forward Hedge Selling Commission for such Forward (the &ldquo;<U>Actual Forward Commission</U>&rdquo;),
bear to the Gross Forward Amount, and (d) in the case of the Forward Purchaser, the net Spread (as such term is defined in the
Master Forward Confirmation and net of any related stock borrow costs or other costs or expenses actually incurred) for all Forward
Contracts executed in connection with this Agreement, bear to the Gross Forward Amount.</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">The relative fault
of the Company and the Operating Partnership, on the one hand, and the Manager, the Forward Seller and the Forward Purchaser, on
the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of
a material fact or omission or alleged omission to state a material fact relates to information supplied by each such party and
the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</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">Each of the Company,
the Operating Partnership, the Manager, the Forward Seller and the Forward Purchaser agrees that it would not be just and equitable
if contribution pursuant to this Section 11 were determined by pro rata allocation or by any other method of allocation which does
not take account of the equitable considerations referred to above in this Section 11. The aggregate amount of losses, liabilities,
claims, damages and expenses incurred by an indemnified party and referred to above in this Section 11 shall be deemed to include
any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue or alleged untrue statement or omission or alleged omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
provisions of this Section 11, none of the Manager, the Forward Seller and the Forward Purchaser shall in any event be required
to contribute any amount in excess of the amount by which, in the case of the Manager, the total price at which the Issuance Securities
sold by such Manager, or in the case of the Forward Seller and the Forward Purchaser, as applicable, the total price of the Forward
Hedge Securities sold by the Forward Seller, in each case pursuant to this Agreement, exceeds the amount of any damages which the
Manager, the Forward Seller or the Forward Purchaser has otherwise been required to pay by reason of any such untrue or alleged
untrue statement or omission or alleged omission.</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">No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.</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">For purposes of this
Section 11, each person, if any who controls the Manager, the Forward Seller or the Forward Purchaser within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act and the Manager&rsquo;s, the Forward Seller&rsquo;s and the Forward
Purchaser&rsquo;s Affiliates and selling agents shall have the same rights to contribution as the Manager, the Forward Seller or
the Forward Purchaser, as the case may be, and each director of the Company, each officer of the Company who signed the Registration
Statement, and each person, if any, who controls the Company or the Operating Partnership within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Company or the Operating Partnership,
subject in each case to the preceding two paragraphs.</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">For purposes of this
Section 11, the Company and the Operating Partnership shall be deemed one party, jointly and severally liable for any obligations
hereunder.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">12<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY</U>.</P>



<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: 0.5in">All representations,
warranties and agreements contained in this Agreement or in certificates of officers of the Company, the Operating Partnership
or each of their subsidiaries submitted pursuant hereto, shall remain operative and in full force and effect, regardless of any
investigation made by or on behalf of the Manager, the Forward Seller or the Forward Purchaser or any of their Affiliates or selling
agents, any person controlling the Manager, the Forward Seller or the Forward Purchaser or their respective officers or directors,
or by or on behalf of the Company or the Operating Partnership or any person controlling the Company or the Operating Partnership,
and shall survive delivery of the Securities to the Manager and shall survive delivery and acceptance of the Securities and payment
therefor and the settlement of any Forward Contract or any termination of this Agreement or the Master Forward Confirmation and
any &ldquo;Supplemental Confirmation&rdquo; executed in connection with the Master Forward Confirmation.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">13<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>TERMINATION OF AGREEMENT</U>.</P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination; General. </I>Each of the Manager, the Forward Seller or the Forward Purchaser, as applicable may terminate
this Agreement, by notice to the Company, as hereinafter specified at any time (i) if there has been, since the time of execution
of this Agreement or since the date as of which information is given in the Prospectus, any material adverse change in the condition,
financial or otherwise, or in the properties, earnings, business affairs or business prospects of the Company, the Operating Partnership
and each of their subsidiaries whether or not arising in the ordinary course of business, or (ii) if there has occurred any material
adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities
or escalation thereof, any acts of terrorism involving the United States or other calamity or crisis or any change or development
involving a prospective change in national or international political, financial or economic conditions, in each case the effect
of which is such as to make it, in the sole judgment of the Manager, impracticable or inadvisable to market the Securities or to
enforce contracts for the sale of the Securities, (iii) if trading in the Securities has been suspended or materially limited by
the Commission or the NYSE, or (iv) if trading generally on the NYSE, the NYSE American or the Nasdaq Global Market has been suspended
or materially limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required,
by any of said exchanges or by order of the Commission, FINRA or any other governmental authority, or a material disruption has
occurred in commercial banking or securities settlement or clearance services in the United States, or (v) if a banking moratorium
has been declared by either Federal or New York authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination by the Company. </I>Subject to Section 13(f) hereof, the Company shall have the right to terminate this Agreement
in its sole discretion at any time after the date 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">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Termination by the Manager, the Forward Seller or the Forward Purchaser. </I>Subject to Section 13(f) hereof, each of
the Manager, the Forward Seller or the Forward Purchaser, as applicable, shall have the right to terminate this Agreement in its
sole discretion at any time after the date 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"></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">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Automatic Termination. </I>Unless earlier terminated pursuant to this Section 13, this Agreement shall automatically
terminate upon the issuance and sale of Securities through the Manager or the Alternative Managers on the terms and subject to
the conditions set forth herein or the Alternative Distribution Agreements, as applicable, with an aggregate Sale Price equal to
the Maximum Amount.</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">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Continued Force and Effect. </I>This Agreement shall remain in full force and effect unless terminated pursuant to Sections
13(a), (b), (c), or (d) above or otherwise by mutual agreement of the parties.</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">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Effectiveness of Termination. </I>Any termination of this Agreement shall be effective on the date specified in such
notice of termination; <U>provided</U>, <U>however</U>, that such termination shall not be effective until the close of business
on the date of receipt of such notice by the Manager, the Forward Seller, the Forward Purchaser or the Company, as the case may
be. If such termination shall occur prior to the Settlement Date for any sale of Securities, such Securities shall settle in accordance
with the provisions of this Agreement. Notwithstanding anything to the contrary contained herein, the obligation to enter into
any Forward Contract pursuant to Section 2(c) hereof as a result of sales of Forward Hedge Securities occurring prior to such termination,
shall survive such termination and remain in full force and effect. For the avoidance of doubt, any such termination shall not
affect or impair any party&rsquo;s obligations with respect to any Securities sold hereunder prior to the occurrence thereof or
any Securities sold under any Alternative Distribution Agreement (including, in the case of any Forward Hedge Securities, the obligation
to enter into the resulting Forward Contract).</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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Liabilities. </I>If this Agreement is terminated pursuant to this Section 13, such termination shall be without liability
of any party to any other party except as provided in Section&nbsp;8 hereof, and except that, in the case of any termination of
this Agreement, Section&nbsp;5, Section 10, Section 11, Section 12, Section 22 and Section 23 hereof shall survive such termination
and remain in full force and effect.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">14<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>NOTICES</U>.</P>



<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: 0.5in">Except as otherwise
provided in this Agreement, all notices and other communications hereunder shall be in writing and shall be deemed to have been
duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Manager shall be directed to [ ]
[ ]; notices to the Forward Seller shall be sent to: [ ] [ ]; notices to the Forward Purchaser shall be sent to: [ ] [ ]; and notices
to the Company and the Operating Partnership shall be directed to it 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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">15<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>RECOGNITION OF THE U.S. SPECIAL RESOLUTION REGIMES.</U></P>



<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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Manager, Forward Seller or Forward Purchaser is a Covered Entity and becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer from the Manager, Forward Seller or Forward Purchaser of this Agreement, and
any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of
the United States or a state of the United States.</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">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Manager, Forward Seller or Forward Purchaser is a Covered Entity or a BHC Act Affiliate of the Manager,
Forward Seller or Forward Purchaser and becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights
under this Agreement that may be exercised against the Manager, Forward Seller or Forward Purchaser are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were
governed by the laws of the United States or a state of the United States.</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">As used in this Section&nbsp;15:</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;<U>BHC Act Affiliate</U>&rdquo;
has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect;
1841(k).</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;<U>Covered Entity</U>&rdquo;
means any of the following:</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: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with,
12&nbsp;C.F.R. &sect; 252.82(b);</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: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12&nbsp;C.F.R.
 &sect; 47.3(b); or</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: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12&nbsp;C.F.R.
 &sect; 382.2(b).</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: 0.5in">&ldquo;<U>Default Right</U>&rdquo;
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12&nbsp;C.F.R. &sect;&sect; 252.81, 47.2
or 382.1, 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; text-indent: 0.5in">&ldquo;<U>U.S. Special
Resolution Regime</U>&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">16<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>PARTIES</U>.</P>



<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: 0.5in">This Agreement shall
inure to the benefit of and be binding upon the Manager, the Forward Seller, the Forward Purchaser, the Company, the Operating
Partnership and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed
to give any person, firm or corporation, other than the Manager, the Forward Seller, the Forward Purchaser, the Company, the Operating
Partnership and their respective successors and the controlling persons and officers, directors, employees or affiliates referred
to in Sections 10 and 11 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect
of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be
for the sole and exclusive benefit of the Manager, the Forward Seller, the Forward Purchaser, the Company, the Operating Partnership
and their respective successors, and said controlling persons and officers, directors, employees or affiliates and their heirs
and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from the Manager
or the Forward Seller shall be deemed to be a successor by reason merely of such purchase.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">17<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>ADJUSTMENTS FOR SHARE SPLITS</U>.</P>



<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: 0.5in">The parties acknowledge
and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any share split, share
dividend or similar event effected with respect to the Securities.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">18<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>GOVERNING LAW AND TIME</U>.</P>



<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: 0.5in">THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.
UNLESS OTHERWISE EXPLICITLY PROVIDED, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">19<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>EFFECT OF HEADINGS</U>.</P>



<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: 0.5in">The Section and Exhibit
headings 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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">20<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT><U>RESEARCH ANALYST INDEPENDENCE</U></FONT><U>.</U></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges that (a) the Manager&rsquo;s
research analysts and research departments are required to be independent from their respective investment banking divisions and
are subject to certain regulations and internal policies and (b) the Manager&rsquo;s research analysts may hold views and make
statements or investment recommendations and/or publish research reports with respect to the Company, the value of the Common Stock
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 it may have against the Manager with respect to any conflict
of interest that may arise from the fact that the views expressed by the Manager&rsquo;s independent research analysts and research
departments may be different from or inconsistent with the views or advice communicated to the Company by the Manager&rsquo;s investment
banking division. The Company acknowledges that the Manager 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 companies that are the subject of the transactions contemplated by this 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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">21<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>PERMITTED FREE WRITING PROSPECTUSES</U>.</P>



<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: 0.5in">Each of the Company
and the Operating Partnership represent, warrant and agree that, unless it obtains the prior consent of the Manager or the Forward
Seller, as applicable, and the Manager or the Forward Seller, as applicable, represents, warrants and agrees that, unless it obtains
the prior consent of the Company, it has not made and will not make any offer relating to the Securities that would constitute
an Issuer Free Writing Prospectus, or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo; as defined in Rule
405 under the Securities Act, required to be filed with the Commission. Any such free writing prospectus consented to by the Manager
or the Forward Seller, as applicable, or by the Company, as the case may be, is hereinafter referred to as a &ldquo;<U>Permitted
Free Writing Prospectus</U>.&rdquo; The Company represents and warrants that it has treated and agrees that it will treat each
Permitted Free Writing Prospectus as an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities
Act, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including
timely filing with the Commission where required, legending and record keeping. For the purposes of clarity, the parties hereto
agree that all free writing prospectuses, if any, listed in <U>Exhibit&nbsp;H</U> hereto are Permitted Free Writing Prospectuses.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">22<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>ABSENCE OF FIDUCIARY RELATIONSHIP</U>.</P>



<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: 0.5in">Each of the Company
and the Operating Partnership, severally and not jointly, 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: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Manager, the Forward Seller and the Forward Purchaser is acting solely as agent and/or principal in connection
with the public offering of the Securities and in connection with each transaction contemplated by this Agreement and the process
leading to such transactions, and no fiduciary or advisory relationship among the Company, the Operating Partnership or any of
their respective affiliates, stockholders (or other equity holders), creditors or employees or any other party, on the one hand,
and the Manager, the Forward Seller and the Forward Purchaser, on the other hand, has been or will be created in respect of any
of the transactions contemplated by this Agreement, irrespective of whether or not the Manager, the Forward Seller or the Forward
Purchaser have advised or is advising the Company and/or the Operating Partnership on other matters, and none of the Manager, the
Forward Seller or the Forward Purchaser has any obligation to the Company or the Operating Partnership with respect to the transactions
contemplated by this Agreement except the obligations expressly set forth in 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">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the public offering price of the Securities set forth in this Agreement was not established by the Manager, the Forward
Seller or the Forward 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">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions
contemplated by this Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>none of the Manager, the Forward Seller or the Forward Purchaser has provided any legal, accounting, regulatory or tax advice
with respect to the transactions contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and
tax advisors to the extent it has deemed appropriate;</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">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is aware that the Manager, the Forward Seller, the Forward Purchaser and their respective affiliates are engaged in a
broad range of transactions which may involve interests that differ from those of the Company and the Operating Partnership and
the Manager, the Forward Seller and the Forward Purchaser have no obligation to disclose such interests and transactions to the
Company or the Operating Partnership by virtue of any fiduciary, advisory or agency relationship or otherwise;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Manager, the Forward Seller, the Forward Purchaser and their respective affiliates may engage in trading in the Common
Stock for their own account or for the account of its clients at the same time as sales of the Securities occur pursuant to this
Agreement; and</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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    <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; 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)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it waives, to the fullest extent permitted by law, any claims it may have against the Manager, the Forward Seller or the
Forward Purchaser for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Manager, the Forward Seller
and the Forward Purchaser shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect
of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company,
the Operating Partnership, employees or creditors of the Company or the Operating Partnership.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">23<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>CONSENT TO JURISDICTION</U>.</P>



<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: 0.5in">Any legal suit, action
or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby shall be instituted in (i) the
federal courts of the United States of America located in the City and County of New York, Borough of Manhattan or (ii) the courts
of the State of New York located in the City and County of New York, Borough of Manhattan (collectively, the &ldquo;<U>Specified
Courts</U>&rdquo;), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard
to the enforcement of a judgment of any such court, as to which such jurisdiction is non-exclusive) of such courts in any such
suit, action or proceeding. Service of any process, summons, notice or document by mail to such party&rsquo;s address set forth
above shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably
and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts
and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other
proceeding brought in any such court has been brought in an inconvenient forum.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">24<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>PARTIAL UNENFORCEABILITY</U>.</P>



<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: 0.5in">The invalidity or unenforceability
of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section,
paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid
or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it
valid and enforceable.</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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">25<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>WAIVER OF JURY TRIAL</U>.</P>



<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: 0.5in">Each of the Company
(on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates), the Operating Partnership,
the Manager, the Forward Seller and the Forward Purchaser 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; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">26<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>COUNTERPARTS</U>.</P>



<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: 0.5in">This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together
constitute one and the same Agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature
covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or
other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to
have been duly and validly delivered and be valid and effective for all purposes.</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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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-transform: none">SECTION</FONT> <FONT STYLE="text-transform: none">27<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>AMENDMENTS AND WAIVERS</U>.</P>



<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: 0.5in">Any provision or requirement
of this Agreement may be waived or amended in any respect by a writing signed by the parties hereto. No waiver or amendment shall
be enforceable against any party hereto unless in writing and signed by the party against which such waiver is claimed. A waiver
of any provision or requirement of this Agreement shall not constitute a waiver of any other term and shall not affect the other
provisions of this Agreement. A waiver of a provision or requirement of this Agreement will apply only to the specific circumstances
cited therein and will not prevent a party from subsequently requiring compliance with the waived provision or requirement in other
circumstances.</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"><B>[Signature Page Follows]</B></P>

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

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

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

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 is
in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement among the Manager, the Forward Seller, the Forward Purchaser,
the Operating Partnership and the Company in accordance with its terms.</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">Very truly yours,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>Agree Realty Corporation</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>Agree Limited Partnership</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="font-size: 10pt">Agree Realty Corporation,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">as the sole general partner</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page to the 2020 Equity Distribution Agreement with Forward</I>]</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONFIRMED AND ACCEPTED, as of the date first above written:</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">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>[ ], as Manager</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>[ ], as Forward Seller</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>[ ], as Forward Purchaser</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page to the 2020 Equity Distribution Agreement with Forward</I>]</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Form of Placement Notice</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______________ ____, 20__</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">[Bank Name]</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">[Address]</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="white-space: nowrap; width: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Attention:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">[_________________]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">(facsimile number: [_________________])</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Email:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">[______________________]</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; text-align: justify">Reference is made to the Equity Distribution
Agreement among Agree Realty Corporation (the &ldquo;<U>Company</U>&rdquo;), Agree Limited Partnership (the &ldquo;<U>Operating
Partnership</U>&rdquo;), [ &nbsp;&nbsp;] (the &ldquo;Forward Purchaser&rdquo;) and [&nbsp; ] (in its capacity as agent for the Company in connection
with the offering and sale of any Issuance Securities thereunder, &ldquo;<U>Manager</U>,&rdquo; and in its capacity as agent for
the Forward Purchaser in connection with the offering and sale of any Forward Hedge Securities thereunder, the &ldquo;<U>Forward
Seller</U>&rdquo;), dated as of March 30, 2020 (the &ldquo;<U>Equity Distribution Agreement</U>&rdquo;). Capitalized terms used
in this Placement Notice without definition shall have the respective definitions ascribed to them in the Equity Distribution Agreement.
This Placement Notice relates to [an &ldquo;Issuance&rdquo;]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
[a &ldquo;Forward&rdquo;]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>. The Company
confirms that all conditions to the delivery of this Placement Notice are satisfied as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company represents and warrants that
each representation, warranty, covenant and other agreement of the Company contained in the Equity Distribution Agreement [and
the Master Forward Confirmation]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
is true and correct on the date hereof, and that the Prospectus, including the documents incorporated by reference therein, and
any applicable Issuer Free Writing Prospectus, as of the date hereof, do not contain an untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of Days in [Issuance]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
[Forward Hedge]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT> Selling Period:</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">First Date of [Issuance]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>
[Forward Hedge]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT> Selling Period:</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">Maximum Number of Securities to be Sold:</P>

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

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

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











<HR ALIGN="LEFT" SIZE="1" STYLE="width: 25%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>1 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for a Placement Notice that relates to an &ldquo;Issuance.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>2 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for a Placement Notice that relates to a &ldquo;Forward.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>3 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for Placement Notice that relates to a &ldquo;Forward.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>4 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for a Placement Notice that relates to an &ldquo;Issuance.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>5 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for a Placement Notice that relates to a &ldquo;Forward.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>6 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for a Placement Notice that relates to an &ldquo;Issuance.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>7 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for a Placement Notice that relates to a &ldquo;Forward.&rdquo;</FONT></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"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Issuance]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>
[Forward Hedge]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT> Amount: $</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">[Forward Hedge Selling Commission Rate: %</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>Forward Price Reduction Dates</B></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>Forward Price Reduction Amounts</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">$</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">$</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Spread:</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">Initial Stock Loan Rate: [&nbsp;&nbsp; ] per annum</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">Maximum Stock Loan Rate: [&nbsp;&nbsp; ] per annum</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">Regular Dividend Amounts:</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: 86%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">For any calendar month ending on or prior to [December 31, 20[&nbsp;&nbsp;&nbsp;]]:</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">For any calendar month ending after [December 31, 20[&nbsp;&nbsp;&nbsp;]]:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></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">[Term: [Days][Months]]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></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">Floor Price (Adjustable by Company during the [Issuance]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12</SUP></FONT>
[Forward Hedge]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13</SUP></FONT> Selling Period,
and in no event less than $1.00 per share): $ per share</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-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>











<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<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"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><SUP>8 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for a Placement Notice that relates to an &ldquo;Issuance.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><SUP>9 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for a Placement Notice that relates to a &ldquo;Forward.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><SUP>10 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for a Placement Notice that relates to a &ldquo;Forward.&rdquo; Regular Dividend
Amounts shall not exceed the Forward Price Reduction Amount for the Forward Price Reduction Date occurring in the relevant month
(or, if none, shall not exceed zero).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><SUP>11 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for a Placement Notice that relates to a &ldquo;Forward&rdquo; to be not less
than three months and not more than 2 years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><SUP>12 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for a Placement Notice that relates to an &ldquo;Issuance.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><SUP>13 </SUP></FONT><FONT STYLE="font-size: 8pt">Insert for a Placement Notice that relates to a &ldquo;Forward.&rdquo;</FONT></P>


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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Authorized Individuals for Placement Notices and Acceptances</U></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><U>Name</U></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><U>Email</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">[Forward Seller]</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><U>Name</U></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><U>Email</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">[Forward Purchaser]</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><U>Name</U></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><U>Email</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><B><U>Agree Realty Corporation</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><U>Name</U></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><U>Email</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Joel Agree</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">jagree@agreerealty.com</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Clayton Thelen</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">cthelen@agreerealty.com</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Richard Agree</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">ragree@agreerealty.com</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">&nbsp;</P>

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


<!-- Field: Page; Sequence: 62; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Manager shall be paid compensation at
a mutually agreed rate, not to exceed 2.0% of the gross sales price of Issuance Securities pursuant to the terms of this Agreement.</P>

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

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


<!-- Field: Page; Sequence: 63; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Officers&rsquo; Certificate</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, Joel
Agree and Clayton R. Thelen, the duly qualified and elected Chief Executive Officer and President, and Chief Financial Officer
and Secretary, respectively, of Agree Realty Corporation, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), do hereby
certify on behalf of the Company, for itself and in its capacity as sole member of the general partner of Agree Limited Partnership,
a Delaware limited partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;), pursuant to Section&nbsp;7(o) of those certain
Equity Distribution Agreements dated March 30, 2020 (the &ldquo;<U>Non-Forward Agreements</U>&rdquo;), among the Company and the
Operating Partnership, on the one hand, and each of Robert W. Baird &amp; Co. Incorporated, Stifel, Nicolaus &amp; Company, Incorporated,
Sun Trust Robinson Humphrey, Inc. and Capital One Securities, Inc.as managers (collectively, the &ldquo;<U>Non-Forward Managers</U>&rdquo;),
and those certain Equity Distribution Agreements dated March 30, 2020 (together with the Non-Forward Agreements, the &ldquo;<U>Agreements</U>&rdquo;),
among the Company and the Operating Partnership, on the one hand, and the applicable Forward Purchaser and each of Raymond James
 &amp; Associates, Inc., Citigroup Global Markets Inc., Jefferies LLC and Wells Fargo Securities, LLC, as managers and in each of
their capacities as agent for the applicable Forward Purchaser (together with the Non-Forward Managers, the &ldquo;<U>Managers</U>&rdquo;),
on the other hand, that to the knowledge of the undersigned:</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) The representations
and warranties of the Company and the Operating Partnership in Section&nbsp;5 of the Agreements are true and correct on and as
of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations
and warranties that speak solely as of a specific date and which were true and correct as of such date;</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">(ii) The Company and
the Operating Partnership have each complied in all material respects with all agreements and satisfied all conditions on their
part to be performed or satisfied pursuant to the Agreements at or prior to the date hereof (other than those conditions waived
by the Managers or the Forward Purchasers, 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; text-indent: 0.5in">(iii) Since the respective
dates of which information is given in the Prospectus, there has been no material adverse effect on the condition (financial or
otherwise), 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; and</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">(iv) No stop order
suspending the effectiveness of the Registration Statement or order suspending or preventing the use of the Prospectus has been
issued by any governmental agency or authority and no proceedings for that purpose have been instituted or are pending or, to the
knowledge of the undersigned, are contemplated by any governmental agency or authority.</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">Capitalized terms used
but not otherwise defined herein shall have the meanings ascribed to them in the Agreements.</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>Signatures on following page</I>]</P>

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


<!-- Field: Page; Sequence: 64; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the undersigned have executed this Officers&rsquo; Certificate as of the date first written above.</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"></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="padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">AGREE REALTY CORPORATION</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; width: 55%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; width: 39%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Name: </TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Joey Agree</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Title:&nbsp;&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Chief Executive Officer and President</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Name:&nbsp; </TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Clay Thelen</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Title: </TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">Chief Financial Officer and Secretary</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</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">&nbsp;</P>

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


<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Form
of Corporate Opinion of<BR>
Honigman LLP</U></P>

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

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

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

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

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

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


<!-- Field: Page; Sequence: 66; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">E-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Form of TAX Opinion of<BR>
Honigman LLP</U></P>

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

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

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

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

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

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


<!-- Field: Page; Sequence: 67; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Form of Opinion of Ballard Spahr LLP</U></P>

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

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

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

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

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

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


<!-- Field: Page; Sequence: 68; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">G-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><U>Permitted
Free Writing Prospectus</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-transform: uppercase; text-align: left; text-indent: 0in">&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>


<!-- Field: Page; Sequence: 69; Options: NewSection; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">H-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>List of Subsidiaries and Joint Ventures</U></P>

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

<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: bottom">
    <TD STYLE="padding-left: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Jurisdiction of</B></FONT></TD>
    <TD STYLE="padding-left: 0; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Subsidiary</U></B></FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Organization</U></B></FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Foreign Qualification</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Center Point Birmingham AL LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alabama</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Montgomery AL LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alabama</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Chandler, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Arizona</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Rancho Cordova I LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">California</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Rancho Cordova II LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">California</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Roseville CA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">California</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Manchester, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Connecticut</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Mansfield, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Connecticut</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree 1031, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tennessee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree 103-Middleburg Jacksonville, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree 2016, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alabama, Florida, Georgia,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan, North Carolina,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">South Carolina, Tennessee, Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree 6 LA &amp; MS, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Louisiana, Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Altoona PA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Americus GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Anderson SC LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Ann Arbor MI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Apopka FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Apopka FL TP, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Appleton WI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Archer Chicago IL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Atlantic Beach, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida, Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Baltimore MD, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maryland</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Belton MO LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Bloomington MN, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Minnesota</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Boone NC WM, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Brenham TX, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Brighton, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree BT, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indiana, Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Buffalo Center IA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Burlington LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Washington</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Cannon Station LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Carlinville IL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Caro MI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD></TR>
</TABLE>


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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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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; width: 50%; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Cedar Park TX, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; width: 15%; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; width: 35%; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Central, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Arkansas, Illinois, Indiana, Iowa,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan, Minnesota, Ohio,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Oklahoma, Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Charlotte County, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Clifton Heights PA, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Cocoa FL, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Columbus OH, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Columbus GA, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Columbia SC, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Construction Management LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Convenience No. 1, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois, Missouri, New York,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">West Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Crystal River FL, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree CW, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kentucky, Michigan, Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Davenport IA, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Des Moines IA, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Development, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Donna TX, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Doraville GA, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree DT Jacksonville NC, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Edmond OK, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Oklahoma</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Egg Harbor NJ, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Elk Grove IL, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Evergreen CO, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Colorado</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Evergreen Park IL, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Facility No. 1, L.L.C.</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Farmington NM, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New Mexico</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree FL VA Portfolio, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida, Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Florissant MO, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Forked River NJ, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Fort Mill SC, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Fort Worth TX, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Fuquay-Varina NC WM, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Garland TX, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Gas City IN, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree GCG, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois, Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Grand Chute WI LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Grandview Heights OH, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Greenwich CT, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Connecticut</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Hazard KY, LLC</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kentucky</FONT></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: bottom">
    <TD STYLE="padding-left: 0; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Holdings I, LLC</FONT></TD>
    <TD STYLE="width: 15%; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Holly Springs MS, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Hope Mills NC, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Hopkinsville KY, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kentucky</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree IL &amp; VA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois, Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Indianapolis Glendale LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Indianapolis IN II, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Jackson MS, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Johnstown PA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Junction City KS LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kansas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree K&amp;G Joplin MO, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree K&amp;G OK, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Oklahoma</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Kentwood LA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Louisiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Kirkland WA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Washington</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Leawood, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kansas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Liberty PA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Littleton CO LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Colorado</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Lowell AR, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Arkansas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Manassas VA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Marshall MI Outlot, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Matthews NC, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Maumee OH, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree MCW, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida, Iowa, New Mexico</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Merritt Island FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Middletown OH, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Millsboro DE, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Minot ND, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Dakota</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Monroe MI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Mt. Dora FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Nampa ID, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Idaho</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Nashua NH, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New Hampshire</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Neosho MO, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Newport News VA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree North Branch MN, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Minnesota</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree North Miami Beach FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Onaway MI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Orange CT, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Connecticut</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Oxford Commons AL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alabama</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree PA Properties, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Palafox Pensacola FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Paramus NJ, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Plymouth MI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Pooler GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Port Orange FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
</TABLE>


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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>

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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>

<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: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Port St. John LLC</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Portland ME, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maine</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Portland OR LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Oregon</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Provo UT, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Utah</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Randleman NC WM, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Realty Services, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Richmond RI, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rhode Island</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Richmond VA LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Rifle CO, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Colorado</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Riverside IA, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Rockford IL, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree RT Amite LA, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Louisiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree RT Arlington TX, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree RT Gulfport MS, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree RT Jackson MS, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree RT Port Richey FL, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree RT Villa Rica GA, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Salem OR, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Oregon</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Sarasota FL, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree SB, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alabama, Indiana, Georgia,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kentucky, Ohio, North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tennessee, Texas</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Secaucus NJ, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Shelf ES PA, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Shelf PA, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Signal Hill CA, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">California</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Southfield &amp; Webster, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Springfield MO LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Springfield OH LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree St. Augustine Shores, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Statesville NC, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Stores, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alabama, Arizona, Connecticut,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida,&nbsp;&nbsp;Georgia, Illinois,&nbsp;&nbsp;Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kansas, Kentucky, Louisiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maryland, Massachusetts, Michigan,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Minnesota, Missouri, Nevada, New</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hampshire, New Jersey, New York,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina, Ohio, Pennsylvania,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">South Carolina, Tennessee, Texas,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Virginia, West Virginia, Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Sunnyvale CA, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">California</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Terre Haute IN LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree TK, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Toledo OH, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Topeka KS LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kansas</FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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; text-align: justify">&nbsp;</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: bottom">
    <TD STYLE="padding-left: 0; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Tri-State Lease, LLC</FONT></TD>
    <TD STYLE="width: 15%; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="width: 35%; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania, New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Upland CA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">California</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Vero Beach FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree W 63</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>rd</SUP> <FONT STYLE="font-size: 10pt">Chicago IL, LLC</FONT></FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Wallingford CT, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Connecticut</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Warrensville Heights OH, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree West Palm Beach FL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Wheaton IL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Whitestone WI, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Whittier CA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">California</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Wilmington DE, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Woodland Park NJ, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Woodstock IL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DD71, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DT Lawton Bartlesville OK, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Oklahoma</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indianapolis Store No. 16 L.L.C.</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indiana, Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lawrence Store No. 203, L.L.C.</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kansas, Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lunacorp, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pachyderm Chattanooga TN, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tennessee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pachyderm Marietta GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pachyderm Myrtle Beach SC, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pachyderm Philadelphia PA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pachyderm Properties, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alabama, Arkansas, Colorado,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Connecticut, Florida, Georgia,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois, Indiana, Kentucky,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Louisiana, Maryland,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Massachusetts, Minnesota,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mississippi, Missouri, New</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hampshire, New Jersey, New York,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina, Ohio, Oklahoma,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rhode Island, South Carolina,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tennessee, Texas, Virginia,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Washington, Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pachyderm Properties II, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pachyderm Riverdale GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pachyderm Waite Park MN, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Minnesota</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Paint PA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pharm Nashville IN, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree 17-92, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Boynton, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree East Palatka, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Fort Walton Beach, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Orange &amp; McCoy, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Pensacola LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Pensacola Nine Mile LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&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: bottom">
    <TD STYLE="padding-left: 0; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Pinellas Park, LLC</FONT></TD>
    <TD STYLE="width: 15%; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD>
    <TD STYLE="padding-left: 0; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Poinciana LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree St Petersburg LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Tallahassee, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Venice, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Florida</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Cochran GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Lyons GA, LLC.</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Marietta, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Morrow GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Statham GA, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Antioch, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Belvidere IL LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Berwyn IL LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Chicago Kedzie, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Lake in the Hills, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Lake Zurich IL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Lejune Springfield IL, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree New Lenox 2 LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree New Lenox, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Spring Grove, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Springfield IL LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Illinois</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Indianapolis, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indiana</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Atchison, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kansas</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Wichita, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kansas</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Baton Rouge LA LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Louisiana</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Mall of Louisiana, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Louisiana</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Wawa Baltimore, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maryland</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2355 Jackson Avenue, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree 117 Mission, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Ann Arbor State Street, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Beecher LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Bristol &amp; Fenton Project, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Corunna LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Elkhart, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree M-59 LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Madison AL LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alabama</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Novi MI LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Plainfield, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Realty South-East, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Southfield LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Walker, LLC</FONT></TD>
    <TD STYLE="padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-left: 0">&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="padding-bottom: 0; width: 50%; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mt. Pleasant Shopping Center, L.L.C.</FONT></TD>
    <TD STYLE="padding-bottom: 0; width: 15%; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-bottom: 0; width: 35%; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mt. Pleasant Outlot I, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michigan</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Minneapolis Clinton Ave, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Minnesota</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Forest MS LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mississippi</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Joplin MO LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Missouri</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree St. Joseph MO, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Missouri</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree North Las Vegas, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nevada</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Sun Valley NV LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nevada</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Rochester NY LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Charlotte Poplar, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Concord, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Fuquay-Varina LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Jacksonville NC, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Wilmington, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Grand Forks LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Dakota</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Brooklyn OH LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ohio</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Johnstown, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ohio</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Allentown PA LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Ligonier PA LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Montgomeryville PA LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pennsylvania</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Daniel Morgan Avenue Spartanburg SC LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">South Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Fort Mill SC, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">South Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Spartanburg SC LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">South Carolina</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Rapid City SD, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">South Dakota</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Alcoa TN LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tennessee</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Magnolia Knoxville TN LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tennessee</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Memphis Getwell, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tennessee</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Arlington TX LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Texas</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Dallas Forest Drive, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Texas</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Harlingen LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Texas</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Madisonville TX LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Texas</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree McKinney TX LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Texas</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Wichita Falls TX LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Texas</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Forest VA LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Virginia</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Lebanon VA, LLC</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Virginia</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; width: 50%; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agree Limited Partnership</FONT></TD>
    <TD STYLE="padding-bottom: 0; width: 14%; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; width: 36%; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alabama, Arkansas, Arizona, California,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Colorado, Connecticut, Florida, Georgia, Illinois,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indiana, Iowa, Kansas, Kentucky, Louisiana,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maryland, Michigan, Minnesota, Mississippi,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Missouri, Montana, Nebraska, Nevada,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New Hampshire, New Jersey, New Mexico, New York,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">North Carolina, North Dakota, Ohio, Oklahoma,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Oregon, Pennsylvania, South Carolina, South Dakota,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tennessee, Texas, Utah, Virginia, West Virginia,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Washington, Wisconsin</FONT></TD></TR>
</TABLE>


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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"><B><U>Joint Ventures</U></B></P>

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

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

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

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<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">Amended and Restated Registration Rights Agreement, dated July 8, 1994 by and among the Agree Realty
Corporation, Richard Agree, Edward Rosenberg and Joel Weiner</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Amended Employment Agreement, dated July 1, 2014, by and between the Company and Richard Agree</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Amended Employment Agreement, dated July 1, 2014, by and between the Company and Joey Agree</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Letter Agreement of Employment dated April 5, 2010 between Agree Limited Partnership and Laith
Hermiz</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Employment Agreement, dated October 20, 2017, between Agree Realty Corporation and Clayton R. Thelen</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Agree Realty Corporation Profit Sharing Plan</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Agree Realty Corporation 2014 Omnibus Incentive Plan</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Form of Restricted Stock Agreement under the Agree Realty Corporation 2014 Omnibus Incentive Plan</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Form of Performance Share Award Agreement pursuant to the Agree Realty Corporation 2014 Omnibus
Incentive Plan</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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 2017 Executive Incentive Plan, dated February 16, 2017</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">14.</TD><TD STYLE="text-align: justify">Note Purchase Agreement, by Agree Limited Partnership dated May 28, 2015</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Term Loan Agreement dated July 1, 2016, among Agree Limited Partnership, Capital One, National
Association and the other lenders party thereto</TD></TR></TABLE>

<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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Second Amendment to Term Loan Agreement dated November 2, 2018, among Agree Limited Partnership,
Capital One, National Association, and the other lenders party thereto</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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 as of August 3, 2017, among Agree Limited Partnership, Agree Realty
Corporation and the purchasers named therein</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">First Supplement to Uncommitted Master Note Facility, dated as of September 26, 2018, among Agree
Limited Partnership, Agree Realty Corporation and TIAA</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">First Supplement to Uncommitted Master Note Facility, dated as of September 26, 2018, among Agree
Limited Partnership, Agree Realty Corporation, AIG and the institutional investors named therein</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">Increase Agreement, dated July 18, 2018 among Agree Limited Partnership, as the Borrower, the Company,
as the parent, PNC Bank, National Association and the other lender parties thereto</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">24.</TD><TD STYLE="text-align: justify">Form of Revolving Note under the Increase Agreement dated July 18, 2018</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">25.</TD><TD STYLE="text-align: justify">Term Loan Agreement, dated December 27, 2018, by and among Agree Limited Partnership, Agree Realty
Corporation, PNC Bank, National Association and the other lenders party thereto</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">26.</TD><TD STYLE="text-align: justify">Guaranty, dated as of December 27, 2018, by and among Agree Realty Corporation and each of the
subsidiaries of Agree Limited Partnership party thereto</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">27.</TD><TD STYLE="text-align: justify">Reimbursement Agreement, dated as of November 18, 2014, by and between the Company and Richard
Agree</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">28.</TD><TD STYLE="text-align: justify">Form of Performance Unit Award Notice</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">29.</TD><TD STYLE="text-align: justify">Note Purchase Agreement, dated as of June 14, 2019, among Agree Limited Partnership, Agree Realty
Corporation and the purchasers named therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">30.</TD><TD STYLE="text-align: justify">First Amendment to Term Loan Agreement, dated May 6, 2019, by and among Agree Limited Partnership,
Agree Realty Corporation, PNC Bank, National Association and the other lenders party thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">31.</TD><TD STYLE="text-align: justify">Third Amendment to Term Loan Agreement, dated May 6, 2019, by and among Agree Limited Partnership,
Agree Realty Corporation, Capital One, National Association and the other lenders party thereto</TD></TR></TABLE>

<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"></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-top: 0pt; margin-bottom: 0pt">&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">32.</TD><TD STYLE="text-align: justify">Second Amended and Restated Revolving Credit and Term Loan Agreement, dated December 5, 2019, among
the Company, the Borrower, PNC Bank and the other lenders party thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">33.</TD><TD STYLE="text-align: justify">Fourth Amendment to Term Loan Agreement, dated December 5, 2019, among Agree Limited Partnership,
Agree Realty Corporation, Capital One, National Association and the other lenders party thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">34.</TD><TD STYLE="text-align: justify">Second Amendment to Term Loan Agreement, dated December 5, 2019, among Agree Limited Partnership,
Agree Realty Corporation, PNC Bank, National Association and the other lenders party thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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">35.</TD><TD STYLE="text-align: justify">Summary of Material Terms of Compensation Arrangement with Danielle M. Spehar (effective December
7, 2019).</TD></TR></TABLE>

<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"></P>

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<DOCUMENT>
<TYPE>EX-1.3
<SEQUENCE>4
<FILENAME>tm2014112d1_ex1-3.htm
<DESCRIPTION>EXHIBIT 1.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 1.3</P>

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

<P STYLE="text-align: right; margin: 0pt 0"><B>Opening Transaction</B></P>

<P STYLE="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"><B>To:</B></TD><TD>Agree Realty Corporation</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"><B>From:</B></TD><TD>[DEALER]</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"><B>Re:</B></TD><TD>Issuer Share Forward Sale Transactions</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"><B>Date:</B></TD><TD>March 30, 2020</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The purpose of this communication (this
 &ldquo;<B>Master Confirmation</B>&rdquo;) is to set forth the terms and conditions of the transactions to be entered into from
time to time between [DEALER] (&ldquo;<B>Dealer</B>&rdquo;) and Agree Realty Corporation (&ldquo;<B>Counterparty</B>&rdquo;) in
accordance with the terms of the Equity Distribution Agreement dated March 30, 2020 among Dealer, [______], Agree Limited Partnership
(the &ldquo;<B>Operating Partnership</B>&rdquo;) and Counterparty (the&nbsp;&ldquo;<B>Equity Distribution Agreement</B>&rdquo;)
on the Trade Dates specified herein (collectively, the &ldquo;<B>Transactions</B>&rdquo; and, each, a &ldquo;<B>Transaction</B>&rdquo;).
This communication constitutes a &ldquo;Confirmation&rdquo; as referred to in the Agreement specified below. Each Transaction will
be evidenced by a supplemental confirmation (each, a &ldquo;<B>Supplemental Confirmation</B>&rdquo;, and each such Supplemental
Confirmation, together with this Master Confirmation, a &ldquo;<B>Confirmation</B>&rdquo; for purposes of the Agreement specified
below) substantially in the form of Exhibit A hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Confirmation is subject to, and incorporates, the 2002 ISDA Equity Derivatives Definitions (the &ldquo;<B>Equity Definitions</B>&rdquo;),
as published by the International Swaps and Derivatives Association, Inc. (&ldquo;<B>ISDA</B>&rdquo;). For purposes of the Equity
Definitions, each Transaction will be deemed to be a Share Forward Transaction.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Confirmation shall supplement, form
a part of and be subject to an agreement (the &ldquo;<B>Agreement</B>&rdquo;) in the form of the ISDA 2002 Master Agreement (the
 &ldquo;<B>ISDA Form</B>&rdquo;), as published by ISDA, as if Dealer and Counterparty had executed the ISDA Form on the date hereof
(but without any Schedule except for (i) the election of New York law (without regard to New York&rsquo;s choice of laws doctrine
other than Title 14 of Article 5 of the New York General Obligations Law (the &ldquo;<B>General Obligations Law</B>&rdquo;)) as
the governing law and US Dollars (&ldquo;<B>USD</B>&rdquo;) as the Termination Currency and (ii) the election that the &ldquo;Cross
Default&rdquo; provisions of Section 5(a)(vi) shall apply to Dealer and Counterparty with a &ldquo;Threshold Amount&rdquo; in respect
of Dealer of 3% of the stockholders&rsquo; equity of Dealer and a &ldquo;Threshold Amount&rdquo; in respect of Counterparty of
(a) USD $25 million (including its equivalent in another currency) with respect to Specified Indebtedness that qualifies as &ldquo;Recourse
Indebtedness&rdquo; (as defined in the Amended and Restated Revolving Credit and Term Loan Agreement, dated as of December 15,
2016, among the&nbsp;Operating Partnership, as the Borrower, Counterparty, as the Parent, PNC Bank, National Association, as&nbsp;Administrative
Agent, and the other parties thereto, as amended (the &ldquo;<B>Credit Agreement</B>&rdquo;)), (b) 5% of &ldquo;Total Asset Value&rdquo;
as of any date, expressed in USD (but including its equivalent in another currency), with respect to Specified Indebtedness that
qualifies as &ldquo;Non-Recourse Indebtedness&rdquo; (each as defined in the Credit Agreement) and (c)&nbsp;USD $25 million with
respect to all&nbsp;other Specified Indebtedness or if the Credit Agreement does not, at the time of determination, distinguish
between Recourse Indebtedness and Non-Recourse Indebtedness; <I>provided</I> that (x) the words &ldquo;, or becoming capable at
such time of being declared,&rdquo; shall be deleted from clause (1) thereof, (y) &ldquo;Specified Indebtedness&rdquo; has the
meaning specified in Section 14 of the Agreement, except that such term shall not include obligations in respect of deposits received
in the ordinary course of Dealer&rsquo;s banking business and (z) the following language shall be added to the end of such Section
5(a)(vi): &ldquo;Notwithstanding the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default
if (X)&nbsp;the default was caused solely by error or omission of an administrative or operational nature; (Y) funds were available
to enable the party to make the payment when due; and (Z) the payment is made within two Local Business Days of such party&rsquo;s
receipt of written notice of its failure to pay;&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All provisions contained in the Agreement
are incorporated into and shall govern each Confirmation except as expressly modified below. Each Confirmation evidences a complete
and binding agreement between Dealer and Counterparty as to the terms of the relevant Transaction and replaces any previous agreement
between the parties with respect to the subject matter hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Transactions hereunder shall be the
sole Transactions under the Agreement. If there exists any ISDA Master Agreement between Dealer or any of its Affiliates and Counterparty
or any confirmation or other agreement between Dealer or any of its Affiliates and Counterparty pursuant to which an ISDA Master
Agreement is deemed to exist between Dealer or any of its Affiliates and Counterparty, then notwithstanding anything to the contrary
in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer or such other Affiliates and
Counterparty are parties, the Transactions shall not be considered Transactions under, or otherwise governed by, such existing
or deemed ISDA Master Agreement. In the event of any inconsistency among the Agreement, this Master Confirmation, any Supplemental
Confirmation and the Equity Definitions, the following will prevail in the order of precedence indicated: (i) such Supplemental
Confirmation; (ii) this Master Confirmation; (iii) the Equity Definitions; and (iv) the Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The terms of the particular Transactions to which this Master Confirmation relates are as follows:</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="width: 37%; padding-bottom: 12pt; font-weight: bold"><U>General Terms:</U></TD>
    <TD STYLE="width: 63%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Trade Date:</TD>
    <TD STYLE="padding-bottom: 12pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be, subject to the provisions opposite the caption &ldquo;Early Valuation&rdquo; below, the last Trading Day (as defined in the Equity Distribution Agreement) of the Forward Hedge Selling Period (as defined in the Equity Distribution Agreement) for such Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Effective Date:</TD>
    <TD STYLE="padding-bottom: 12pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the date that is one Settlement Cycle following the Trade Date for such Transaction, or such later date on which the conditions set forth in Section 3 of this Master Confirmation shall have been satisfied or waived by Dealer.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Buyer:</TD>
    <TD STYLE="padding-bottom: 12pt">Dealer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Seller:</TD>
    <TD STYLE="padding-bottom: 12pt">Counterparty</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Maturity Date:</TD>
    <TD STYLE="padding-bottom: 12pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the date that follows the Trade Date for such Transaction by the number of days or months set forth in the Placement Notice (as defined in the Equity Distribution Agreement and amended by any corresponding Acceptance (as defined in the Equity Distribution Agreement), if applicable (the &ldquo;Accepted Placement Notice&rdquo;)) for such Transaction (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day).</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="padding-left: 9pt; width: 37%">Shares:</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">The shares of common stock, par value USD $0.0001 per Share, of Counterparty (Ticker: &ldquo;ADC&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Number of Shares:</TD>
    <TD STYLE="padding-bottom: 12pt">For each Transaction, initially, as specified in the Supplemental Confirmation for such Transaction, to be the number of Shares equal to the Actual Sold Forward Amount&nbsp;(as defined in the Equity Distribution Agreement) for the Forward Hedge Selling Period for such Transaction, as reduced on each Relevant Settlement Date (as defined under &ldquo;Settlement Terms&rdquo; below) by the number of Settlement Shares to which the related Valuation Date relates.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Settlement Currency:</TD>
    <TD STYLE="padding-bottom: 12pt">USD</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Exchange:</TD>
    <TD STYLE="padding-bottom: 12pt">The New York Stock Exchange</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Related Exchange:</TD>
    <TD STYLE="padding-bottom: 12pt">All Exchanges</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Prepayment:</TD>
    <TD STYLE="padding-bottom: 12pt">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Variable Obligation:</TD>
    <TD STYLE="padding-bottom: 12pt">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Forward Price:</TD>
    <TD STYLE="padding-bottom: 12pt">For each Transaction, on the Effective Date for such Transaction, the Initial Forward Price for such Transaction, and on any day thereafter, the product of the Forward Price for such Transaction on the immediately preceding calendar day and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">1 + the Daily Rate * (1/365);</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">provided that the Forward Price for such Transaction on each Forward Price Reduction Date for such Transaction shall be the Forward Price for such Transaction otherwise in effect on such date minus the Forward Price Reduction Amount for such Forward Price Reduction Date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Notwithstanding the foregoing, to the extent Counterparty delivers Shares hereunder on or after a Forward Price Reduction Date and at or before the record date for an ordinary cash dividend with an ex-dividend date corresponding to such Forward Price Reduction Date (and, for the avoidance of doubt, the related dividend will be paid on such Shares), the Calculation Agent shall reverse the reduction to the Forward Price on such Forward Price Reduction Date for purposes of the related Settlement Date.</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="padding-left: 9pt; width: 37%">Initial Forward Price:</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the product of (i) an amount equal to 1 minus the Forward Hedge Selling Commission Rate (as defined in the Equity Distribution Agreement) applicable to such Transaction; and (ii) the Volume-Weighted Hedge Price, subject to adjustment as set forth herein.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Volume-Weighted Hedge Price:</TD>
    <TD STYLE="padding-bottom: 12pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the volume-weighted average of the Sales Prices (as defined in the Equity Distribution Agreement) per share of Forward Hedge Securities (as defined in the Equity Distribution Agreement) sold on each Trading Day of the Forward Hedge Selling Period for such Transaction, as determined by the Calculation Agent; provided that, solely for the purposes of calculating the Initial Forward Price, each such Sales Price (other than, with respect to the application of the Daily Rate, the Sales Price for the last day of the relevant Forward Hedge Selling Period) shall be subject to adjustment by the Calculation Agent (including, for the avoidance of doubt, by application of the Daily Rate and any Forward Price Reduction Amount), in the same manner as the Forward Price pursuant to the definition thereof during the period from, and including, the date one Settlement Cycle immediately following the first Trading Day of the relevant Forward Hedge Selling Period on which the Forward Hedge Securities related to such Sales Price are sold (or, for any Sales Price adjusted with respect to any Forward Price Reduction Amount, the related Forward Price Reduction Date after the Trading Day on which the related Forward Hedge Securities were sold for such Sales Price) to, and including, the Effective Date of such Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Daily Rate:</TD>
    <TD STYLE="padding-bottom: 12pt">For any day, the 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) minus the Spread.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Spread:</TD>
    <TD STYLE="padding-bottom: 12pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction.</TD></TR>
</TABLE>

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

<P STYLE="margin: 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="padding-left: 9pt; width: 37%">Overnight Bank Rate:</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">For any day, the rate set forth for such day opposite the caption &ldquo;Overnight bank funding rate&rdquo; as displayed on the page &ldquo;OBFR01 &lt;Index&gt; &lt;GO&gt;&rdquo; on the BLOOMBERG Professional Service, or any successor page; provided that, if no such rate appears for such day on such page, Overnight&nbsp;Bank Rate for such day shall be such rate for the immediately preceding day for which such a rate appears.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Forward Price Reduction Dates:</TD>
    <TD STYLE="padding-bottom: 12pt">For each Transaction, as specified in Schedule I to the Supplemental Confirmation for such Transaction, to be each date after the first Trading Day of the relevant Forward Hedge Selling Period set forth under the heading &ldquo;Forward Price Reduction Dates&rdquo; in the Accepted Placement Notice for such Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Forward Price Reduction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amount:</P></TD>
    <TD STYLE="padding-bottom: 12pt">For each Forward Price Reduction Date of a Transaction, as specified in Schedule I to the Supplemental Confirmation for such Transaction, to be the Forward Price Reduction Amount set forth opposite such date in the Accepted Placement Notice for such Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 12pt; font-weight: bold"><U>Valuation:</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Valuation Date:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Settlement (as defined below) with respect to any Transaction, if Physical Settlement is applicable, as designated in the relevant Settlement Notice (as defined below); or if Cash Settlement or Net Share Settlement is applicable, the last Unwind Date for such Settlement. Section 6.6 of the Equity Definitions shall not apply to any Valuation Date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Unwind Dates:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Cash Settlement or Net Share Settlement with respect to any Settlement of any Transaction, each day on which Dealer (or its agent or affiliate) purchases Shares in the market in connection with unwinding its commercially reasonable hedge position in connection with such Settlement, starting on the First Unwind Date for such Settlement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">First Unwind Date:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Cash Settlement or Net Share Settlement with respect to any Settlement of any Transaction, as designated in the relevant Settlement Notice.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Unwind Period:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Cash Settlement or Net Share Settlement with respect to any Settlement of any Transaction, the period starting on the First Unwind Date for such Settlement and ending on the Valuation Date for such Settlement.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</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="padding-left: 9pt; width: 37%">Cash Settlement Valuation Disruption:</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">If Cash Settlement is applicable with respect to any Transaction and any Unwind Date during the related Unwind Period is a Disrupted Day, the Calculation Agent shall determine (except in the case of a Disrupted Day that occurs as a result of a Regulatory&nbsp;&nbsp;Disruption, which shall always be a Disrupted Day in full) whether (i) such Disrupted Day is a Disrupted Day in full, in which case the 10b-18 VWAP for such Disrupted Day shall not be included in the calculation of the Settlement Price, or (ii) such Disrupted Day is a Disrupted Day only in part, in which case the 10b-18 VWAP for such Disrupted Day shall be determined by the Calculation Agent based on Rule 10b-18 eligible transactions (as defined below) in the Shares on such Disrupted Day, taking into account the nature and duration of the relevant Market Disruption Event, and the weightings of the 10b-18 VWAP and the Forward Prices for each Unwind Date during such Unwind Period shall be adjusted in a commercially reasonable manner by the Calculation Agent for purposes of determining the Settlement Price and the Relevant Forward Price, as applicable, to account for the occurrence of such partially Disrupted Day, with such adjustments based on, among other factors, the duration of any Market Disruption Event and the volume, historical trading patterns and price of the Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Market Disruption Event:</TD>
    <TD STYLE="padding-bottom: 12pt">The definition of &ldquo;Market Disruption Event&rdquo; in Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words &ldquo;at any time during the one- hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be&rdquo; and inserting the words &ldquo;at any time on any Exchange Business Day during the Unwind Period&rdquo; after the word &ldquo;material,&rdquo; in the third line thereof.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">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.</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 COLSPAN="2" STYLE="padding-bottom: 12pt; font-weight: bold"><U>Settlement Terms:</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%">Settlement:</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">With respect to any Transaction, any Physical Settlement, Cash Settlement or Net Share Settlement of all or any portion of such Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Settlement Notice:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Transaction, subject to &ldquo;Early Valuation&rdquo; below, Counterparty may elect to effect a Settlement of all or any portion of such Transaction by designating one or more Scheduled Trading Days following the Effective Date for such Transaction and on or prior to the Maturity Date for such Transaction to be Valuation Dates (or, with respect to Cash Settlements or Net Share Settlements of such Transaction, First Unwind Dates, each of which First Unwind Dates shall occur no later than the sixtieth (60th ) Scheduled Trading Day immediately preceding the Maturity Date for such Transaction) in a written notice to Dealer (a &ldquo;Settlement Notice&rdquo;) delivered no later than the applicable Settlement Method Election Date for such Transaction, which notice shall also specify (i) the number of Shares (the &ldquo;Settlement Shares&rdquo;) for such Settlement (not to exceed the number of Undesignated Shares for such Transaction as of the date of such Settlement Notice) and (ii) the Settlement Method applicable to such Settlement; provided that (A) Counterparty may not designate a First Unwind Date for a Cash Settlement or a Net Share Settlement of any Transaction if, as of the date of such Settlement Notice, any Shares have been designated as Settlement Shares for a Cash Settlement or a Net Share Settlement of such Transaction for which the related Relevant Settlement Date has not occurred; and (B) if the number of Undesignated Shares as of the Maturity Date for such Transaction is not zero, then the Maturity Date for such Transaction shall be a Valuation Date for a Physical Settlement of such Transaction and the number of Settlement Shares for such Settlement shall be the number of Undesignated Shares for such Transaction as of the Maturity Date for such Transaction (provided that if such Maturity Date occurs during the period from the time any Settlement Notice is given for a Cash Settlement or Net Share Settlement of such Transaction until the related Relevant Settlement Date, inclusive, then the provisions set forth below opposite &ldquo;Early Valuation&rdquo; shall apply to such Transaction as if the Maturity Date for such Transaction were the Early Valuation Date for such Transaction).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Undesignated Shares:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Transaction, as of any date, the Number of Shares for such Transaction minus the number of Shares designated as Settlement Shares for Settlements of such Transaction for which the related Relevant Settlement Date has not occurred.</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="padding-left: 9pt; width: 37%">Settlement Method Election:</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">For any Transaction, applicable; provided that:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">(i) Net Share Settlement shall be deemed to be included as an additional settlement method under Section 7.1 of the Equity Definitions;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">(ii) Counterparty may elect Cash Settlement or Net Share Settlement for any Settlement of any Transaction only if Counterparty&nbsp;&nbsp;represents and warrants to Dealer in the Settlement Notice containing such election that, as of the date of such Settlement Notice: (A) Counterparty is not aware of any material nonpublic information concerning itself or the Shares; (B) Counterparty is electing the settlement method and designating the First Unwind Date specified in such Settlement Notice in good faith and not as part of a plan or scheme to evade compliance with Rule 10b-5 (&ldquo;Rule 10b-5&rdquo;) under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or any other provision of the federal securities laws; (C) Counterparty is not &ldquo;insolvent&rdquo; (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the &ldquo;Bankruptcy Code&rdquo;)); (D) Counterparty would be able to purchase a number of Shares equal to the greater of (x) the number of Settlement Shares designated in such Settlement Notice and (y) a number of Shares with a value as of the date of such Settlement Notice equal to the product of (I) such number of Settlement Shares and (II) the applicable Relevant Forward Price for such Cash Settlement or Net Share Settlement in compliance with the laws of Counterparty&rsquo;s jurisdiction of organization; and (E) such election, and settlement in accordance therewith, does not and will not violate or conflict with any law or regulation applicable to Counterparty, or any order or judgment of any court or other agency of government applicable to it or any of its assets, and any governmental consents that are required to have been obtained by Counterparty with respect to such election or settlement have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">(iii) Notwithstanding any election to the contrary in any Settlement Notice, Physical Settlement shall be applicable for any Settlement of any Transaction:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 0.5in">(A) to all of the Settlement Shares designated in such Settlement Notice if, at any time from the date such Settlement Notice is received by Dealer until the related First Unwind Date, inclusive, (I) the trading price per Share on the Exchange (as determined by Dealer in a commercially reasonable manner) is below the Threshold Price or (II) Dealer determines, in its good faith and commercially reasonable judgment, that it would, after using commercially reasonable efforts, be unable to purchase a number of Shares in the market sufficient to unwind a commercially reasonable hedge position in respect of the portion of the Transaction represented by such Settlement Shares and satisfy its delivery obligation hereunder, if any, by the Maturity Date (x) in a manner that (A) would, if Dealer were Counterparty or an affiliated purchaser of Counterparty and taking into account any other Transactions hereunder with an overlapping Unwind Period, be in compliance with the safe harbor provided by Rule 10b-18(b) under the Exchange Act and (B) based on advice of counsel, would not raise material risks under applicable securities laws, other than as a result of activities by Dealer unrelated to any Transaction, or (y) due to the lack of sufficient liquidity in the Shares (each, a &ldquo;Trading Condition&rdquo;); or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 35.1pt">(B) to all or a portion of the Settlement Shares designated in such Settlement Notice if, on any day during the relevant Unwind Period, (I) the trading price per Share on the Exchange (as determined by Dealer in a commercially reasonable manner) is below the Threshold Price or (II) Dealer determines, in its good faith and commercially reasonable judgment or based on advice of counsel, as applicable, that a Trading Condition has occurred with respect to such Transaction, in which case the provisions set forth below in the fourth paragraph opposite &ldquo;Early Valuation&rdquo; shall apply as if such day were the Early Valuation Date for such Transaction and (x) for purposes of clause (i) of such paragraph, such day shall be the last Unwind Date of such Unwind Period and the &ldquo;Unwound Shares&rdquo; shall be calculated to, and including, such day and (y) for purposes of clause (ii) of such paragraph, the &ldquo;Remaining Shares&rdquo; shall be equal to the number of Settlement Shares designated in such Settlement Notice minus the Unwound Shares determined in accordance with clause (x) of this sentence.</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="padding-left: 9pt; width: 37%">Threshold Price:</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be 50 % of the Initial Forward Price for such Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Electing Party:</TD>
    <TD STYLE="padding-bottom: 12pt">Counterparty</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Settlement Method Election</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date:</P></TD>
    <TD STYLE="padding-bottom: 12pt">With respect to any Settlement of any Transaction, the 2nd Scheduled Trading Day immediately preceding (x) the Valuation Date for such Transaction, in the case of Physical Settlement, or (y) the First Unwind Date for such Transaction, in the case of Cash Settlement or Net Share Settlement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Default Settlement Method:</TD>
    <TD STYLE="padding-bottom: 12pt">Physical Settlement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Physical Settlement:</TD>
    <TD STYLE="padding-bottom: 12pt">Notwithstanding Section 9.2(a)(i) of the Equity Definitions, on the Settlement Date for any Physical Settlement of any Transaction, Dealer shall pay to Counterparty an amount equal to the Forward Price for such Transaction on the relevant Settlement Date multiplied by the number of Settlement Shares for such Settlement, and Counterparty shall deliver to Dealer such Settlement Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Settlement Date:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Settlement of any Transaction to which Physical Settlement is applicable, the Valuation Date for such Settlement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Net Share Settlement:</TD>
    <TD STYLE="padding-bottom: 12pt">On the Net Share Settlement Date for any Settlement of any Transaction to which Net Share Settlement is applicable, if the Net Share Settlement Amount for such Settlement is greater than zero, Counterparty shall deliver a number of Shares equal to such Net Share Settlement Amount (rounded down to the nearest integer) to Dealer, and if such Net Share Settlement Amount is less than zero, Dealer shall deliver a number of Shares equal to the absolute value of such Net Share Settlement Amount (rounded down to the nearest integer) to Counterparty, in either case, in accordance with Section 9.4 of the Equity Definitions, with such Net Share Settlement Date deemed to be a &ldquo;Settlement Date&rdquo; for purposes of such Section 9.4, and, in either case, plus cash in lieu of any fractional Shares included in such Net Share Settlement Amount but not delivered due to rounding required hereby, valued at the relevant Settlement Price.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Net Share Settlement Date:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Settlement of any Transaction to which Net Share Settlement is applicable, the date that follows the Valuation Date for such Settlement by one Settlement Cycle.</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; width: 37%">Net Share Settlement Amount:</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">For any Settlement of any Transaction to which Net Share Settlement is applicable, an amount equal to the Forward Cash Settlement Amount for such Settlement divided by the Settlement Price for such Settlement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Forward Cash Settlement Amount:</TD>
    <TD STYLE="padding-bottom: 12pt">Notwithstanding Section 8.5(c) of the Equity Definitions, the Forward Cash Settlement Amount for any Cash Settlement or Net Share Settlement of any Transaction shall be equal to (i) the number of Settlement Shares for such Settlement multiplied by (ii) an amount equal to (A) the Settlement Price for such Settlement minus (B) the Relevant Forward Price for such Settlement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Relevant Forward Price:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Cash Settlement of any Transaction, subject to &ldquo;Cash Settlement Valuation Disruption&rdquo; above, the arithmetic average of the Forward Prices for such Transaction on each Unwind Date relating to such Settlement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">For any Net Share Settlement of any Transaction, the weighted average of the Forward Prices for such Transaction on each Unwind Date relating to such Settlement (weighted based on the number of Shares purchased by Dealer or its agent or affiliate on each such Unwind Date in connection with unwinding its commercially reasonable hedge position in connection with such Settlement, as determined by the Calculation Agent).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Settlement Price:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Cash Settlement of any Transaction, subject to &ldquo;Cash Settlement Valuation Disruption&rdquo; above, the arithmetic average of the 10b-18 VWAP on each Unwind Date relating to such Settlement, plus a commercially reasonable amount determined by the Calculation Agent that in no event will exceed USD 0.05.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">For any Net Share Settlement of any Transaction, the weighted average price of the purchases of Shares made by Dealer (or its agent or affiliate) during the Unwind Period for such Settlement in connection with unwinding its commercially reasonable hedge position relating to such Settlement (weighted based on the number of Shares purchased by Dealer or its agent or affiliate on each Unwind Date in connection with unwinding its commercially reasonable hedge position in connection with such Settlement, as determined by the Calculation Agent), plus a commercially reasonable amount determined by the Calculation Agent that in no event will exceed USD 0.03.</TD></TR>
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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="padding-left: 9pt; width: 37%">10b-18 VWAP:</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">For any Exchange Business Day, as determined by the Calculation Agent based on the 10b-18 Volume Weighted Average Price per Share as reported in the composite transactions for United States exchanges and quotation systems for the regular trading session (including any extensions thereof) of the Exchange on such Exchange Business Day (without regard to pre-open or after hours trading outside of such regular trading session for such Exchange Business Day), as published by Bloomberg at 4:15 p.m. New York time (or 15 minutes following the end of any extension of the regular trading session) on such Exchange Business Day, on Bloomberg page &ldquo;ADC &lt;Equity&gt; AQR SEC&rdquo; (or any successor thereto), or if such price is not so reported on such Exchange Business Day for any reason or is, in the Calculation Agent&rsquo;s reasonable determination, erroneous, such 10b-18 VWAP shall be as reasonably determined by the Calculation Agent. For purposes of calculating the 10b-18 VWAP for such Exchange Business Day, the Calculation Agent will include only those trades that are reported during the period of time during which Counterparty could purchase its own shares under Rule 10b-18(b)(2) and are effected pursuant to the conditions of Rule 10b-18(b)(3), each under the Exchange Act (such trades, &ldquo;Rule 10b-18 eligible transactions&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Unwind Activities:</TD>
    <TD STYLE="padding-bottom: 12pt">The times and prices at which Dealer (or its agent or affiliate) purchases any Shares during any Unwind Period in connection with unwinding its commercially reasonable hedge position in respect of each Transaction shall be determined by Dealer in a commercially reasonable manner.&nbsp;&nbsp;Without limiting the generality of the foregoing, in the event that Dealer concludes, in its reasonable discretion based on advice of counsel, that it is appropriate with respect to any legal, regulatory or self- regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer) (a &ldquo;Regulatory Disruption&rdquo;), for it to refrain from purchasing Shares in connection with unwinding its commercially reasonable hedge position in respect of such Transaction on any Scheduled Trading Day that would have been an Unwind Date but for the occurrence of a Regulatory Disruption, Dealer may (but shall not be required to) notify Counterparty in writing that a Regulatory Disruption has occurred on such Scheduled Trading Day with respect to such Transaction, in which case Dealer shall, to the extent practicable in its good faith discretion, specify the nature of such Regulatory Disruption.&nbsp;&nbsp;In such an instance, the Regulatory Disruption shall be deemed to be a Market Disruption Event and, for the avoidance of doubt, such Scheduled Trading Day shall be a Disrupted Day in full.&nbsp;&nbsp;Dealer may exercise its right in respect of any Regulatory Disruption only in good faith in relation to events or circumstances that are not the result of actions of it or any of its Affiliates that are taken with the intent to avoid its obligations under the Transactions.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Relevant Settlement Date:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Settlement of any Transaction, the Settlement Date, Cash Settlement Payment Date or Net Share Settlement Date for such Settlement, as the case may be.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Other Applicable Provisions:</TD>
    <TD STYLE="padding-bottom: 12pt">To the extent Dealer is obligated to deliver Shares under any Transaction, the provisions of Sections 9.2 (last sentence only), 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity Definitions will be applicable as if &ldquo;Physical Settlement&rdquo; applied to such Transaction; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws that exist as a result of the fact that Counterparty is the issuer of the Shares.</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="padding-bottom: 12pt; font-weight: bold; width: 37%"><U>Share Adjustments:</U></TD>
    <TD STYLE="width: 63%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Potential Adjustment Events:</TD>
    <TD STYLE="padding-bottom: 12pt">An Extraordinary Dividend shall not constitute a Potential Adjustment Event.&nbsp;&nbsp;For the avoidance of doubt, a cash dividend&nbsp;on the Shares that differs from expected dividends as of the first Trading Day of the Forward Hedge Selling Period for such Transaction shall not be a Potential Adjustment Event under Section 11.2(e)(vii) of the Equity Definitions with respect to such Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Extraordinary Dividend:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Transaction, any dividend or distribution on the Shares with an ex-dividend date occurring on any day following the first Trading Day of the Forward Hedge Selling Period for such Transaction (other than (i) any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) of the Equity Definitions or (ii) a regular, quarterly cash dividend in an amount equal to or less than the Regular Dividend Amount for such calendar quarter for such Transaction that has an ex-dividend&nbsp;&nbsp;date no earlier than the Forward Price Reduction Date occurring in the relevant month for such Transaction).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Regular Dividend Amount:</TD>
    <TD STYLE="padding-bottom: 12pt">For each Transaction and for each calendar quarter from and including the calendar quarter in which the first Trading Day of the Forward Hedge Selling Period for such Transaction occurs to and including the calendar quarter in which the Maturity Date occurs, the amount set forth under the heading &ldquo;Regular Dividend Amounts&rdquo; in the Accepted Placement Notice for such Transaction and for such calendar quarter (or, if no such amount is specified, zero), as specified in Schedule I to the Supplemental Confirmation for such Transaction.&nbsp;&nbsp;For the avoidance of doubt, Counterparty may not specify a Regular Dividend Amount in an Accepted Placement Notice for a particular calendar quarter that exceeds the Forward Price Reduction Amount for the Forward Price Reduction Date that occurs in such calendar quarter (or, if none, that exceeds zero).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Method of Adjustment:</TD>
    <TD STYLE="padding-bottom: 12pt">Calculation Agent Adjustment</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="padding-bottom: 12pt; font-weight: bold; width: 37%"><U>Extraordinary Events:</U></TD>
    <TD STYLE="width: 63%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Extraordinary Events:</TD>
    <TD STYLE="padding-bottom: 12pt">The consequences that would otherwise apply under Article 12 of the Equity Definitions (as modified herein) to any applicable Extraordinary Event (excluding any Failure to Deliver, Increased Cost of Hedging, Increased Cost of Stock Borrow, Loss of Stock Borrow or any Extraordinary Event that also constitutes a Bankruptcy Termination Event, but including, for the avoidance of doubt, any other applicable Additional Disruption Event) shall not apply.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Tender Offer:</TD>
    <TD STYLE="padding-bottom: 12pt">Applicable; provided that Section 12.1(d) of the Equity Definitions shall be amended by replacing the reference therein to &ldquo;10%&rdquo; with a reference to &ldquo;20%&rdquo;.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Delisting:</TD>
    <TD STYLE="padding-bottom: 12pt">In addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall 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); if the Shares are immediately re-listed, re- traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-weight: bold"><U>Additional Disruption Events:</U></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Change in Law:</TD>
    <TD STYLE="padding-bottom: 12pt">Applicable; provided that (A) any determination as to whether (i) the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law) or (ii) 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&nbsp;&nbsp;authority), in each case, constitutes a &ldquo;Change in Law&rdquo; shall be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date, (B) Section 12.9(a)(ii) of the Equity Definitions is hereby amended (i) by adding the words &ldquo;(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)&rdquo; after the word &ldquo;regulation&rdquo; in the second line thereof and (ii) by replacing the words &ldquo;the interpretation&rdquo; with the words &ldquo;or announcement or statement of any formal or informal interpretation&rdquo; in the third line thereof and (C) the words &ldquo;, unless the illegality is due to an act or omission of the party seeking to elect termination of the Transaction with the intent to avoid its obligations under the terms of the Transaction&rdquo; are added immediately following the word &ldquo;Transaction&rdquo; in the fifth line thereof; and provided further that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by adding the phrase &ldquo;and/or Hedge Position&rdquo; after the word &ldquo;Shares&rdquo; in clause (X) thereof and (iii) by immediately following the word &ldquo;Transaction&rdquo; in clause (X) thereof, adding the phrase &ldquo;in the manner contemplated by the Hedging Party on the Trade Date&rdquo;.</TD></TR>
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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="padding-left: 9pt; width: 37%">Failure to Deliver:</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">Applicable with respect to a Transaction if Dealer is required to deliver Shares under such Transaction; otherwise, Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Hedging Disruption:</TD>
    <TD STYLE="padding-bottom: 12pt">Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Increased Cost of Hedging:</TD>
    <TD STYLE="padding-bottom: 12pt">Applicable; provided that Section 12.9(b)(vi) of the Equity Definitions shall be amended by (i) adding &ldquo;or&rdquo; before clause (B) of the second sentence thereof, (ii) deleting clause (C) of the second sentence thereof and (iii) deleting the third and fourth sentences thereof.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Increased Cost of Stock Borrow:</TD>
    <TD STYLE="padding-bottom: 12pt">Applicable; provided that Section 12.9(b)(v) of the Equity Definitions shall be amended by (i) adding &ldquo;or&rdquo; before clause (B) of the second sentence thereof, (ii) deleting clause (C) of the second sentence thereof and (iii) deleting the third, fourth and fifth sentences thereof.&nbsp;&nbsp;For the avoidance of doubt, upon the announcement of any event that, if consummated, would result in a Merger Event or Tender Offer, the term &ldquo;rate to borrow Shares&rdquo; as used in Section 12.9(a)(viii) of the Equity Definitions shall include any commercially reasonable cost borne or amount payable by the Hedging Party in respect of maintaining or reestablishing its hedge position with respect to the relevant Transaction, including, but not limited to, any assessment or other amount payable by the Hedging Party to a lender of Shares in respect of any merger or tender offer premium, as applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Initial Stock Loan Rate:</TD>
    <TD STYLE="padding-bottom: 12pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Loss of Stock Borrow:</TD>
    <TD STYLE="padding-bottom: 12pt">Applicable; provided that Section 12.9(b)(iv) of the Equity Definitions shall be amended by (i) deleting clause (A) of the first sentence thereof in its entirety and (ii) replacing the words &ldquo;neither the Non-Hedging Party nor the Lending Party lends&rdquo; with &ldquo;the Lending Party does not lend&rdquo; in the second sentence thereof.&nbsp;&nbsp;The Lending Party may not be the Issuer or an affiliate of the Issuer.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Maximum&nbsp;Stock Loan Rate:</TD>
    <TD STYLE="padding-bottom: 12pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Hedging Party:</TD>
    <TD STYLE="padding-bottom: 12pt">For all applicable Additional Disruption Events, Dealer.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Determining Party:</TD>
    <TD STYLE="padding-bottom: 12pt">For all applicable Extraordinary Events, Dealer.</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="padding-bottom: 12pt; font-weight: bold; width: 37%"><U>Early Valuation:</U></TD>
    <TD STYLE="width: 63%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Early Valuation:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Transaction, notwithstanding anything to the contrary herein, in the Agreement, in any Supplemental Confirmation or in the Equity Definitions, at any time (x) following the occurrence of (1) a Hedging Event with respect to such Transaction, (2) the declaration by Issuer of an Extraordinary Dividend, or (3) an ISDA Event with respect to such Transaction or (y) if an Excess Section 13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position exists, Dealer (or, in the case of such an ISDA Event that is an Event of Default or Termination Event, the party entitled to designate an Early Termination Date in respect of such event pursuant to Section 6 of the Agreement) shall have the right to designate any Scheduled Trading Day to be the &ldquo;Early Valuation Date&rdquo; for such Transaction, in which&nbsp;&nbsp;case the provisions set forth in this &ldquo;Early Valuation&rdquo; section shall apply to such Transaction, which right shall be, other than in the case of an Event of Default under Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, in lieu of those specified in Section 6 of the Agreement.&nbsp;&nbsp;For the avoidance of doubt, any amount calculated pursuant to this &ldquo;Early Valuation&rdquo; section as a result of an Extraordinary Dividend shall not be adjusted by the value associated with such Extraordinary Dividend.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">Dealer represents and warrants to and agrees with Counterparty that (i) based upon advice of counsel, Dealer (A) does not know of the existence on the first Trading Day of the relevant Forward Hedge Selling Period of an Excess Section 13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position and (B) based on reasonable internal inquiry in the ordinary course of Dealer&rsquo;s business does not know on the first Trading Day of the relevant Forward Hedge Selling Period of any event or circumstance that will cause the occurrence of an Excess Section 13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership&nbsp;&nbsp;Position on any day during the term of such Transaction; and (ii) Dealer will not knowingly cause the occurrence of an Excess Section 13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position on any day during the term of any Transaction for the purpose, in whole or in part, of causing the occurrence of an Early Valuation Date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">If an Early Valuation Date for a Transaction occurs on a date that is not during an Unwind Period for such Transaction, then such Early Valuation Date shall be a Valuation Date for a Physical Settlement of such Transaction, and the number of Settlement Shares for such Settlement shall be the Number of Shares on such Early Valuation Date; provided that Dealer may in its sole discretion permit Counterparty to elect Cash Settlement or Net Share Settlement in respect of such Transaction. Notwithstanding anything to the contrary in this Master Confirmation, any Supplemental Confirmation, the Agreement or the Equity Definitions, if Dealer designates an Early Valuation Date with respect to a Transaction (1) following the occurrence of an ISDA Event and such Early Valuation Date is to occur before the date that is one Settlement Cycle after the last day of the Forward Hedge Selling Period for such Transaction or (2) prior to the Counterparty&rsquo;s execution of the Supplemental Confirmation relating to such Transaction, then, for purposes of such Early Valuation Date, (i) a Supplemental Confirmation relating to such Transaction reasonably completed by Dealer shall, notwithstanding the provisions under Section 3 below, be deemed to be effective; and (ii) in the case of (1), the Forward Price shall be deemed to be the Initial Forward Price (calculated assuming that the last Trading Day of such Forward Hedge Selling Period were the day immediately following the date Dealer so notifies Counterparty of such designation of an Early Valuation Date for purposes of such Early Valuation Date).</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="padding-left: 9pt; width: 37%"></TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">If an Early Valuation Date for a Transaction occurs during an Unwind Period for such Transaction, then (i) (A) the last Unwind Date of such Unwind Period shall be deemed to be such Early Valuation Date, (B) a Settlement shall occur in respect of such Unwind Period, and the Settlement Method elected by Counterparty in respect of such Settlement shall apply, and (C) the number of Settlement Shares for such Settlement shall be the number of Unwound Shares for such Unwind Period on such Early Valuation Date, and (ii) (A) such Early Valuation Date shall be a Valuation Date for an additional Physical Settlement of such Transaction (provided that Dealer may in its sole discretion elect that the Settlement Method elected by Counterparty for the Settlement described in clause (i) of this sentence shall apply) and (B) the number of Settlement Shares for such additional Settlement shall be the number of Remaining Shares on such Early Valuation Date.</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="padding-left: 9pt; width: 37%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">Notwithstanding the foregoing, in the case of a Nationalization or Merger Event, if at the time of the related Relevant Settlement Date the Shares have changed into cash or any other property or the right to receive cash or any other property, the Calculation Agent shall adjust the nature of the Shares as it determines appropriate to account for such change such that the nature of the Shares is consistent with what shareholders receive in such event.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">ISDA Event:</TD>
    <TD STYLE="padding-bottom: 12pt">(i) Any Event of Default or Termination Event, other than an Event of Default or Termination Event that also constitutes a Bankruptcy Termination Event, that gives rise to the right of either party to designate an Early Termination Date pursuant to Section 6 of the Agreement or (ii) the announcement of any event or transaction on or after the first Trading Day of the Forward Hedge Selling Period for such Transaction that, if consummated, would result in a Merger Event, Tender Offer, Nationalization, Delisting or Change in Law, in each case, as determined by the Calculation Agent; provided that, in the case of a Merger Event, only an announcement of such event or transaction by Counterparty will constitute an ISDA Event.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Amendment to Merger Event:</TD>
    <TD STYLE="padding-bottom: 12pt">Section 12.1(b) of the Equity Definitions is hereby amended by deleting the remainder of such Section beginning with the words &ldquo;in each case if the Merger Date is on or before&rdquo; in the fourth to last line thereof.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Hedging Event:</TD>
    <TD STYLE="padding-bottom: 12pt">In respect of any Transaction, the occurrence or existence of any of the following events on or following the first Trading Day of the Forward Hedge Selling Period: (i) (x) a Loss of Stock Borrow in connection with which Counterparty does not refer the Hedging Party to a satisfactory Lending Party that lends Shares in the amount of the Hedging Shares within the required time period as provided in Section 12.9(b) (iv) of the Equity Definitions or (y) a Hedging Disruption, (ii) (A) an Increased Cost of Stock Borrow or (B) an Increased Cost of Hedging in connection with which, in the case of sub-clause (A) or (B), Counterparty does not elect, and so notify the Hedging Party of its election, in each case, within the required time period to either amend such Transaction pursuant to Section 12.9(b)(v)(A) or Section 12.9(b)(vi) (A) of the Equity Definitions, as applicable, or pay an amount determined by the Calculation Agent that corresponds to the relevant Price Adjustment pursuant to Section 12.9(b)(v)(B) or Section 12.9(b)(vi)(B) of the Equity Definitions, as applicable, or (iii) a Market Disruption Event during an Unwind Period for such Transaction and the continuance of such Market Disruption Event for at least eight Scheduled Trading Days. In respect of any Transaction, if a Hedging&nbsp;Event occurs or exists with respect to such Transaction on or after the first Trading Day of the Forward Hedge Selling Period (as each such term is defined in the Equity Distribution Agreement) for such Transaction and prior to the Trade Date for such Transaction, the Calculation Agent may reduce the Initial Forward Price to account for such Hedging Event and any costs or expenses reasonably incurred by Dealer as a result of such Hedging Event.</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="padding-left: 9pt; width: 37%">Remaining Shares:</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">For any Transaction, on any day, the Number of Shares for such Transaction as of such day (or, if such day occurs during an Unwind Period for such Transaction, the Number of Shares for such Transaction as of such day minus the Unwound Shares for such Transaction for such Unwind Period on such day).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Unwound Shares:</TD>
    <TD STYLE="padding-bottom: 12pt">For any Transaction, for any Unwind Period in respect of such Transaction on any day, the aggregate number of Shares with respect to which Dealer has unwound its commercially reasonable hedge position in respect of such Transaction in connection with the related Settlement as of such day.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-weight: bold"><U>Acknowledgements:</U></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Non-Reliance:</TD>
    <TD STYLE="padding-bottom: 12pt">Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 9pt">Agreements and Acknowledgements Regarding Hedging Activities:</TD>
    <TD STYLE="padding-bottom: 12pt">Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Additional Acknowledgements:</TD>
    <TD STYLE="padding-bottom: 12pt">Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Transfer:</TD>
    <TD STYLE="padding-bottom: 12pt">Notwithstanding anything to the contrary in the Agreement, Dealer may assign, transfer and set over all rights, title and interest, powers, privileges and remedies of Dealer under any Transaction to an affiliate of Dealer, with the prior written consent of Counterparty, such consent not to be unreasonably withheld or delayed.</TD></TR>
</TABLE>

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

<P STYLE="margin: 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="padding-left: 9pt; width: 37%">Calculation Agent:</TD>
    <TD STYLE="padding-bottom: 12pt; width: 63%">Dealer; provided that, following the occurrence and during the continuation of an Event of Default pursuant to Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, Counterparty shall have the right to select a leading dealer in the market for U.S. corporate equity derivatives reasonably acceptable to Dealer to replace Dealer as Calculation Agent, and the parties shall work in good faith to execute any appropriate documentation required by such replacement Calculation Agent.&nbsp;&nbsp;Following any determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty, the Calculation Agent will, within a commercially reasonable period of time following such request, provide to Counterparty by e-mail to the e-mail address provided by Counterparty in such written 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, as the case may be; provided that Dealer shall not be required to disclose any proprietary or confidential models of Dealer or any information that is proprietary or subject to contractual, legal or regulatory obligations to not disclose such information.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 9pt">Counterparty Payment/Delivery Instructions:</TD>
    <TD STYLE="padding-bottom: 12pt">To be provided by Counterparty.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 9pt">Dealer Payment/Delivery Instructions:</TD>
    <TD STYLE="padding-bottom: 12pt">To be provided by Dealer.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 9pt">Counterparty&rsquo;s Contact Details for Purpose of Giving Notice:</TD>
    <TD STYLE="padding-bottom: 12pt">To be provided by Counterparty.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; padding-left: 9pt">Dealer&rsquo;s Contact Details for <BR>
Purpose of Giving Notice:</TD>
    <TD STYLE="padding-bottom: 12pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Office:</TD>
    <TD STYLE="padding-bottom: 12pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
</TABLE>
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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-indent: 0in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effectiveness</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The effectiveness of each Supplemental Confirmation
and the related Transaction on the Effective Date for such Supplemental Confirmation shall be subject to the satisfaction (or waiver
by Dealer) of the following conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the representations and warranties of Counterparty and the Operating Partnership contained in the Equity Distribution Agreement,
and any certificate delivered pursuant thereto by Counterparty or the Operating Partnership shall be true and correct on such Effective
Date as if made as of such Effective Date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty shall have performed all of the obligations required to be performed by it under the Equity Distribution Agreement
on or prior to such Effective Date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all of the conditions set forth in Section 9 of the Equity Distribution Agreement shall have been satisfied;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the effective date of the Accepted Placement Notice (the &ldquo;<B>Placement Date</B>&rdquo;) shall have occurred as provided
in the Equity Distribution Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all of the representations and warranties of Counterparty hereunder and under the Agreement shall be true and correct on
such Effective Date as if made as of such Effective Date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty shall have performed all of the obligations required to be performed by it hereunder and under the Agreement
on or prior to such Effective Date, including without limitation its obligations under Section 6 hereof; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty shall, if requested by Dealer prior to the commencement of the Forward Hedge Selling Period, have delivered
to Dealer an opinion of Maryland counsel in form and substance reasonably satisfactory to Dealer, with respect to the matters set
forth in Section 3(a)(i)&mdash;(iv) of the Agreement and that the maximum number of Shares initially issuable under such Transaction
have been duly authorized and, upon issuance pursuant to the terms of such Transaction, will be validly issued, fully paid and
nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing or any other provision of this
Master Confirmation or any Supplemental Confirmation, if in respect of any Transaction (x) on or prior to 9:00 a.m., New York City
time, on any Settlement Date (as defined in the Equity Distribution Agreement), in connection with Dealer establishing Dealer&rsquo;s
commercially reasonable hedge position in respect of such Transaction Dealer, in Dealer&rsquo;s sole judgment, Dealer is unable,
after using commercially reasonable efforts, to borrow and deliver for sale the full number of Shares to be borrowed and sold pursuant
to the Equity Distribution Agreement on such Settlement Date or (y) in Dealer&rsquo;s sole judgment, Dealer would incur a stock
loan cost of more than a rate equal to the Maximum Stock Loan Rate for such Transaction with respect to all or any portion of such
full number of Shares, the effectiveness of the related Supplemental Confirmation and such Transaction shall be limited to the
number of Shares Dealer is so able to borrow in connection with establishing its commercially reasonable hedge position of such
Transaction at a cost of not more than a rate equal to the Maximum Stock Loan Rate for such Transaction, which, for the avoidance
of doubt, may be zero.</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-indent: 0in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Mutual Representations and Warranties.</U> In addition to the representations and warranties in the Agreement,
each party represents and warrants to the other party that it is an &ldquo;eligible contract participant&rdquo;, as defined in
the U.S. Commodity Exchange Act (as amended), and an &ldquo;accredited investor&rdquo; as defined in Section 2(a)(15)(ii) of the
Securities Act of 1933 (as amended) (the &ldquo;<B>Securities Act</B>&rdquo;), and is entering into each Transaction hereunder
as principal and not for the benefit of any third party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Representations and Warranties of Counterparty and the Operating Partnership</U>. The representations and
warranties of Counterparty and the Operating Partnership set forth in Section 5 of the Equity Distribution Agreement are true and
correct as of the date hereof, each Placement Date, each Trade Date for any Transaction and each &ldquo;Forward Hedge Settlement
Date&rdquo; (as defined in the Equity Distribution Agreement) and are hereby deemed to be repeated to Dealer as if set forth herein.
In addition to the representations and warranties in Section 5 of the Equity Distribution Agreement, the Agreement and those contained
elsewhere herein, Counterparty represents and warrants to Dealer, and agrees with Dealer, that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>without limiting the generality of Section 13.1 of the Equity Definitions, it acknowledges that Dealer is not making any
representations or warranties with respect to the treatment of any Transaction, including without limitation ASC Topic 260, <I>Earnings
Per Share</I>, ASC Topic 815, <I>Derivatives and Hedging</I>, ASC Topic 480, <I>Distinguishing Liabilities from Equity</I>, ASC
815-40, <I>Derivatives and Hedging &mdash; Contracts in Entity&rsquo;s Own Equity</I> (or any successor issue statements) or under
the Financial Accounting Standards Board&rsquo;s Liabilities &amp; Equity Project;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty shall not take any action to reduce or decrease the number of authorized and unissued Shares below the sum
of (i) the aggregate Number of Shares across all Transactions hereunder <I>plus</I> (ii) the total number of Shares issuable upon
settlement (whether by net share settlement or otherwise) of any other transaction or agreement to which it is a party;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty will not repurchase any Shares if, immediately following such repurchase, the aggregate Number of Shares across
all Transactions hereunder would be equal to or greater than 4.5% of the number of then-outstanding Shares and it will notify Dealer
promptly upon the announcement or consummation of any repurchase of Shares in an amount that, taken together with the amount of
all repurchases since the date of the last such notice exceeds 0.5% of the number of then-outstanding Shares (or, in the case of
the first such notice would result in the aggregate Number of Shares across all Transactions hereunder being equal to or greater
than 3.5% of the number of then-outstanding Shares);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is not entering into this Master Confirmation or any Supplemental Confirmation 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) for the purpose of inducing the purchase or sale
of the Shares (or any security convertible into or exchangeable for Shares) by others;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is not aware of any material non-public information regarding itself or the Shares; it is entering into this Master Confirmation
and each Supplemental Confirmation and will provide any Settlement Notice in good faith and not as part of a plan or scheme to
evade compliance with Rule 10b-5 or any other provision of the federal securities laws; it has not entered into or altered any
hedging transaction relating to the Shares corresponding to or offsetting any Transaction; and it has consulted with its own advisors
as to the legal aspects of its adoption and implementation of this Master Confirmation and each Supplemental Confirmation under
Rule 10b5-1 under the Exchange Act (&ldquo;<B>Rule 10b5-1</B>&rdquo;);</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as of the date hereof and the Trade Date for each Transaction no 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; <I>provided</I> that Counterparty makes no such representation or
warranty regarding any such requirement that is applicable generally to the ownership of equity securities by Dealer;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as of the date hereof, the Trade Date for each Transaction and the date of any payment or delivery by Counterparty or Dealer
under any Transaction, it is not and will not be &ldquo;insolvent&rdquo; (as such term is defined under Section 101(32) of the
Bankruptcy Code);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is not as of the date hereof, and on the Trade Date for each Transaction and after giving effect to the transactions
contemplated hereby and by each Supplemental Confirmation 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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as of the date hereof and the Trade Date for each Transaction, it: (i) is an &ldquo;institutional account&rdquo; as defined
in FINRA Rule 4512(c); and (ii) is capable of evaluating investment strategies involving a security or securities, and will exercise
independent judgment in evaluating any recommendations of Dealer or its associated persons; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>IT UNDERSTANDS AS OF THE DATE HEREOF AND AS OF THE TRADE DATE FOR EACH TRANSACTION THAT EACH TRANSACTION IS SUBJECT TO COMPLEX
RISKS WHICH MAY ARISE WITHOUT WARNING AND MAY AT TIMES BE VOLATILE AND THAT LOSSES MAY OCCUR QUICKLY AND IN UNANTICIPATED MAGNITUDE
AND IS WILLING TO ACCEPT SUCH TERMS AND CONDITIONS AND ASSUME (FINANCIALLY AND OTHERWISE) SUCH RISKS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Additional
Covenants of Counterparty</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty acknowledges and agrees that any Shares delivered by Counterparty to Dealer on any Settlement Date or Net Share
Settlement Date for any Transaction will be (i) newly issued, (ii) approved for listing or quotation on the Exchange, subject to
official notice of issuance, and (iii) registered under the Exchange Act, and, when delivered by Dealer (or an affiliate of Dealer)
to securities lenders from whom Dealer (or an affiliate of Dealer) borrowed Shares in connection with hedging its exposure to such
Transaction, will be freely saleable without further registration or other restrictions under the Securities Act in the hands of
those securities lenders, irrespective of whether any such stock loan is effected by Dealer or an affiliate of Dealer. Accordingly,
Counterparty agrees that any Shares so delivered will not bear a restrictive legend and will be deposited in, and the delivery
thereof shall be effected through the facilities of, the Clearance System. In addition, Counterparty represents and agrees that
any such Shares shall be, upon such delivery, duly and validly authorized, issued and outstanding, fully paid and nonassessable,
free of any lien, charge, claim or other encumbrance.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty agrees that Counterparty shall not enter into or alter any hedging transaction relating to the Shares corresponding
to or offsetting any Transaction. Without limiting the generality of the provisions set forth opposite the caption &ldquo;Unwind
Activities&rdquo; in Section 2 of this Master Confirmation, Counterparty acknowledges that it has no right to, and agrees that
it will not seek to, control or influence Dealer&rsquo;s decision to make any &ldquo;purchases or sales&rdquo; (within the meaning
of Rule 10b5-1(c)(1) (i)(B)(3)) under or in connection with any Transaction, including, without limitation, Dealer&rsquo;s decision
to enter into any hedging transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty acknowledges and agrees that any amendment, modification or waiver of this Master Confirmation or any Supplemental
Confirmation must be effected in accordance with the requirements for the amendment or termination of a &ldquo;plan&rdquo; as defined
in Rule 10b5-1(c). Without limiting the generality of the foregoing, any such amendment, modification or waiver shall be made in
good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5, and no such amendment, modification or
waiver shall be made at any time at which Counterparty is aware of any material non-public information regarding Counterparty or
the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty shall promptly provide notice thereof to Dealer (i) upon the occurrence of any event that would constitute
an Event of Default or a Termination Event in respect of which Counterparty is a Defaulting Party or an Affected Party, as the
case may be, and (ii) upon announcement of any event that, if consummated, would constitute an Extraordinary Event or Potential
Adjustment Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither Counterparty nor any of its &ldquo;affiliated purchasers&rdquo; (as defined by Rule 10b-18 under the Exchange Act
(&ldquo;<B>Rule 10b-18</B>&rdquo;)) shall take any action that would cause any purchases of Shares by Dealer or any of its Affiliates
in connection with any Cash Settlement or Net Share Settlement of any Transaction not to meet the requirements of the safe harbor
provided by Rule 10b-18 if such purchases were made by Counterparty. Without limiting the generality of the foregoing, during any
Unwind Period for any Transaction, except with the prior written consent of Dealer, Counterparty will not, and will cause its affiliated
purchasers (as defined in Rule 10b-18) not to, directly or indirectly (including, without limitation, by means of a derivative
instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or announce or commence
any tender offer relating to, any Shares (or equivalent interest, including a unit of beneficial interest in a trust or limited
partnership or a depository share) or any security convertible into or exchangeable for the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty will not be subject to any &ldquo;restricted period&rdquo; (as such term is defined in Regulation M promulgated
under the Exchange Act (&ldquo;<B>Regulation M</B>&rdquo;)) in respect of Shares or any security with respect to which the Shares
are a &ldquo;reference security&rdquo; (as such term is defined in Regulation M) during any Unwind Period for any Transaction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty shall: (i) not, during any Unwind Period, make, and will use its commercially reasonable efforts to not permit
to be made to the extent within its control, any public announcement (as defined in Rule 165(f) under the Securities Act) of any
Merger Transaction unless such public announcement is made prior to the opening or after the close of the regular trading session
on the Exchange; (ii) promptly (but in any event prior to the next opening of the regular trading session on the Exchange) notify
Dealer following any such announcement that such announcement has been made; (iii) promptly (but in any event prior to the next
opening of the regular trading session on the Exchange) provide Dealer with written notice specifying (A) Counterparty&rsquo;s
average daily Rule 10b-18 Purchases (as defined in Rule 10b-18) during the three full calendar months immediately preceding the
announcement date for the Merger Transaction that were not effected through Dealer or its affiliates and (B) the number of Shares
purchased pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three full calendar months preceding such
announcement date. Such written notice shall be deemed to be a certification by Counterparty to Dealer that such information is
true and correct. 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. Counterparty acknowledges that any such notice may result in a Regulatory
Disruption, a Trading Condition or, if such notice relates to an event that is also an ISDA Event, an Early Valuation, or may affect
the length of any ongoing Unwind Period. Accordingly, Counterparty acknowledges that its delivery of such notice must comply with
the standards set forth in Section 6(c) above. &ldquo;<B>Merger Transaction</B>&rdquo; means any merger, acquisition or similar
transaction involving a recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act. For the avoidance of
doubt, a Merger Transaction or the announcement thereof shall not give either party the right to designate an Early Valuation Date
for any Transaction and/or to accelerate or preclude an election by Counterparty of Physical Settlement for any Settlement of any
Transaction, unless such Merger Transaction or the announcement thereof is also an ISDA Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty will promptly execute each properly completed Supplemental Confirmation delivered to Counterparty by Dealer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty represents to Dealer that Dealer, solely in its capacity as &ldquo;Forward Purchaser&rdquo; or &ldquo;Forward
Seller&rdquo; (each as defined in the Equity Distribution Agreement) and solely with respect to its entering into and consummating
the transactions contemplated by this Master Confirmation and the Equity Distribution Agreement (including any &ldquo;Forward Contract&rdquo;
thereunder) either (x) will not collectively with the other Forward Purchasers or Forward Sellers under the Alternative Distribution
Agreements (as defined in the Equity Distribution Agreement) be a &ldquo;Person&rdquo; (as defined in Counterparty&rsquo;s Articles
of Incorporation, as amended (the &ldquo;Charter&rdquo;)) by virtue of being a member of a &ldquo;group&rdquo; (as referenced in
the definition of Person in the Charter) with such Forward Purchasers or Forward Sellers or both; or (y) may, to the extent necessary
to consummate the transactions contemplated by this Master Confirmation and the Equity Distribution Agreement (including any &ldquo;Forward
Contract&rdquo; thereunder), have &ldquo;Beneficial Ownership&rdquo; and &ldquo;Constructive Ownership&rdquo; of Shares in excess
of the related &ldquo;Ownership Limit&rdquo; (each as defined in the Charter) by virtue of entering into transactions described
in Article Ninth of the Charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination on Bankruptcy</U>. The parties hereto agree that, notwithstanding anything to the contrary in the Agreement
or the Equity Definitions, each Transaction constitutes a contract to issue a security of Counterparty as contemplated by Section
365(c)(2) of the Bankruptcy Code and that a Transaction and the obligations and rights of Counterparty and Dealer (except for any
liability as a result of breach of any of the representations or warranties provided by Counterparty in Section 4 or Section 5
above) shall immediately terminate, without the necessity of any notice, payment (whether directly, by netting or otherwise) or
other action by Counterparty or Dealer, if, on or prior to the final Settlement Date, Cash Settlement Payment Date or Net Share
Settlement Date, as the case may be, for such Transaction an Insolvency Filing occurs or any other proceeding commences with respect
to Counterparty under the Bankruptcy Code (a &ldquo;<B>Bankruptcy Termination Event</B>&rdquo;).</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Provisions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Dealer acknowledges and agrees that Counterparty&rsquo;s obligations under the Transactions are not secured by any collateral
and that neither this Master Confirmation nor any Supplemental Confirmation is intended to convey to Dealer rights with respect
to the transactions contemplated hereby and by any Supplemental Confirmation that are senior to the claims of common stockholders
in any U.S. bankruptcy proceedings of Counterparty; <I>provided</I> that nothing herein shall limit or 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 Master Confirmation, any Supplemental Confirmation or the Agreement; <I>provided further</I> that nothing herein shall
limit or shall be deemed to limit Dealer&rsquo;s rights in respect of any transaction other than the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[Reserved].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties hereto intend for:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each Transaction to be a &ldquo;securities contract&rdquo; as defined in Section 741(7) of the Bankruptcy Code, and the
parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(27), 362 (o), 546(e),
546(j), 555 and 561 of the Bankruptcy Code;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the rights given to Dealer pursuant to &ldquo;Early Valuation&rdquo; in Section 2 above to constitute &ldquo;contractual
rights&rdquo; to cause the liquidation of a &ldquo;securities contract&rdquo; and to set off mutual debts and claims in connection
with a &ldquo;securities contract&rdquo;, as such terms are used in Sections 555 and 362(b)(6) of the Bankruptcy Code;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any cash, securities or other property <I>provided</I> as performance assurance, credit support or collateral with respect
to the Transactions to constitute &ldquo;margin payments&rdquo; and &ldquo;transfers&rdquo; under a &ldquo;securities contract&rdquo;
as defined in the Bankruptcy Code;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all payments for, under or in connection with the Transactions, all payments for Shares and the transfer of Shares to constitute
 &ldquo;settlement payments&rdquo; and &ldquo;transfers&rdquo; under a &ldquo;securities contract&rdquo; as defined in the Bankruptcy
Code; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any or all obligations that either party has with respect to this Master Confirmation, any Supplemental Confirmation or
the Agreement to constitute property held by or due from such party to margin, guaranty or settle obligations of the other party
with respect to the transactions under the Agreement (including the Transactions) or any other agreement between such parties.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of the Agreement, this Master Confirmation or any Supplemental Confirmation, in no event
will Counterparty be required to deliver in the aggregate in respect of all Settlement Dates, Net Share Settlement Dates or other
dates on which Shares are delivered in respect of any amount owed under any Transaction a number of Shares greater than 1.5 times
the Number of Shares for such Transaction as of the Trade Date for such Transaction (the &ldquo;<B>Capped Number</B>&rdquo;). The
Capped Number shall be subject to adjustment only on account of (x) Potential Adjustment Events of the type specified in (1) Sections
11.2(e)(i) through (vi) of the Equity Definitions or (2) Section 11.2(e)(vii) of the Equity Definitions so long as, in the case
of this sub-clause (2), such event is within Issuer&rsquo;s control and (y) Merger Events requiring corporate action of Issuer
(or any surviving entity of the Issuer hereunder in connection with any such Merger Event). Counterparty represents and warrants
to Dealer (which representation and warranty shall be deemed to be repeated for all Transactions on each day that any Transaction
is outstanding) that the aggregate Capped Number across all Transactions hereunder is equal to or less than the number of authorized
but unissued Shares that are not reserved for future issuance in connection with transactions in the Shares (other than the Transactions)
on the date of the determination of such aggregated Capped Number. In the event Counterparty shall not have delivered the full
number of Shares otherwise deliverable under any Transaction as a result of this Section 8(d) (the resulting deficit for such Transaction,
the &ldquo;<B>Deficit Shares</B>&rdquo;), Counterparty shall be continually obligated to deliver Shares, from time to time until
the full number of Deficit Shares have been delivered pursuant to this paragraph, on a pro rata basis across all Transactions hereunder,
when, and to the extent that, (A) Shares are repurchased, acquired or otherwise received by Counterparty or any of its subsidiaries
after the date hereof (whether or not in exchange for cash, fair value or any other consideration), (B) authorized and unissued
Shares reserved for issuance in respect of other transactions prior to such date which prior to the relevant date become no longer
so reserved or (C) Counterparty additionally authorizes any unissued Shares that are not reserved for transactions other than the
Transactions (such events as set forth in clauses (A), (B) and (C) above, collectively, the &ldquo;<B>Share Issuance Events</B>&rdquo;).
Counterparty shall promptly notify Dealer of the occurrence of any of the Share Issuance Events (including the number of Shares
subject to clause (A), (B) or (C) and the corresponding number of Shares to be delivered for each Transaction) and, as promptly
as reasonably practicable, deliver such Shares thereafter. Counterparty shall not, until Counterparty&rsquo;s obligations under
the Transactions have been satisfied in full, use any Shares that become available for potential delivery to Dealer as a result
of any Share Issuance Event for the settlement or satisfaction of any transaction or obligation other than the Transactions or
reserve any such Shares for future issuance for any purpose other than to satisfy Counterparty&rsquo;s obligations to Dealer under
the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties intend for this Master Confirmation and each Supplemental Confirmation to constitute a &ldquo;Contract&rdquo;
as described in the letter dated October 6, 2003 submitted on behalf of Goldman, Sachs &amp; Co. to Paula Dubberly of the staff
of the Securities and Exchange Commission (the &ldquo;<B>Staff</B>&rdquo;) to which the Staff responded in an interpretive letter
dated October 9, 2003.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties intend for each Transaction (taking into account purchases of Shares in connection with any Cash Settlement
or Net Share Settlement of any Transaction) to comply with the requirements of Rule 10b5-1(c)(1)(i)(A) under the Exchange Act and
for this Master Confirmation and each Supplemental Confirmation to constitute a binding contract or instruction satisfying the
requirements of 10b5-1(c) and to be interpreted to comply with the requirements of Rule 10b5-1(c).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[Reserved.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty acknowledges that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>during the term of the Transactions, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell
options or futures contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge
position with respect to the Transactions;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Dealer and its affiliates may also be active in the market for the Shares and derivatives linked to the Shares other than
in connection with hedging activities in relation to the Transactions, including acting as agent or as principal and for its own
account or on behalf of customers;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in Counterparty&rsquo;s
securities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect
to the Forward Price and the Settlement Price for each Transaction;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any market activities of Dealer and its affiliates with respect to the Shares may affect the market price and volatility
of the Shares, as well as the Forward Price and the Settlement Price for each Transaction, each in a manner that may be adverse
to Counterparty; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each Transaction is a derivatives transaction; Dealer may purchase or sell shares for its own account at an average price
that may be greater than, or less than, the price received by Counterparty under the terms of the relevant Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty and Dealer agree and acknowledge that: (A) the Transactions contemplated by this Master Confirmation will be
entered into in reliance on the fact that this Master Confirmation and each Supplemental Confirmation hereto form a single agreement
between Counterparty and Dealer, and Dealer would not otherwise enter into such Transactions; (B) this Master Confirmation, together
with each Supplemental Confirmation hereto, is a &ldquo;qualified financial contract&rdquo;, as such term is defined in Section
5-701(b)(2) of the General Obligations Law; (C) each Supplemental Confirmation hereto, regardless of whether transmitted electronically
or otherwise, constitutes a &ldquo;confirmation in writing sufficient to indicate that a contract has been made between the parties&rdquo;
hereto, as set forth in Section 5-701(b)(3)(b) of the General Obligations Law; and (D) this Master Confirmation and each Supplemental
Confirmation hereto constitute a prior &ldquo;written contract&rdquo;, as set forth in Section 5-701(b)(1) (b) of the General Obligations
Law, and each party hereto intends and agrees to be bound by this Master Confirmation and such Supplemental Confirmation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty and Dealer agree that, upon the effectiveness of any Accepted Placement Notice relating to a Forward (as such
term is defined in the Equity Distribution Agreement), in respect of the Transaction to which such Accepted Placement Notice relates,
each of the representations, warranties, covenants, agreements and other provisions of this Master Confirmation and the Supplemental
Confirmation for such Transaction (including, without limitation, Dealer&rsquo;s right to designate an Early Valuation Date in
respect of such Transaction pursuant to the provisions opposite the caption &ldquo;Early Valuation&rdquo; in Section 2 and the
termination of such Transaction following a Bankruptcy Termination Event as described in Section 7) shall govern, and be applicable
to, such Transaction as of the first Trading Day of the Forward Hedge Selling Period for such Transaction as if the Trade Date
for such Transaction were such first Trading Day.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Tax Matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the purpose of Section 3(f) of the Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 40.5pt">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Dealer makes the following representations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>It is a [national banking association] [limited liability company] organized and existing under the laws of the [United
States of America] [State of Delaware, is treated as a disregarded entity of a New York corporation for United States federal income
tax purposes] 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 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 40.5pt">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparty makes the following representations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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;Code&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;FATCA Withholding Tax&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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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;871(m)
Protocol&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.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>. Counterparty and the Operating Partnership agree to indemnify and hold harmless Dealer, its affiliates
and its assignees and their respective directors, officers, employees, agents and controlling persons (Dealer and each such person
being an &ldquo;<B>Indemnified Party</B>&rdquo;) from and against any and all losses (excluding, for the avoidance of doubt, financial
losses resulting from the economic terms of the Transactions), claims, damages and liabilities (or actions in respect thereof),
joint or 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 Master Confirmation, any Supplemental Confirmation or the
Agreement. Counterparty and the Operating Partnership will not be liable under the foregoing indemnification provision to the extent
that any loss, claim, damage, liability or expense is found in a nonappealable judgment by a court of competent jurisdiction to
have resulted from Dealer&rsquo;s breach of any covenant or representation made by Dealer in this Master Confirmation, any Supplemental
Confirmation or the Agreement or any willful misconduct, gross negligence or bad faith of any Indemnified Party. If for any reason
the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then
Counterparty and the Operating Partnership shall contribute, to the maximum extent permitted by law, to the amount paid or payable
by the Indemnified Party as a result of such loss, claim, damage or liability. In addition, Counterparty and the Operating Partnership
will reimburse any Indemnified Party for all reasonable expenses (including reasonable counsel fees and expenses) as they are incurred
in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim covered by
this Section 9 or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and
whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty or the Operating
Partnership. Counterparty and the Operating Partnership also agree that no Indemnified Party shall have any liability to Counterparty,
the Operating Partnership or any person asserting claims on behalf of or in right of Counterparty or the Operating Partnership
in connection with or as a result of any matter referred to in this Master Confirmation and any Supplemental Confirmation except
to the extent that any losses, claims, damages, liabilities or expenses incurred by Counterparty or the Operating Partnership result
from the Dealer&rsquo;s breach of any covenant or representation made by the Dealer in this Master Confirmation, any Supplemental
Confirmation or the Agreement or any willful misconduct, gross negligence or bad faith of any Indemnified Party. The provisions
of this Section 9 shall survive the completion of the Transactions contemplated by this Master Confirmation and any Supplemental
Confirmation and any assignment and/or delegation of the Transactions made pursuant to the Agreement, this Master Confirmation
or any Supplemental Confirmation shall inure to the benefit of any permitted assignee of Dealer. For the avoidance of doubt, any
payments due as a result of this provision may not be used to set off any obligation of Dealer upon settlement of the Transactions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Beneficial Ownership</U>. Notwithstanding anything to the contrary in the Agreement, this Master Confirmation or any
Supplemental Confirmation, in no event shall Dealer be entitled to receive, or be deemed to receive, or, with respect to clause
(y) below, have the &ldquo;right to acquire&rdquo; (within the meaning of NYSE Rule 312.04(g)), Shares to the extent that, upon
such receipt of such Shares, (i) the &ldquo;beneficial ownership&rdquo; (within the meaning of Section 13 of the Exchange Act and
the rules promulgated thereunder) of Shares by Dealer, any of its affiliates&rsquo; business units subject to aggregation with
Dealer for purposes of the &ldquo;beneficial ownership&rdquo; test under Section 13 of the Exchange Act and all persons who may
form a &ldquo;group&rdquo; (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with Dealer with respect to &ldquo;beneficial
ownership&rdquo; of any Shares (collectively, &ldquo;<B>Dealer Group</B>&rdquo;) would be equal to or greater than the lesser of
(x) 4.5% of the outstanding Shares (such condition, an &ldquo;<B>Excess Section 13 Ownership Position</B>&rdquo;), and (y) 4.9%
of the outstanding Shares as of the Trade Date for any Transaction, which shall be notified by Counterparty to Dealer on or promptly
following the Trade Date and set forth in the Supplemental Confirmation (such number of Shares, the &ldquo;<B>Threshold Number
of Shares</B>&rdquo; and such condition, the &ldquo;<B>Excess NYSE Ownership Position</B>&rdquo;) or (ii) Dealer, Dealer Group
or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such
person, a &ldquo;<B>Dealer Person</B>&rdquo;) under Sections 3-601 through 3-603 of the Maryland Code (Corporations and Associations)
or any state or federal bank holding company or banking laws, or any federal, state or local laws, regulations or regulatory orders
applicable to ownership of Shares (&ldquo;<B>Applicable Laws</B>&rdquo;), would own, beneficially own, constructively own, control,
hold the power to vote or otherwise meet a relevant definition of ownership in excess of a number of Shares equal to (x) the lesser
of (A) the maximum number of Shares that would be permitted under Applicable Laws and (B) the number of Shares that would give
rise to reporting or registration obligations or other requirements (including obtaining prior approval by a state or federal regulator)
of a Dealer Person under Applicable Laws and with respect to which such requirements have not been met or the relevant approval
has not been received or that would give rise to any consequences under the constitutive documents of Counterparty (including,
without limitation, Article Ninth of the Charter and any contract or agreement to which Counterparty is a party), in each case
<I>minus </I>(y) 1% of the number of Shares outstanding on the date of determination (such condition described in clause (ii),
an &ldquo;<B>Excess Regulatory Ownership Position</B>&rdquo;). If any delivery owed to Dealer under any Transaction is not made,
in whole or in part, as a result of this provision, (i) 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 Exchange Business Day
after, Dealer gives notice to Counterparty that such delivery would not result in (x) Dealer Group directly or indirectly so beneficially
owning in excess of the lesser of (A) 4.5% of the outstanding Shares and (B) the Threshold Number of Shares or (y) the occurrence
of an Excess Regulatory Ownership Position and (ii) if such delivery relates to a Physical Settlement of any Transaction, notwithstanding
anything to the contrary herein, Dealer shall not be obligated to satisfy the portion of its payment obligation with respect to
such Transaction corresponding to any Shares required to be so delivered until the date Counterparty makes such delivery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Confidentiality</U>. The parties hereby agree that (i) effective from the date of commencement of discussions concerning
the Transactions, Counterparty and each of its 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 Transactions and all materials of any kind, including
opinions or other tax analyses, provided by Dealer and its affiliates to Counterparty relating to such tax treatment and tax structure;
<I>provided</I> that the foregoing does not constitute an authorization to disclose the identity of Dealer or its affiliates, agents
or advisers, or, except to the extent relating to such tax structure or tax treatment, any specific pricing terms or commercial
or financial information, and (ii) Dealer does not assert any claim of proprietary ownership in respect of any description contained
herein or therein relating to the use of any entities, plans or arrangements to give rise to a particular United States federal
income tax treatment for Counterparty.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Shares</U>. If Counterparty is unable to comply with the covenant of Counterparty contained in Section 6 above
or Dealer otherwise determines in its reasonable opinion that any Shares to be delivered to Dealer by Counterparty under any Transaction
may not be freely returned by Dealer to securities lenders as described in the covenant of Counterparty contained in Section 6
above, then delivery of any such Settlement Shares (the &ldquo;<B>Unregistered Settlement Shares</B>&rdquo;) shall be effected
pursuant to Annex A hereto, unless waived by Dealer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Use of Shares</U>. Dealer acknowledges and agrees that, except in the case of a Private Placement Settlement, Dealer
shall use any Shares delivered by Counterparty to Dealer on any Settlement Date to return to securities lenders to close out borrowings
created by Dealer in connection with Dealer&rsquo;s hedging activities related to exposure under the Transactions or otherwise
in compliance with applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rule 10b-18</U>. In connection with bids and purchases of Shares in connection with any Net Share Settlement or Cash
Settlement of any Transaction, Dealer shall use commercially reasonable efforts 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 and taking into account any applicable Securities and Exchange
Commission no-action letters as appropriate, and subject to any delays between the execution and reporting of a trade of the Shares
on the Exchange and other circumstances beyond Dealer&rsquo;s control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. Notwithstanding anything to the contrary in the Agreement, the Agreement, this Master Confirmation,
any Supplemental Confirmation and all matters arising in connection with the Agreement this Master Confirmation and any Supplemental
Confirmation shall be governed by, and construed and enforced in accordance with, the laws of the State of New York (without reference
to its choice of laws doctrine other than Title 14 of Article 5 of the New York General Obligations Law).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Set-Off</U>. Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the
other party under any Transaction against any delivery or payment obligations owed to it by the other party, whether arising under
the Agreement, under any other agreement between parties hereto, by operation of law or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Staggered Settlement</U>. Notwithstanding anything to the contrary herein, Dealer may, by prior notice to Counterparty,
satisfy its obligation to deliver any Shares or other securities on any date due (an &ldquo;<B>Original Delivery Date</B>&rdquo;)
by making separate deliveries of Shares or such securities, as the case may be, at more than one time on or prior to such Original
Delivery Date, so long as the aggregate number of Shares and other securities so delivered on or prior to such Original Delivery
Date is equal to the number required to be delivered on such Original Delivery Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Trial by Jury</U>. 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Jurisdiction</U>. 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. NOTHING IN THIS PROVISION
SHALL PROHIBIT A PARTY FROM BRINGING AN ACTION TO ENFORCE A MONEY JUDGMENT IN ANY OTHER JURISDICTION.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Master Confirmation may be executed in any number of counterparts, all of which shall constitute
one and the same instrument, and any party hereto may execute this Master Confirmation by signing and delivering one or more counterparts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Cash</U>. For the avoidance of doubt, nothing in this Master Confirmation or any Supplemental Confirmation
shall be interpreted as requiring Counterparty to deliver cash in respect of the settlement of the Transactions, except in circumstances
where the required cash settlement thereof is permitted for classification of the contract as equity by ASC 815-40, <I>Derivatives
and Hedging &mdash; Contracts in Entity&rsquo;s Own Equity</I>, as in effect on the Trade Date (including, for the avoidance of
doubt, where Counterparty elects Cash Settlement). For the avoidance of doubt, the preceding sentence shall not be construed as
limiting Section 9 hereunder or any damages that may be payable by Counterparty as a result of a breach of this Master Confirmation
or any Supplemental Confirmation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">22.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustments</U>. For the avoidance of doubt, whenever the Calculation Agent, the Hedging Party or the Determining Party
is called upon to make an adjustment pursuant to the terms of this Master Confirmation, any Supplemental Confirmation or the Equity
Definitions to take into account the effect of an event, the Calculation Agent, the Hedging Party or the Determining Party, as
applicable, shall make such adjustment by reference to the effect of such event on the Hedging Party, assuming that the Hedging
Party maintains a commercially reasonable hedge position at the time of the event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">23.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Forward and Similar Dealer Transactions</U>. Counterparty agrees that (x) it shall not cause to occur, or permit
to exist, any Forward Hedge Selling Period at any time there is (1) a &ldquo;Forward Hedge Selling Period&rdquo; (or equivalent
term) relating to any other issuer forward sale or similar transaction (including, without limitation, any &ldquo;Transaction&rdquo;
under (as and defined under) any substantially identical master forward confirmation) with any financial institution other than
Dealer (an &ldquo;<B>Other Forward Transaction</B>&rdquo;), (2) any &ldquo;Unwind Period&rdquo; (or equivalent term) hereunder
under any Other Forward Transaction or under any other issuer forward sale or similar transaction with Dealer (a &ldquo;<B>Similar
Dealer Transaction</B>&rdquo;) or (3) any other period in which Counterparty directly or indirectly issues and sells Shares pursuant
to an underwriting agreement (or similar agreement including, without limitation, any equity distribution agreement) (such period,
a &ldquo;<B>Selling Period</B>&rdquo;) that Counterparty enters into with any financial institution other than Dealer, and (y)
Counterparty shall not cause to occur, or permit to exist, an Unwind Period at any time there is an &ldquo;Unwind Period&rdquo;
(or equivalent term) under any Other Forward Transaction or any Similar Dealer Transaction, a &ldquo;Forward Hedge Selling Period&rdquo;
(or equivalent term) relating to any Transaction, any Other Forward Transaction or any Similar Dealer Transaction, or any Selling
Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">24.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Designation by Dealer</U>. Notwithstanding any other provision of this Master Confirmation or any Supplemental 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&rsquo;s obligations in respect of any 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-indent: 0in">&nbsp;</P>




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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Counterparty hereby agrees (a) to check
this Master Confirmation carefully and promptly upon receipt so that errors or discrepancies can be promptly identified and rectified
and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between
Dealer and Counterparty hereunder, by manually signing this Master Confirmation or this page hereof as evidence of agreement to
such terms and providing the other information requested herein and promptly returning an executed copy to us.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Yours faithfully,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[DEALER]</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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

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

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page to the Forward Sale Confirmation</I>]</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">Agreed and accepted by:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">AGREE REALTY CORPORATION</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Title:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">Agreed and accepted with respect to Sections 5 and 9 hereof and Annex A hereto by</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">AGREE LIMITED PARTNERSHIP</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Agree Realty Corporation,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">as the sole general partner</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.25pt">&nbsp;</P>




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

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page to the Forward Sale Confirmation</I>]</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 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-transform: uppercase; text-align: center">PRIVATE PLACEMENT
PROCEDURES</P>

<P STYLE="font: 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-indent: 0.5in">If Counterparty delivers Unregistered Settlement
Shares pursuant to Section 12 above (a &ldquo;<B>Private Placement Settlement</B>&rdquo;), then:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Unregistered Settlement Shares shall be delivered to Dealer (or any affiliate of Dealer designated by Dealer) pursuant to the exemption
from the registration requirements of the Securities Act <I>provided</I> by Section 4(a)(2) thereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
of or prior to the date of delivery, Dealer and any potential purchaser of any such shares from Dealer (or any affiliate of Dealer
designated by Dealer) identified by Dealer shall be afforded a commercially reasonable opportunity to conduct a due diligence investigation
with respect to Counterparty customary in scope for private placements of equity securities of similar size (including, without
limitation, the right to have made available to them for inspection all financial and other records, pertinent corporate documents
and other information reasonably requested by them); <I>provided</I> that prior to receiving or being granted access to any such
information, Dealer, such affiliate of Dealer or such potential purchaser, as the case may be, may be required by Counterparty
to enter into a customary nondisclosure agreement with Counterparty in respect of any such due diligence investigation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
of the date of delivery, Counterparty and the Operating Partnership shall enter into an agreement (a &ldquo;<B>Private Placement
Agreement</B>&rdquo;) with Dealer (or any affiliate of Dealer designated by Dealer) in connection with the private placement of
such shares by Counterparty to Dealer (or any such affiliate) and the private resale of such shares by Dealer (or any such affiliate),
substantially similar to private placement purchase agreements customary for private placements of equity securities of similar
size, in form and substance commercially reasonably satisfactory to Dealer, which Private Placement Agreement shall include, without
limitation, provisions substantially similar to those contained in such private placement purchase agreements relating, without
limitation, to the indemnification of, and contribution in connection with the liability of, Dealer and its affiliates and obligations
to use best efforts to obtain customary opinions, accountants&rsquo; comfort letters and lawyers&rsquo; negative assurance letters,
and shall provide for the payment by Counterparty of all commercially reasonable fees and expenses in connection with such resale,
including all commercially reasonable fees and expenses of counsel for Dealer, and shall contain representations, warranties, covenants
and agreements of Counterparty reasonably necessary or advisable to establish and maintain the availability of an exemption from
the registration requirements of the Securities Act for such resales; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
connection with the private placement of such shares by Counterparty to Dealer (or any such affiliate) and the private resale of
such shares by Dealer (or any such affiliate), Counterparty shall, if so requested by Dealer, prepare, in cooperation with Dealer,
a private placement memorandum in form and substance reasonably satisfactory to Dealer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case of a Private Placement Settlement,
Dealer shall, in its good faith discretion, adjust the amount of Unregistered Settlement Shares to be delivered to Dealer hereunder
in a commercially reasonable manner to reflect the fact that such Unregistered Settlement 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 Unregistered
Settlement Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If Counterparty delivers any Unregistered
Settlement Shares in respect of a Transaction, Counterparty agrees that (i) such Shares may be transferred by and among Dealer
and its affiliates and (ii) after the applicable &ldquo;holding period&rdquo; within the meaning of Rule 144(d) under the Securities
Act has elapsed after the applicable Settlement Date, 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).<FONT STYLE="text-transform: uppercase"><B><BR STYLE="clear: both">
</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 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"><B>To:</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree
Realty Corporation</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>From:</B>&nbsp;&nbsp;&nbsp;&nbsp;[DEALER]</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>Re: </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuer
Share Forward Sale Transaction</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>Date:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
20[ ]</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-indent: 0.5in">The purpose of this Supplemental Confirmation
is to confirm the terms and conditions of the Transaction entered into between [DEALER] (&ldquo;<B>Dealer</B>&rdquo;) and Agree
Realty Corporation (&ldquo;<B>Counterparty</B>&rdquo;) (together, the &ldquo;<B>Contracting Parties</B>&rdquo;) on the Trade Date
specified below. This Supplemental Confirmation is a binding contract between Dealer and Counterparty as of the relevant Trade
Date for the Transaction referenced below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental
Confirmation supplements, forms part of, and is subject to the Master Confirmation dated as of March 30, 2020 (the &ldquo;<B>Master
Confirmation</B>&rdquo;) between the Contracting Parties, as amended and supplemented from time to time. All provisions contained
in the Master Confirmation govern this Supplemental Confirmation except as expressly modified below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms of the
Transaction to which this Supplemental Confirmation relates are as follows:</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: 30%; font-size: 10pt">Trade Date:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 69%; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Effective Date:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Maturity Date:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Number of Shares:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Initial Forward Price:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">USD [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Spread:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[&nbsp;.&nbsp;]%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Volume-Weighted Hedge Price:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">USD [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Threshold Price:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">USD [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Initial Stock Loan Rate:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[&nbsp;&nbsp;&nbsp;] basis points per annum</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Maximum Stock Loan Rate:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[&nbsp;&nbsp;&nbsp;] basis points per annum</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Threshold Number of Shares:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Counterparty hereby agrees (a) to check
this Supplemental Confirmation carefully and promptly upon receipt so that errors or discrepancies can be promptly identified and
rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement
between Dealer and Counterparty hereunder, by manually signing this Supplemental Confirmation or this page hereof as evidence of
agreement to such terms and providing the other information requested herein and promptly returning an executed copy to us.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Yours faithfully,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">[DEALER]</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<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="font-size: 10pt">Agreed and accepted by:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">AGREE REALTY CORPORATION</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.25pt">&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>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 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-transform: uppercase; text-align: center">FORWARD PRICE
REDUCTION AMOUNTS</P>

<P STYLE="font: 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 STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Forward Price Reduction Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Forward Price Reduction Amount:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 50%">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 25%">USD</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 25%">&#9;[&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">USD</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&#9;[&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">USD</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&#9;[&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">USD</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&#9;[&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 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">[For any calendar month ending on or prior to [ ]:&#9;USD[ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For any calendar month ending after [ ]:&#9;USD[ ]</P>

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

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    <!-- Field: /Page -->

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

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



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<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>tm2014112d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="">&nbsp;</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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="">&nbsp;</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; text-indent: 6.75in">March 30, 2020</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">70 East Long Lake Rd.</P>

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

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify"><U>Agree Realty Corporation, a Maryland corporation (the &ldquo;Company&rdquo;)</U>&#9;</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">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We have acted as Maryland
corporate counsel to the Company in connection with certain matters of Maryland law arising out of the registration of shares of
common stock, par value $0.0001 per share (&ldquo;Common Stock&rdquo;), of the Company having a maximum aggregate offering price
of $400,000,000 (the &ldquo;Shares&rdquo;) to be sold in an at-the-market offering (the &ldquo;Offering&rdquo;), pursuant to the
Registration Statement on Form S-3 (Registration No. 333-218476) filed by the Company with the United States Securities and Exchange
Commission (the &ldquo;Commission&rdquo;) on June 2, 2017 (the &ldquo;Registration Statement&rdquo;) under the Securities Act of
1933, as amended (the &ldquo;Act&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-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 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-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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, Articles of Amendment filed with the Department on May 3, 2016, Articles Supplementary filed with the Department on February
26, 2019 and Articles of Amendment filed with the Department on April 25, 2019;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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, as amended by the First Amendment to the Amended and Restated Bylaws of the Company,
adopted as of February 26, 2019 (the &ldquo;Bylaws&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 27, 2020 and March 30, 2020 (collectively, the &ldquo;Directors&rsquo; Resolutions&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"></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"><FONT STYLE="color: #010000">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Registration Statement and the related base prospectus dated June 2, 2017 (the &ldquo;Base Prospectus&rdquo;),
and the related prospectus supplement dated March 30, 2020 (the &ldquo;Prospectus Supplement&rdquo; and together with the Base
Prospectus, the &ldquo;Prospectus&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>a fully executed copy of each of the (a) Equity Distribution Agreement, dated as of March 30, 2020 (the &ldquo;Raymond
James Equity Distribution 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 Raymond James &amp; Associates,
Inc., as agent and/or principal and as forward seller, and the forward purchaser party thereto, (b) the Equity Distribution Agreement,
dated as of March 30, 2020 (the &ldquo;Baird Equity Distribution Agreement&rdquo;), by and among the Company, the Operating Partnership
and Robert W. Baird &amp; Co. Incorporated, as agent and/or principal, (c) the Equity Distribution Agreement, dated as of March
30, 2020 (the &ldquo;Citigroup Equity Distribution Agreement&rdquo;), by and among the Company, the Operating Partnership and Citigroup
Global Markets Inc., as agent and/or principal and as forward seller, and the forward purchaser party thereto, (d) the Equity Distribution
Agreement, dated as of March 30, 2020 (the &ldquo;SunTrust Equity Distribution Agreement&rdquo;), by and among the Company, the
Operating Partnership and SunTrust Robinson Humphrey, Inc., as agent and/or principal, (e) the Equity Distribution Agreement, dated
as of March 30, 2020 (the &ldquo;Jefferies Equity Distribution Agreement), by and among the Company, the Operating Partnership
and Jefferies LLC, as agent and/or principal and as forward seller, and the forward purchaser party thereto, (f) the Equity Distribution
Agreement, dated as of March 30, 2020 (the &ldquo;Stifel Equity Distribution Agreement), by and among the Company, the Operating
Partnership and Stifel, Nicolaus &amp; Company, Incorporated, as agent and/or principal, (g) the Equity Distribution Agreement,
dated as of March 30, 2020 (the &ldquo;Capital One Equity Distribution Agreement&rdquo;), by and among the Company, the Operating
Partnership and Capital One Securities, Inc., as agent and/or principal, and (h) the Equity Distribution Agreement, dated as of
March 30, 2020 (the &ldquo;Wells Fargo Equity Distribution Agreement&rdquo;, and together with the Raymond James Equity Distribution
Agreement, the Baird Equity Distribution Agreement, the Citigroup Equity Distribution Agreement, the SunTrust Equity Distribution
Agreement, the Jefferies Equity Distribution Agreement, the Stifel Equity Distribution Agreement and the Capital One Equity Distribution
Agreement, collectively, the &ldquo;Equity Distribution Agreements&rdquo;), by and among the Company, the Operating Partnership
and Wells Fargo Securities, LLC, as agent and/or principal and as forward seller, and the forward purchaser party thereto;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 form, approval, execution and delivery of the Equity Distribution Agreements;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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-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"><FONT STYLE="color: #010000">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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-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 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-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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-align: justify; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the aggregate offering price of all of the Shares will not exceed $400,000,000, and the aggregate number of Shares
to be issued and sold pursuant to the Equity Distribution Agreements will not exceed the maximum number of Shares authorized for
issuance and sale in the Directors&rsquo; Resolutions;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the price per share to be received by the Company for each of the Shares to be issued and sold pursuant to the Equity
Distribution Agreements will be determined in accordance with, and will not be less than the applicable minimum price per share
set forth in, the Directors&rsquo; Resolutions; 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"></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"><FONT STYLE="color: #010000">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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-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">Based on the foregoing,
and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We consent to your filing
this opinion as an exhibit to the Company&rsquo;s Current Report on Form 8-K relating to the Shares, which is incorporated by reference
in 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-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in">Very truly yours,<BR>
/s/ Ballard Spahr LLP<BR>
Ballard Spahr LLP</P>

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



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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>tm2014112d1_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 8.1</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding: 0; vertical-align: top; width: 51%; font-size: 10pt; text-indent: 0"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 27px; width: 176px"></TD>
    <TD STYLE="padding: 0; width: 49%; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">Office
        313.465.7000</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">www.honigman.com</FONT></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>

<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 30, 2020</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-top: 0pt; margin-bottom: 0pt"></P>

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

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

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

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B><U>Certain U.S. Federal Income Tax Matters</U></B></TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as counsel
to Agree Realty Corporation, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;) in connection with each of the Equity Distribution
Agreements (each, an &ldquo;<U>Equity Distribution Agreement</U>&rdquo; and collectively the &ldquo;<U>Equity Distribution Agreements</U>&rdquo;)
executed on or about March 30, 2020 and the Forward Sale Contracts executed on or about March 30, 2020, pursuant to which the Company
may issue and sell shares of the Company&rsquo;s common stock, par value $0.0001 per share, having an aggregate offering price
of up to $400,000,000 to be issued and sold from time to time through one or more of Raymond James &amp; Associates, Inc., Robert
W. Baird &amp; Co. Incorporated, Citigroup Global Markets Inc., Jefferies LLC, Stifel, Nicolaus &amp; Company, Incorporated, SunTrust
Robinson Humphrey, Inc., Wells Fargo Securities, LLC and Capital One Securities, Inc. Except as otherwise indicated, capitalized
terms used in this opinion letter are defined as set forth in the Equity Distribution Agreements or the Company&rsquo;s Registration
Statement on Form S-3 filed on June 2, 2017 (the &ldquo;<U>Registration Statement</U>&rdquo;), as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have also acted
as counsel to the Company in connection with the preparation of the section captioned &ldquo;Material Federal Income Tax Considerations&rdquo;
in the Prospectus (as defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering the opinions
stated below, we have examined and, with your consent, relied upon the following documents:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">the Registration Statement, the base prospectus filed as part of the Registration
Statement (&ldquo;<U>Base Prospectus</U>&rdquo;), and the prospectus supplement, dated March 3], 2020 (the &ldquo;<U>Prospectus
Supplement</U>&rdquo; and 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 Agree Limited Partnership, a Delaware
limited 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"></P>

<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 Clayton 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
(the &ldquo;<U>Prior REIT Opinion</U>&rdquo;), regarding the Company&rsquo;s qualification as a real estate investment trust for
U.S. federal income tax purposes (a &ldquo;<U>REIT</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 0.5in 0pt 0; text-align: justify"></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_003.jpg" ALT="" STYLE="height: 27px; width: 176px"></P><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 30, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Value: 2; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P><P STYLE="margin-top: 0; margin-bottom: 0"></P></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 0.5in 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">In our examination
of the foregoing documents, we have assumed, with your consent and without independent investigation, that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">each of the documents referred to above has been duly authorized, executed, and delivered; is authentic,
if an original, or is accurate, if a copy; has not been amended; and the signatures on each original document are genuine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 75pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">where any such document required execution by a person, the person who executed the document had
proper authority and capacity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">all representations and statements set forth in such documents are and will be true and correct;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(iv)</TD><TD STYLE="text-align: justify">where any such document imposes obligations on a person or entity, such obligations have been or
will be performed or satisfied in accordance with their terms;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(v)</TD><TD STYLE="text-align: justify">the Company is a corporation validly existing and in good standing under the laws of the State
of Maryland;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 75pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(vi)</TD><TD STYLE="text-align: justify">the Company has the requisite corporate power and authority, under Maryland law, to own and lease
the properties owned and leased by it and to carry on its business as is now being conducted by it;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 75pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(vii)</TD><TD STYLE="text-align: justify">during its taxable year ending December 31, 2020, and subsequent taxable years, the Company will
continue to operate in a manner that has made and will make the representations contained in the Certificate of Representations
true for such years, without regard to any qualifications as to knowledge or belief;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(viii)</TD><TD STYLE="text-align: justify">the Company will not make any amendments to its organizational documents after the date of this
opinion that would adversely affect the Company&rsquo;s qualification as a REIT for any taxable year; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(ix)</TD><TD STYLE="text-align: justify">no action will be taken by the Company after the date hereof that would have the effect of altering
the facts upon which the opinions set forth below are based.</TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_003.jpg" ALT="" STYLE="height: 27px; width: 176px"></P><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 30, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Value: 2; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P><P STYLE="margin-top: 0; margin-bottom: 0"></P></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not independently
verified all of the representations, facts or assumptions set forth in such documents or any other documents. We consequently have
assumed that the information presented in such documents or otherwise furnished to us accurately and completely describes all facts
stated therein. In connection with the opinions rendered below, we have assumed the correctness of the Prior REIT Opinion with
respect to all periods prior to January 1, 2013, subject only to our limited independent investigation with respect to the periods
before January 1, 2013. We also have relied upon the correctness, without regard to any qualification as to knowledge or belief,
of the factual representations and covenants contained in the Certificate of Representations and the factual matters discussed
in the Prospectus that relate to the Company&rsquo;s status as a REIT. Where the factual representations in the Certificate of
Representations involve terms defined in the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;), the Treasury
regulations thereunder (the &ldquo;<U>Regulations</U>&rdquo;), published rulings of the Internal Revenue Service (the &ldquo;<U>Service</U>&rdquo;),
or other relevant authority, we have reviewed with the individual making such representations the relevant provisions of the Code,
the applicable Regulations, the published rulings of the Service, and other relevant authority. We are not aware of any facts that
are inconsistent with the representations contained in the Certificate of Representations. It should be noted, however, that the
Code, Regulations, judicial decisions, and administrative interpretations are subject to change at any time and, in some circumstances,
with retroactive effect. We can give no assurance, therefore, that legislative enactments, administrative changes or court decisions
may not be forthcoming that would modify or supersede the opinions stated herein. In addition, there can be no assurance that positions
contrary to our opinions will not be taken by the Service, or that a court considering the issues will not hold contrary to such
opinions. The Service has not issued Regulations or administrative interpretations with respect to various provisions of the Code
relating to REIT qualification. No assurance can be given that the law will not change in a way that will prevent the Company from
qualifying as a REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, the opinions
set forth below represent our conclusions based upon the documents, facts, assumptions and representations referred to above. Any
material amendments to such documents or changes in any significant facts after the date hereof, or inaccuracy of such assumptions
or representations, could affect the opinions stated herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We express no opinion
as to the laws of any jurisdiction other than the federal income tax laws of the United States of America to the extent specifically
referred to herein.</P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P><P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt">Honigman LLP &bull; 2290 First National Building &bull; 660 Woodward Avenue &bull; Detroit, Michigan 48226-3506</P><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_003.jpg" ALT="" STYLE="height: 27px; width: 176px"></P><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><P STYLE="margin-top: 0; margin-bottom: 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 30, 2020</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Value: 2; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P><P STYLE="margin-top: 0; margin-bottom: 0"></P></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>

<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: 0.25in">1.</TD><TD STYLE="text-align: justify">since the commencement of the Company&rsquo;s taxable year that began January 1, 2016 through December
31, 2019, the Company has qualified to be taxed as a REIT under the Code and its current and proposed method of operation will
enable it to continue to qualify as a REIT under the Code. The Company&rsquo;s qualification as a REIT under the Code will depend
upon the Company&rsquo;s ability to meet, through actual operating results, the applicable asset composition, source of income,
stockholder diversification, distribution and other requirements of the Code and Regulations necessary for REIT qualification;
and</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: 0.25in">2.</TD><TD STYLE="text-align: justify">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.</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: 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">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is issued
to you in connection with the Registration Statement and may not be used or relied upon by any other person or for any other purpose
without our express written consent. We consent to the filing of this opinion as an exhibit to a Current Report on Form 8-K of
the Company and to such Registration Statement and to the use of our name therein. In giving such consent, we do not admit that
we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations
of the SEC thereunder, nor do we thereby admit that we are experts with respect to any part of the Registration Statement within
the meaning of the term &ldquo;experts&rdquo; as used in the Securities Act or the rules and regulations of the SEC promulgated
thereunder.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in">Very truly yours,</P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in">/s/ Honigman LLP<BR>
Honigman LLP</P>

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

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P><P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt">Honigman LLP &bull; 2290 First National Building &bull; 660 Woodward Avenue &bull; Detroit, Michigan 48226-3506</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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



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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
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<td class="text">Mar. 30,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-12928<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AGREE REALTY CORPORATION<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000917251<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">38-3148187<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">70 E. Long Lake Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Bloomfield Hills<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">48304<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">248<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">737-4190<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $.0001 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ADC<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td>dei_</td>
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<td>dei:securityTitleItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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M96QS+W=O<FMB;V]K+GAM;"YR96QS4$L! A0#%     @ &$A^4 N/V ,A 0
M5P0  !,              ( !JA(  %M#;VYT96YT7U1Y<&5S72YX;6Q02P4&
2      H "@"  @  _!,

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