<SEC-DOCUMENT>0001104659-20-049738.txt : 20200422
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<ACCEPTANCE-DATETIME>20200422163108
ACCESSION NUMBER:		0001104659-20-049738
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		22
CONFORMED PERIOD OF REPORT:	20200420
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200422
DATE AS OF CHANGE:		20200422

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:		20808235

	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
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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_900_edei--DocumentType_c20200419__20200420_zBnai399MAYc"><ix:nonNumeric contextRef="From2020-04-19to2020-04-20" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

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<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 of earliest event reported): April 22, 2020 (<span id="xdx_90A_edei--DocumentPeriodEndDate_c20200419__20200420_zItr6qDoeKda"><ix:nonNumeric contextRef="From2020-04-19to2020-04-20" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">April 20,
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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: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><span id="xdx_90F_edei--EntityRegistrantName_c20200419__20200420_zbxpLm7Km9Lf"><ix:nonNumeric contextRef="From2020-04-19to2020-04-20" name="dei:EntityRegistrantName">AGREE REALTY CORPORATION</ix:nonNumeric></span></b></p>

<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
its charter)</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><span id="xdx_901_edei--EntityIncorporationStateCountryCode_c20200419__20200420_zQLB5e7T5iK6"><ix:nonNumeric contextRef="From2020-04-19to2020-04-20" 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>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</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">
    <td style="width: 0.25in; text-indent: 0px; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_901_edei--WrittenCommunications_c20200419__20200420_zJE1sarBqUMk"><ix:nonNumeric contextRef="From2020-04-19to2020-04-20" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-size: 10pt">Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</span></td></tr>
<tr style="vertical-align: top">
    <td style="text-indent: 0px; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; font-size: 10pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_90C_edei--SolicitingMaterial_c20200419__20200420_zZnBGIKf2oF3"><ix:nonNumeric contextRef="From2020-04-19to2020-04-20" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span></td>
    <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>
<tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
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<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_909_edei--PreCommencementTenderOffer_c20200419__20200420_zBHe0qKb8Lwh"><ix:nonNumeric contextRef="From2020-04-19to2020-04-20" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#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 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">&#160;</td>
    <td style="text-align: justify; font-size: 10pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_90C_edei--PreCommencementIssuerTenderOffer_c20200419__20200420_zs4rskDbNx6l"><ix:nonNumeric contextRef="From2020-04-19to2020-04-20" 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: black 1pt solid; border-image: none; width: 40%; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Title of each class</b></span></td>
    <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>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 40%; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Name of each exchange on which registered</b></span></td></tr>
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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_90C_edei--EntityEmergingGrowthCompany_c20200419__20200420_z5bDWZXVzF71"><ix:nonNumeric contextRef="From2020-04-19to2020-04-20" 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>

<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>April 2020 Forward Transaction</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 20, 2020, Agree Realty Corporation,
a Maryland corporation (the &#8220;Company&#8221;) entered into (a) a forward sale agreement (the &#8220;Forward Sale Agreement&#8221;)
with Citibank, N.A. (&#8220;Citibank&#8221;), and (b) an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with
(i) Agree Limited Partnership, a Delaware limited partnership (the &#8220;Operating Partnership&#8221;), for which the Company
is the sole general partner, (ii) Citigroup Global Markets Inc. (&#8220;Citigroup&#8221;), in its capacity as forward seller, (iii)
Citigroup, as representative of the several underwriters named therein, and (iv) Citibank, in its capacity as forward counterparty,
relating to the issuance and sale of up to 6,166,666 shares (the &#8220;Shares&#8221;) of the Company&#8217;s common stock, $0.0001
par value per share (the &#8220;Common Stock&#8221;), at a public offering price of $60.00 per share. The underwriters sold all
of the Shares to Cohen &#38; Steers Capital Management, Inc. The sale of the Shares closed on April 22, 2020.</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-align: justify">The Shares were offered pursuant to the
Company&#8217;s registration statement on Form S-3 (File No. 333-218476) which became effective upon filing with the Securities
and Exchange Commission (&#8220;SEC&#8221;) on June 2, 2017. A copy of the Forward Sale Agreement and Underwriting Agreement are
filed herewith as Exhibits 1.1 and 1.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
The summary set forth above is qualified in its entirety by reference to Exhibits 1.1 and 1.2.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Settlement of Existing Forward Agreements</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 20, 2020, the Company delivered
settlement notices to physically settle each of its forward sale agreements existing prior to such date (the &#8220;Existing Forwards&#8221;).
On April 22, 2020, the Company delivered 3,976,695 shares of the Company&#8217;s common stock to effect the settlements, for net
proceeds of approximately $267 million. Following those settlements, no shares of the Company&#8217;s common stock remain subject
to future settlement under the Existing Forwards.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<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: 0in"></td>
    <td style="width: 1in"><span style="font-size: 10pt"><b>Item 9.01.</b></span></td>
    <td><span style="font-size: 10pt"><b>Financial Statements and Exhibits.</b></span></td></tr>
</table>
<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">(d) &#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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-decoration: underline; width: 1in"><span style="font-size: 10pt"><span style="text-decoration: underline">Exhibit</span></span></td>
    <td style="text-decoration: underline"><span style="font-size: 10pt"><span style="text-decoration: underline">Description</span></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><a href="tm2016574d1_ex1-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">1.1</span></a></td>
    <td><a href="tm2016574d1_ex1-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Forward Sale Agreement, dated as of April 20, 2020 between the Company and Citibank</span></a></td></tr>
<tr style="vertical-align: top">
    <td><a href="tm2016574d1_ex1-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">1.2 </span></a></td>
    <td><a href="tm2016574d1_ex1-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Underwriting Agreement, dated as of April 20, 2020 by and among the Company, the Operating Partnership, Citigroup and Citibank</span></a></td></tr>
<tr style="vertical-align: top">
    <td><a href="tm2016574d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">5.1 </span></a></td>
    <td><a href="tm2016574d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Opinion of Ballard Spahr LLP regarding the validity of the Shares to be issued and offered</span></a></td></tr>
<tr style="vertical-align: top">
    <td><a href="tm2016574d1_ex8-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">8.1</span></a></td>
    <td><a href="tm2016574d1_ex8-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Opinion of Honigman LLP as to certain tax matters</span></a></td></tr>
<tr style="vertical-align: top">
    <td><a href="tm2016574d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">23.1 </span></a></td>
    <td><a href="tm2016574d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Consent of Ballard Spahr LLP (included in Exhibit 5.1)</span></a></td></tr>
<tr style="vertical-align: top">
    <td><a href="tm2016574d1_ex8-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">23.2</span></a></td>
    <td><a href="tm2016574d1_ex8-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Consent of Honigman LLP (included in Exhibit 8.1)</span></a></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-size: 10pt">104</span></td>
    <td><span style="font-size: 10pt">Cover Page Interactive Data File</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#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-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td colspan="3" style="text-align: justify"><span style="font-size: 10pt"><b>AGREE REALTY CORPORATION</b></span></td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify; width: 54%">&#160;</td>
    <td style="text-align: justify; width: 2%">&#160;</td>
    <td style="text-align: justify; width: 5%">&#160;</td>
    <td style="text-align: justify; width: 34%">&#160;</td>
    <td style="text-align: justify; width: 5%">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">By:</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid"><span style="font-size: 10pt">/s/ Clayton R. Thelen</span></td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Name:</span></td>
    <td><span style="font-size: 10pt">Clayton R. Thelen</span></td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Title:</span></td>
    <td><span style="font-size: 10pt">Chief Financial Officer and Secretary </span></td>
    <td>&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April 22, 2020</p>

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

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2016574d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Date:</TD><TD STYLE="text-align: justify">April 20, 2020</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">To:</TD><TD STYLE="text-align: justify">Agree Realty Corporation<BR>
70 E. Long Lake Road<BR>
Bloomfield Hills, Michigan 48304</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">From:</TD><TD STYLE="text-align: justify">Citibank, N.A.<BR>
390 Greenwich Street<BR>
New York, NY 10013<BR>
Attn: Adam Muchnick<BR>
Telephone: (212) 723-3850<BR>
Email: adam.muchnick@citi.com</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Registered Forward Transaction</B></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-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">The purpose of this letter agreement is
to confirm the terms and conditions of the Transaction entered into between Citibank, N.A. (&ldquo;<B>Dealer</B>&rdquo;) and Agree
Realty Corporation (&ldquo;<B>Counterparty</B>&rdquo;) on the Trade Date specified below (the &ldquo;<B>Transaction</B>&rdquo;).
This letter agreement constitutes a &ldquo;Confirmation&rdquo; as referred to in the ISDA Master Agreement specified below.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The terms of the particular Transaction to which this Confirmation relates are as follows:</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 38%; text-align: justify">Trade Date:</TD>
    <TD STYLE="width: 62%; text-align: justify">April 20, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">Effective Date:</TD>
    <TD STYLE="text-align: justify">April 22, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">Seller:</TD>
    <TD STYLE="text-align: justify">Counterparty</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">Buyer:</TD>
    <TD STYLE="text-align: justify">Dealer</TD></TR>
</TABLE>

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

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

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<P STYLE="margin: 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="text-align: justify; width: 39%">Shares:</TD>
    <TD STYLE="text-align: justify; width: 61%">The common stock of Counterparty, USD 0.0001 par value per share (Ticker Symbol: &ldquo;ADC&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Number of Shares:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Initially, 6,166,666 Shares (the &ldquo;<B>Initial
        Number of Shares</B>&rdquo;); <I>provided </I>that the Number of Shares is subject to reduction as provided in Section 7(a) below.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On each Settlement Date, the Number of
        Shares shall be reduced by the number of Settlement Shares settled on such date.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Maturity Date:</TD>
    <TD STYLE="text-align: justify">April 20, 2021 (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Initial Forward Price:</TD>
    <TD STYLE="text-align: justify">USD 59.52 per Share</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Forward Price:</TD>
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -27pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Effective
        Date, the Initial Forward Price; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -27pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
        each calendar day thereafter, (i) the Forward Price as of the immediately preceding calendar day <U>multiplied by</U> (ii) the
        sum of one and the Daily Rate for such day; <I>provided </I>that, on each Forward Price Reduction Date, the Forward Price in effect
        on such date shall be the Forward Price otherwise in effect on such date, <U>minus</U> the Forward Price Reduction Amount for such
        Forward Price Reduction Date.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Daily Rate:</TD>
    <TD STYLE="text-align: justify">For any day, a rate (which may be positive or negative) equal to (i) (a) Overnight Bank Rate (or if the Overnight Bank Rate is no longer available, a successor rate selected by the Calculation Agent in its commercially reasonable discretion) for such day <U>minus</U> (b) the Spread <U>divided by</U> (ii) 360.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Overnight Bank Rate:</TD>
    <TD STYLE="text-align: justify">For any day, the rate set forth for such day opposite the caption &ldquo;Overnight bank funding rate&rdquo;, as such rate is displayed on Bloomberg Screen &ldquo;OBFR01 &lt;Index&gt; &lt;GO&gt;&rdquo;, or any successor page; <I>provided </I>that, if no rate appears for a particular day on such page, the rate for the immediately preceding day for which a rate does so appear shall be used for such day.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Spread:</TD>
    <TD STYLE="text-align: justify">1.00%; <U>provided</U> that Dealer may increase the Spread from time to time by notice to Counterparty to an amount not to exceed 1.50% if Dealer determines market conditions inclusive of hedging costs and internal charges related to maintaining a commercially reasonable hedge have increased relative to the Trade Date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Prepayment:</TD>
    <TD STYLE="text-align: justify">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Variable Obligation:</TD>
    <TD STYLE="text-align: justify">Not Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Forward Price Reduction Dates:</TD>
    <TD STYLE="text-align: justify">As set forth on Schedule I</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Forward Price Reduction Amounts:</TD>
    <TD STYLE="text-align: justify">For each Forward Price Reduction Date, the Forward Price Reduction Amount set forth opposite such date on Schedule I.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Exchange:</TD>
    <TD STYLE="text-align: justify">New York Stock Exchange</TD></TR>
</TABLE>

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

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

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<P STYLE="margin: 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="text-align: justify; width: 39%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 61%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Related Exchange(s):</TD>
    <TD STYLE="text-align: justify">All Exchanges</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Clearance System:</TD>
    <TD>The Depository Trust Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Market Disruption Event:</TD>
    <TD STYLE="text-align: justify">Section 6.3(a) of the Equity Definitions is hereby amended by replacing the first sentence in its entirety with the following: &ldquo;&lsquo;Market Disruption Event&rsquo; means in respect of a Share or an Index, the occurrence or existence of (i) a Trading Disruption, (ii) an Exchange Disruption, (iii) an Early Closure or (iv) a Regulatory Disruption, in each case that the Calculation Agent determines is material&rdquo;.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Early Closure:</TD>
    <TD STYLE="text-align: justify">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>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Regulatory Disruption:</TD>
    <TD STYLE="text-align: justify">Any event that Dealer, based on the advice of counsel, determines makes it reasonably necessary or appropriate with regard to any legal, regulatory or self-regulatory requirements or related policies and procedures that generally apply to transactions of a nature and kind similar to the Transaction for Dealer to refrain from or decrease any market activity in connection with the Transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Settlement:</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: 0.25in">Settlement
Currency:&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USD (all amounts shall be converted
to the Settlement Currency in good faith and in a commercially reasonable manner by the Calculation Agent)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Settlement Date:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any Scheduled Trading Day following the
        Effective Date and up to and including the Maturity Date that is either:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -27pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designated
        by Counterparty as a &ldquo;Settlement Date&rdquo; by a written notice (a &ldquo;<B>Settlement Notice</B>&rdquo;) that satisfies
        the Settlement Notice Requirements and is delivered to Dealer no less than (i) two Scheduled Trading Days prior to such Settlement
        Date, which may be the Maturity Date, if Physical Settlement applies, and (ii) 90 Scheduled Trading Days prior to such Settlement
        Date, which may be the Maturity Date, if Cash Settlement or Net Share Settlement applies; <I>provided</I> that, if Dealer shall
        fully unwind its hedge with respect to the portion of the Number of Shares to be settled during an Unwind Period by a date that
        is more than two Scheduled Trading Days prior to a Settlement Date specified above, Dealer may, by written notice to Counterparty,
        specify any Scheduled Trading Day prior to such original Settlement Date as the Settlement Date (with prior notice to Counterparty
        at least two Scheduled Trading Days prior to such specified Settlement Date); or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -27pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -27pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designated
by Dealer as a &ldquo;Settlement Date&rdquo; pursuant to the &ldquo;Termination Settlement&rdquo; provisions of Paragraph 7(f)
below;</P></TD></TR>
</TABLE>

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

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

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<P STYLE="margin: 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="text-align: justify; width: 39%">&nbsp;</TD>
    <TD STYLE="width: 61%">provided that the Maturity Date
        will be a Settlement Date if on such date the Number of Shares for which a Settlement Date has not already been designated is greater
        than zero, and <I>provided further </I>that, following the occurrence of at least three consecutive Disrupted Days during an Unwind
        Period and while such Disrupted Days are continuing, Dealer may designate any subsequent Scheduled Trading Day as the Settlement
        Date with respect to the portion of the Settlement Shares, if any, for which Dealer has determined an Unwind Purchase Price during
        such Unwind Period, it being understood that the Unwind Period with respect to the remainder of such Settlement Shares shall, subject
        to clause (ii) in &ldquo;Settlement Method Election&rdquo; below, recommence on the next succeeding Exchange Business Day that
        is not a Disrupted Day in whole.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Settlement Shares:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -27pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
        respect to any Settlement Date other than the Maturity Date, the number of Shares designated as such by Counterparty in the relevant
        Settlement Notice or designated by Dealer pursuant to the &ldquo;Termination Settlement&rdquo; provisions of Paragraph 7(f) below,
        as applicable; <I>provided </I>that the Settlement Shares so designated shall (i) not exceed the Number of Shares at that time
        and (ii) in the case of a designation by Counterparty, be at least equal to the lesser of 100,000 and the Number of Shares at that
        time; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -27pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -27pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
        respect to the Settlement Date on the Maturity Date, a number of Shares equal to the Number of Shares at that time;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -27pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in each case with the Number of Shares
        determined taking into account pending Settlement Shares.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Settlement Method Election:</TD>
    <TD STYLE="text-align: justify">Physical Settlement, Cash Settlement, or Net Share Settlement, at the election of Counterparty as set forth in a Settlement Notice that satisfies the Settlement Notice Requirements; <I>provided </I>that Physical Settlement shall apply (i) if no Settlement Method is validly selected, (ii) with respect to any Settlement Shares in respect of which Dealer is unable, in good faith and in its commercially reasonable discretion, to unwind its hedge by the end of the Unwind Period (A) in a manner that, in the reasonable discretion of Dealer, based on advice of counsel and taking into account any unwind period (or equivalent concept) under any outstanding forward transactions with Counterparty to which Dealer or its affiliate is a party (&ldquo;<B>Other Dealer Forward Transactions</B>&rdquo;) is consistent with the requirements for qualifying for the safe harbor provided by Rule 10b-18 (&ldquo;<B>Rule 10b-18</B>&rdquo;) under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;) or (B) due to the occurrence of Disrupted Days or to the lack of sufficient liquidity in the Shares on any Exchange Business Day during the Unwind Period, (iii) to any Termination Settlement Date (as defined under &ldquo;Termination Settlement&rdquo; in Paragraph 7(f) below) and (iv) if the Maturity Date is a Settlement Date other than as the result of a valid Settlement Notice, in respect of such Settlement Date; <I>provided further </I>that, if Physical Settlement applies under clause (ii) immediately above, Dealer shall provide written notice to Counterparty at least two Scheduled Trading Days prior to the applicable Settlement Date.</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></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="text-align: justify; width: 39%">Settlement Notice Requirements:</TD>
    <TD STYLE="text-align: justify; width: 61%">Notwithstanding any other provision hereof, a Settlement Notice delivered by Counterparty that specifies Cash Settlement or Net Share Settlement will not be effective to establish a Settlement Date or require Cash Settlement or Net Share Settlement unless Counterparty delivers to Dealer with such Settlement Notice a representation, dated as of the date of such Settlement Notice and signed by Counterparty, in the form set forth in clause (i) under the heading &ldquo;Additional Representations and Agreements of Counterparty&rdquo; in Paragraph 7(d) below.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Physical Settlement:</TD>
    <TD STYLE="text-align: justify">If Physical Settlement is applicable, then Counterparty shall deliver to Dealer through the Clearance System a number of Shares equal to the Settlement Shares for such Settlement Date, and Dealer shall pay to Counterparty, by wire transfer of immediately available funds to an account designated by Counterparty, an amount equal to the Physical Settlement Amount for such Settlement Date.&nbsp;&nbsp;If, on any Settlement Date, the Shares to be delivered by Counterparty to Dealer hereunder are not so delivered (the &ldquo;<B>Deferred Shares</B>&rdquo;), and a Forward Price Reduction Date occurs during the period from, and including, such Settlement Date to, but excluding, the date such Shares are actually delivered to Dealer, then the portion of the Physical Settlement Amount payable by Dealer to Counterparty in respect of the Deferred Shares shall be reduced by an amount equal to the Forward Price Reduction Amount for such Forward Price Reduction Date, <U>multiplied by</U> the number of Deferred Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Physical Settlement Amount:</TD>
    <TD STYLE="text-align: justify">For any Settlement Date for which Physical Settlement is applicable, an amount in cash equal to the product of (a) the Forward Price in effect on the relevant Settlement Date <U>multiplied by</U> (b) the Settlement Shares for such Settlement Date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Cash Settlement:</TD>
    <TD STYLE="text-align: justify">On any Settlement Date in respect of which Cash Settlement applies, if the Cash Settlement Amount is a positive number, Dealer will pay the Cash Settlement Amount to Counterparty.&nbsp;&nbsp;If the Cash Settlement Amount is a negative number, Counterparty will pay the absolute value of the Cash Settlement Amount to Dealer.&nbsp;&nbsp;Such amounts shall be paid on such Settlement Date by wire transfer of immediately available funds.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Cash Settlement Amount:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An amount determined by the Calculation
        Agent equal to:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -27pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)(A)
the weighted average (weighted on the same basis as clause (B)) of the Forward Prices on each day during the applicable Unwind
Period (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during such Unwind
Period, which is accounted for in clause (b) below), <U>minus</U> USD 0.02, <U>minus</U> (B) the weighted average price (the &ldquo;<B>Unwind
Purchase Price</B>&rdquo;) at which Dealer purchases Shares during the Unwind Period to unwind its hedge with respect to the portion
of the Number of Shares to be settled during the Unwind Period (including, for the avoidance of doubt, purchases on any Disrupted
Day in part), taking into account Shares anticipated to be delivered or received if Net Share Settlement applies, and the restrictions
of Rule 10b-18 under the Exchange Act agreed to hereunder, <U>multiplied by</U> (ii) the Settlement Shares for the relevant Settlement
Date; <U>minus</U>&nbsp;</P></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></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="text-align: justify; width: 39%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; padding-left: 0.375in; text-align: justify; text-indent: -27pt; width: 61%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
        product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period, <I>and
        </I>(ii) the number of Settlement Shares for such Settlement Date with respect to which Dealer has not unwound its hedge, including
        the settlement of such unwinds, as of such Forward Price Reduction Date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Net Share Settlement:</TD>
    <TD STYLE="text-align: justify">On any Settlement Date in respect of which Net Share Settlement applies, if the Cash Settlement Amount is a (i) positive number, Dealer shall deliver a number of Shares to Counterparty equal to the Net Share Settlement Shares, or (ii) negative number, Counterparty shall deliver a number of Shares to Dealer equal to the Net Share Settlement Shares; <I>provided </I>that, if Dealer determines in its commercially reasonable judgment that it would be required to deliver Net Share Settlement Shares to Counterparty, Dealer may elect to deliver a portion of such Net Share Settlement Shares on one or more dates prior to the applicable Settlement Date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Net Share Settlement Shares:</TD>
    <TD STYLE="text-align: justify">With respect to a Settlement Date, the absolute value of the Cash Settlement Amount <U>divided by</U> the Unwind Purchase Price, with the number of Shares rounded up in the event such calculation results in a fractional number.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Unwind Period:</TD>
    <TD STYLE="text-align: justify">The period from and including the first Exchange Business Day following the date Counterparty validly elects Cash Settlement or Net Share Settlement in respect of a Settlement Date through the second Scheduled Trading Day preceding such Settlement Date, subject to &ldquo;Termination Settlement&rdquo; as described in Paragraph 7(f) below.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Failure to Deliver:</TD>
    <TD STYLE="text-align: justify">Applicable if Dealer is required to deliver Shares hereunder; otherwise, Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Share Cap:</TD>
    <TD STYLE="text-align: justify">Notwithstanding any other provision of this Confirmation, in no event will Counterparty be required to deliver to Dealer on any Settlement Date, whether pursuant to Physical Settlement, Net Share Settlement or any Private Placement Settlement, a number of Shares in excess of (i) 1.5 times the Initial Number of Shares, subject to adjustment from time to time in accordance with the provisions of this Confirmation or the Equity Definitions <U>minus</U> (ii) the aggregate number of Shares delivered by Counterparty to Dealer hereunder prior to such Settlement Date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adjustments:</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: 0.25in">Method of Adjustment:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P></TD>
    <TD>
        <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; text-align: justify">Calculation Agent Adjustment. Section 11.2(e)
        of the Equity Definitions is hereby amended by deleting clause (iii) thereof, and Section 11.2(e)(vii) of the Equity Definitions
        is hereby amended by adding the words &ldquo;that is within the Issuer&rsquo;s control&rdquo; immediately after the word &ldquo;event&rdquo;.
        For the avoidance of doubt, the declaration or payment of a cash dividend will not constitute a Potential Adjustment Event.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 39%">Additional Adjustment:</TD>
    <TD STYLE="text-align: justify; width: 61%">If, in Dealer&rsquo;s commercially reasonable judgment, the actual cost to Dealer (or an affiliate of Dealer), on any Scheduled Trading Day, of borrowing a number of Shares equal to the Number of Shares to hedge in a commercially reasonable manner its exposure to this Transaction exceeds a weighted average rate equal to 25 basis points per annum, the Calculation Agent shall reduce the Forward Price in order to compensate Dealer for the amount by which such cost exceeded a weighted average rate equal to 25 basis points per annum on such day.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Extraordinary Events:</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: 0.25in">Extraordinary Events:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P></TD>
    <TD>
        <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; text-align: justify">In lieu of the applicable provisions contained
        in Article 12 of the Equity Definitions, the consequences of any Extraordinary Event (including, for the avoidance of doubt, any
        Merger Event, Tender Offer, Nationalization, Insolvency, Delisting, or Change In Law) shall be as specified below under the headings
        &ldquo;Acceleration Events&rdquo; and &ldquo;Termination Settlement&rdquo; in Paragraphs 7(e) and 7(f), respectively. Notwithstanding
        anything to the contrary herein or in the Equity Definitions, no Additional Disruption Event will be applicable except to the extent
        expressly referenced in Section 7(e)(iv) below. The definition of &ldquo;Tender Offer&rdquo; in Section 12.1(d) of the Equity Definitions
        is hereby amended by replacing &ldquo;10%&rdquo; with &ldquo;15%.&rdquo;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Non-Reliance:</TD>
    <TD STYLE="text-align: justify">Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Agreements and Acknowledgments Regarding Hedging Activities:</TD>
    <TD STYLE="text-align: justify">Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Additional Acknowledgments:</TD>
    <TD STYLE="text-align: justify">Applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Transfer:</TD>
    <TD STYLE="text-align: justify">Notwithstanding anything to the contrary herein or in the Agreement, Dealer may assign, transfer and set over all rights, title and interest, powers, privileges and remedies of Dealer under this Transaction, in whole or in part, to any affiliate of Dealer, whose obligations hereunder are fully and unconditionally guaranteed by Dealer or Dealer&rsquo;s ultimate parent entity, without the consent of Counterparty.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT>Calculation Agent:</TD>
    <TD STYLE="text-align: justify">Dealer, whose judgments, determinations and calculations shall be made in good faith and in a commercially reasonable manner; <I>provided </I>that, following the occurrence and during the continuance of an Event of Default of the type described in Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, if the Calculation Agent fails to timely make any calculation, adjustment or determination required to be made by the Calculation Agent hereunder or to perform any obligation of the Calculation Agent hereunder and such failure continues for five Exchange Business Days following notice to the Calculation Agent by Counterparty of such failure, Counterparty shall have the right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to act, during the period commencing on the date such Event of Default occurred and ending on the Early Termination Date with respect to such Event of Default, as the Calculation Agent.&nbsp;&nbsp;Following any determination or calculation by the Calculation Agent hereunder, upon a request by Counterparty, the Calculation Agent shall promptly (but in any event within three Scheduled Trading Days) provide to Counterparty by e-mail to the e-mail address provided by Counterparty in such request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such determination or calculation (including any assumptions used in making such determination or calculation), it being understood that the Calculation Agent shall not be obligated to disclose any proprietary or confidential models or other proprietary or confidential information used by it for such determination or calculation.</TD></TR>
</TABLE>

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

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

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<P STYLE="margin: 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: 39%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT></FONT>Account Details:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">(a) Account for delivery of Shares to Dealer:&#9;</P></TD>
    <TD STYLE="width: 61%">
        <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; text-align: justify"><BR>
        To be furnished</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt">(b) Account for delivery of Shares to Counterparty:</TD>
    <TD STYLE="text-align: justify"><BR>
To be furnished</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt">(c) Account for payments to Counterparty:</TD>
    <TD STYLE="text-align: justify">To be advised under separate cover or telephone confirmed prior to each Settlement Date</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt">(d) Account for payments to Dealer:</TD>
    <TD STYLE="text-align: justify">To be advised under separate cover or telephone confirmed prior to each Settlement Date</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 27pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT></FONT>Offices:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">The Office of Counterparty
        for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">The Office of Dealer for the
        Transaction is: New York.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT></FONT>Notices: For purposes of this Confirmation:</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 27.35pt">(a) Address for notices or communications to Counterparty:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">Agree Realty Corporation<BR>
        70 E. Long Lake Road</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">Bloomfield Hills, Michigan 48304</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">Attn: Clayton Thelen</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: left">Facsimile: (248) 737-9110</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: left">Email: cthelen@agreerealty.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">With a copy to:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">Donald J. Kunz</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">Honigman LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">660 Woodward Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">2290 First National Building</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">Detroit, Michigan 48226</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: left">Email: dkunz@honigman.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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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 0pt 27pt">(b) Address for notices or communications to Dealer:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">Citibank, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">390 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">New York, NY 10013</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">Telephone: (212) 723-3850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">Email: adam.muchnick@citi.com</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Provisions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conditions to Effectiveness</U>. The effectiveness of this Confirmation on the Effective Date shall be subject
to the satisfaction or waiver by Dealer of the following conditions: (i) the condition that the representations and warranties
of Counterparty contained in the Underwriting Agreement, dated the date hereof, among Counterparty, Citigroup Global Markets Inc.
(as agent for Citibank, N.A.). as the forward seller, Citibank, N.A., as the forward counterparty, and Citigroup Global Markets
Inc. as representative of the several Underwriters named therein (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) and any certificate
delivered pursuant thereto by Counterparty are true and correct on the Effective Date as if made as of the Effective Date, (ii)
the condition that Counterparty has performed all of the obligations required to be performed by it under the Underwriting Agreement
on or prior to the Effective Date, (iii) all of the conditions set forth or referenced in Section 8 of the Underwriting Agreement
have been satisfied, (iv) the Underwriting Agreement remains in effect and has not terminated pursuant to Section 10 of the Underwriting
Agreement and (v) the condition that, as determined by Dealer in good faith and a commercially reasonable manner, neither of the
following has occurred (A) Dealer is unable to borrow and deliver for sale a number of Shares equal to the Initial Number of Shares,
or (B) in Dealer&rsquo;s commercially reasonable judgment either it is impracticable to do so or Dealer would incur a stock loan
cost of more than a rate equal to 200 basis points per annum to do so (in which event this Confirmation shall be effective but
the Initial Number of Shares for this Transaction shall be the number of Shares Dealer is required to deliver in accordance with
Section 2 of the Underwriting Agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Interpretive Letter</U>. Counterparty agrees and acknowledges that this Transaction is being entered into in accordance
with the October 9, 2003 interpretive letter from the staff of the Securities and Exchange Commission to Goldman, Sachs &amp; Co.
(the &ldquo;<B>Interpretive Letter</B>&rdquo;) and agrees to take all actions, and to omit to take any actions, reasonably requested
by Dealer for this Transaction to comply with the Interpretive Letter. Without limiting the foregoing, Counterparty agrees that
neither it nor any &ldquo;affiliated purchaser&rdquo; (as defined in Regulation M (&ldquo;<B>Regulation M</B>&rdquo;) promulgated
under the Exchange Act) will, directly or indirectly, bid for, purchase or attempt to induce any person to bid for or purchase,
the Shares or securities that are convertible into, or exchangeable or exercisable for, Shares during any &ldquo;restricted period&rdquo;
as such term is defined in Regulation M. In addition, Counterparty represents that it is eligible to conduct a primary offering
of Shares on Form S-3, the offering contemplated by the Underwriting Agreement complies with Rule 415 under the Securities Act
of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), and the Shares are &ldquo;actively traded&rdquo; as defined in Rule
101(c)(1) of Regulation M.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Agreements and Acknowledgments Regarding Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Counterparty agrees and acknowledges that, in respect of any Shares delivered to Dealer hereunder, such Shares shall
be newly issued (unless mutually agreed otherwise by the parties) and, upon such delivery, duly and validly authorized, issued
and outstanding, fully paid and nonassessable, free of any lien, charge, claim or other encumbrance and not subject to any preemptive
or similar rights and shall, upon such issuance, be accepted for listing or quotation on the Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Counterparty agrees and acknowledges that Dealer (or an affiliate of Dealer) will hedge its exposure to this Transaction
by selling Shares borrowed from third party securities lenders or other Shares pursuant to a registration statement, and that,
pursuant to the terms of the Interpretive Letter, the Shares (up to the Initial Number of Shares) delivered, pledged or loaned
by Counterparty to Dealer (or an affiliate of Dealer) in connection with this Transaction may be used by Dealer (or an affiliate
of Dealer) to return to securities lenders without further registration or other restrictions under the Securities Act, in the
hands of those securities lenders, irrespective of whether such securities loan is effected by Dealer or an affiliate of Dealer.
Accordingly, subject to Section 7(g) below, Counterparty agrees that the Shares that it delivers, pledges or loans to Dealer (or
an affiliate of Dealer) on or prior to the final Settlement Date will not bear a restrictive legend and that such Shares will be
deposited in, and the delivery thereof shall be effected through the facilities of, the Clearance System.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Counterparty agrees and acknowledges that it has reserved and will keep available at all times, free from preemptive
or similar rights and free from any lien, charge, claim or other encumbrance, authorized but unissued Shares at least equal to
the Share Cap, solely for the purpose of settlement under this Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Unless the provisions set forth below under &ldquo;Private Placement Procedures&rdquo; are applicable, Dealer agrees
to use any Shares delivered by Counterparty hereunder on any Settlement Date to return to securities lenders to close out open
securities loans created by Dealer or an affiliate of Dealer in the course of Dealer&rsquo;s or such affiliate&rsquo;s hedging
activities related to Dealer&rsquo;s exposure under this Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In connection with bids and purchases of Shares in connection with any Cash Settlement or Net Share Settlement of
this Transaction, Dealer shall use its reasonable efforts, based on the advice of counsel and taking into account any unwind period
(or equivalent concept) under any outstanding Other Dealer Forward Transactions, to conduct its activities, or cause its affiliates
to conduct their activities, in a manner consistent with the requirements of the safe harbor provided by Rule 10b-18 under the
Exchange Act, as if such provisions were applicable to such purchases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Additional Representations and Agreements of Counterparty</U>. Counterparty represents, warrants and agrees as
follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Counterparty represents to Dealer on the Trade Date and on any date that Counterparty notifies Dealer that Cash Settlement
or Net Share Settlement applies to this Transaction, that (A) Counterparty is not aware of any material nonpublic information regarding
Counterparty or the Shares, (B) each of its filings under the Securities Act, the Exchange Act or other applicable securities laws
that are required to be filed have been filed and that, as of the date of this representation, when considered as a whole (with
the more recent such filings deemed to amend inconsistent statements contained in any earlier such filings), there is no misstatement
of material fact contained therein or omission of a material fact required to be stated therein or necessary to make the statements
made therein, in the light of the circumstances under which they were made, not misleading and (C) Counterparty is not entering
into this Confirmation nor making any election hereunder to create actual or apparent trading activity in the Shares (or any security
convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security
convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>It is the intent of Dealer and Counterparty that following any election of Cash Settlement or Net Share Settlement
by Counterparty, the purchase of Shares by Dealer during any Unwind Period comply with the requirements of Rule 10b5-l(c)(l)(i)(B)
of the Exchange Act and that this Confirmation shall be interpreted to comply with the requirements of Rule 10b5-l(c). Counterparty
acknowledges that (i) during any Unwind Period, Counterparty shall not have, and shall not attempt to exercise, any influence over
how, when or whether to effect purchases of Shares by Dealer (or its agent or affiliate) in connection with this Confirmation and
(ii) Counterparty is entering into the Agreement and this Confirmation in good faith and not as part of a plan or scheme to evade
compliance with federal securities laws including, without limitation, Rule 10b-5 promulgated under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Counterparty shall, at least one day prior to the first day of any Unwind Period, notify Dealer of the total number
of Shares purchased in Rule 10b-18 purchases of blocks pursuant to the once-a-week block exception contained in Rule 10b-18(b)(4)
by or for Counterparty or any of its affiliated purchasers during each of the four calendar weeks preceding the first day of the
Unwind Period and during the calendar week in which the first day of the Unwind Period occurs (&ldquo;Rule 10b-18 purchase&rdquo;,
 &ldquo;blocks&rdquo; and &ldquo;affiliated purchaser&rdquo; each being used as defined in Rule 10b-18).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Counterparty will not engage in any &ldquo;distribution&rdquo; (as defined in Regulation M), other than a distribution
meeting the requirements of the exception set forth in Rules 101(b)(10) or 102(b)(7) of Regulation M, that would cause a &ldquo;restricted
period&rdquo; (as defined in Regulation M) to occur during any Unwind Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Counterparty is not, and after giving effect to the transactions contemplated hereby will not be, required to register
as an &ldquo;investment company&rdquo; as such term is defined in the Investment Company Act of 1940, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(viii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Counterparty is not insolvent, nor will Counterparty be rendered insolvent as a result of this Transaction or its
performance of the terms hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ix)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that Dealer
is not making any representations or warranties or taking any position or expressing any view with respect to the treatment of
this Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging,
or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging &ndash; Contracts in Entity&rsquo;s
Own Equity (or any successor issue statements) or under FASB&rsquo;s Liabilities &amp; Equity Project.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(x)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Counterparty understands no obligations of Dealer to it hereunder will be entitled to the benefit of deposit insurance
and that such obligations will not be guaranteed by any affiliate of Dealer or any governmental agency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xi)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To Counterparty&rsquo;s actual knowledge, no federal, state or local (including non-U.S. jurisdictions) law, rule,
regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement
(including without limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates
owning or holding (however defined) Shares, other than Sections 13 and 16 under the Exchange Act and Article Ninth of Counterparty&rsquo;s
Articles of Incorporation, as amended and supplemented (the &ldquo;<B>Charter</B>&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No filing with, or approval, authorization, consent, license, registration, qualification, order or decree of, any
court or governmental authority or agency, domestic or foreign, is necessary or required for the execution, delivery and performance
by Counterparty of this Confirmation and the consummation of this Transaction (including, without limitation, the issuance and
delivery of Shares on any Settlement Date) except (i) such as have been obtained under the Securities Act and (ii) as may be required
to be obtained under state securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xiii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Counterparty (i) has such knowledge and experience in financial and business affairs as to be capable of evaluating
the merits and risks of entering into this Transaction; (ii) has consulted with its own legal, financial, accounting and tax advisors
in connection with this Transaction; and (iii) is entering into this Transaction for a bona fide business purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(xiv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Counterparty will, by the next succeeding Scheduled Trading Day, notify Dealer upon obtaining knowledge of the occurrence
of any event that would constitute an Event of Default, a Potential Event of Default or a Potential Adjustment Event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Acceleration Events</U>. Each of the following events shall constitute an &ldquo;<B>Acceleration Event</B>&rdquo;:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Dividends and Other Distributions</U>. On any day occurring after the Trade Date, Counterparty declares a distribution,
issue or dividend to existing holders of the Shares of (A) any cash dividend (other than an Extraordinary Dividend) to the extent
all cash dividends having an ex-dividend date during the period from, and including, any Forward Price Reduction Date (with the
Trade Date being a Forward Price Reduction Date for purposes of this paragraph (ii) only) to, but excluding, the next subsequent
Forward Price Reduction Date exceeds, on a per Share basis, the Forward Price Reduction Amount set forth opposite the first date
of any such period on Schedule I, (B) any Extraordinary Dividend, (C) any share capital or other securities of another issuer acquired
or owned (directly or indirectly) by Counterparty as a result of a spin-off or other similar transaction or (D) any other type
of securities (other than Shares), rights or warrants or other assets, in any case for payment (cash or other consideration) at
less than the prevailing market price, as determined in a commercially reasonable manner by Dealer; &ldquo;<B>Extraordinary Dividend</B>&rdquo;
means any dividend or distribution (that is not an ordinary cash dividend) declared by the Issuer with respect to the Shares that,
in the commercially reasonable determination of Dealer, is (1) a dividend or distribution declared on the Shares at a time at which
the Issuer has not previously declared or paid dividends or distributions on such Shares for the prior four quarterly periods,
(2) a payment or distribution by the Issuer to holders of Shares that the Issuer announces will be an &ldquo;extraordinary&rdquo;
or &ldquo;special&rdquo; dividend or distribution, (3) a payment by the Issuer to holders of Shares out of the Issuer&rsquo;s capital
and surplus or (4) any other &ldquo;special&rdquo; dividend or distribution on the Shares that is, by its terms or declared intent,
outside the normal course of operations or normal dividend policies or practices of the Issuer;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>ISDA Termination</U>. Either Dealer or Counterparty has the right to designate an Early Termination Date pursuant
to Section 6 of the Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Other ISDA Events</U>. The announcement of any event that, if consummated, would result in a Merger Event, Tender
Offer, Nationalization, Insolvency or Delisting or the occurrence of any Hedging Disruption or Change in Law; <I>provided </I>that,
in case of a Delisting, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute
a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted
on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors);
<I>provided further </I>that (i) the definition of &ldquo;Change in Law&rdquo; provided in Section 12.9(a)(ii) of the Equity Definitions
is hereby amended by (A) replacing the phrase &ldquo;the interpretation&rdquo; in the third line thereof with the phrase &ldquo;or
announcement or statement of the formal or informal interpretation&rdquo; and (B) immediately following the word &ldquo;Transaction&rdquo;
in clause (X) thereof, adding the phrase &ldquo;in the manner contemplated by Dealer on the Trade Date&rdquo; and (ii) any determination
as to whether (A) the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law)
or (B) the promulgation of or any change in or announcement or statement of the formal or informal interpretation by any court,
tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by
a taxing authority), in each case, constitutes a &ldquo;Change in Law&rdquo; shall be made without regard to Section 739 of the
Wall Street Transparency and Accountability Act of 2010 (the &ldquo;<B>WSTAA</B>&rdquo;) or any similar provision in any legislation
enacted on or after the Trade Date; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Ownership Event</U>. In the good faith judgment of Dealer, on any day, the Share Amount for such day exceeds the
Post-Effective Limit for such day (if any applies) or Counterparty has notified Dealer that the Limited Exception to the Ownership
Limit, dated the date hereof, between Counterparty and Dealer (or any equivalent limited exception) (the &ldquo;<B>Waiver</B>&rdquo;)
has been revoked by Counterparty pursuant to the last sentence of Section 2 thereof (or any equivalent provision) (each, an &ldquo;<B>Ownership
Event</B>&rdquo;). For purposes of this clause (v), the &ldquo;<B>Share Amount</B>&rdquo; as of any day is the number of Shares
that Dealer and any person whose ownership position would be aggregated with that of Dealer (Dealer or any such person, a &ldquo;<B>Dealer
Person</B>&rdquo;) under any law, rule, regulation or regulatory order (other than any obligations under Section 13 of the Exchange
Act and the rules and regulations promulgated thereunder) or Counterparty constituent document that for any reason is, or after
the Trade Date becomes, applicable to ownership of Shares (&ldquo;<B>Applicable Provisions</B>&rdquo;), owns, beneficially owns,
constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership of under the Applicable
Provisions, as determined by Dealer in its reasonable discretion. The &ldquo;<B>Post-Effective Limit</B>&rdquo; means (x) the minimum
number of Shares that would give rise to reporting or registration obligations or other requirements (including obtaining prior
approval from any person or entity) of a Dealer Person, or would result in an adverse effect on a Dealer Person, under the Applicable
Provisions, as determined by Dealer in its reasonable discretion, <U>minus</U> (y) 1.0% of the number of Shares outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination Settlement</U>. Upon the occurrence of any Acceleration Event, Dealer shall have the right to designate,
upon at least one Scheduled Trading Day&rsquo;s notice, any Scheduled Trading Day following such occurrence to be a Settlement
Date hereunder (a &ldquo;<B>Termination Settlement Date</B>&rdquo;) to which Physical Settlement shall apply, and to select the
number of Settlement Shares relating to such Termination Settlement Date; <I>provided </I>that (i) in the case of an Acceleration
Event arising out of an Ownership Event, the number of Settlement Shares so designated by Dealer shall not exceed the number of
Shares necessary to reduce the Share Amount to reasonably below the Post-Effective Limit (or, in the case of an Ownership Event
relating to the revocation of the Waiver, the number of Settlement Shares so designated by Dealer shall not exceed the Number of
Shares), and (ii) in the case of an Acceleration Event arising out of a Stock Borrow Event, the number of Settlement Shares so
designated by Dealer shall not exceed the number of Shares as to which such Stock Borrow Event exists. If, upon designation of
a Termination Settlement Date by Dealer pursuant to the preceding sentence, Counterparty fails to deliver the Settlement Shares
relating to such Termination Settlement Date when due or otherwise fails to perform obligations within its control in respect of
this Transaction, it shall be an Event of Default with respect to Counterparty and Section 6 of the Agreement shall apply. If an
Acceleration Event occurs during an Unwind Period relating to a number of Settlement Shares to which Cash Settlement or Net Share
Settlement applies, then on the Termination Settlement Date relating to such Acceleration Event, notwithstanding any election to
the contrary by Counterparty, Cash Settlement or Net Share Settlement shall apply to the portion of the Settlement Shares relating
to such Unwind Period as to which Dealer has unwound its hedge and Physical Settlement shall apply in respect of (x) the remainder
(if any) of such Settlement Shares and (y) the Settlement Shares designated by Dealer in respect of such Termination Settlement
Date. If an Acceleration Event occurs after Counterparty has designated a Settlement Date to which Physical Settlement applies
but before the relevant Settlement Shares have been delivered to Dealer, then Dealer shall have the right to cancel such Settlement
Date and designate a Termination Settlement Date in respect of such Shares pursuant to the first sentence hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Private Placement Procedures</U>. If Counterparty is unable to comply with the provisions of Section 7(c)(ii)
above because of a change in law or a change in the policy of the Securities and Exchange Commission or its staff, or Dealer otherwise
determines that in its reasonable opinion any Shares to be delivered to Dealer by Counterparty may not be freely returned by Dealer
or its affiliates to securities lenders as described under such sub-paragraph (ii) or otherwise constitute &ldquo;restricted securities&rdquo;
as defined in Rule 144 under the Securities Act, then delivery of any such Shares (the &ldquo;<B>Restricted Shares</B>&rdquo;)
shall be effected as provided below, unless waived by Dealer.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If Counterparty delivers any Restricted Shares in respect of this Transaction, Counterparty agrees that (A) such
Shares may be transferred by and among Dealer and its affiliates and (B) after the minimum &ldquo;holding period&rdquo; within
the meaning of Rule 144(d) under the Securities Act has elapsed, Counterparty shall promptly remove, or cause the transfer agent
for the Shares to remove, any legends referring to any transfer restrictions from such Shares upon delivery by Dealer (or such
affiliate of Dealer) to Counterparty or such transfer agent of any seller&rsquo;s and broker&rsquo;s representation letters customarily
delivered by Dealer or its affiliates in connection with resales of restricted securities pursuant to Rule 144 under the Securities
Act, each without any further requirement for the delivery of any certificate, consent, agreement, opinion of counsel, notice or
any other document, any transfer tax stamps or payment of any other amount or any other action by Dealer (or such affiliate of
Dealer).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Indemnity</U>. Counterparty agrees to indemnify Dealer and its affiliates and their respective directors, officers,
employees, agents and controlling persons (Dealer and each such affiliate or person being an &ldquo;<B>Indemnified Party</B>&rdquo;)
from and against any and all losses, claims, damages and liabilities, joint and several, incurred by or asserted against such Indemnified
Party arising out of, in connection with, or relating to any breach of any covenant or representation made by Counterparty in this
Confirmation or the Agreement and will reimburse any Indemnified Party for all reasonable expenses (including reasonable legal
fees and reasonable expenses) as they are incurred in connection with the investigation of, preparation for, or defense of any
pending or threatened claim or any action or proceeding arising therefrom (whether or not such Indemnified Party is a party thereto),
except to the extent determined in a final and nonappealable judgment by a court of competent jurisdiction to have resulted from
Dealer&rsquo;s gross negligence, fraud, bad faith and/or willful misconduct or from a breach of any representation or covenant
of Dealer contained in this Confirmation or the Agreement. The foregoing provisions shall survive any termination or completion
of the Transaction.</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Governing Law/Jurisdiction</U>. This Confirmation and any claim, controversy or dispute arising under or related
to this Confirmation shall be governed by the laws of the State of New York without reference to the conflict of laws provisions
thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the United
States Court for the Southern District of New York in connection with all matters relating hereto and waive any objection to the
laying of venue in, and any claim of inconvenient forum with respect to, these courts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Designation by Dealer</U>. Notwithstanding any other provision in this Confirmation to the contrary requiring
or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities to or from Counterparty, Dealer may designate
any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Dealer obligations
in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations
to Counterparty only to the extent of any such performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Insolvency Filing</U>. Notwithstanding anything to the contrary herein, in the Agreement or in the Equity Definitions,
upon any Insolvency Filing or other proceeding under the U.S. Bankruptcy Code in respect of the Issuer, this Transaction shall
automatically terminate on the date thereof without further liability of either party to this Confirmation to the other party (except
for any liability in respect of any breach of representation or covenant by a party under this Confirmation prior to the date of
such Insolvency Filing or other proceeding), it being understood that this Transaction is a contract for the issuance of Shares
by the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Disclosure</U>. Effective from the date of commencement of discussions concerning the Transaction, each of Dealer
and Counterparty and each of their employees, representatives, or other agents may disclose to any and all persons, without limitation
of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other
tax analyses) relating to such tax treatment and tax structure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Right to Extend</U>. Dealer may postpone any Settlement Date or any other date of valuation or delivery, with
respect to some or all of the relevant Settlement Shares, if Dealer determines, based on the advice of counsel, that such extension
is reasonably necessary or appropriate to enable Dealer to effect purchases of Shares in connection with its hedging activity hereunder
in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable
legal and regulatory requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(o)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Counterparty Share Repurchases</U>. Counterparty agrees not to repurchase, directly or indirectly, any Shares
if, immediately following such purchase, the Outstanding Share Percentage would be equal to or greater than 9.8%. The &ldquo;<B>Outstanding
Share Percentage</B>&rdquo; as of any day is the fraction (1) the numerator of which is the aggregate &ldquo;Number of Shares&rdquo;
(or equivalent concept) for this Transaction and all outstanding Other Dealer Forward Transactions and (2) the denominator of which
is the number of Shares outstanding on such day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(p)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Limit on Beneficial Ownership</U>. Notwithstanding any other provisions hereof, Dealer shall not have the right
to acquire Shares hereunder and Dealer shall not be entitled to take delivery of any Shares hereunder (in each case, whether in
connection with the purchase of Shares on any Settlement Date or any Termination Settlement Date, any Private Placement Settlement
or otherwise) to the extent (but only to the extent) that, after such receipt of any Shares hereunder, (i) the Share Amount would
exceed the Post-Effective Limit, (ii) Dealer and each person subject to aggregation of Shares with Dealer under Section 13 or Section
16 of the Exchange Act and rules promulgated thereunder, including any &ldquo;group&rdquo; of which Dealer or its affiliates is
a part, (the &ldquo;<B>Dealer Group</B>&rdquo;) would directly or indirectly beneficially own (as such term is defined for purposes
of Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) in excess of 4.0% of the then outstanding Shares
(the &ldquo;<B>Threshold Number of Shares</B>&rdquo;) or (iii) such acquisition would result in a violation of any restriction
on ownership and transfers set forth in Article Ninth of Counterparty&rsquo;s Charter and as further modified by the Waiver (the
 &ldquo;<B>Counterparty Stock Ownership Restriction</B>&rdquo;). Any purported delivery hereunder shall be void and have no effect
to the extent (but only to the extent) that, after such delivery, (A) the Share Amount would exceed the Post-Effective Limit, (B)
the Dealer Group would directly or indirectly so beneficially own in excess of the Threshold Number of Shares or (C) such delivery
would result in a violation of the Counterparty Stock Ownership Restriction. If any delivery owed to Dealer hereunder is not made,
in whole or in part, as a result of this provision, Counterparty&rsquo;s obligation to make such delivery shall not be extinguished
and Counterparty shall make such delivery as promptly as practicable after, but in no event later than one Scheduled Trading Day
after, Dealer gives notice to Counterparty that, after such delivery, (x) the Share Amount would not exceed the Post-Effective
Limit, (y) the Dealer Group would not directly or indirectly so beneficially own in excess of the Threshold Number of Shares or
(z) such delivery would not result in a violation of the Counterparty Stock Ownership Restriction, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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">In addition, notwithstanding anything in
this Confirmation to the contrary, if any delivery owed to Dealer hereunder is not made, in whole or in part, as a result of the
immediately preceding paragraph, Dealer shall be permitted to make any payment due in respect of such Shares to Counterparty in
two or more tranches that correspond in amount to the number of Shares delivered by Counterparty to Dealer pursuant to the immediately
preceding paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(q)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Commodity Exchange Act</U>. Each of Dealer and Counterparty agrees and represents that it is an &ldquo;eligible
contract participant&rdquo; as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended (the &ldquo;<B>CEA</B>&rdquo;),
the Agreement and this Transaction are subject to individual negotiation by the parties and have not been executed or traded on
a &ldquo;trading facility&rdquo; as defined in Section 1a(51) of the CEA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(r)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Bankruptcy Status</U>. Subject to Paragraph 7(l) above, Dealer acknowledges and agrees that this Confirmation
is not intended to convey to Dealer rights with respect to the transactions contemplated hereby that are senior to the claims of
Counterparty&rsquo;s common stockholders in any U.S. bankruptcy proceedings of Counterparty; <I>provided</I>, <I>however</I>, that
nothing herein shall be deemed to limit Dealer&rsquo;s right to pursue remedies in the event of a breach by Counterparty of its
obligations and agreements with respect to this Confirmation and the Agreement; and <I>provided</I>, <I>further</I>, that nothing
herein shall limit or shall be deemed to limit Dealer&rsquo;s rights in respect of any transaction other than this Transaction.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify">For the purpose of Section 3(f) of the Agreement:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="text-align: justify">Dealer makes the following representations:</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: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify">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.</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: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: justify">It is a national banking association organized and existing under the laws of the United States
of America, and is an exempt recipient under Treasury Regulation Section 1.6049-4(c)(1)(ii).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="text-align: justify">Counterparty makes the following representations:</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: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify">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.</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: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: justify">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).</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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<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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><U>Withholding Tax imposed on payments to non-US counterparties under the United States Foreign
Account Tax Compliance Act</U>. &ldquo;Indemnifiable Tax&rdquo;, as defined in Section 14 of the Agreement, shall not include any
U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986,
as amended (the &ldquo;<B>Code</B>&rdquo;), any current or future regulations or official interpretations thereof, any agreement
entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant
to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a &ldquo;<B>FATCA
Withholding Tax</B>&rdquo;). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which
is required by applicable law for the purposes of Section 2(d) of the Agreement.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><U>Tax documentation</U>. For the purposes of Sections 4(a)(i) and 4(a)(ii) of the Agreement, Counterparty
shall provide to Dealer, and Dealer shall deliver to Counterparty, a valid and duly executed U.S. Internal Revenue Service Form
W-9, or any successor thereto, (i) on or before the date of execution of this Confirmation; (ii) promptly upon reasonable demand
by the other party; and (iii) promptly upon learning that any such tax form previously provided has become invalid, obsolete, or
incorrect. Additionally, Counterparty or Dealer shall, promptly upon reasonable request by the other party, provide such other
tax forms and documents reasonably requested by the other party.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify"><U>Change of Account</U>. Section 2(b) of the Agreement is hereby amended by the addition of the
following after the word &ldquo;delivery&rdquo; in the first line thereof: &ldquo;to another account in the same legal and tax
jurisdiction&rdquo;.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Other Forward Transactions</U>.&nbsp; Counterparty agrees that it shall not cause to occur, or permit to exist,
an Unwind Period hereunder at any time there is (1) an &ldquo;Unwind Period&rdquo; (or equivalent concept) relating to any other
issuer forward sale or similar transaction (including, without limitation, any &ldquo;Transaction&rdquo; under (and as defined
under) any master confirmation for registered forward transactions) (an &ldquo;<B>ATM Forward Transaction</B>&rdquo;) with any
financial institution other than Dealer (an &ldquo;<B>Other Forward Transaction</B>&rdquo;), (2) any &ldquo;Forward Hedge Selling
Period&rdquo; (or equivalent concept) under any ATM Forward Transaction 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).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.
QFC Mandatory Contractual Requirements</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">(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><U>Limitation on Exercise of Certain Default Rights Related to a Dealer Affiliate&rsquo;s Entry Into Insolvency Proceedings.</U>
Notwithstanding anything to the contrary in this Confirmation, the Agreement or any other agreement, the parties hereto expressly
acknowledge and agree that subject to Section 8(b) below, Counterparty shall not be permitted to exercise any Default Right against
Dealer with respect to this Confirmation or any other Relevant Agreement that is related, directly or indirectly, to a Dealer Affiliate
becoming subject to an Insolvency Proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-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;&nbsp;
</FONT><U>General Creditor Protections.</U> Nothing in Section 8(a) shall restrict the exercise by Counterparty of any Default
Right against Dealer with respect to this Confirmation or any other Relevant Agreement that arises as a result of:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer
becoming subject to an Insolvency Proceeding; 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">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer
not satisfying a payment or delivery obligation pursuant to (A) this Confirmation or any other Relevant Agreement, or (B) another
contract between Dealer and Counterparty that gives rise to a Default Right under this Confirmation or any other Relevant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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;&nbsp;
</FONT><U>Burden of Proof.</U> After a Dealer Affiliate has become subject to an Insolvency Proceeding, if Counterparty seeks to
exercise any Default Right with respect to this Confirmation or any other Relevant Agreement, Counterparty shall have the burden
of proof, by clear and convincing evidence, that the exercise of such Default Right is permitted hereunder or 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: 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;&nbsp;
</FONT><U>General Conditions</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Date.</U> The provisions set forth in this Section 8 will come into effect on the later of the Applicable Compliance Date and the
date of this Confirmation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prior
Adherence to the U.S. Protocol</U>. If Dealer and Counterparty have adhered to the ISDA U.S. Protocol prior to the date of this
Confirmation, the terms of the ISDA U.S. Protocol shall be incorporated into and form a part of this Confirmation and shall replace
the terms of this Section 8. For purposes of incorporating the ISDA U.S. Protocol, Dealer shall be deemed to be a Regulated Entity,
Counterparty shall be deemed to be an Adhering Party and this Confirmation shall each be deemed to be a Protocol Covered Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsequent
Adherence to the U.S. Protocol.</U> If, after the date of this Confirmation, both Dealer and Counterparty shall have become adhering
parties to the ISDA U.S. Protocol, the terms of the ISDA U.S. Protocol will supersede and replace this Section 8.</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">(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><U>Definitions.</U> For the purposes of this Section 8, the following definitions apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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">&ldquo;<B>Applicable
Compliance Date</B>&rdquo; with respect to this Confirmation shall be determined as follows: (a) if Counterparty is an entity subject
to the requirements of the QFC Stay Rules, January 1, 2019, (b) if Counterparty is a Financial Counterparty (other than a Small
Financial Institution) that is not an entity subject to the requirements of the QFC Stay Rules, July 1, 2019 and (c) if Counterparty
is not described in clause (a) or (b), January 1, 2020.</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">&ldquo;<B>BHC
Affiliate</B>&rdquo; has the same meaning as the term &ldquo;affiliate&rdquo; as defined in, and shall be interpreted in accordance
with, 12 U.S.C. 1813(w) and 12 U.S.C. 1841(k).</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">&ldquo;<B>Credit
Enhancement</B>&rdquo; means, with respect to this Confirmation or any other Relevant Agreement, any credit enhancement or other
credit support arrangement in support of the obligations of Dealer or Counterparty hereunder or thereunder or with respect hereto
or thereto, including any guarantee or collateral arrangement (including any pledge, charge, mortgage or other security interest
in collateral or title transfer arrangement), trust or similar arrangement, letter of credit, transfer of margin or any similar
arrangement.</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">&ldquo;<B>Dealer
Affiliate</B>&rdquo; means, with respect to Dealer, a BHC Affiliate of that party.</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">&ldquo;<B>Default
Right</B>&rdquo; means, with respect to this Confirmation (including any Transaction hereunder) or any other Relevant Agreement,
any:</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 1in; text-align: justify">(i) right of a party, whether contractual
or otherwise (including, without limitation, rights incorporated by reference to any other contract, agreement, or document, and
rights afforded by statute, civil code, regulation, and common law), to liquidate, terminate, cancel, rescind, or accelerate such
agreement or transactions thereunder, set off or net amounts owing in respect thereto (except rights related to same-day payment
netting), exercise remedies in respect of collateral or other credit support or property related thereto (including the purchase
and sale of property), demand payment or delivery thereunder or in respect thereof (other than a right or operation of a contractual
provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure),
suspend, delay, or defer payment or performance thereunder, or modify the obligations of a party thereunder, or any similar rights;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii) right or contractual provision
that alters the amount of collateral or margin that must be provided with respect to an exposure thereunder, including by altering
any initial amount, threshold amount, variation margin, minimum transfer amount, the margin value of collateral, or any similar
amount, that entitles a party to demand the return of any collateral or margin transferred by it to the other party or a custodian
or that modifies a transferee&rsquo;s right to reuse collateral or margin (if such right previously existed), or any similar rights,
in each case, other than a right or operation of a contractual provision arising solely from a change in the value of collateral
or margin or a change in the amount of an economic exposure; but</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iii) solely with respect to Section
8(a) does not include any right under a contract that allows a party to terminate the contract on demand or at its option at a
specified time, or from time to time, without the need to show cause.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Financial
Counterparty</B>&rdquo; has the meaning given to such term in, and shall be interpreted in accordance with, 12 C.F.R. 252.81, 12
C.F.R. 382.1 and 12 C.F.R. 47.2.</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">&ldquo;<B>Insolvency
Proceeding</B>&rdquo; means a receivership, insolvency, liquidation, resolution, or similar proceeding.</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">&ldquo;<B>ISDA
U.S. Protocol</B>&rdquo; means the ISDA 2018 U.S. Resolution Stay Protocol, as published by ISDA on July 31, 2018.</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">&ldquo;<B>QFC
Stay Rules</B>&rdquo; means the regulations codified at 12 C.F.R. 252.81&ndash;8 (the &ldquo;<B>Federal Reserve Rule</B>&rdquo;),
12 C.F.R. 382.1-7 (the &ldquo;<B>FDIC Rule</B>&rdquo;) and 12 C.F.R. 47.1-8 (the &ldquo;<B>OCC Rule</B>&rdquo;), respectively.
All references herein to the specific provisions of the Federal Reserve Rule, the FDICs Rule and the OCC Rule shall be construed,
with respect to Dealer, to the particular QFC Stay Rule(s) applicable to it.</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">&ldquo;<B>Relevant
Agreement</B>&rdquo; means this Confirmation (including all Transactions hereunder), the Agreement and any Credit Enhancement relating
hereto or 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">&ldquo;<B>Small
Financial Institution</B>&rdquo; has the meaning given to such term in, and shall be interpreted in accordance with, 12 C.F.R.
252.81, 12 C.F.R. 382.1 and 12 C.F.R. 47.2.</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: center">[<I>Signature Page Follows</I>]</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left"></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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Yours sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CITIBANK, N.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: &nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ James Heathcote</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: James Heathcote</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Authorized Signatory</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 0pt 3.5in; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left">&nbsp;<BR STYLE="clear: both"></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 COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Confirmed as of the date first above written:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AGREE REALTY CORPORATION</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Joel Agree</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: Joel Agree</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Executive Officer and President</FONT></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; text-align: left"></P>

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

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

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<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>tm2016574d1_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
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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; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>AGREE
REALTY CORPORATION</B></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"><B>6,166,666 Shares of Common Stock</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>UNDERWRITING
AGREEMENT</B></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: right">April 20, 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">Citigroup Global Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As representative of the several underwriters
named in <U>Schedule I</U></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Agree Realty Corporation,
a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), Agree Limited Partnership, a Delaware limited partnership (the &ldquo;<B>Operating
Partnership</B>&rdquo;), and Citigroup Global Markets Inc. (&ldquo;<B>CGMI</B>&rdquo;) (in its capacity as agent for Citibank,
N.A., a Forward Counterparty (as defined below)) (CGMI, in its capacity as seller of Common Stock (as defined below), the &ldquo;<B>Forward
Sellers</B>,&rdquo; which term shall also include a single seller in such capacity), at the request of the Company in connection
with the Forward Sale Agreements (as defined below), confirm its agreement with each of the underwriters named in <U>Schedule&nbsp;I</U>
hereto (collectively, the &ldquo;<B>Underwriters</B>,&rdquo; which term shall also include a single underwriter and any underwriter
hereinafter substituted as provided in Section 11 hereof), for whom Citigroup Global Markets Inc. is acting as representative (in
such capacity, if and as applicable, the &ldquo;<B>Representatives</B>,&rdquo; which term shall mean a single representative) with
respect to the sale by the Forward Sellers, acting severally and not jointly, and the purchase by the Underwriters, acting severally
and not jointly, of an aggregate of 6,166,666 shares (the &ldquo;<B>Borrowed Firm Shares</B>&rdquo;) of the Company&rsquo;s common
stock, par value $0.0001 per share ( &ldquo;<B>Common Stock</B>&rdquo;), and the grant by the Company to the Underwriters, acting
severally and not jointly, of the option described in Section&nbsp;2 hereof to purchase all or any part of zero additional shares
of Common Stock (the &ldquo;<B>Additional Shares</B>&rdquo;).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-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">As used herein, &ldquo;<B>Forward
Sale Agreements</B>&rdquo; means the letter agreement, dated the date hereof, between the Company and Citibank, N.A. (a &ldquo;<B>Forward
Counterparty</B>&rdquo; or the &ldquo;<B>Forward Counterparties,</B>&rdquo; which term shall also include a single party in such
capacity), relating to the forward sale by the Company, subject to the Company&rsquo;s right to elect Cash Settlement or Net Share
Settlement (as such terms are defined in the Forward Sale Agreements), of a number of shares of Common Stock equal to the number
of Borrowed Firm Shares sold by the Forward Sellers to the Underwriters pursuant to this Agreement. References herein to the &ldquo;Forward
Sale Agreements&rdquo; are to the initial Forward Sale Agreements and/or the Additional Forward Sale Agreements as the context
requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company understands
that the Underwriters propose to make a public offering of the Shares on the terms set forth herein as soon as the Underwriters
deem advisable after this Underwriting Agreement (the &ldquo;<B>Agreement</B>&rdquo;) has been executed and delivered, it being
understood that the Company, the Forward Counterparties, the Forward Sellers and the Underwriters will determine the public offering
price per share for the Shares on the first business day after the date the Agreement has been executed and delivered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Registration Statement and Prospectus</U>. The Company has prepared and filed on June 2, 2017 with the United
States Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) in accordance with the provisions of the Securities
Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the &ldquo;<B>Act</B>&rdquo;),
a shelf registration statement on Form S-3 (File No. 333-218476) under the Act (&ldquo;<B>Registration Statement 333-218476</B>&rdquo;),
including the prospectus contained therein (the &ldquo;<B>Basic Prospectus</B>&rdquo;), relating to the issuance and sale of certain
securities, including the Shares. The Company has filed with, or transmitted for filing to, or shall promptly hereafter file with
or transmit for filing to, the Commission a supplement to the prospectus included in such registration statement (the &ldquo;<B>Prospectus
Supplement</B>&rdquo;) specifically relating to the Shares and the plan of distribution thereof pursuant to Rule 424. Registration
Statement 333-218476 was automatically effective upon filing pursuant to Rule 462(e) under the Act. Except where the context otherwise
requires, Registration Statement 333-218476, on each date and time that such registration statement and any post-effective amendment
or amendments thereto became or becomes effective (each, an &ldquo;<B>Effective Date</B>&rdquo;), including all exhibits filed
as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below)
subsequently filed with the Commission pursuant to Rule 424(b) and deemed part of such registration statement by virtue of Rule
430B (the &ldquo;<B>Rule 430B Information</B>&rdquo;), collectively, are herein called the &ldquo;<B>Registration Statement</B>,&rdquo;
and the Basic Prospectus, as supplemented by the final Prospectus Supplement, in the form first used by the Company in connection
with confirmation of sales of the Shares, is herein called the &ldquo;<B>Prospectus</B>;&rdquo; and the term &ldquo;<B>Preliminary
Prospectus</B>&rdquo; means each preliminary form of the Prospectus Supplement used in connection with the offering of the Shares
that omitted Rule 430B Information, including the related Basic Prospectus in the form first filed by the Company pursuant to Rule
424(b). The Basic Prospectus together with the Preliminary Prospectus, if any, as amended or supplemented, immediately prior to
the Applicable Time is hereafter called the &ldquo;<B>Pricing Prospectus</B>,&rdquo; and any &ldquo;issuer free writing prospectus&rdquo;
(as defined in Rule 433) relating to the Shares is hereafter called an &ldquo;<B>Issuer Free Writing Prospectus</B>.&rdquo; The
 &ldquo;<B>Applicable Time</B>&rdquo; shall mean 9:00 a.m. (Eastern Time) on April 20, 2020 or such other time as agreed by the
Company and the Representatives. The Pricing Prospectus, as supplemented by the Issuer Free Writing Prospectuses, if any, listed
in <U>Schedule II</U> hereto or that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure
Package (as defined below) together with the information included on <U>Exhibit A</U> all considered together, are hereafter collectively
called the &ldquo;<B>Disclosure Package</B>.&rdquo; Any reference in this Agreement to the Registration Statement, the Disclosure
Package, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated
by reference therein pursuant to Item 12 of Form S-3 under the Act (the &ldquo;<B>Incorporated Documents</B>&rdquo;), as of each
Effective Date or the Applicable Time or the date of the Prospectus, as the case may be (it being understood that the several specific
references in this Agreement to documents incorporated by reference in the Registration Statement, the Disclosure Package or the
Prospectus are for clarifying purposes only and are not meant to limit the inclusiveness of any other definition herein). For purposes
of this Agreement, all references to the Registration Statement, the Disclosure Package or the Prospectus or any amendment or supplement
thereto shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval
system (&ldquo;<B>EDGAR</B>&rdquo;).</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the basis of the
representations and warranties herein contained and subject to the terms and conditions herein set forth, each Forward Seller (with
respect to the Borrowed Firm Shares) and the Company (with respect to any Company Top-Up Firm Shares), severally and not jointly,
agrees to sell to the Underwriters, and each Underwriter agrees, severally and not jointly, to purchase from the Forward Sellers
(with respect to the Borrowed Firm Shares) and the Company (with respect to any Company Top-Up Firm Shares), at a purchase price
of $59.52 (the &ldquo;<B>Purchase Price</B>&rdquo;) per Firm Share, the number of Firm Shares set forth in <U>Schedule I</U> opposite
the name of such Underwriter. The obligations of the Forward Sellers to sell the Borrowed Firm Shares under this Agreement are
several and not joint. Each Forward Seller&rsquo;s obligations extend solely to the respective number of Borrowed Firm Shares set
forth opposite the name of such Forward Seller in <U>Schedule I</U> under the heading &ldquo;Number of Borrowed Firm Shares To
Be Sold&rdquo;, in each case, at the Purchase Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the several
Underwriters shall have the option to purchase pursuant to clause (A) or clause (B) below as applicable, severally and not jointly,
ratably in accordance with the number of Firm Shares to be purchased by each of them, all or a portion of the Additional Shares
at a purchase price per Additional Share equal to the Purchase Price less an amount per Additional Share equal to any dividends
or distributions declared by the Company and payable on the Firm Shares but not payable on the Additional Shares (the &ldquo;<B>Additional
Shares Purchase Price</B>&rdquo;). Said option may be exercised by the Underwriters at any time (but not more than once) on or
before the thirtieth day following the date hereof, by written, electronic or telegraphic notice by the Representatives to the
Company and the Forward Sellers. Such notice shall set forth the aggregate number of Additional Shares as to which the option is
being exercised and the date and time when the Additional Shares are to be delivered (such date and time being herein referred
to as the &ldquo;<B>Option Closing Date</B>&rdquo;); provided, however, that the Option Closing Date shall not be (i) earlier than
the Closing Date (as defined below) or (ii) unless otherwise agreed to by the Company, the Forward Sellers and the Underwriters,
earlier than the second or later than the tenth Business Day after the date on which the option shall have been exercised. As used
herein &ldquo;<B>Business Day</B>&rdquo; shall mean a day on which the New York Stock Exchange (&ldquo;<B>NYSE</B>&rdquo;) is open
for trading or commercial banks in the City of New York are open for business.</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If (i) any of the representations
and warranties of the Company contained herein or any certificate delivered by the Company pursuant hereto are not true and correct
as of the Closing Date or any Option Closing Date, as the case may be, as if made as of the Closing Date or such Option Closing
Date, (ii) the Company has not performed all of the obligations required to be performed by it under this Agreement on or prior
to the Closing Date or such Option Closing Date, (iii) any of the conditions set forth in Section 8 hereof have not been satisfied
on or prior to the Closing Date or such Option Closing Date, (iv) this Agreement shall have been terminated pursuant to Section
10 hereof on or prior to the Closing Date or such Option Closing Date or the Closing Date or such Option Closing Date shall not
have occurred, (v) any of the conditions set forth in Section 7(a) of the initial Forward Sale Agreements (or the equivalent section
of the Additional Forward Sale Agreements) shall not have been satisfied on or prior to the Closing Date or such Option Closing
Date or (vi) any of the representations and warranties of the Company contained in the Forward Sale Agreements are not true and
correct as of the Closing Date or such Option Closing Date as if made as of the Closing Date or such Option Closing Date (clauses
(i) through (vi), together, the &ldquo;<B>Conditions</B>&rdquo;), then each of the Forward Sellers, in its sole discretion, may
elect not to (or in the case of clause (iv), will not) borrow and deliver for sale to the Underwriters the Borrowed Shares otherwise
deliverable on such date. In addition, in the event a Forward Seller determines in good faith and a commercially reasonable manner
that (A) in connection with establishing its commercially reasonable hedge position such Forward Seller is unable to borrow and
deliver for sale under this Agreement a number of shares of Common Stock equal to the number of Borrowed Shares to be sold by it
hereunder, or (B) it would be impracticable for such Forward Seller to do so or they would incur a stock loan cost (excluding,
for the avoidance of doubt, the federal funds rate component payable by the relevant stock lender to such Forward Seller) of more
than 200 basis points per annum with respect to all or any portion of such shares to do so, then, in each case, such Forward Seller
shall only be required to deliver for sale to the Underwriters at the Closing Date or any Option Closing Date, as the case may
be, the aggregate number of shares of Common Stock that such Forward Seller or its affiliates is able to so borrow in connection
with establishing its commercially reasonable hedge position at or below such cost.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a Forward Seller
elects, pursuant to the preceding paragraph not to borrow and deliver for sale to the Underwriters at the Closing Date or any Option
Closing Date, as the case may be, the total number of Borrowed Shares to sold by it hereunder, such Forward Seller will use its
commercially reasonable efforts to notify the Company no later than 5:00 p.m., New York City time, on the Business Day prior to
the Closing Date or such Option Closing Date. Notwithstanding anything to the contrary herein, in no event will the Company be
required to issue or deliver any Company Shares prior to the Business Day following notice to the Company of the relevant number
of Shares so deliverable in accordance with this paragraph.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Delivery of the Shares and Payment Therefor</U>.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT 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>The Company will make generally available to its security holders and to the Underwriters as soon as practicable, but in
no event later than fifteen (15) months after the end of the Company&rsquo;s current fiscal quarter, a consolidated earnings statement,
which need not be audited, covering a 12-month period, which consolidated earnings statement shall satisfy the provisions of Section&nbsp;11(a)
of the Act and Rule 158.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(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>During the period commencing on the date hereof and ending on the date occurring three (3) years hereafter, the Company
will furnish to the Underwriters, the Forward Sellers and the Forward Counterparties: (i)&nbsp;as soon as available, if requested,
a copy of each report of the Company mailed to stockholders or filed with the Commission that is not publicly available on EDGAR
or the Company&rsquo;s website; and (ii)&nbsp;from time to time such other information concerning the Company as the Representatives,
the Forward Sellers or the Forward Counterparties may reasonably request.</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">(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>If this Agreement shall terminate or shall be terminated after execution pursuant to any provisions hereof, or if this Agreement
shall be terminated by the Representatives because of any inability, failure or refusal on the part of the Company to comply with
the terms or fulfill any of the conditions of this Agreement, the Company shall reimburse the Underwriters, the Forward Sellers
and the Forward Counterparties for reasonable out-of-pocket expenses (including the reasonable fees and expenses of counsel for
the Underwriters, the Forward Sellers or the Forward Counterparties) incurred by the Underwriters, the Forward Sellers or the Forward
Counterparties, as applicable, in connection herewith.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT 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 Basic Prospectus and each Preliminary Prospectus, if any, included as part of the Registration Statement as originally
filed or as part of any amendment or supplement thereto, or filed pursuant to Rule 424, complied when so filed in all material
respects with the provisions of the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT 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 order preventing or suspending the use of the Preliminary Prospectus has been issued by the Commission, and the Preliminary
Prospectus included in the Disclosure Package, at the time of filing thereof, complied in all material respects with the Act, and
the Preliminary Prospectus, as of its date and as of the date hereof, did not, does not and will not contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The representation and warranty contained in this Section&nbsp;6(b) does not apply
to statements in or omissions from the Preliminary Prospectus made in reliance upon and in conformity with the Underwriters Content
(as defined 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">(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) At the original effectiveness of the Registration Statement, (ii) at the time of the most recent amendment thereto for
the purposes of complying with Section 10(a)(3) of the Act (whether such amendment was by post-effective amendment, incorporated
report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the Company or any person
acting on its behalf (within the meaning, for this clause only, of Rule 163(c) under the Act) made any offer relating to the Shares
in reliance on the exemption of Rule 163 under the Act, and (iv) as of the Applicable Time, the Company was and is a &ldquo;well-known
seasoned issuer&rdquo; (as defined in Rule 405).</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(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>Immediately following the Closing Date, 56,043,775 shares of Common Stock of the Company will be issued and outstanding
(excluding any Company Top-Up Shares); all of the outstanding shares of Common Stock of the Company have been duly and validly
authorized and issued and are fully paid and nonassessable and are free of any preemptive or similar rights. Except as disclosed
in the Registration Statement, the Disclosure Package and the Prospectus (or any amendment or supplement thereto), there are no
outstanding (i) securities or obligations of the Company or any of its subsidiaries convertible into or exchangeable for any equity
interests of the Company or any such subsidiary, (ii) warrants, rights or options to subscribe for or purchase from the Company
or any such subsidiary any such equity interests or any such convertible or exchangeable securities or obligations or (iii) obligations
of the Company or any such subsidiary to issue any equity interests, any such convertible or exchangeable securities or obligation,
or any such warrants, rights or options. Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus
(or any amendment or supplement thereto), there are no persons with registration or other similar rights to have any equity or
debt securities, including securities which are convertible into or exchangeable for equity securities, registered pursuant to
the Registration Statement or otherwise registered by the Company under the Act (other than those that have been waived).</P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(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>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 III</U> hereto, except where the failure to be in good standing
would not result in a Material Adverse Effect, with full corporate, limited liability company, partnership or trust power, as applicable,
and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement,
the Disclosure Package and the Prospectus, and each is duly registered and qualified to conduct its business, and is in good standing,
in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification,
except where the failure to so register or qualify or be in good standing would not reasonably be expected to have a Material Adverse
Effect.</P>

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(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>(A) As of the date of this Agreement and the Forward Sale Agreements, the Company owns either directly or indirectly through
its subsidiaries, 877 properties (the &ldquo;<B>Properties</B>&rdquo;). To the Company&rsquo;s knowledge, none of the Company,
the Operating Partnership or any of their subsidiaries is in violation of any municipal, state or federal law, rule or regulation
concerning any of their Properties, which violation would reasonably be expected to have a Material Adverse Effect; (B) to the
Company&rsquo;s knowledge, each of the Properties complies with all applicable zoning laws, ordinances and regulations in all material
respects and, if and to the extent there is a failure to comply, such failure does not materially impair the value of any of such
Properties and will not result in a forfeiture or reversion of title thereof; (C)&nbsp;none of the Company, the Operating Partnership
or any of their subsidiaries has received from any governmental authority any written notice of any condemnation of, or zoning
change affecting any of, the Properties, and the Company does not know of any such condemnation or zoning change which is threatened
and which if consummated would reasonably be expected to have a Material Adverse Effect; (D) the leases under which the Company
or any of its subsidiaries leases the Properties as lessor (the &ldquo;<B>Leases</B>&rdquo;) are in full force and effect and have
been entered into in the ordinary course of business of such entity, except as would not reasonably be expected to have a Material
Adverse Effect; (E)&nbsp;the Company and each of its subsidiaries has complied with its respective obligations under the Leases
in all material respects and the Company does not know of any default by any other party to the Leases which, alone or together
with other such defaults, would reasonably be expected to have a Material Adverse Effect; and (F)&nbsp;all liens, charges, encumbrances,
claims or restrictions on or affecting the assets (including the Properties) of the Company and its subsidiaries that are required
to be disclosed in the Registration Statement, the Disclosure Package and the Prospectus are disclosed therein.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(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>Each of the Forward Sale Agreements 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>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></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">(dd)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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&nbsp;402 related to loans to insiders and Sections 302 and 906 related to certifications.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(hh)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the Company&rsquo;s knowledge, with such exceptions as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect: there has been no 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;<B>IT Systems and Data</B>&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 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 respects; and the Company, the Operating Partnership and each of their
subsidiaries are presently in 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; 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">(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>None of the Company, the Operating Partnership, or any of their subsidiaries or, to the knowledge of the Company, any director,
officer, agent, employee, affiliate or&nbsp; representative of the Company, the Operating Partnership or any of their subsidiaries
is an individual or entity (&ldquo;<B>Person</B>&rdquo;) currently the subject or target of any sanctions administered or enforced
by the United States Government, including, without limitation, the U.S. Department of the Treasury&rsquo;s Office of Foreign Assets
Control (&ldquo;<B>OFAC</B>&rdquo;), the United Nations Security Council (&ldquo;<B>UNSC</B>&rdquo;), the European Union, Her Majesty&rsquo;s
Treasury (&ldquo;<B>HMT</B>&rdquo;), or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;), nor
is the Company located, organized or resident in a country or territory that is the subject of Sanctions; and the Company will
not directly or indirectly use the proceeds of the sale of the Shares, or lend, contribute or otherwise make available such proceeds
to any subsidiaries, joint venture partners or other Person, to fund any activities of or business with any Person, or in any country
or territory, that, at the time of such funding, is the subject of&nbsp; Sanctions or in any other manner that will result in a
violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise)
of Sanctions.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(pp)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Company, the Operating Partnership or any of their subsidiaries has at any time and, to the Company&rsquo;s
knowledge, no other party has at any time, handled, buried, stored, retained, refined, transported, processed, manufactured, generated,
produced, spilled, allowed to seep, leak, escape or leach, or be pumped, poured, emitted, emptied, discharged, injected, dumped,
transferred or otherwise disposed of or dealt with, Hazardous Materials (as defined below) on, to, under or from the Properties,
except as disclosed in Environmental Reports, the Registration Statement, the Disclosure Package and the Prospectus and except
for those circumstances that have not had or would reasonably be 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; 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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    <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; text-indent: 1in">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(uu)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Commencing with its taxable year ended December 31, 1994, the Company has been organized and operated in conformity with
the requirements for qualification and taxation as a REIT under the Code, and the Company&rsquo;s current and proposed method of
operations as described in the Registration Statement, the Disclosure Package and the Prospectus will enable it to continue to
meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 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; 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">(vv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company, the Operating Partnership and each of their subsidiaries is insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged and
the value of their properties. All policies of insurance and fidelity or surety bonds insuring the Company, the Operating Partnership
or any of their subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and effect.
The Company, the Operating Partnership and each of their subsidiaries are in compliance with the terms of such policies and instruments
in all material respects and there are no claims by the Company, the Operating Partnership or any of their subsidiaries under any
such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause,
except as would not reasonably be expected to have a Material Adverse Effect. None of the Company, the Operating Partnership or
any of their subsidiaries has been refused any insurance coverage sought or applied for, and the Company does not have any reason
to believe that the Company, the Operating Partnership and each of their subsidiaries will not be able to renew its respective
existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary
to continue their respective businesses at a cost that would not reasonably be expected to have a Material Adverse Effect.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(aaa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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; 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">(bbb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company&rsquo;s authorized capitalization is as set forth in the Registration Statement, the Disclosure Package and
the Prospectus; the capital stock of the Company conforms in all material respects to the description thereof contained in the
Registration Statement, the Disclosure Package and the Prospectus; the outstanding shares of Common Stock of the Company have been
duly and validly authorized and issued in compliance with all Federal and state securities laws, and are fully paid and nonassessable.</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">(ccc)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will use its reasonable best efforts to cause the Shares to be listed on the NYSE and to maintain such listing.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conditions of the Obligations of the Underwriters and the Forward Sellers</U>. The obligations of the Forward
Sellers hereunder to sell and deliver the Borrowed Firm Shares and the Borrowed Additional Shares and of the Underwriters hereunder
to purchase and pay for the Shares, in each case on the Closing Date or on each Option Closing Date, as applicable, are subject
to the following further conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT 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) The Prospectus, and any supplement thereto, have been filed in the manner and within the time period required by Rule
424(b) (without reference to Rule 424(b)(8)); and any material required to be filed by the Company pursuant to Rule 433(d) shall
have been filed with the Commission within the applicable time periods prescribed for such filings by Rule 433 and (ii)&nbsp;any
request of the Commission for additional information (to be included in the Registration Statement, the Disclosure Package or the
Prospectus or otherwise) shall have been complied with to the reasonable satisfaction of the Representatives.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT 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 Representatives, the Forward Sellers and the Forward Counterparties shall have received on the Closing Date and on each
Option Closing Date, as applicable, an opinion and negative assurance letter included therewith, and tax opinion of Honigman LLP,
counsel for the Company, dated as of such date and addressed to the Representatives, the Forward Sellers and the Forward Counterparties,
to the effect set forth on <U>Exhibit B</U> and <U>Exhibit C</U>, respectively.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Information Furnished by the Underwriters</U>. The Company hereby acknowledges that the only information that
the Underwriters have furnished to the Company expressly for use in the Registration Statement, the Disclosure Package or the Prospectus
is paragraph 8 under the heading &ldquo;Underwriting&rdquo; in such documents (collectively, the &ldquo;<B>Underwriters Content</B>&rdquo;).
The Company hereby acknowledges that no information has been provided by the Forward Counterparties or the Forward Sellers for
inclusion in the Registration Statement, the Disclosure Package or the Prospectus.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Recognition of the U.S. Special Resolution Regimes.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT 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 any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer from such Underwriter 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: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(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 any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to
a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter
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: 1in">&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 16: (A) a &ldquo;<B>BHC Act Affiliate</B>&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); (B) &ldquo;<B>Covered Entity</B>&rdquo; means any of the following:
(i) a &ldquo;<B>covered entity</B>&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);
(ii) a &ldquo;<B>covered bank</B>&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b);
or (iii) a &ldquo;<B>covered FSI</B>&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b);
(C) &ldquo;Default Right&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R.
 &sect;&sect; 252.81, 47.2 or 382.1, as applicable; and (D) &ldquo;U<B>.S. Special Resolution Regime</B>&rdquo; means each of (i)
the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) 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: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Successors</U>. This Agreement has been made solely for the benefit of the Underwriters, the Forward Sellers,
the Forward Counterparties, the Company, the Operating Partnership, their directors and officers, and the other controlling persons
referred to in Section&nbsp;7 hereof and their respective successors and assigns, to the extent provided herein. This Agreement
will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors
and controlling persons referred to in Section&nbsp;7 hereof, and no other person shall acquire or have any right under or by virtue
of this Agreement. Neither the term &ldquo;successor&rdquo; nor the term &ldquo;successors and assigns&rdquo; as used in this Agreement
shall include a purchaser from the Underwriters of any of the Shares in his status as such purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Integration</U>. This Agreement supersedes all prior agreements and understandings (whether written or oral) between
the Company, the Operating Partnership, the Underwriters, the Forward Sellers and the Forward Counterparties, or any of them, with
respect to the subject matter hereof, other than the Forward Sale 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Applicable Law</U>. This Agreement will be governed by and construed in accordance with the laws of the State
of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Waiver of Jury Trial</U>. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">21.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Counterparts</U>. 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">22.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Headings</U>. The section headings used herein are for convenience only and shall not affect the construction
hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">23.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Research Analyst Independence</U>. The Company acknowledges that the Underwriters&rsquo; research analysts and
research departments are required to be independent from their investment banking divisions and are subject to certain regulations
and internal policies, and that Underwriters&rsquo; research analysts may hold views and make statements or investment recommendations
and/or publish research reports with respect to the Company and/or the offering that differ from the views of their respective
investment banking divisions. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the
Company may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views
expressed by their research analysts and research departments may be different from or inconsistent with the views or advice communicated
to the Company by Underwriters&rsquo; investment banking divisions. The Company acknowledges that each Underwriter is a full service
securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account
or the account of its customers and hold long or short positions in debt or equity securities of the Company and any other companies
that may be the subject of the transactions contemplated by this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">24.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Issuance and Sale by the Company</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that any Forward Seller elects not to borrow Shares, pursuant to Section&nbsp;2 hereof, or any Forward Seller
is unable to borrow and deliver for sale under this Agreement a number of shares of Common Stock equal to the number of Borrowed
Firm Shares or Borrowed Additional Shares, as applicable, to be sold by it to the Underwriters on the Closing Date or the Option
Closing Date, as applicable, and deliverable by such Forward Seller hereunder, or any Forward Seller determines in good faith,
in its commercially reasonable judgment, it is either impracticable to do so or that such Forward Seller would incur a stock loan
cost (excluding, for the avoidance of doubt, the federal funds rate component payable by the relevant stock lender to such Forward
Seller) of more than a rate equal to 200 basis points per annum to do so, then, upon notice by such Forward Seller to the Company
(which notice shall be delivered no later than 5:00 p.m., New York City time, on the Business Day immediately preceding the Closing
Date or any Option Closing Date, as the case may be), the Company shall issue and sell to the Underwriters, pursuant to Section&nbsp;2
hereof, in whole but not in part, an aggregate number of shares of Common Stock equal to the number of Borrowed Firm Shares or
Borrowed Additional Shares, as applicable, deliverable by such Forward Seller hereunder that such Forward Seller does not so deliver
and sell to the Underwriters. In connection with any such issuance and sale by the Company, the Company or the Representatives
shall have the right to postpone the Closing Date or the Option Closing Date, as applicable, for one business day in order to effect
any required changes in any documents or arrangements. Any shares of Common Stock sold by the Company to the Underwriters pursuant
to this Section&nbsp;23(a) in lieu of any Borrowed Firm Shares are referred to herein as the &ldquo;<B>Company Top-Up Firm Shares</B>.&rdquo;
Any shares of Common Stock sold by the Company to the Underwriters pursuant to this Section&nbsp;23(a) in lieu of any Borrowed
Additional Shares in respect of which Additional Forward Sale Agreements have been executed are referred to herein as the &ldquo;<B>Company
Top-Up Additional Shares</B>.&rdquo;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">25.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Duties</U>. Nothing in this Agreement shall be deemed to create a partnership, joint venture or agency relationship
between the parties. The parties hereto undertake to perform such duties and obligations only as expressly set forth herein. Such
duties and obligations of the parties hereto with respect to the Shares shall be determined solely by the express provisions of
this Agreement, and the parties hereto shall not be liable except for the performance of such duties and obligations with respect
to the Shares as are specifically set forth in this Agreement. The Company acknowledges that the Underwriters, the Forward Sellers
and the Forward Counterparties disclaim any implied duties (including any fiduciary duty), covenants or obligations arising from
the Underwriters&rsquo;, the Forward Sellers&rsquo; and the Forward Counterparties&rsquo; performance of their respective duties
and obligations expressly set forth herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">26.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Definitions</U>. The terms that follow, when used in this Agreement, shall have the meanings indicated:</P>

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

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

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

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

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


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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">If the foregoing correctly
sets forth the understanding among the Company, the Underwriters, the Forward Sellers and the Forward Counterparties, please so
indicate in the space provided below for the purpose, whereupon this Agreement shall constitute a binding agreement among the Company,
the Underwriters, the Forward Sellers and the Forward Counterparties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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 3in"></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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AGREE REALTY CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Joel Agree</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: Joel Agree</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Executive Officer and President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AGREE LIMITED PARTNERSHIP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: AGREE REALTY CORPORATION, its general partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Joel Agree</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: Joel Agree</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Executive Officer and President</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 0pt 3in"></P>

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

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

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

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

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



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


<!-- Field: Page; Sequence: 38 -->
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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 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CITIGROUP GLOBAL MARKETS INC.</B>, in its capacity as a Forward Seller</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: &nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Aaron Weiss</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: Aaron Weiss</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Managing Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CITIBANK, N.A.</B>, in its capacity as a Forward Counterparty, solely as the recipient and/or beneficiary of certain representations, warranties, covenants and indemnities set forth in this Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ James Heathcote</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: James Heathcote</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Authorized Signatory</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 214.55pt 0pt 0"></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 COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>Citigroup Global Markets Inc.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Aaron Weiss</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: Aaron Weiss</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Managing Director</FONT></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 214.55pt 0pt 0"></P>

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



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

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


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</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: center">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name
of Underwriter</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number
of Firm<BR> Shares</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left">Citigroup Global Markets Inc.&#9;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,395,833</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Jefferies LLC&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">770,833</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt; padding-left: 16.5pt">Total&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,166,666</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name
of Forward Sellers</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number
of Firm Shares to be Sold</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum
Number of Borrowed Additional Shares to be Sold</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left; padding-left: 1.5pt">Citigroup Global Markets Inc. (as agent for Citibank, N.A.)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center; padding-left: 6pt">6,166,666</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center; padding-left: 6pt">&mdash;</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"></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="text-transform: uppercase"><B><U>SCHEDULE
II</U></B></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"><FONT STYLE="text-transform: uppercase"><B>FREE
WRITING PROSPECTUSES INCLUDED IN THE DISCLOSURE PACKAGE</B></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: right"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AGREE REALTY ANNOUNCES FORWARD COMMON
STOCK OFFERING TO COHEN &amp; STEERS</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bloomfield Hills, MI, April 20, 2020 -- </B>Agree Realty
Corporation (NYSE: ADC) (the &ldquo;Company&rdquo;) today announced that it commenced an underwritten public offering of 6,166,666
shares of its common stock in connection with the forward sale agreement described below in which the shares will be sold to Cohen
 &amp; Steers Capital Management, Inc. at a price of $60.00 per share, with the forward purchaser to receive net proceeds of $59.52
per share. The closing of the offering is expected to occur on or about April 22, 2020, subject to the satisfaction of customary
closing conditions. Upon closing of the offering, the Company expects to settle its existing outstanding forward equity totaling
approximately $267 million of net proceeds. On April 22, 2020 the Company expects to deliver 3,976,695 shares of the Company&rsquo;s
common stock to effect the settlement. Following settlement, no shares of the Company&rsquo;s common stock will remain subject
to future settlement under the existing forward sale agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup is acting as the sole book-running manager for the
offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company expects to enter into a forward sale agreement with
Citibank, N.A. (the &quot;forward purchaser&quot;) with respect to 6,166,666 shares of its common stock.</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">In connection with the forward sale agreement,
the forward purchaser or its affiliates is expected to borrow and sell to the underwriters an aggregate of 6,166,666 shares of
the common stock that will be delivered in this offering. Subject to its right to elect cash or net share settlement, which right
is subject to certain conditions, the Company intends to deliver, upon physical settlement of such forward sale agreement on one
or more dates specified by the Company occurring no later than April 20, 2021, an aggregate of 6,166,666 shares of its common stock
to the forward purchaser in exchange for cash proceeds per share equal to the applicable forward sale price, which will be the
public offering price, less underwriting discounts and commissions, and will be subject to certain adjustments as provided in the
forward sale agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will not initially receive
any proceeds from the sale of shares of its common stock by the forward purchaser. The Company expects to use the net proceeds,
if any, it receives upon the future settlement of the forward sale agreement to fund acquisition and development activity, with
any remaining proceeds to be used for general working capital and other corporate purposes, including the reduction of the outstanding
balance on the Company&rsquo;s revolving credit facility, if any. Selling common stock through the forward sale agreement enables
the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance
of such shares and the receipt of the net proceeds by the Company until the expected funding requirements described above have
occurred.</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">Copies of the prospectus supplement and
accompanying prospectus relating to this offering, when available, may be obtained by contacting: Citigroup Global Markets Inc.,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shares of common stock are being offered by the Company
pursuant to an effective shelf registration statement on Form S-3 (File No. 333-218476) and related prospectus which was filed
by the Company on June 2, 2017 with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and was automatically effective
upon filing. The offering of the securities will be made only by means of a prospectus, including a prospectus supplement, forming
a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities
being offered will be filed with the SEC.</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>About Agree Realty Corporation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agree Realty Corporation is a publicly
traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading
retail tenants. As of March 31, 2020, the Company owned and operated a portfolio of 868 properties, located in 46 states and containing
approximately 16.3 million square feet of gross leasable area. The common stock of Agree Realty Corporation is listed on the New
York Stock Exchange under the symbol &ldquo;ADC&rdquo;. For additional information, please visit www.agreerealty.com.</P>

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

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

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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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<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"><I>This press release contains forward-looking
statements within the meaning of the federal securities laws, including statements about the terms and size of the offering, the
intended use of proceeds from the offering, if any and future settlement of its forward sale agreement, that represent the Company&rsquo;s
expectations and projections for the future. No assurance can be given that the offering discussed above will be completed on the
terms described or at all, or that the net proceeds of the offering will be used as indicated. Although these forward-looking statements
are based on good faith beliefs, reasonable assumptions and the Company&rsquo;s best judgment reflecting current information, you
should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which
are, in some cases, beyond the Company&rsquo;s control and which could materially affect the Company&rsquo;s results of operations,
financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors,
however, is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition,
results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy
and financial markets. The extent to which COVID-19 impacts the Company and its 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. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors discussed
in the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019 and other filings with the SEC, as well
as the risks set forth below, as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. Additional
important factors, among others, that may cause the Company&rsquo;s actual results to vary include the general deterioration in
national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest
rates, adverse changes in the retail industry, the Company&rsquo;s continuing ability to qualify as a REIT and other factors discussed
in the Company&rsquo;s reports filed with the SEC. The forward-looking statements included in this press release are made as of
the date hereof. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether
as a result of new information, future events, changes in the Company&rsquo;s expectations or assumptions or otherwise.</I></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">###</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Financial Officer<BR>
Agree Realty Corporation<BR>
(248) 737-4190</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule II-2</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"></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"><FONT STYLE="text-transform: uppercase"><B><U>SCHEDULE&nbsp;III</U></B></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"><B>LIST OF SUBSIDIARIES AND JOINT VENTURES</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&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: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jurisdiction of</B></FONT></TD>
    <TD STYLE="text-align: left; width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Subsidiary</U></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Organization</U></B></FONT></TD>
    <TD STYLE="text-align: left"><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: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Center Point Birmingham AL LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alabama</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Montgomery AL LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alabama</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Chandler, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arizona</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Rancho Cordova I LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Rancho Cordova II LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Roseville CA, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Manchester, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Connecticut</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Mansfield, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Connecticut</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree 1031, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tennessee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree 103-Middleburg Jacksonville, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree 2016, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alabama, Florida, Georgia, Michigan, North Carolina, South Carolina, Tennessee, Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree 6 LA &amp; MS, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Louisiana, Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Altoona PA, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Americus GA, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Anderson SC LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Ann Arbor MI, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Apopka FL, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Apopka FL TP, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Appleton WI, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Archer Chicago IL, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Atlantic Beach, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida, Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Baltimore MD, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Belton MO LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Bloomington MN, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minnesota</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Boone NC WM, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Brenham TX, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Brighton, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree BT, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indiana, Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Buffalo Center IA, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Burlington LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Cannon Station LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Carlinville IL, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Caro MI, LLC</FONT></TD>
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="width: 25%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Cedar Park TX, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Central, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arkansas, Illinois, Indiana, Iowa, Michigan, Minnesota, Ohio, Oklahoma, Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Charlotte County, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Clifton Heights PA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Cocoa FL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Columbus OH, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Columbus GA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Columbia SC, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Construction Management LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Convenience No. 1, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois, Missouri, New York, West Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Convenience TX, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Crystal River FL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree CW, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kentucky, Michigan, Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Davenport IA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Des Moines IA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Development, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Donna TX, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Doraville GA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree DT Jacksonville NC, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Edmond OK, LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oklahoma</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Egg Harbor NJ, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Elk Grove IL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Evergreen CO, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colorado</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Evergreen Park IL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Facility No. 1, L.L.C.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Farmington NM, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Mexico</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree FL VA Portfolio, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Florida, Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Florissant MO, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Forked River NJ, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Fort Mill SC, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Fort Worth TX, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Fuquay-Varina NC WM, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Garland TX, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Gas City IN, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree GCG, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Illinois, Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Grand Chute WI LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Grandview Heights OH, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Greenwich CT, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Connecticut</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; text-align: center">Schedule III-2</P>

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

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

<P STYLE="margin: 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="text-align: justify; width: 50%"><FONT STYLE="font-size: 10pt">Agree Hazard KY, LLC</FONT></TD>
    <TD STYLE="text-align: justify; width: 25%"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left; width: 25%"><FONT STYLE="font-size: 10pt">Kentucky</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Holdings I, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Holly Springs MS, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Hope Mills NC, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Hopkinsville KY, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Kentucky</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree IL &amp; VA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Illinois, Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Indianapolis Glendale LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Indianapolis IN II, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Jackson MS, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Johnstown PA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Junction City KS LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Kansas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree K&amp;G Joplin MO, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree K&amp;G OK, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Oklahoma</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Kentwood LA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Louisiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Kirkland WA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Washington</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Leawood, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Kansas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Lebanon NH, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Liberty PA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Littleton CO LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Colorado</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Lowell AR, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Arkansas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Manassas VA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Marshall MI Outlot, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Matthews NC, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Maumee OH, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree MCW, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Florida, Iowa, New Mexico</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Merritt Island FL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Middletown OH, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Millsboro DE, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Minot ND, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">North Dakota</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Monroe MI, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Mt. Dora FL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Nampa ID, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Idaho</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Nashua NH, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">New Hampshire</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Neosho MO, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Newington CT, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Connecticut</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Newport News VA, LLC</FONT></TD>
    <TD STYLE="width: 33%; text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="width: 33%; text-align: left"><FONT STYLE="font-size: 10pt">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree North Branch MN, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Minnesota</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree North Miami Beach FL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Onaway MI, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Orange CT, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Connecticut</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Oxford Commons AL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Alabama</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree PA Properties, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Palafox Pensacola FL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Paramus NJ, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">New Jersey</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule III-3</P>



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

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

<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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="text-align: justify; width: 50%"><FONT STYLE="font-size: 10pt">Agree Plymouth MI, LLC</FONT></TD>
    <TD STYLE="text-align: justify; width: 25%"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left; width: 25%"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Pooler GA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Port Orange FL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Port St. John LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Portland ME, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Maine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Portland OR LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Oregon</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Provo UT, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Utah</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Randleman NC WM, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Realty Services, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Richmond RI, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Rhode Island</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Richmond VA LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Rifle CO, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Colorado</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Riverside IA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Iowa</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Rockford IL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree RT Amite LA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Louisiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree RT Arlington TX, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree RT Gulfport MS, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Agree RT Jackson MS, LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Mississippi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree RT Port Richey FL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree RT Villa Rica GA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Salem OR, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Oregon</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Sarasota FL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree SB, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Alabama, Indiana, Georgia, Kentucky, Ohio, North Carolina, Tennessee, Texas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Agree Secaucus NJ, LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Shelf ES PA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Shelf PA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Signal Hill CA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">California</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Southfield &amp; Webster, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Agree Springfield MO LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Missouri</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Springfield OH LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree St. Augustine Shores, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Statesville NC, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Stores, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Alabama, Arizona, Connecticut, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia,&nbsp;&nbsp;West Virginia, Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Sunnyvale CA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">California</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule III-4</P>



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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="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="text-align: justify; width: 50%"><FONT STYLE="font-size: 10pt">Agree Terre Haute IN LLC</FONT></TD>
    <TD STYLE="text-align: justify; width: 25%"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left; width: 25%"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree TK, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Toledo OH, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Topeka KS LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Kansas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Tri-State Lease, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Pennsylvania, New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Upland CA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">California</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Vero Beach FL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree W 63<SUP>rd</SUP> Chicago IL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Wallingford CT, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Connecticut</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Warrensville Heights OH, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Ohio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree West Palm Beach FL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Florida</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Wheaton IL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Whitestone WI, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Wisconsin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Whittier CA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">California</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Wilmington DE, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Woodland Park NJ, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">New Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Agree Woodstock IL, LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">DD71, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">DT Lawton Bartlesville OK, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Oklahoma</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Indianapolis Store No. 16 L.L.C.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Indiana, Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Lawrence Store No. 203, L.L.C.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Kansas, Michigan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Lunacorp, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Virginia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pachyderm Chattanooga TN, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Tennessee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pachyderm Marietta GA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pachyderm Myrtle Beach SC, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">South Carolina</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pachyderm Philadelphia PA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Pachyderm Properties, LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Alabama, Arkansas, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, Wisconsin</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pachyderm Properties II, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pachyderm Riverdale GA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pachyderm Waite Park MN, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Minnesota</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Paint PA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pharm Nashville IN, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree 17-92, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Boynton, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree East Palatka, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule III-5</P>



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

<P STYLE="margin: 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="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="text-align: justify; width: 50%"><FONT STYLE="font-size: 10pt">Agree Fort Walton Beach, LLC</FONT></TD>
    <TD STYLE="text-align: justify; width: 25%"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="text-align: justify; width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Orange &amp; McCoy, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Pensacola LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Pensacola Nine Mile LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Pinellas Park, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Poinciana LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree St Petersburg LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Tallahassee, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Venice, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Florida</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Cochran GA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Lyons GA, LLC.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Marietta, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Morrow GA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Statham GA, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Antioch, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Belvidere IL LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Berwyn IL LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Chicago Kedzie, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Lake in the Hills, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Lake Zurich IL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Lejune Springfield IL, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree New Lenox 2 LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree New Lenox, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Spring Grove, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Springfield IL LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Illinois</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Indianapolis, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Atchison, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Kansas</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Wichita, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Kansas</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Baton Rouge LA LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Louisiana</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Mall of Louisiana, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Louisiana</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Wawa Baltimore, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Maryland</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">2355 Jackson Avenue, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ADC Express, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree 117 Mission, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Ann Arbor State Street, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Beecher LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Bristol &amp; Fenton Project, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Corunna LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Elkhart, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Missouri</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree M-59 LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Madison AL LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Alabama</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule III-6</P>



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

<P STYLE="margin: 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="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="text-align: justify; width: 50%"><FONT STYLE="font-size: 10pt">Agree Novi MI LLC</FONT></TD>
    <TD STYLE="text-align: justify; width: 25%"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify; width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Plainfield, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Realty South-East, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Georgia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Southfield LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Walker, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mt. Pleasant Shopping Center, L.L.C.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mt. Pleasant Outlot I, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Michigan</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Minneapolis Clinton Ave, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Minnesota</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Forest MS LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mississippi</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Joplin MO LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Missouri</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree St. Joseph MO, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Missouri</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree North Las Vegas, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Nevada</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Sun Valley NV LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Nevada</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Rochester NY LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">New York</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Charlotte Poplar, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Concord, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Fuquay-Varina LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Jacksonville NC, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Wilmington, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">North Carolina</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Grand Forks LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">North Dakota</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Brooklyn OH LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ohio</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Johnstown, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ohio</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Allentown PA LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Ligonier PA LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Montgomeryville PA LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pennsylvania</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Daniel Morgan Avenue Spartanburg SC LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">South Carolina</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Fort Mill SC, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">South Carolina</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Spartanburg SC LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">South Carolina</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Rapid City SD, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">South Dakota</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Alcoa TN LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tennessee</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Magnolia Knoxville TN LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tennessee</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Memphis Getwell, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tennessee</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Arlington TX LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Texas</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Dallas Forest Drive, LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Texas</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Harlingen LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Texas</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Madisonville TX LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Texas</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree McKinney TX LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Texas</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Wichita Falls TX LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Texas</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Forest VA LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Virginia</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Agree Lebanon VA, LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Virginia</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -1.5in"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule III-7</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -1.5in"><B></B></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 3.5in; text-indent: -1.5in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -1.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Agree Limited Partnership</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="text-align: left; width: 25%"><FONT STYLE="font-size: 10pt">Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, Washington, Wisconsin</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in">&nbsp;</P>

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

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

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

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

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

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



<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: center">Schedule III-8</P>



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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule IV-2</P>



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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule IV-3</P>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">Aggregate number of shares offered:</TD><TD STYLE="text-align: justify; width: 50%">6,166,666</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Offering price to public:</TD><TD STYLE="text-align: justify">$60.00 per share</TD></TR>
</TABLE>

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

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

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

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



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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FORM OF CORPORATE OPINION OF HONIGMAN
LLP</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&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"><B><U>EXHIBIT C</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FORM OF TAX OPINION OF HONIGMAN LLP</U></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">&nbsp;</P>

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

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



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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FORM OF OPINION OF BALLARD SPAHR LLP</U></B></P>

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

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

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">Exhibit D-1</P>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2016574d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 3.5in">April 22, 2020</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">70 East Long Lake Rd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Bloomfield Hills, Michigan 48304 &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">Agree Realty Corporation, a Maryland corporation (the &ldquo;Company&rdquo;) -- Registration of
up to 6,166,666 shares (the &ldquo;Shares&rdquo;) of common stock, par value $0.0001 per share (&ldquo;Common Stock&rdquo;), of
the Company to be sold to the public (the &ldquo;Offering&rdquo;) pursuant to a Registration Statement on Form S-3 (Registration
No. 333-218476) filed with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on June 2, 2017
(the &ldquo;Registration Statement&rdquo;)</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 the registration of the Shares under the Securities Act of 1933, as amended
(the &ldquo;Act&rdquo;), by the Company pursuant to the Registration Statement. You have requested our opinion with respect to
the matters set forth below.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 22, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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, April 19, 2020 and April 20, 2020, which, among other things, authorized the issuance of the Shares (together, the
 &ldquo;Directors&rsquo; Resolutions&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-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>a copy of the fully executed Underwriting Agreement, dated as of April 20, 2020 (the &ldquo;Underwriting Agreement&rdquo;),
by and among the Company, Agree Limited Partnership, a Delaware limited partnership of which the Company acts as the general partner,
Citigroup Global Markets Inc., as representative of the several underwriters listed in Schedule I to the Underwriting Agreement
(the &ldquo;Underwriters&rdquo;), Citigroup Global Markets Inc., as forward seller, and Citibank, N.A., as forward counterparty;</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>the Registration Statement and the related form of prospectus and prospectus supplement included therein, in substantially
the form filed with the Commission pursuant to the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-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 approval, form, execution and delivery of the Underwriting Agreement;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 22, 2020</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 22, 2020</P>

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

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

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<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">Very truly yours,&#9;<BR>
<BR>
/s/ Ballard Spahr LLP</TD>
</TR></TABLE>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>tm2016574d1_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <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 8.1</B></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>
    <TD STYLE="vertical-align: top; width: 51%; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 29px; width: 173px"></TD>
    <TD STYLE="width: 49%">
        <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; text-align: center">April 22, 2020</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agree Realty Corporation</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">70 East Long Lake Road</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bloomfield Hills, Michigan 48304</P></TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B><U>Certain 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;), and Agree Limited Partnership, a Delaware
limited partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;), in connection with the Underwriting Agreement, dated April
20, 2020, by and among Citigroup Global Markets Inc., as Representative of the several Underwriters listed in Schedule I attached
thereto, the Company, and the Operating Partnership (the &ldquo;<U>Underwriting Agreement</U>&rdquo;), the letter agreement dated
April 20, 2020, between the Company and Citibank, N.A., and the public offering of 6,166,666 shares of the Company&rsquo;s common
stock, par value $0.0001 per share. Except as otherwise indicated, capitalized terms used in this opinion letter are defined as
set forth in the Underwriting Agreement 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 (the &ldquo;<U>Base Prospectus</U>&rdquo;), and the prospectus supplement, dated April 20, 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 the Operating Partnership, as amended
to the date hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">the Underwriting Agreement;&#9;</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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1pt solid; width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Honigman LLP &bull; 2290 First National
        Building &bull; 660 Woodward Avenue &bull; Detroit, Michigan 48226-3506</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 0.5in 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 51%; font-size: 10pt"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 29px; width: 173px"></TD>
    <TD STYLE="width: 49%; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 22, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 53.85pt">&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">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">(vi)</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">(vii)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">such other records, certificates and documents as we have deemed necessary
or appropriate for purposes of rendering the opinions set forth herein.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In our examination
of the foregoing documents, we have assumed, with your consent and without independent investigation, that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">each of the documents referred to above has been duly authorized, executed, and delivered; is authentic,
if an original, or is accurate, if a copy; has not been amended; and the signatures on each original document are genuine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 75pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">where any such document required execution by a person, the person who executed the document had
proper authority and capacity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">all representations and statements set forth in such documents are and will be true and correct;</TD></TR></TABLE>

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

<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>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1pt solid; width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Honigman LLP &bull; 2290 First National
        Building &bull; 660 Woodward Avenue &bull; Detroit, Michigan 48226-3506</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 51%; font-size: 10pt"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 29px; width: 173px"></TD>
    <TD STYLE="width: 49%; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 22, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 53.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 53.85pt"></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; text-indent: 53.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt"></TD><TD STYLE="width: 36pt">(ix)</TD><TD STYLE="text-align: justify">no action will be taken by the Company after the date hereof that would have the effect of altering
the facts upon which the opinions set forth below are based.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not independently
verified all of the representations, facts or assumptions set forth in such documents or any other documents. We consequently have
assumed that the information presented in such documents or otherwise furnished to us accurately and completely describes all facts
stated therein. In connection with the opinions rendered below, we have assumed the correctness of the Prior REIT Opinion with
respect to all periods prior to January 1, 2013, subject only to our limited independent investigation with respect to the periods
before January 1, 2013. We also have relied upon the correctness, without regard to any qualification as to knowledge or belief,
of the factual representations and covenants contained in the Certificate of Representations and the factual matters discussed
in the Prospectus that relate to the Company&rsquo;s status as a REIT. Where the factual representations in the Certificate of
Representations involve terms defined in the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;), the Treasury
regulations thereunder (the &ldquo;<U>Regulations</U>&rdquo;), published rulings of the Internal Revenue Service (the &ldquo;<U>Service</U>&rdquo;),
or other relevant authority, we have reviewed with the individual making such representations the relevant provisions of the Code,
the applicable Regulations, the published rulings of the Service, and other relevant authority. We are not aware of any facts that
are inconsistent with the representations contained in the Certificate of Representations. It should be noted, however, that the
Code, Regulations, judicial decisions, and administrative interpretations are subject to change at any time and, in some circumstances,
with retroactive effect. We can give no assurance, therefore, that legislative enactments, administrative changes or court decisions
may not be forthcoming that would modify or supersede the opinions stated herein. In addition, there can be no assurance that positions
contrary to our opinions will not be taken by the Service, or that a court considering the issues will not hold contrary to such
opinions. The Service has not issued Regulations or administrative interpretations with respect to various provisions of the Code
relating to REIT qualification. No assurance can be given that the law will not change in a way that will prevent the Company from
qualifying as a REIT.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1pt solid; width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Honigman LLP &bull; 2290 First National
        Building &bull; 660 Woodward Avenue &bull; Detroit, Michigan 48226-3506</P></TD></TR>
</TABLE>
<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>

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    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 51%; font-size: 10pt"><IMG SRC="image_005.jpg" ALT="" STYLE="height: 29px; width: 173px"></TD>
    <TD STYLE="width: 49%; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 22, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 53.85pt">&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 being 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: Black 1pt solid; width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Honigman LLP &bull; 2290 First National
        Building &bull; 660 Woodward Avenue &bull; Detroit, Michigan 48226-3506</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 51%; font-size: 10pt"><IMG SRC="image_006.jpg" ALT="" STYLE="height: 29px; width: 173px"></TD>
    <TD STYLE="width: 49%; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 22, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 53.85pt">&nbsp;&nbsp;</P>

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

<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: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: left; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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

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

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

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">/s/ Honigman LLP</P>
</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Honigman LLP &bull; 2290 First National
        Building &bull; 660 Woodward Avenue &bull; Detroit, Michigan 48226-3506</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>adc-20200420_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>image_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.jpg
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LU#%ILR[Q<:E=7*,I79(L:@>X*J#G\:DT[38=,MQ#;[M@Z9/0>@_7\Z /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>image_004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_004.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>image_005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_005.jpg
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  "r13": {
   "Name": "Forms 10-K, 20-F, 40-F",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "15",
   "Subsection": "d-1"
  },
  "r14": {
   "Name": "Forms 20-F, 40-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "220 and 240",
   "Subsection": "f"
  },
  "r15": {
   "Name": "Regulation 12B",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r16": {
   "Name": "Regulation S-T",
   "Number": "232",
   "Publisher": "SEC",
   "Section": "405"
  },
  "r17": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "425"
  },
  "r18": {
   "Name": "Securities Act",
   "Number": "7A",
   "Publisher": "SEC",
   "Section": "B",
   "Subsection": "2"
  },
  "r2": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "g"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12, 13, 15d"
  },
  "r5": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r6": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r7": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "15",
   "Subsection": "d"
  },
  "r8": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r9": {
   "Name": "Form 10-Q",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13",
   "Subsection": "a-13"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6607576304">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Apr. 20, 2020</div></th>
</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_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<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_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<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_AmendmentFlag', window );">Amendment Flag</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_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Apr. 20,  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">
<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>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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</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:edgarStateCountryItemType</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_EntityRegistrantName">
<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>
</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_EntityTaxIdentificationNumber">
<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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</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:employerIdItemType</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_LocalPhoneNumber">
<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>
</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_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>
</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_PreCommencementTenderOffer">
<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>
</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_Security12bTitle">
<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>
</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:securityTitleItemType</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_SecurityExchangeName">
<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>
</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:edgarExchangeCodeItemType</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_SolicitingMaterial">
<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 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>
</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_TradingSymbol">
<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>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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</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:tradingSymbolItemType</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_WrittenCommunications">
<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 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>
<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_WrittenCommunications</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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
