<SEC-DOCUMENT>0001144204-12-004527.txt : 20120130
<SEC-HEADER>0001144204-12-004527.hdr.sgml : 20120130
<ACCEPTANCE-DATETIME>20120127182159
ACCESSION NUMBER:		0001144204-12-004527
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120127
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120130
DATE AS OF CHANGE:		20120127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACADIA REALTY TRUST
		CENTRAL INDEX KEY:			0000899629
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232715194
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12002
		FILM NUMBER:		12553045

	BUSINESS ADDRESS:	
		STREET 1:		1311 MAMARONECK AVENUE
		STREET 2:		SUITE 260
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10605
		BUSINESS PHONE:		914-288-8100

	MAIL ADDRESS:	
		STREET 1:		1311 MAMARONECK AVENUE
		STREET 2:		SUITE 260
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARK CENTERS TRUST
		DATE OF NAME CHANGE:	19930329
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v300657_8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">WASHINGTON, D.C. 20549</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">Date of Report (Date of Earliest Event
Reported): January 27, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>ACADIA
REALTY TRUST<BR>
</B></FONT><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">Maryland</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">1-12002</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">23-2715194</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">(State or other</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">(Commission</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">jurisdiction of incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">Identification No.)</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">1311 Mamaroneck Avenue<BR>
Suite 260<BR>
White Plains, New York 10605<BR>
(Address of principal executive offices) (Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">(914) 288-8100<BR>
(Registrant's telephone number, including area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center">(Former name or former address, if
changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">  <FONT STYLE="font-family: Wingdings 2">&#163;</FONT>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425 )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">  <FONT STYLE="font-family: Wingdings 2">&#163;</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">  <FONT STYLE="font-family: Wingdings 2">&#163;</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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

<!-- Field: Page; Sequence: 1; Section: Main -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 8.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Events.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><U>At the Market (&ldquo;ATM&rdquo;) Sales
Agreement</U>. </B>On January 27, 2012, Acadia Realty Trust (the &ldquo;Registrant&rdquo;) entered into an ATM Equity Offering
Sales Agreement (the &ldquo;Sales Agreement&rdquo;) with each of Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Barclays
Capital Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC, which will act as sales agents (the &ldquo;Sales Agents&rdquo;)
to sell, from time to time, the Registrant&rsquo;s common shares of beneficial interest, par value $0.01 per share (&ldquo;Common
Shares&rdquo;), having an aggregate sale price up to $75,000,000, through an &ldquo;at the market&rdquo; equity offering program.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the Sales Agreement, the Common
Shares may be offered and sold through any of the Sales Agents in negotiated transactions or transactions that are deemed to be
&ldquo;at the market&rdquo; offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including sales made by
means of ordinary brokers&rsquo; transactions (including on the New York Stock Exchange), at market prices or as otherwise agreed
to with the Sales Agents.&nbsp;&nbsp;The Sales Agreement provides that each Sales Agent will be entitled to compensation of up
to 2.00% of the gross sales price of the Common Shares sold through such Sales Agent.&nbsp;&nbsp;The Registrant may also sell Common
Shares to a Sales Agent as principal for its own account at a price and discount agreed upon at the time of sale pursuant to a
separate terms agreement.&nbsp;&nbsp;The Registrant has no obligation to sell any of the Common Shares under the Sales Agreement
and may at any time suspend solicitation and offers under the Sales Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Common Shares will be issued pursuant to
the Registrant&rsquo;s shelf registration statement on Form S-3 (File No. 333-157886).&nbsp;&nbsp;The Registrant filed a prospectus
supplement, dated January 27, 2012, with the Securities and Exchange Commission in connection with the offer and sale of the Common
Shares being sold pursuant to this offering program.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A copy of the Sales Agreement is attached as
Exhibit 1.1 to this Current Report on Form 8-K and is incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><U>Press Release</U></B>. On January 27,
2012, the Registrant issued a press release announcing that it had commenced an &ldquo;at the market&rdquo; equity offering program.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</P>

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

<!-- Field: Page; Sequence: 1; Section: Main -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B></P>

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

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

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

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt">1.1</TD>
    <TD STYLE="font-size: 10pt">ATM Equity Offering Sales Agreement, dated January 27, 2012, among the Registrant, on the one hand, and each of&nbsp; Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Barclays Capital Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC, on the other hand.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt">99.1</TD>
    <TD STYLE="font-size: 10pt">Press Release of the Registrant dated January 27, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1; Section: Main -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0">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: 0">&nbsp;</P>

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>ACADIA REALTY TRUST</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%; text-indent: 24pt">Date: January 27, 2012</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Jonathan Grisham</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">Name: Jonathan Grisham<BR> Title: Sr. Vice President<BR> and Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;&nbsp;&nbsp;</P>

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

<!-- Field: Page; Sequence: 1; Section: Main -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0; padding-left: 0; font-size: 10pt"><U>Exhibit Number&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><U>Description</U></TD></TR>
</TABLE>


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

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

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

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt">1.1</TD>
    <TD STYLE="font-size: 10pt">ATM Equity Offering Sales Agreement, dated January 27, 2012, among the Registrant, on the one hand, and each of&nbsp; Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Barclays Capital Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC, on the other hand.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt">99.1</TD>
    <TD STYLE="font-size: 10pt">Press Release of the Registrant dated January 27, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 1; Section: Main; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>v300657_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">($0.001 par value per share)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>ATM EQUITY OFFERING SALES AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">January 27, 2012</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Merrill Lynch, Pierce, Fenner &amp; Smith</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Barclays Capital Inc.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incorporated</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">745 Seventh Avenue</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">One Bryant Park</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">New York, New York&nbsp; 10019</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">New York, New York 10036</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Deutsche Bank Securities Inc.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Wells Fargo Securities, LLC</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">60 Wall Street</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">375 Park Avenue</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">New York, New York&nbsp; 10005</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">New York, New York&nbsp; 10152</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Acadia Realty Trust, a Maryland real
estate investment trust (the &ldquo;<U>Company</U>&rdquo;), proposes, subject to the terms and conditions stated herein, to issue
and sell from time to time to or through Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Barclays Capital Inc., Deutsche
Bank Securities Inc. and Wells Fargo Securities, LLC, as sales agent and/or principal (each an &ldquo;<U>Agent</U>,&rdquo; and
together the &ldquo;<U>Agents</U>&rdquo;), severally and not jointly, up to $75,000,000 of shares (the &ldquo;<U>Shares</U>&rdquo;)
of the Company&rsquo;s common shares of beneficial interest, par value $0.001 per share (the &ldquo;<U>Common Shares</U>&rdquo;),
on the terms set forth in Section&nbsp;2 of this ATM Equity Offering Sales Agreement (the &ldquo;<U>Agreement</U>&rdquo;). The
Company agrees that whenever it determines to sell Shares directly to an Agent as principal, it will enter into a separate agreement
(each a &ldquo;<U>Terms Agreement</U>&rdquo;) in substantially the form of <U>Annex I</U> hereto, relating to such sale in accordance
with Section&nbsp;3 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company and Acadia Realty Limited
Partnership, a Delaware limited partnership (the &ldquo;<U>Partnership</U>&rdquo;), for which the Company is the sole general partner,
hereby confirm their agreements with the Agents as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1. <U>Representations
and Warranties</U>. Each of the Company and the Partnership, jointly and severally, represent and warrant to the Agents that as
of the date of this Agreement, each Registration Statement Amendment Date (as defined in Section&nbsp;3 below), each Company Periodic
Report Date (as defined in Section&nbsp;3 below), each Company Earnings Report Date (as defined in Section&nbsp;3 below), each
Request Date (as defined in Section&nbsp;3 below), each Applicable Time (as defined in Section 1 below) and each Settlement Date
(as defined in Section&nbsp;2 below):</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; font-variant: normal; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>&#9;The Company and the transactions contemplated by this Agreement meet all of the requirements for using Form S-3 under
the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;) pursuant to the standards for such form in effect
currently and immediately prior to October 21, 1992. The registration statement on Form S-3 (No. 333-157886), including any exhibits
thereto and any prospectus or prospectus supplement deemed a part thereof, each at the time of effectiveness (the &ldquo;<U>Registration
Statement</U>&rdquo;), filed by the Company with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) on
March 12, 2009 (including any Rule 462(b) registration statement) was declared effective under the Securities Act on April 9, 2009
and no stop order suspending the effectiveness of the Registration Statement or any part thereof has been issued under the Securities
Act and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated
by the Commission or by the state securities authority of any jurisdiction, and any request on the part of the Commission for additional
information has been complied with. The Shares, since their registration on the Registration Statement, have been and remain eligible
for registration by the Company on the Registration Statement. The Registration Statement registered $500,000,000 aggregate amount
of various securities, including the Shares, in unallocated amounts. As of the date hereof, the Company has sold securities under
the Registration Statement in an aggregate of $113,937,500.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;At the respective times the Registration Statement and each amendment thereto was declared effective, at each deemed
effective date with respect to the Agents pursuant to Rule 430B(f)(2) of the rules and regulations of the Commission under the
Securities Act (the &ldquo;<U>Securities Act Regulations</U>&rdquo;) and at each Applicable Time (as defined below), the Registration
Statement complied and will comply as to form in all material respects with the requirements of the Securities Act and the Securities
Act Regulations, and did not and will not contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading; <I>provided, however</I>, that this representation
and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the information concerning
the Agents furnished in writing to the Company by the Agents expressly for use therein, it being understood and agreed that the
only such information furnished by any Agents consists of the information described as such in Section 7 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">Neither the Prospectus
(as defined below) nor any amendments or supplements thereto, at the time the Prospectus or any such amendment or supplement was
issued and at the Applicable Time, included or will include an untrue statement of a material fact or omitted or will omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; <I>provided, however</I>, that this representation and warranty shall not apply to any statements or omissions
made in reliance upon and in conformity with the information concerning the Agents furnished in writing to the Company by the Agents
expressly for use therein, it being understood and agreed that the only such information furnished by any Agents consists of the
information described as such in Section 7 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">Each prospectus (including
the prospectus or prospectuses filed as part of the Registration Statement or any amendment thereto) complied as to form when so
filed in all material respects with the Securities Act and the Securities Act Regulations and the Prospectus delivered to the Agents
for use in connection with this offering was identical to the electronically transmitted copies thereof filed with the Commission
pursuant to EDGAR, except to the extent permitted by Regulation S-T.</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">As of the Applicable
Time, the Disclosure Package (as defined below), did not include 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;
<I>provided, however</I>, that this representation and warranty shall not apply to any statements or omissions made in reliance
upon and in conformity with the information concerning the Agents furnished in writing to the Company by the Agents expressly for
use therein, it being understood and agreed that the only such information furnished by any Agents consists of the information
described as such in Section 7 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">As used in this subsection
and elsewhere in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">&ldquo;<U>Applicable
Time</U>&rdquo; means, with respect to any Shares, the time of sale of such Shares pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">&ldquo;<U>Base Prospectus</U>&rdquo;
means the base prospectus dated April 9, 2009 filed as part of the Registration Statement, as amended, in the form first furnished
to the Agents for use in connection with the offering of the Shares, including the documents incorporated by reference therein
pursuant to Item 12 of Form S-3 under the Securities Act at the time of the execution of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">&ldquo;<U>Business
Day</U>&rdquo; means any day when the Commission&rsquo;s office in Washington, D.C. is open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">&ldquo;<U>Disclosure
Package</U>&rdquo; means the Prospectus, as amended or supplemented, any applicable Issuer Free Writing Prospectus(es) issued at
or prior to any Applicable Time, any other free writing prospectus that the parties hereto shall hereafter expressly agree in writing
to treat as part of the Disclosure Package issued at or prior to any Applicable Time, all taken together, and with respect to any
Shares, the public offering price of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">&ldquo;<U>Issuer Free
Writing Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 of the Securities
Act Regulations (&ldquo;<U>Rule 433</U>&rdquo;), relating to the Shares that (i)&nbsp;is required to be filed with the Commission
by the Company or (ii)&nbsp;is exempt from filing pursuant to Rule 433(d)(5)(i)&nbsp;because it contains a description of the Shares
or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission
or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule 433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">&ldquo;<U>Prospectus</U>&rdquo;
means the Base Prospectus, as supplemented by the Prospectus Supplement, including the documents incorporated therein pursuant
to Item 12 of Form S-3 as of the date of such Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">&ldquo;<U>Prospectus
Supplement</U>&rdquo; means the most recent prospectus supplement relating to the Shares, to be filed by the Company with the Commission
pursuant to Rule 424(b) of the Securities Act Regulations, in the form furnished by the Company to the Agents in connection with
the offering of the Shares.</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>&#9;Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the
offering of Shares under this Agreement or until any earlier date that the Company notified or notifies the Agents as described
in the next sentence, did not, does not and will not include any information that conflicted, conflicts or will conflict with the
information contained in the Registration Statement or the Prospectus, including any document incorporated by reference therein
and any other prospectus deemed to be a part thereof, that has not been superseded or modified. If at any time following issuance
of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing
Prospectus included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances, not misleading, the Company has notified or will notify
the Agents promptly so that any use of such Issuer Free Writing Prospectus may cease until it is amended or supplemented. The foregoing
two sentences do not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with
written information furnished to the Company by the Agents expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;The documents incorporated or deemed to be incorporated by reference into the Registration Statement, the Prospectus
and the Disclosure Package, at the time they were filed with the Commission, conformed in all material respects to the requirements
of the Securities Act and the Securities Act Regulations or the Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;),
and the rules and regulations of the Commission thereunder (the &ldquo;<U>Exchange Act Regulations</U>&rdquo;), as applicable,
and when read together with the information in the Prospectus and the Disclosure Package (i) at the time the Registration Statement
was declared effective, (ii) at the time each Prospectus was issued and first used and (iii) at the Applicable Time, none of such
documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; <I>provided, however</I>, that this representation and warranty shall
not apply to any statements or omissions made in reliance upon and in conformity with the information concerning the Agents furnished
in writing to the Company by the Agents expressly for use therein, it being understood and agreed that the only such information
furnished by any Agents consists of the information described as such in Section 7 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>&#9;The Company has not distributed and will not distribute, prior to the completion of the Agents&rsquo; distribution of
the Shares under this Agreement, any offering material in connection with the offering and sale of the Shares other than the Prospectus
or any Issuer Free Writing Prospectus reviewed and consented to by the Agents or the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>&#9;This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company
and the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;There are no contracts or other documents required to be described in the Registration Statement, Disclosure Package
or Prospectus or to be filed as exhibits to the Registration Statement or any documents incorporated by reference that have not
been described or filed as required. The contracts so described in the Registration Statement, Disclosure Package and Prospectus
to which the Company is a party have been duly authorized, executed and delivered by the Company, constitute valid and binding
agreements of the Company, and are enforceable against and, to the Company&rsquo;s knowledge by, the Company in accordance with
their respective terms, except to the extent that the indemnification and contribution provisions set forth in Section 7 of this
Agreement may be limited by the federal and state securities laws and public policy considerations in respect thereof, and except
as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforceability
of creditors&rsquo; rights generally. To the Company&rsquo;s knowledge, no other party is in material breach of or material default
under any of such contracts.</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;Except as otherwise disclosed in the Registration Statement, the Disclosure Package or the Prospectus, subsequent to
the respective dates as of which information is given in the Registration Statement, the Disclosure Package or the Prospectus:
(i)&nbsp; there has been no material adverse change, or any development that could reasonably be expected to result in a material
adverse change, in the condition, financial or otherwise, or in the earnings, shareholders&rsquo; equity, business, operations
or prospects, whether or not arising from transactions in the ordinary course of business, of the Company, the Partnership and
their subsidiaries, considered as one entity or a material adverse effect on the performance by the Company or, as applicable,
the Partnership pursuant to this Agreement or the consummation of any of the transactions contemplated hereby (any such change
is called a &ldquo;<U>Material Adverse Change</U>&rdquo;); (ii)&nbsp;the Company, the Partnership and their subsidiaries, considered
as one entity, have not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course
of business nor entered into any material transaction or agreement not in the ordinary course of business; and (iii)&nbsp;there
has been no dividend or distribution of any kind declared, set aside for payment, paid or made by the Company or the Partnership,
except for dividends set aside for payment or paid to the Company, the Partnership or any of their subsidiaries on any class of
capital stock or repurchase or redemption by the Company, the Partnership or any of their subsidiaries of any class of capital
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>&#9;<FONT STYLE="font-size: 10pt">BDO USA, LLP, who has expressed its opinion with respect to certain financial statements
(which term as used in this Agreement includes the related notes thereto) and supporting schedules filed with the Commission and
included or incorporated by reference or deemed to be included or incorporated by reference in the Registration Statement, the
Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act, the
Exchange Act and the rules and regulations of the Public Company Accounting Oversight Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>&#9;<FONT STYLE="font-size: 10pt">The financial statements included or incorporated by reference in the Registration
Statement, the Disclosure Package and the Prospectus present fairly the consolidated financial position of the Company and its
subsidiaries as of and at the dates indicated and the results of their operations and cash flows for the periods specified. The
supporting schedules included or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus
present fairly the information stated therein. Such financial statements and supporting schedules comply as to form with the applicable
accounting requirements of the Securities Act, the Exchange Act, the Securities Act Regulations and the Exchange Act Regulations
and have been prepared in conformity with generally accepted accounting principles as applied in the United States applied on a
consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. The pro forma
financial statements and other pro forma financial information included, or incorporated by reference in, the Registration Statement,
the 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 and the
pro forma adjustments have been properly applied to the historical amounts in the compilation of those statements. No other historical
pro forma or other financial statements or supporting schedules are required under applicable law or the Securities Act, the Securities
Act Regulations, the Exchange Act and the Exchange Act Regulations to be included or incorporated by reference in the Registration
Statement, the Disclosure Package and the Prospectus. The financial data included or incorporated by reference in the Registration
Statement, the Disclosure Package and the Prospectus fairly present the information set forth therein on a basis consistent with
that of the audited financial statements contained in the Company&rsquo;s most recent Annual Report on Form 10-K. Any non-GAAP
financial measures, as defined under Regulation G under the Securities Act, included in the Registration Statement, the Disclosure
Package and the Prospectus are permitted for use in documents filed with the Commission and are presented in conformity with the
Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations. </FONT></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;Each of the Company, the Partnership and their subsidiaries has been duly incorporated, formed or organized, as the
case may be, and is validly existing as a real estate investment trust, corporation, partnership, limited liability company or
other legal entity in good standing under the laws of the jurisdiction of its incorporation, organization or formation and has
full real estate investment trust, corporate, partnership or other power 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, in the case
of the Company and the Partnership, to enter into and perform their respective obligations under this Agreement and to consummate
the transactions contemplated herein. Each of the Company, the Partnership and each of their subsidiaries is duly qualified as
a foreign corporation or other legal entity to transact business and is in good standing in each jurisdiction in which such qualification
is required, whether by reason of the ownership or leasing of property or the conduct of business, except for such jurisdictions
where the failure to so qualify or to be in good standing would not, individually or in the aggregate, result in a Material Adverse
Change.<B> </B>All of the issued and outstanding capital stock, membership interests, partnership interests or similar equity interests
of each subsidiary have been duly authorized and validly issued, are fully paid and non-assessable and the equity interests in
each subsidiary which are owned by the Company, directly or through subsidiaries, are free and clear of any security interest,
mortgage, pledge, lien, encumbrance or claim. The Company does not own or control, directly or indirectly, any corporation, association
or other entity other than the subsidiaries listed on Schedule 1(k) attached hereto (collectively, the &ldquo;<U>Subsidiaries</U>&rdquo;).
There are no Subsidiaries, except for the Partnership, Acadia Strategic Opportunity Fund, LP, Acadia Strategic Opportunity Fund
II, LLC and Acadia Strategic Opportunity Fund III LLC, of the Company that meet the definition of &ldquo;significant subsidiaries&rdquo;
under Regulation S-X under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#9;The authorized, issued and outstanding capital stock of the Company is as described in the Registration Statement, the
Disclosure Package and the Prospectus (other than for subsequent issuances, if any, pursuant to employee benefit plans described
in the Registration Statement, the Disclosure Package and the Prospectus or upon exercise of outstanding options described in the
Registration Statement, the Disclosure Package and the Prospectus). The Common Shares (including the Shares) conform in all material
respects to the description thereof contained in the Registration Statement, the Disclosure Package and the Prospectus. All of
the issued and outstanding Common Shares have been duly authorized and validly issued, are fully paid and non-assessable and have
been offered, sold and issued in compliance with federal and state securities laws. <FONT STYLE="letter-spacing: 0pt"><U>The issuance
of the Shares has been duly and validly authorized and, upon being delivered to and paid for by the Agents </U></FONT>pursuant
to this Agreement,<FONT STYLE="letter-spacing: 0pt"><U> the Shares</U></FONT> will be fully paid, validly issued and non-assessable,
free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim. All of the issued and outstanding units
of limited partnership interest in the Partnership (the &ldquo;<U>OP Units</U>&rdquo;) have been duly authorized by the Partnership.
As of the date of this Agreement, the Company is the sole general partner of the Partnership and owns OP Units representing an
approximately 99% interest in the Partnership. None of the outstanding Common Shares were issued in violation of any preemptive
rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company, and the holders
of outstanding shares of capital stock of the Company are not entitled to preemptive or other rights to subscribe for the Shares.
There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase,
or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock or ownership interests in the
Company or any of its subsidiaries other than those accurately described in the Registration Statement, the Disclosure Package
and the Prospectus. The description of the Company&rsquo;s stock option, stock bonus and other stock plans or arrangements, and
the options or other rights granted thereunder, set forth in the Registration Statement, the Disclosure Package and the Prospectus
accurately and fairly presents the information required to be shown with respect to such plans, arrangements, options and rights.</P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>&#9;Neither the Company, the Partnership nor any of their subsidiaries is in violation of its respective charter, declaration
of trust, by-laws, certificate of formation, partnership agreement, operating agreement or similar documents or is in default (or,
with the giving of notice or lapse of time, would be in default) (&ldquo;<U>Default</U>&rdquo;) under any indenture, mortgage,
loan or credit agreement, note, contract, franchise, lease or other agreement, obligation, condition, covenant or instrument to
which the Company, the Partnership or any of their subsidiaries is a party or by which it or any of them may be bound, or to which
any of the property or assets of the Company, the Partnership or any of their subsidiaries is subject (each, an &ldquo;<U>Existing
Instrument</U>&rdquo;), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change.
The Company&rsquo;s and the Partnership&rsquo;s execution, delivery and performance of this Agreement, the application of the proceeds
from the sale of the Shares as described under &ldquo;Use of Proceeds&rdquo; in the Disclosure Package and the Prospectus and the
consummation of the transactions contemplated hereby and thereby and by the Registration Statement (i)&nbsp;will not result in
any violation of the provisions of the respective charter, declaration of trust, by-laws, certificate of formation, partnership
agreement, operating agreement or similar documents of the Company, the Partnership or any subsidiary, (ii)&nbsp;will not conflict
with or constitute a breach of, or Default or a Debt Repayment Triggering Event (as defined below) under, or result in the creation
or imposition of any lien, charge or encumbrance upon any property or assets of the Company, the Partnership or any of their subsidiaries
pursuant to, or require the consent of any other party to, any Existing Instrument, except for such conflicts, breaches, Defaults,
Debt Repayment Triggering Events (as defined below), liens, charges or encumbrances as would not, individually or in the aggregate,
result in a Material Adverse Change and (iii)&nbsp;will not result in any violation of any law, statute, rule, regulation, judgment,
order or decree, administrative regulation or administrative or court decree applicable to the Company, the Partnership or any
subsidiary or any of its or their property. No consent, approval, authorization or other order of, or registration or filing with,
any court or other governmental or regulatory authority or agency, is required for the Company&rsquo;s or the Partnership&rsquo;s
execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Registration
Statement and the Prospectus, except such consents, approvals, authorizations, orders, filings, registrations or qualifications
as may be required under applicable state securities or Blue Sky laws and from the Financial Industry Regulatory Authority, Inc.
(&ldquo;<U>FINRA</U>&rdquo;). As used herein, a &ldquo;<U>Debt Repayment Triggering Event</U>&rdquo; means any event or condition
which gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness
(or any person acting on such holder&rsquo;s behalf) the right to require the repurchase, redemption or repayment of all or a portion
of such indebtedness by the Company, the Partnership or any of its subsidiaries;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, there are no
legal or governmental actions, suits, investigations or proceedings pending or, to the best of the Company&rsquo;s or the Partnership&rsquo;s
knowledge, threatened (i)&nbsp;against or affecting the Company, the Partnership or any of their subsidiaries, (ii)&nbsp;that has
as the subject thereof any officer or trustee of, or property owned or leased by, the Company, the Partnership or any of their
subsidiaries or (iii)&nbsp;relating to environmental or discrimination matters, which would reasonably be expected to result in
a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement. No material
labor dispute with the employees of the Company, the Partnership or any of their subsidiaries exists or, to the best of the Company&rsquo;s
and the Partnership&rsquo;s knowledge, is threatened or imminent, and neither the Company nor the Partnership is aware of any existing
or imminent labor disturbance by the employees at any of its or its subsidiaries&rsquo; principal suppliers, contractors or customers
that could result in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;The Company, the Partnership and their subsidiaries own or possess sufficient trademarks, trade names, patent rights,
copyrights, domain names, licenses, approvals, trade secrets and other similar rights (collectively, &ldquo;<U>Intellectual Property
Rights</U>&rdquo;) reasonably necessary to conduct their businesses as now conducted or as proposed to be conducted in the Registration
Statement, the Disclosure Package and the Prospectus, and the expected expiration of any of such Intellectual Property Rights would
not result in a Material Adverse Change. Neither the Company, the Partnership, nor any of their subsidiaries has received any notice
of infringement or conflict with asserted Intellectual Property Rights of others, which infringement or conflict, if the subject
of an unfavorable decision, would result in a Material Adverse Change. The Company and the Partnership are not parties to or bound
by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are
required to be set forth in the Registration Statement, the Disclosure Package and the Prospectus and are not described in all
material respects. None of the technology employed by the Company or the Partnership has been obtained or is being used by the
Company or the Partnership in violation of any contractual obligation binding on the Company, the Partnership or, to the Company
or the Partnership&rsquo;s knowledge, any of their officers, trustees or employees or is otherwise in violation of the rights of
any persons, except for violations which would not, individually or in the aggregate, result in a Material Adverse Change.</P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;The Company, the Partnership and each subsidiary possess such valid and current certificates, authorizations, licenses
or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct their respective
businesses, except where the failure to possess such certificate, authorizations or permits would not, individually or in the aggregate,
result in a Material Adverse Change, and neither the Company, the Partnership nor any of their subsidiaries has received any notice
of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization, license
or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could result in a Material
Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 49.5pt">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Company, the Partnership and each of their subsidiaries owns or leases all such properties as are necessary
to the conduct of their respective operations as presently conducted. The Company, the Operating Partnership and each of their
subsidiaries has good and marketable title to all the properties and assets reflected as owned in the Company&rsquo;s consolidated
financial statements (and schedules thereto) or elsewhere in the Registration Statement, the Disclosure Package and the Prospectus,
in each case free and clear of any security interests, mortgages, liens, encumbrances, equities, claims and other defects, except
as disclosed in the Registration Statement, the Disclosure Package and the Prospectus or where the existence of any security interest,
mortgage, lien, encumbrance, equity, claim or other defect would not, individually or in the aggregate, result in a Material Adverse
Change. The real property, improvements, equipment and personal property held under lease by the Company, the Partnership or any
of their subsidiaries are held under valid and enforceable leases, except where the invalidity or unenforceability of any leases
would not, individually or in the aggregate, result in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#9;The Company, the Partnership and their subsidiaries have filed all necessary federal, state, local and foreign income
and franchise tax returns or have properly requested extensions thereof and have paid all taxes required to be paid by any of them
and, if due and payable, any related or similar assessment, fine or penalty levied against any of them except as may be being contested
in good faith and by appropriate proceedings. To the knowledge of the Company, there is no tax deficiency likely to be asserted
against the Company, the Partnership or any of their subsidiaries. All tax liabilities, if any, of the Company, the Partnership
and their subsidiaries are adequately provided for on the respective books of the entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>&#9;The Company has met the requirements for qualification and taxation as a real estate investment trust (&ldquo;<U>REIT</U>&rdquo;)
under the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;), as of the close of every taxable year during
the Company&rsquo;s existence, and the Company&rsquo;s current and proposed method of operation will enable it to continue to meet
the requirements for qualification and taxation as a real estate investment trust for federal income tax purposes.</P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#9;Each of the Partnership and any subsidiary limited liability company or partnership, except Acadia Self Storage Management
Investment Company LLC, which has elected to be treated as a taxable REIT subsidiary, is qualified as a partnership or a disregarded
entity for federal income tax purposes and not as an association taxable as a corporation or as a publicly traded partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;Each of the Company and the Partnership are not, and after giving effect to the offer and sale of the Shares and the
application of the proceeds therefrom as described under &ldquo;Use of Proceeds&rdquo; in each of the Registration Statement, the
Disclosure Package and the Prospectus will not be required to be registered as, an &ldquo;investment company&rdquo; or a company
&ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of&nbsp;1940,
as amended (the &ldquo;<U>Investment Company Act</U>&rdquo;), and will conduct its business in a manner so that it will not become
subject to the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;Each of the Company, the Partnership and their subsidiaries are insured by recognized, financially sound and reputable
institutions with policies in such amounts and with such deductibles and covering such risks as are prudent and customary for their
respective businesses including, but not limited to, policies covering real and personal property owned or leased by the Company,
the Partnership and their subsidiaries against theft, damage, destruction, acts of vandalism and all other risks customarily insured
against. All such policies of insurance are in full force and effect. There are no claims by the Company, the 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 where such denial or defense would not, individually or in the aggregate, result in a Material
Adverse Change. Neither the Company, the Partnership nor any subsidiary has been refused insurance coverage sought or applied for
and neither the Company, the Partnership nor any subsidiary has reason to believe that it or any subsidiary will not be able (i)&nbsp;to
renew its existing insurance coverage as and when such policies expire or (ii)&nbsp;to obtain comparable coverage from similar
institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in
a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>&#9;The Company and the Partnership have not taken and will not take, directly or indirectly, any action designed to or
that might be reasonably expected to cause or result in, or which 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. The
Company acknowledges that the Agents may engage in passive market making transactions in the Shares in accordance with Regulation
M under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;The Common Shares are registered pursuant to Section 12(b) of the Exchange Act and have been approved for listing on
the NYSE. The Shares have been approved for listing on the NYSE, subject only to official notice of issuance. The Company has taken
no action designed to terminate the registration of the Shares under the Exchange Act or cause the delisting of any such securities
from the NYSE, nor has the Company received any notification that the Commission or the NYSE is contemplating terminating such
registration or listing.</P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;The Company has not distributed and will not distribute any written offering material in connection with the offering
and sale of the Shares other than the Prospectus and the Registration Statement. The Company will file with the Commission any
Issuer Free Writing Prospectuses in the time and manner required under Rule 433(d) under the Securities Act Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>&#9;Neither the Company, the Partnership nor any of their subsidiaries nor, to the knowledge of the Company or the Partnership,
any trustee, officer, agent, employee or affiliate of the Company, the Partnership or any of their subsidiaries is aware of or
has taken any action, directly or indirectly, that would result in a violation of such persons of the Foreign Corrupt Practices
Act of 1977, as amended, and the rules and regulations thereunder (the &ldquo;<U>FCPA</U>&rdquo;), including, without limitation,
making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise
to pay or authorization of the payment of any money, or other property, gift, promise to give or authorization of the giving of
anything of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political party or
official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company, the Partnership,
their subsidiaries and, to the knowledge of the Company and the Partnership, their affiliates have conducted their businesses in
compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably
expected to continue to ensure, continued compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(aa)<FONT STYLE="color: black">There
are no business relationships or related-party transactions involving the Company, the Partnership or any subsidiary of either
or any other Person required to be described in the Prospectus that have not been described as required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and each of its subsidiaries have established and maintain disclosure controls and procedures (as such term
is defined in Rule 13a-15 under the Exchange Act Regulations); such disclosure controls and procedures are designed to ensure that
the information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated
and communicated to management of the Company and its subsidiaries, including their respective principal executive officers and
principal financial officers, as appropriate, to allow timely decisions regarding required disclosure to be made; and such disclosure
controls and procedures are effective in all material respects to perform the functions for which they were established. Since
the date of the most recent balance sheet of the Company and its consolidated subsidiaries reviewed or audited by BDO USA, LLP
and the audit committee of the board of trustees of the Company, (i)&nbsp;the Company has not been advised of (A)&nbsp;any material
weaknesses in the design or operation of internal controls that would adversely affect the ability of the Company or any of its
subsidiaries to record, process, summarize and report financial data, or any material weaknesses in internal controls or (B)&nbsp;any
fraud, whether or not material, that involves management or other employees who have a significant role in the internal controls
of the Company and each of its subsidiaries, and (ii)&nbsp;since that date, there have been no changes in internal controls or
in other factors that would materially affect internal controls, including any corrective actions with regard to significant deficiencies
and material weaknesses. <FONT STYLE="color: black">The Company, the Partnership and each of their subsidiaries maintain a system
of internal accounting controls sufficient to provide reasonable assurances that: (i)&nbsp;transactions are executed in accordance
with management&rsquo;s general or specific authorization; (ii)&nbsp; transactions are recorded as necessary to permit preparation
of financial statements in conformity with generally accepted accounting principles as applied in the United States and to maintain
accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or specific
authorization; and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and
appropriate action is taken with respect to any differences.</FONT></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(cc)During the period
of at least the last 12 calendar months prior to the date of this Agreement, the Applicable Time and each Settlement Date, the
Company has filed with the Commission all documents and other material required to be filed pursuant to Sections 13, 14 and 15(d)
under the Exchange Act; during the period of at least the last 12 calendar months preceding the filing of the Registration Statement
or any post-effective amendment thereto, the Company has filed with the Commission all documents and other material required to
be filed pursuant to Sections 13, 14 and 15(d) under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(dd)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as (x) otherwise described in the Registration Statement, the Disclosure Package and the Prospectus or (y) would
not, individually or in the aggregate, result in a Material Adverse Change: (i)&nbsp;neither the Company, the Partnership, nor
any of their subsidiaries is in violation of any federal, state, local or foreign law or regulation relating to pollution or protection
of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface
strata) or wildlife, including without limitation, laws and regulations relating to emissions, discharges, releases or threatened
releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum and petroleum products
(collectively, &ldquo;<U>Materials of Environmental Concern</U>&rdquo;), or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, &ldquo;<U>Environmental
Laws</U>&rdquo;), which violation includes, but is not limited to, noncompliance with any permits or other governmental authorizations
required for the operation of the business of the Company, the Partnership or their subsidiaries under applicable Environmental
Laws, or noncompliance with the terms and conditions thereof, nor has the Company, the Partnership or any of their subsidiaries
received any written communication, whether from a governmental authority, citizens group, employee or otherwise, that alleges
that the Company, the Partnership or any of their subsidiaries is in violation of any Environmental Law; (ii)&nbsp;there is no
claim, action or cause of action filed with a court or governmental authority, no investigation with respect to which the Company
or the Partnership has received written notice, and no written notice by any person or entity alleging potential liability for
investigatory costs, cleanup costs, governmental responses costs, natural resources damages, property damages, personal injuries,
attorneys&rsquo; fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of
any Materials of Environmental Concern at any location owned, leased or operated by the Company, the Partnership or any of their
subsidiaries, now or in the past (collectively, &ldquo;<U>Environmental Claims</U>&rdquo;), pending or, to the best of the Company&rsquo;s
and the Partnership&rsquo;s knowledge, threatened against the Company, the Partnership or any of their subsidiaries or any person
or entity whose liability for any Environmental Claim the Company, the Partnership or any of their subsidiaries has retained or
assumed either contractually or by operation of law; and (iii)&nbsp;to the Company&rsquo;s and the Partnership&rsquo;s knowledge,
there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation,
the release, emission, discharge, presence or disposal of any Materials of Environmental Concern, that reasonably could result
in a violation of any Environmental Law or form the basis of a potential Environmental Claim against the Company, the Partnership
or any of their subsidiaries or against any person or entity whose liability for any Environmental Claim the Company, the Partnership,
or any of their subsidiaries has retained or assumed either contractually or by operation of law. Except as set forth in the Registration
Statement, the Disclosure Package and the Prospectus, neither the Company, the Partnership nor any subsidiary has been named as
a &ldquo;potentially responsible party&rdquo; under the Comprehensive Environmental Responses Compensation and Liability Act of
1980, as amended.</P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(ee)In the ordinary
course of its business, the Company and the Partnership conduct a periodic review of the effect of Environmental Laws on the business,
operations and properties of the Company, the Partnership and their 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 and the amount of its established reserves, the Company
and the Partnership have reasonably concluded that such associated costs and liabilities would not, individually or in the aggregate,
result in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(ff)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>&#9;The Company, the Partnership and their subsidiaries and any &ldquo;Employee Benefit Plan&rdquo; (as defined under the
Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively,
&ldquo;<U>ERISA</U>&rdquo;)) established or maintained by the Company, the Partnership and their subsidiaries or their ERISA Affiliates
(as defined below) are in compliance in all material respects with ERISA. &ldquo;<U>ERISA Affiliate</U>&rdquo; means, with respect
to the Company, the Partnership or a subsidiary, any member of any group of organizations described in Sections&nbsp;414(b), (c),
(m) or (o) of the Code, of which the Company, the Partnership or such subsidiary is a member. No &ldquo;reportable event&rdquo;
(as defined under ERISA) has occurred or is reasonably expected to occur with respect to any Employee Benefit Plan established
or maintained by the Company, the Partnership, their subsidiaries or any of their ERISA Affiliates. No Employee Benefit Plan established
or maintained by the Company, the Partnership, their subsidiaries or any of their ERISA Affiliates, if such Employee Benefit Plan
were terminated, would have any &ldquo;amount of unfunded benefit liabilities&rdquo; (as defined under ERISA). Neither the Company,
the Partnership, their subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability
under (i)&nbsp;Title&nbsp;IV of ERISA with respect to termination of, or withdrawal from, any Employee Benefit Plan or (ii)&nbsp;Sections&nbsp;412,
4971, 4975 or 4980B of the Code. Each Employee Benefit Plan established or maintained by the Company, the Partnership, their subsidiaries
or any of their ERISA Affiliates that is intended to be qualified under Section&nbsp;401(a) of the Code is so qualified and nothing
has occurred, whether by action or failure to act, which would cause the loss of such qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(gg)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, there is no broker, finder
or other party that is entitled to receive from the Company or the Partnership, any brokerage or finder&rsquo;s fee or other fee
or commission as a result of any transactions contemplated by this Agreement.</P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(hh)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the time of filing of the Registration Statement and as of the date of the execution and delivery of this Agreement (with
such date being used as the determination date for purposes of this clause), the Company was not and is not an &ldquo;ineligible
issuer&rdquo; (as defined in Rule 405 under the Securities Act), without taking account of any determination by the Commission
pursuant to Rule 405 under the Securities Act Regulations that it is not necessary that the Company be considered an ineligible
issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business)
or guarantees or <FONT STYLE="color: black">indebtedness</FONT> by the Company, the Partnership or any of their subsidiaries to
or for the benefit of any of the officers or trustees of the Company or any of their family members, except as disclosed in the
Registration Statement, the Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(jj)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;The Company and the Partnership have not been advised, and have no reason to believe, that they and each of their subsidiaries
are not conducting business in compliance with all applicable laws, rules and regulations of the jurisdictions in which it is conducting
business, except where failure to be so in compliance would not result in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(kk)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 issuance or sale
of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(ll)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>&#9;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 <FONT STYLE="color: black">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 property or assets
to the Company or any other subsidiary of the Company, except as described in or contemplated by the Registration Statement</FONT>,
the Disclosure Package<FONT STYLE="color: black"> and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(mm)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There is and has been no failure on the part of the Company and any of the Company&rsquo;s trustees or officers, in their
capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in
connection therewith (the &ldquo;<U>Sarbanes-Oxley Act</U>&rdquo;), including Section 402 of the Sarbanes-Oxley Act related to
loans and Sections 302 and 906 thereof related to certifications. The Company is in compliance with the current listing standards
of the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(nn)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The operations of the Company, the Partnership and their <FONT STYLE="color: black">subsidiaries</FONT> are and have been
conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign
Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder
and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the &ldquo;<U>Money Laundering Laws</U>&rdquo;) and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company, the Partnership or any of their <FONT STYLE="color: black">subsidiaries</FONT>
with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company or the Partnership threatened.</P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(oo)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company, the Partnership nor any of their <FONT STYLE="color: black">subsidiaries</FONT> nor, to the knowledge
of the Company, the Partnership, any trustee, officer, agent, employee or affiliate of the Company or the Partnership or any of
their <FONT STYLE="color: black">subsidiaries</FONT> is currently subject to any U.S. sanctions administered by the Office of Foreign
Assets Control of the U.S. Treasury Department<FONT STYLE="color: black">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(pp)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The limited partnership agreement of the Partnership, including any amendments thereto, has been duly and validly authorized,
executed and delivered by the Company and, to the best knowledge of the Company, all the partners of the Partnership and constitutes
a valid and binding agreement, enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors&rsquo; rights generally or by general principles of equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(qq)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its subsidiaries nor, to the best of the Company&rsquo;s knowledge, any employee of the Company
or any of its subsidiaries, has made any contribution or other payment to any official of, or candidate for, any federal, state
or foreign office in violation of any law or of the character necessary to be disclosed in the Registration Statement, the Disclosure
Package and the Prospectus in order to make the statements therein, in the light of the circumstances under which such statements
were made, not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(rr)<FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement is not the subject of a pending proceeding or examination under Section 8(d) or 8(e) of
the Securities Act, and the Company is not the subject of a pending proceeding under Section 8A of the Securities Act in
connection with the offering of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(ss)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statistical and market-related data included in the Registration Statement, the Disclosure Package and the Prospectus
are based on the Company&rsquo;s own research or derived from external sources that, in either case, the Company believes to be
reliable and accurate, and the Company has obtained the written consent to the use of such data from such sources to the extent
required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(tt)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>&#9;&nbsp;<FONT STYLE="font-size: 10pt">The Company has not relied upon the Agents or legal counsel for the Agents for
any legal, tax or accounting advice in connection with the offering and sale of the Shares, except with respect to the Blue Sky
survey prepared by legal counsel for the Agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in">(uu)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Common Shares are an &ldquo;actively traded security&rdquo; exempted 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: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: black">Any certificate
signed by an officer of the Company or the Partnership and delivered to the Representative or to counsel for the Agents shall be
deemed to be a representation and warranty by the Company to each Agent as to the matters set forth therein</FONT> as of the date
or dates indicated in such certificate.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 2. <U>Sale and Delivery
of Shares</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the terms and conditions set forth herein, the Company agrees to issue and sell through the Agent acting as sales
agent or directly to the Agent acting as principal from time to time, and each Agent agrees to use its commercially reasonable
efforts to sell as sales agent for the Company, the Shares. Sales of the Shares, if any, through the Agent acting as sales agent
or directly to the Agent acting as principal, will be made by means of ordinary brokers&rsquo; transactions on the NYSE or otherwise
at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.</P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shares are to be sold by the Company and the Agent, through whom the sale of Shares is effected on a given day, on any
trading day (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time, each, a &ldquo;<U>Trading
Day</U>&rdquo;) that the Company has satisfied its obligations under Section&nbsp;6 of this Agreement and that the Company has
instructed such Agent to make such sales pursuant to a placement notice substantially in the form attached hereto as <U>Annex II</U>.
On any Trading Day, the Company shall sell Shares through only one of the Agents, but in no event through more than one of the
Agents, and the Company shall give at least one business day prior written notice by facsimile or email to the Agents to notify
them of any change of the Agent through whom the sale of Shares will be effected. For the avoidance of doubt, the foregoing limitation
shall not apply to sales solely to employees or security holders of the Company or its subsidiaries, or to a trustee or other person
acquiring such securities for the accounts of such persons in which any Agent is acting for the Company in a capacity other than
as Agent under this Agreement. On any Trading Day, the Company may instruct the Agent through whom the sale of Shares are effected
on that day by telephone (confirmed promptly by facsimile or email, which confirmation will be promptly acknowledged by such Agent)
as to the maximum number of Shares to be sold by the Agent on such day (in any event not in excess of the number available for
issuance under the Prospectus and the currently effective Registration Statement) and the minimum price per Share at which such
Shares may be sold. Subject to the terms and conditions hereof and the receipt of written confirmation of the Company by such Agent,
the Agents shall use their commercially reasonable efforts to sell as sales agent all of the Shares so designated by the Company.
The Company and each of the Agents acknowledge and agree that (i)&nbsp;there can be no assurance that the Agents will be successful
in selling the Shares, (ii)&nbsp;the Agents will incur no liability or obligation to the Company or any other person or entity
if it does not sell Shares for any reason other than a failure by an Agent to use its commercially reasonable efforts consistent
with its normal trading and sales practices and applicable law and regulations to sell such Shares as required by this Agreement,
and (iii)&nbsp;the Agents shall be under no obligation to purchase Shares on a principal basis except as otherwise specifically
agreed by an Agent and the Company pursuant to a Terms Agreement. In the event of a conflict between the terms of this Agreement
and the terms of a Terms Agreement, the terms of such Terms Agreement will control.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the foregoing, the Company shall not authorize the issuance and sale of, and the Agents as sales agents
shall not sell, any Shares (i)&nbsp;at a price lower than the minimum price therefor authorized from time to time or (ii)&nbsp;in
a number or with an aggregate gross sales price in excess of the number or gross sales price, as the case may be, of Shares authorized
from time to time to be issued and sold under this Agreement, in each case, by the Company&rsquo;s board of directors, a duly authorized
committee of the Company&rsquo;s board of directors or an executive officer of the Company pursuant to express authorization granted
by the Company&rsquo;s board of directors or a committee thereof or in a number in excess of the number of Shares approved for
listing on the NYSE, and in each case notified to the Agents in writing. In addition, the Company or the Agents may, upon notice
to the other party hereto by telephone (confirmed promptly by facsimile or email, which confirmation will be promptly acknowledged),
suspend the offering of the Shares with respect to which the Agents are acting as sales agent for any reason and at any time; <I>provided,
however</I>, that such suspension or termination shall not affect or impair the parties&rsquo; respective obligations with respect
to the Shares sold hereunder prior to the giving of such notice.</P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The gross sales price of any Shares sold pursuant to this Agreement by the Agent acting as sales agent of the Company shall
be the market price prevailing at the time of sale for shares of the Company&rsquo;s Common Shares sold by such Agent on the NYSE
or otherwise, at prices relating to prevailing market prices or at negotiated prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The compensation payable to the Agents
for sales of Shares with respect to which the Agent acts as sales agent shall be at a mutually agreed rate, not to exceed two percent
(2.0%) of the gross sales price of the Shares sold pursuant to this Agreement. The Company may sell Shares to the Agents as principal
at a price agreed upon at the relevant Applicable Time and pursuant to a separate Terms Agreement. The remaining proceeds, after
further deduction for any transaction fees, transfer taxes or similar taxes or fees imposed by any governmental, regulatory or
self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the &ldquo;<U>Net
Proceeds</U>&rdquo;). The Agents shall notify the Company as promptly as practicable if any deduction referenced in the preceding
sentence will be required. Notwithstanding the foregoing, in the event the Company engages the Agents for a sale of Shares that
would constitute a &ldquo;distribution,&rdquo; within the meaning of Rule&nbsp;100 of Regulation&nbsp;M under the Exchange Act,
the Company and the Agents will agree to compensation that is customary for the Agent with respect to such transactions.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If acting as sales agent hereunder, the Agent through whom sales are effected shall provide written confirmation to the
Company following the close of trading on the NYSE each day in which Shares are sold under this Agreement setting forth the number
of Shares sold on such day, the aggregate gross sales proceeds of the Shares, the aggregate Net Proceeds to the Company and the
aggregate compensation payable by the Company to the Agent with respect to such sales.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Under no circumstances shall the aggregate gross sales price or number, as the case may be, of Shares sold pursuant to this
Agreement and any Terms Agreement exceed the aggregate gross sales price or number, as the case may be, of Common Shares (i)&nbsp;set
forth in the preamble paragraph of this Agreement, (ii)&nbsp;available for issuance under the Prospectus and the then currently
effective Registration Statement or (iii)&nbsp;authorized from time to time to be issued and sold under this Agreement or any Terms
Agreement by the Company&rsquo;s board of directors, a duly authorized committee thereof or an executive officer of the Company
pursuant to express authorization granted by the Company&rsquo;s board of directors or a committee thereof, or approved for listing
on the NYSE, and in each case referred to in this clause (iii), notified to the Agents in writing. In addition, under no circumstances
shall any Shares with respect to which the Agent acts as sales agent be sold at a price lower than the minimum price therefor authorized
from time to time by the Company&rsquo;s board of directors, a duly authorized committee thereof or an executive officer of the
Company pursuant to express authorization granted by the Company&rsquo;s board of directors or a committee thereof and notified
to the Agents in writing.</P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company or any Agent believes that the exemptive provisions set forth in Rule 101(c)(1) of Regulation&nbsp;M under
the Exchange Act (applicable to securities with an average daily trading volume of $1,000,000 that are issued by an issuer whose
common equity securities have a public float value of at least $150,000,000) are not satisfied with respect to the Company or the
Shares, it shall promptly notify the other parties and sales of Shares under this Agreement and any Terms Agreement shall be suspended
until that or other exemptive provisions have been satisfied in the judgment of each party.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Settlement for sales of Shares pursuant to this Section&nbsp;2 will occur on the third business day that is also a Trading
Day following the trade date on which such sales are made, unless another date shall be agreed to by the Company and the Agent
selling such Shares (each such day, a &ldquo;<U>Settlement Date</U>&rdquo;). On each Settlement Date, the Shares sold through the
Agent for settlement on such date shall be delivered by the Company to the Agent against payment of the Net Proceeds from the sale
of such Shares. Settlement for all Shares shall be effected by book-entry delivery of Shares to the applicable Agent&rsquo;s account
at The Depository Trust Company against payments by the Agent of the Net Proceeds from the sale of such Shares in same day funds
delivered to an account designated by the Company. If the Company shall default on its obligation to deliver Shares on any Settlement
Date, the Company shall (i)&nbsp;indemnify and hold the Agent selling such Shares harmless against any loss, claim or damage arising
from or as a result of such default by the Company and (ii)&nbsp;pay such Agent any commission to which it would otherwise be entitled
absent such default. If an Agent breaches this Agreement by failing to deliver the applicable Net Proceeds on any Settlement Date
for Shares delivered by the Company, such Agent will pay the Company interest based on the effective overnight federal funds rate
until such proceeds, together with such interest, have been fully paid.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of this Agreement and unless otherwise agreed to by the Parties hereto in writing, the
Company shall not offer, sell or deliver, or request the offer or sale of, any Shares and, by notice to the Agents given by telephone
(confirmed promptly by facsimile or email), shall cancel any instructions for the offer or sale of any Shares, and the Agents shall
not be obligated to offer or sell any Shares, (i) during any period in which the Company&rsquo;s insider trading policy, as it
exists on the date of the Agreement, would prohibit the purchases or sales of the Company&rsquo;s Common Shares by its officers
or trustees, (ii)&nbsp;during any other period in which the Company is, or could be deemed to be, in possession of material non-public
information or (iii)&nbsp;except as provided in Section 2(j) below, at any time from and including the date (each, an &ldquo;<U>Announcement
Date</U>&rdquo;) on which the Company shall issue a press release containing, or shall otherwise publicly announce, its earnings,
revenues or other results of operations (each, an &ldquo;<U>Earnings Announcement</U>&rdquo;) through and including the time that
is 24 hours after the time that the Company files (a &ldquo;<U>Filing Time</U>&rdquo;) a Quarterly Report on Form 10-Q or an Annual
Report on Form 10-K that includes consolidated financial statements as of and for the same period or periods, as the case may be,
covered by such Earnings Announcement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company wishes to offer, sell or deliver Shares at any time during the period from and including an Announcement
Date through and including the time that is 24 hours after the corresponding Filing Time, the Company shall (i)&nbsp;prepare and
deliver to the Agents (with a copy to counsel to the Agents) a Current Report on Form 8-K which shall include substantially the
same financial and related information as was set forth in the relevant Earnings Announcement (other than any earnings projections,
similar forward-looking data and officers&rsquo; quotations) (each, an &ldquo;<U>Earnings 8-K</U>&rdquo;), in form and substance
reasonably satisfactory to the Agents, and obtain the consent of the Agents to the filing thereof (such consent not to be unreasonably
withheld), (ii)&nbsp;provide the Agents with the officers&rsquo; certificate, accountants&rsquo; letter and opinions and letters
of counsel called for by Sections (3)(j), (k)&nbsp;and (l)&nbsp;hereof; respectively, (iii)&nbsp;afford the Agents the opportunity
to conduct a due diligence review in accordance with Section 3(o) hereof and (iv)&nbsp;file such Earnings 8-K with the Commission,
then the provisions of clause (iii)&nbsp;of Section 2(i) shall not be applicable for the period from and after the time at which
the foregoing conditions shall have been satisfied (or, if later, the time that is 24 hours after the time that the relevant Earnings
Announcement was first publicly released) through and including the time that is 24 hours after the Filing Time of the relevant
Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as the case may be. For purposes of clarity, the parties hereto agree
that (A) the delivery of any officers&rsquo; certificate, accountants&rsquo; letter and opinions and letters of counsel pursuant
to this Section 2(j) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly
Report on Form 10-Q or Annual Report on Form 10-K, as the case may be, including, without limitation, the obligation to deliver
officers&rsquo; certificates, accountants&rsquo; letters and legal opinions and letters as provided in Section&nbsp;3 hereof and
(B)&nbsp;this Section 2(j) shall in no way affect or limit the operation of the provisions of clauses (i)&nbsp;and (ii)&nbsp;of
Section&nbsp;2(i), which shall have independent application.</P>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At each Applicable Time, Settlement Date, Registration Statement Amendment Date (as defined below), Company Periodic Report
Date (as defined below), Company Earnings Report Date (as defined below) and Request Date, the Company shall be deemed to have
affirmed each representation and warranty contained in this Agreement. Any obligation of the Agents to use their commercially reasonable
efforts to sell the Shares on behalf of the Company as sales agent shall be subject to the continuing accuracy of the representations
and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction
of the additional conditions specified in Section&nbsp;6 of this Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 3. <U>Covenants</U>. The
Company agrees with the Agents:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During any period when the delivery of a prospectus is required in connection with the offering or sale of Shares (whether
physically or through compliance with Rule&nbsp;153 or 172, or in lieu thereof, a notice referred to in Rule 173(a) under the Securities
Act), (i)&nbsp;to make no further amendment or any supplement to the Registration Statement or the Prospectus prior to any Settlement
Date which shall be disapproved by the Agents promptly after reasonable notice thereof and to advise the Agents, promptly after
it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or
any amendment or supplement to the Prospectus has been filed and to furnish the Representatives with copies thereof, (ii)&nbsp;to
file promptly all other material required to be filed by the Company with the Commission pursuant to Rule 433(d) under the Securities
Act, (iii)&nbsp;to 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, (iv)&nbsp;to advise the Agents, promptly
after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending
the use of the Prospectus or other prospectus in respect of the Shares, of any notice of objection of the Commission to the use
of the form of the Registration Statement or any post-effective amendment thereto pursuant to Rule&nbsp;401(g)(2) under the Securities
Act, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or threatening
of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the form of the
Registration Statement or the Prospectus or for additional information, and (v)&nbsp;in the event of the issuance of any such stop
order or of any such order preventing or suspending the use of the Prospectus in respect of the Shares or suspending any such qualification,
to promptly use its commercially reasonable efforts to obtain the withdrawal of such order; and in the event of any such issuance
of a notice of objection, promptly to take such reasonable steps as may be necessary to permit offers and sales of the Shares by
the Agents, which may include, without limitation, amending the Registration Statement or filing a new registration statement,
at the Company&rsquo;s expense (references herein to the Registration Statement shall include any such amendment or new registration
statement).</P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Promptly from time to time to take such action as the Agents may reasonably request to qualify the Shares for offering and
sale under the securities laws of such jurisdictions as the Agents may request and to comply with such laws so as to permit the
continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the sale of the Shares,
provided that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file a general
consent to service of process in any jurisdiction; and to promptly advise the Agents of the receipt by the Company of any notification
with respect to the suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During any period when the delivery of a prospectus is required (whether physically or through compliance with Rules&nbsp;153
or 172, or in lieu thereof, a notice referred to in Rule 173(a) under the Securities Act) in connection with the offering or sale
of Shares, the Company will make available to the Agents, as soon as practicable after the execution of this Agreement, and thereafter
from time to time furnish to the Agents, copies of the most recent Prospectus in such quantities and at such locations as the Agents
may reasonably request for the purposes contemplated by the Securities Act. During any period when the delivery of a prospectus
is required (whether physically or through compliance with Rules&nbsp;153 or 172, or in lieu thereof, a notice referred to in Rule
173(a) under the Securities Act) in connection with the offering or sale of such Shares, and if at such time any event shall have
occurred as a result of which the Prospectus as then amended or supplemented would include an 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 when such Prospectus is delivered, not misleading, or, if for any other reason it shall be necessary during such
same period to amend or supplement the Prospectus or to file under the Exchange Act any document incorporated by reference in the
Prospectus in order to comply with the Securities Act or the Exchange Act, to notify the Agents and to file such document and to
prepare and furnish without charge to the Agents as many written and electronic copies as the Agents may from time to time reasonably
request of an amended Prospectus or a supplement to the Prospectus which will correct such statement or omission or effect such
compliance.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To make generally available to its securityholders as soon as practicable, but in any event not later than sixteen months
after the effective date of the Registration Statement (as defined in Rule 158(c) under the Securities Act), an earnings statement
of the Company and its subsidiaries (which need not be audited) complying with Section&nbsp;11(a) of the Securities Act and the
rules and regulations of the Commission thereunder (including, at the option of the Company, Rule&nbsp;158).</P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To pay the required Commission filing fees relating to the Shares within the time required by Rule&nbsp;456(b)(1) under
the Securities Act without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) under the Securities
Act.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To use the Net Proceeds received by it from the sale of the Shares pursuant to this Agreement and any Terms Agreement in
the manner specified in the Disclosure Package.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with the offering and sale of the Shares, the Company will file with the NYSE all documents and notices, and
make all certifications, required by the NYSE of companies that have securities that are listed on the NYSE and will maintain such
listing.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To not take, directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably
be expected to constitute, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any securities
of the Company to facilitate the sale or resale of the Shares.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At each Applicable Time, each Settlement Date, each Registration Statement Amendment Date (as defined below), each Company
Earnings Report Date (as defined below), each Request Date and each Company Periodic Report Date (as defined below) and each date
on which Shares are delivered to the Agents pursuant to a Terms Agreement, the Company shall be deemed to have affirmed each representation,
warranty, covenant and other agreement contained in this Agreement or any Terms Agreement. &ldquo;<U>Company Periodic Report Date</U>&rdquo;
shall mean each date on which an Annual Report on Form 10-K, a Quarterly Report on Form 10-Q or an amendment to either such Annual
Report or Quarterly Report is filed by the Company in respect of any quarter in which sales of Shares were made by or through the
Agents under this Agreement or any Terms Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon commencement of the offering of Shares under this Agreement and each time Shares are delivered to the Agents as principal
on a Settlement Date and promptly after each (i)&nbsp;date the Registration Statement or the Prospectus shall be amended or supplemented
(other than (A)&nbsp;by an amendment or supplement providing solely for the determination of the terms of the Shares, (B)&nbsp;in
connection with the filing of a prospectus supplement that contains solely the information set forth in Section&nbsp;3(r), (C)&nbsp;in
connection with the filing of any current reports on Form 8-K (other than an Earnings 8-K and any other current reports on Form
8-K which contain capsule financial information, financial statements, supporting schedules or other financial data, including
any current report on Form&nbsp;8-K under Item&nbsp;2.02 of such form that is considered &ldquo;filed&rdquo; under the Exchange
Act) or (D)&nbsp;by a prospectus supplement relating to the offering of other securities (including, without limitation, other
Common Shares) (each such date, a &ldquo;<U>Registration Statement Amendment Date</U>&rdquo;), (ii)&nbsp;date on which an Earnings
8-K shall be filed with the Commission as contemplated by Section 2(j) hereof (a &ldquo;<U>Company Earnings Report Date</U>&rdquo;)
and (iii)&nbsp;Company Periodic Report Date, and promptly after each reasonable request by the Agents (it being understood that
the Agents shall be deemed to have made such request at any time a placement notice is outstanding) (each date specified in (i)
&ndash; (iii) of this Section 3(j), a &ldquo;<U>Request Date</U>&rdquo; and each of the date of the commencement of the offering
of Shares under this Agreement, each such Settlement Date and each Registration Statement Amendment Date, Company Earnings Report
Date, Company Periodic Report Date and Request Date is hereinafter called a &ldquo;<U>Representation Date</U>&rdquo;), the Company
will furnish or cause to be furnished to the Agents (with a copy to counsel to the Agents) a certificate dated the date of delivery
thereof to the Agents (or, in the case of an amendment or supplement to the Registration Statement or the Prospectus (including,
without limitation, by the filing of any document under the Exchange Act that is incorporated by reference therein), the date of
the effectiveness of such amendment to the Registration Statement or the date of filing with the Commission of such supplement
or incorporated document, as the case may be), in form and substance reasonably satisfactory to the Agents and their counsel, to
the effect that the statements contained in the certificate referred to in Section 6(h) of this Agreement which was last furnished
to the Agents are true and correct as of the date of such certificate as though made at and as of the date of such certificate
(except that such statements shall be deemed to relate to the Registration Statement, the Prospectus and the Disclosure Package
as amended and supplemented to the date of such certificate) or, in lieu of such certificate, a certificate of the same tenor as
the certificate referred to in Section 6(h), but modified as necessary to relate to the Registration Statement, the Prospectus
and the Disclosure Package as amended and supplemented to the date of such certificate. As used in this paragraph, to the extent
there shall be an Applicable Time on or following the applicable Representation Date, &ldquo;promptly&rdquo; shall be deemed to
be on or prior to the next succeeding Applicable Time. For the avoidance of doubt, so long as a placement notice issued by the
Company is not presently outstanding, the Company shall not be required to deliver the information required under this subsection;
the information required hereunder is only required to be delivered prior to the next issuance of a placement notice.<FONT STYLE="font-family: Times New Roman, Times, Serif; color: blue">
</FONT>The Company&rsquo;s right to send a placement notice following a Representation Date shall be conditioned upon the Agents&rsquo;
receipt of the deliverables required under this subsection.</P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: blue">
</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon commencement of the offering of Shares under this Agreement and each time the Shares are delivered to the Agents as
principal on a Settlement Date, and promptly after each other Representation Date, the Company will furnish or cause to be furnished
to the Agents (with a copy to counsel to the Agents) the written opinion and letter of each counsel to the Company (who shall be
reasonably acceptable to the Agents), dated the date of delivery thereof to the Agents (or, in the case of an amendment or supplement
to the Registration Statement or the Prospectus (including, without limitation, by the filing of any document under the Exchange
Act that is incorporated by reference therein), the date of the effectiveness of such amendment to the Registration Statement or
the date of filing with the Commission of such supplement or incorporated document, as the case may be), in form and substance
reasonably satisfactory to the Agents and their counsel, of the same tenor as the opinions and letters referred to in Sections
6(b), (c), (d), (e) and (f) of this Agreement, but modified as necessary to relate to the Registration Statement, the Prospectus
and the Disclosure Package as amended and supplemented to the date of such opinion and letter or, in lieu of any such opinion and
letter, counsel last furnishing such opinion and letter to the Agents shall furnish the Agents (with a copy to counsel for the
Agents) with a letter substantially to the effect that the Agents may rely on such counsel&rsquo;s last opinion and letter to the
same extent as though each were dated the date of such letter authorizing reliance (except that statements in such last opinion
and letter shall be deemed to relate to the Registration Statement, the Prospectus and the Disclosure Package as amended and supplemented
to the date of such letter authorizing reliance). As used in this paragraph, to the extent there shall be an Applicable Time on
or following the applicable Representation Date, &ldquo;promptly&rdquo; shall be deemed to be on or prior to the next succeeding
Applicable Time. For the avoidance of doubt, so long as a placement notice issued by the Company is not presently outstanding,
the Company shall not be required to deliver the information required under this subsection; the information required hereunder
is only required to be delivered prior to the next issuance of a placement notice.<FONT STYLE="font-family: Times New Roman, Times, Serif; color: blue">
</FONT>The Company&rsquo;s right to send a placement notice following a Representation Date shall be conditioned upon the Agents&rsquo;
receipt of the deliverables required under this subsection.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon commencement of the offering of Shares under this Agreement, and at the time Shares are delivered to the Agents as
principal on a Settlement Date, and promptly after each other Representation Date, the Company will cause BDO USA, LLP, or other
independent accountants reasonably satisfactory to the Agents, to furnish to the Agents a letter, dated the date of effectiveness
of such amendment or the date of filing of such supplement or other document with the Commission, as the case may be, in form reasonably
satisfactory to the Agents and their counsel, of the same tenor as the letter referred to in Section 6(g) hereof, but modified
as necessary to relate to the Registration Statement, the Disclosure Package and the Prospectus, as amended and supplemented, or
to the document incorporated by reference into the Prospectus, to the date of such letter. As used in this paragraph, to the extent
there shall be an Applicable Time on or following the applicable Representation Date, &ldquo;promptly&rdquo; shall be deemed to
be on or prior to the next succeeding Applicable Time. For the avoidance of doubt, so long as a placement notice issued by the
Company is not presently outstanding, the Company shall not be required to deliver the information required under this subsection;
the information required hereunder is only required to be delivered prior to the next issuance of a placement notice.<FONT STYLE="font-family: Times New Roman, Times, Serif; color: blue">
</FONT>The Company&rsquo;s right to send a placement notice following a Representation Date shall be conditioned upon the Agents&rsquo;
receipt of the deliverables required under this subsection.</P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company consents to the Agents trading in the Company&rsquo;s Common Shares for the Agents&rsquo; own accounts and for
the account of their respective clients at the same time as sales of Shares occur pursuant to this Agreement or any Terms Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, to the knowledge of the Company, all filings required by Rule&nbsp;424 of the Securities Act Regulations in connection
with this offering shall not have been made or the representations in Section 1 shall not be true and correct on the applicable
Settlement Date, the Company will offer to any person who has agreed to purchase Shares from the Company as the result of an offer
to purchase solicited by the Agents the right to refuse to purchase and pay for such Shares.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will cooperate timely with any reasonable due diligence review conducted by the Agents or their counsel from
time to time in connection with the transactions contemplated hereby or in any Terms Agreement, including, without limitation,
and upon reasonable notice providing information and making available documents and appropriate corporate officers, during regular
business hours and at the Company&rsquo;s principal offices, as the Agents may reasonably request.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will not, without (i)&nbsp;giving the Agents at least one business day&rsquo;s prior written notice specifying
the nature of the proposed sale and the date of such proposed sale and (ii)&nbsp;the Agents suspending activity under this program
for such period of time as requested by the Company or as deemed appropriate by the Agents in light of the proposed sale, (A)&nbsp;offer,
pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant for the sale of, lend or otherwise transfer or dispose of, directly or indirectly,
any Common Shares or securities convertible into or exchangeable or exercisable for or repayable with Common Shares, or file any
registration statement under the Securities Act with respect to any of the foregoing (other than a shelf registration statement
under Rule&nbsp;415 under the Securities Act, a registration statement on Form S-8 or post-effective amendment to the Registration
Statement) or (B)&nbsp;enter into any swap or other agreement or any transaction that transfers in whole or in part, directly or
indirectly, any of the economic consequence of ownership of the Common Shares, or any securities convertible into or exchangeable
or exercisable for or repayable with Common Shares, whether any such swap or transaction described in clause (A)&nbsp;or (B) above
is to be settled by delivery of Common Shares or such other securities, in cash or otherwise. The foregoing sentence shall not
apply to the issuance by the Company of (w)&nbsp;the Shares to be offered and sold through the Agents pursuant to this Agreement
or any Terms Agreement, (x)&nbsp;Common Shares issuable pursuant to the Company&rsquo;s dividend reinvestment plan as it may be
amended or replaced from time to time by a substantially similar plan, (y)&nbsp;equity incentive awards approved by the board of
trustees of the Company or the compensation committee thereof or the issuance of Common Shares upon exercise thereof and (z)&nbsp;Common
Shares issuable upon conversion of securities outstanding at the time of the execution of this Agreement.</P>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If immediately prior to the third anniversary (the &ldquo;<U>Renewal Deadline</U>&rdquo;) of the initial effective date
of the Registration Statement, any of the Shares remain unsold, the Company will, prior to the Renewal Deadline file, if it has
not already done so and is eligible to do so, a new automatic shelf registration statement relating to the Shares, in a form satisfactory
to the Agents. If the Company is no longer eligible to file an automatic shelf registration statement, the Company will, prior
to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Shares, in a form
satisfactory to the Agents, and will use its best efforts to cause such registration statement to be declared effective within
60&nbsp;days after the Renewal Deadline. The Company will take all other action necessary or appropriate to permit the issuance
and sale of the Shares to continue as contemplated in the expired registration statement relating to the Shares. References herein
to the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement,
as the case may be.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Promptly following the end of each of the Company&rsquo;s fiscal quarters, the Company shall be required to file a prospectus
supplement with the Commission, disclosing the number of Shares sold by or through the Agents under this Agreement or any Terms
Agreement, the net proceeds received by the Company with respect to sales of the Shares pursuant to this Agreement relating to
such quarter and any other information required by applicable law, together with any other information that the Company reasonably
believes is required to comply with the Securities Act or any rules or regulations thereunder. In the alternative, to the extent
permitted by the rules and regulations of the SEC, the Company in its sole discretion may make the disclosures in its Annual Report
on Form 10-K or Quarterly Report on Form 10-Q filed by the Company for any quarter in which sales of Shares were made by or through
the Agents under this Agreement or any Terms Agreement. At the Agents&rsquo; request, if applicable, the Company shall furnish
copies of any such Prospectus and Prospectus Supplement and each Permitted Free Writing Prospectus (to the extent not previously
delivered or filed on the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval system or any successor system thereto)
to the Agents via e-mail in &ldquo;.pdf&rdquo; format on such filing date to an e-mail account designated by the Agents; and, at
the Agents&rsquo; request, if applicable, the Company will furnish copies of such Prospectus and Prospectus Supplement to each
exchange or market on which sales were effected as may be required by the rules or regulations of such exchange or market.</P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 4. <U>Free Writing Prospectus</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i)&nbsp;The Company represents and agrees that without the prior consent of the Agents, it has not made and will not make
any offer relating to the Shares that would constitute a &ldquo;free writing prospectus&rdquo; as defined in Rule&nbsp;405 under
the Securities Act; and &nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Each Agent represents and agrees that, without the prior consent of the Company it has not made and will not make
any offer relating to the Shares that would constitute a free writing prospectus required to be filed with the Commission.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company has complied and will comply with the requirements of Rule&nbsp;433 under the Securities Act applicable
to any Issuer Free Writing Prospectus (including any free writing prospectus identified in Section 4(a) hereof), including timely
filing with the Commission, or retention where required and legending.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 5. <U>Payment of Expenses</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="color: black">The Company agrees to pay all costs, fees and expenses incurred in connection with the performance
of its obligations hereunder and in connection with the transactions contemplated hereby, including without limitation (i) all
expenses incident to the issuance and delivery of the Shares (including all printing and engraving costs), (ii) all fees and expenses
of the registrar and transfer agent of the Common Shares, (iii) all necessary issue, transfer and other stamp taxes in connection
with the issuance and sale of the Shares to the Agents, (iv) all fees and expenses of the Company&rsquo;s counsel, independent
public or certified public accountants and other advisors, (v) all costs and expenses incurred in connection with the preparation,
printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules,
consents and certificates of experts), </FONT>each Issuer Free Writing Prospectus<FONT STYLE="color: black"> and the Prospectus,
and all amendments and supplements thereto, and this Agreement, (vi) all filing fees and expenses incurred by the Company (including
attorneys&rsquo; fees) or the Agents in connection with qualifying or registering (or obtaining exemptions from the qualification
or registration of) all or any part of the Shares for offer and sale under the state securities or blue sky laws or the provincial
securities laws of Canada, and, if requested by the Agents, preparing and printing a &ldquo;Blue Sky Survey&rdquo; or memorandum,
and any supplements thereto, advising the Agents of such qualifications, registrations and exemptions, but not, however, legal
fees and expenses of the Agents&rsquo; counsel incurred in connection with any of the foregoing, (vii) the filing fees incident
to, and the reasonable fees and expenses of counsel for the Agents in connection with, FINRA&rsquo;s review and approval of the
Agents&rsquo; participation in the offering and distribution of the Shares, (viii) the fees and expenses associated with listing</FONT>
<FONT STYLE="color: black">of the Shares on the NYSE</FONT>; and (ix)&nbsp;all other costs and expenses incident to the performance
of its obligations hereunder which are not otherwise specifically provided for in this Section. It is understood, however, that,
except as provided in this Section, and Section&nbsp;7 hereof, the Agents will pay all of their own costs and expenses, including
the fees of their counsel, transfer taxes on resale of any of the Shares by it, and any advertising expenses connected with any
offers it may make.</P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If an aggregate amount of Shares equal to $15,000,000 have not been offered and sold under this Agreement collectively by
Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Barclays Capital Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities,
LLC by the first anniversary of the date of this Agreement (or such earlier date on which the Company terminates this Agreement),
the Company shall reimburse the Agents for all of their reasonable out-of-pocket expenses, including the reasonable fees and disbursements
of a single counsel for the Agents incurred by it in connection with the offering contemplated by this Agreement. Fees reimbursed
pursuant to this subsection shall not exceed $250,000 in the aggregate. The Agents shall be solely responsible for allocating any
fees received pursuant to this subsection among themselves.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 6. <U>Conditions of Agents&rsquo;
Obligations</U>. The obligations of the Agents hereunder shall be subject, in each of their sole discretion, to the condition that
all representations and warranties and other statements of the Company herein or in certificates of any officer of the Company
delivered pursuant to the provisions hereof are true and correct as of the time of the execution of this Agreement, the date of
any executed Terms Agreement and as of each Representation Date, Applicable Time and Settlement Date, to the condition that the
Company shall have performed all of its obligations hereunder theretofore to be performed, and the following additional conditions:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Prospectus Supplement shall have been filed with the Commission pursuant to Rule 424(b) under the Securities Act on
or prior to the date hereof and in accordance with Section 3(a) hereof, any other material required to be filed by the Company
pursuant to Rule 433(d) under the Securities Act shall have been filed with the Commission within the applicable time periods prescribed
for such filings by Rule&nbsp;433; no stop order suspending the effectiveness of the Registration Statement or any part thereof
shall have been issued and no proceeding for that purpose shall have been initiated or threatened by the Commission and no notice
of objection of the Commission to the use of the form of the Registration Statement or any post-effective amendment thereto pursuant
to Rule&nbsp;401(g)(2) under the Securities Act shall have been received; no stop order suspending or preventing the use of the
Prospectus or any Issuer Free Writing Prospectus shall have been initiated or threatened by the Commission; and all requests for
additional information on the part of the Commission shall have been complied with to the reasonable satisfaction of the Representatives.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On every date specified in Section 3(k) hereof (including, without limitation, on every Request Date), K&amp;L Gates LLP,
counsel for the Agents, shall have furnished to the Agents such written opinion or opinions, dated as of such date, with respect
to such matters as the Agents may reasonably request, and such counsel shall have received such papers and information as they
may reasonably request to enable them to pass upon such matters. In said opinion, K&amp;L Gates LLP may rely as to all matters
of Maryland law on the opinion of Venable LLP.</P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On every date specified in Section 3(k) hereof (including, without limitation, on every Request Date), Goodwin Procter LLP,
counsel for the Company, shall have furnished to the Agents written opinion or opinions, dated as of such date, substantially in
the form set forth in <U>Exhibit A-1</U> attached hereto and in form and substance satisfactory to the Agents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On every date specified in Section 3(k) hereof (including, without limitation, on every Request Date), Robert Masters, Esq.,
General Counsel for the Company, shall have furnished to the Agents written opinion or opinions, dated as of such date, substantially
in the form set forth in <U>Exhibit A-2</U> attached hereto and in form and substance satisfactory to the Agents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On every date specified in Section 3(k) hereof (including, without limitation, on every Request Date), Seyfarth Shaw LLP,
counsel for the Company, shall have furnished to the Agents written opinion or opinions, dated as of such date, substantially in
the form set forth in <U>Exhibit&nbsp;A-3</U> attached hereto and in form and substance satisfactory to the Agents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On every date specified in Section 3(k) hereof (including, without limitation, on every Request Date), Venable LLP, Maryland
counsel for the Company, shall have furnished to the Agents written opinion or opinions, dated as of such date, substantially in
the form set forth in <U>Exhibit A-4</U> attached hereto and in form and substance satisfactory to the Agents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the dates specified in Section 3(l) hereof (including, without limitation, on every Request Date), BDO USA LLP, the independent
accountants of the Company who have certified the financial statements of the Company and its subsidiaries included or incorporated
by reference in the Registration Statement, the Disclosure Package and the Prospectus, shall have furnished to the Agents a letter
dated as of the date of delivery thereof and addressed to the Agents in form and substance reasonably satisfactory to the Agents
and their counsel, containing statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo;
to Agents and underwriters with respect to the financial statements of the Company and its subsidiaries included or incorporated
by reference in the Registration Statement, the Disclosure Package and the Prospectus.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i)&nbsp;Upon commencement of the offering of Shares under this Agreement and on such other dates as reasonably requested
by the Agents, the Company will furnish or cause to be furnished promptly to the Agents a placement notice in the form attached
hereto as <U>Annex II</U> stating the minimum gross sales price per share for the sale of such Shares pursuant to this Agreement
and the maximum number of Shares that may be issued and sold pursuant to this Agreement or, alternatively, maximum gross proceeds
from such sales, as authorized from time to time by the Company&rsquo;s board of directors or a duly authorized committee thereof,
and the number of Shares that have been approved for listing on the NYSE or, in connection with any amendment, revision or modification
of such minimum price or maximum Share number or amount, a new certificate with respect thereto and (ii)&nbsp;on each date specified
in Section 3(j) (including, without limitation, on every Request Date), the Agents shall have received a certificate of executive
officers of the Company, one of whom shall be the Chief Financial Officer, Chief Accounting Officer, Treasurer, or Executive Vice
President in the area of capital markets and investments, dated as of the date thereof, to the effect that (A)&nbsp;there has been
no Material Adverse Effect since the date as of which information is given in the Prospectus as then amended or supplemented or
the Disclosure Package, (B)&nbsp;the representations and warranties in Section&nbsp;1 hereof are true and correct as of such date.
(C)&nbsp;the Company has complied with all of the agreements entered into in connection with the transaction contemplated herein
and satisfied all conditions on its part to be performed or satisfied and (D) the condition set forth in Section 6(a) has been
satisfied.</P>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Since the date of the latest audited financial statements then included or incorporated by reference in the Prospectus and
the Disclosure Package, no Material Adverse Effect shall have occurred.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have complied with the provisions of Section 3(c) hereof with respect to the timely furnishing of prospectuses.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On such dates as reasonably requested by the Agents, the Company shall have conducted due diligence sessions, in form and
substance satisfactory to the Agents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All filings with the Commission required by Rule&nbsp;424 under the Securities Act to have been filed by each Applicable
Time or related Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&nbsp;424
(without reliance on Rule&nbsp;424(b)(8)).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shares shall have received approval for listing on the NYSE prior to the first Settlement Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counsel for the Agents shall have been furnished with such documents and opinions as they may require in order to evidence
the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, contained herein or in any
applicable Terms Agreement; and all proceedings taken by the Company in connection with the issuance and sale of the Shares as
contemplated herein or in any applicable Terms Agreement and in connection with the other transactions contemplated by this Agreement
or any such Terms Agreement shall be reasonably satisfactory in form and substance to the Agents and counsel for the Agents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 7. Indemnification and
Contribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&#9;The Company and the Partnership, jointly
and severally, agree to indemnify, defend and hold harmless the Agents, their affiliates, as such term is defined in Rule 501(b)
of the Securities Act Regulations, their selling agents and each Person, if any, who controls any Agents within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing Persons
from and against any loss, damage, expense, liability or claim (including, but not limited to, the reasonable cost of investigation)&nbsp;that
any Agent or any such Person may incur under the Securities Act, the Exchange Act, federal or state statutory law or regulation,
the common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon (i)&nbsp;any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or in any application or
other document executed by or on behalf of the Company or the Partnership or based on written information furnished by or on behalf
of the Company or the Partnership filed in any jurisdiction in order to qualify the Shares under the securities or blue sky laws
thereof or filed with the Commission, or the omission or alleged omission therefrom of a material fact required to be stated therein
or necessary to make the statements therein not misleading, (ii)&nbsp;any untrue statement or alleged untrue statement of a material
fact contained in the Base Prospectus, the Prospectus Supplement, any Issuer Free Writing Prospectus, the Disclosure Package or
the Prospectus or any omission or alleged omission to state in any such document 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
or (iii)&nbsp;any act or failure to act or any alleged act or alleged failure to act by any Agent in connection with, or relating
in any manner to, the Shares or the offering contemplated hereby, and which is included as part of or referred to in any loss,
damage, expense, liability, claim or action arising out of or based upon matters covered by clause (i)&nbsp;or (ii)&nbsp;above
(provided that neither the Company nor the Partnership shall be liable under this clause (iii)&nbsp;to the extent it is finally
judicially determined by a court of competent jurisdiction that such loss, damage, expense, liability, claim or action resulted
directly from any such acts or failures to act undertaken or omitted to be taken by any Agent through its gross negligence or willful
misconduct), except insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement
or alleged untrue statement of a material fact contained in and in conformity with information furnished in writing by or on behalf
of an Agent to the Company expressly for use with reference to the Agent in the Disclosure Package or the Prospectus or arises
out of or is based upon any omission or alleged omission to state in any such document a material fact in connection with such
information required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading.</P>

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt"><FONT STYLE="background-color: aqua">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 13.5pt">&#9;If any action, suit or proceeding
(together, a &ldquo;<U>Proceeding</U>&rdquo;)&nbsp;is brought against an Agent or any such Person in respect of which indemnity
may be sought against the Company or the Partnership pursuant to the foregoing paragraph, such Agent or such Person shall promptly
notify the Company and the Partnership in writing of the institution of such Proceeding and the Company or the Partnership shall
assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and
payment of all fees and expenses; <I>provided, however</I>, that the omission to so notify the Company and the Partnership shall
not relieve the Company or the Partnership from any liability which the Company or the Partnership may have to such Agent or any
such Person or otherwise, except to the extent the Company or the Partnership has been materially prejudiced by such failure; <I>provided,
further</I>, that the failure to notify the Company or the Partnership shall not relieve it from any liability it may have to such
Agent or any such Person otherwise than under this Section 8. An Agent or such controlling Person shall have the right to employ
its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such Agent or of
such Person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense
of such Proceeding or the Company shall not have, within a reasonable period of time in light of the circumstances, employed counsel
reasonably satisfactory to the Agents to have charge of the defense of such Proceeding or such indemnified party or parties shall
have reasonably concluded that there may be defenses available to it or them which are in conflict with or in addition to those
available to the Company or the Partnership (in which case neither the Company nor the Partnership shall have the right to direct
the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events such fees and expenses shall
be borne by the Company and the Partnership and paid as incurred (it being understood, however, that neither the Company nor the
Partnership shall be liable for the expenses of more than one separate counsel (other than local counsel) in any one Proceeding
or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).
Neither the Company nor the Partnership shall be liable for any settlement of any such Proceeding effected without its written
consent (which shall not be unreasonably withheld) but if settled with the written consent of the Company and/or the Partnership,
the Company and the Partnership agree to indemnify and hold harmless such Agent and any such Person from and against any loss or
liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have
requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by this Section
7, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent
if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request and
(ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date
of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement
of any pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified
party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault, culpability
or a failure to act, by or on behalf of such indemnified party.</P>

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 13.5pt"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Agents agree, severally and not jointly, to indemnify, defend and hold harmless the Company, its officers, employees
and trustees, the Partnership, any Person who controls the Company or the Partnership within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act and each trustee of the Company and each officer of the Company who signed the Registration
Statement from and against any loss, damage, expense, liability or claim (including, but not limited to, the reasonable cost of
investigation)&nbsp;which, jointly or severally, the Company, the Partnership or any such Person may incur under the Securities
Act, the Exchange Act, federal or state statutory law or regulation, the common law or otherwise, insofar as such loss, damage,
expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact
contained in and in conformity with information furnished in writing by or on behalf of an Agent to the Company expressly for use
with reference to the Agent in the Disclosure Package or the Prospectus Supplement or arising out of or based upon any&nbsp;omission
or alleged omission to state in any such document a material fact in connection with such information 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. The
Company and the Partnership hereby acknowledge that the only information that the Agents have furnished to the Company expressly
for use in the Disclosure Package or the Prospectus Supplement is the last sentence of the first paragraph under the caption &ldquo;Plan
of Distribution&rdquo; in the Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If any Proceeding is brought against
the Company, the Partnership or any such Person in respect of which indemnity may be sought against an Agent pursuant to the foregoing
paragraph, the Company, the Partnership or such Person shall promptly notify such Agent in writing of the institution of such Proceeding
and such Agent shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such
indemnified party and payment of all fees and expenses; <I>provided, however</I>, that the omission to so notify such Agent shall
not relieve such Agent from any liability that it may have to the Company, the Partnership or any such Person or otherwise, except
to the extent such Agent has been materially prejudiced by such failure; <I>provided, further</I>, that the failure to notify such
Agent shall not relieve it from any liability it may have to the Company, the Partnership or any such Person otherwise than under
this Section 8. The Company, the Partnership or such Person shall have the right to employ its own counsel in any such case, but
the fees and expenses of such counsel shall be at the expense of the Company, the Partnership or such Person unless the employment
of such counsel shall have been authorized in writing by such Agent in connection with the defense of such Proceeding or such Agent
shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense
of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to
it or them which are in conflict with or in addition to those available to such Agent (in which case such Agent shall not have
the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but such Agent may employ counsel
and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of such Agent), in any
of which events such fees and expenses shall be borne by such Agent and paid as incurred (it being understood, however, that such
Agent shall not be liable for the expenses of more than one separate counsel (other than local counsel) in any one Proceeding or
series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding).
An Agent shall not be liable for any settlement of any such Proceeding effected without its written consent but if settled with
the written consent of the Agent, the Agent agrees to indemnify and hold harmless the Company, the Partnership and any such Person
from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an
indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel
as contemplated by this Section 7, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of
the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such
request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or could have
been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional
release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include
an admission of fault, culpability or a failure to act, by or on behalf of such indemnified party.</P>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the indemnification provided for in this Section&nbsp;7 is unavailable to an indemnified party under subsections (a)&nbsp;and
(b)&nbsp;of this Section&nbsp;7 in respect of any losses, damages, expenses, liabilities or claims referred to therein, then in
order to provide just and equitable contribution in such circumstance, each applicable indemnifying party, in lieu of indemnifying
such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages,
expenses, liabilities or claims (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the
Company and the Partnership on the one hand and any Agent on the other hand from the offering of the Shares or (ii)&nbsp;if, but
only if, the allocation provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Company and the
Partnership on the one hand and of any Agent on the other in connection with the statements or omissions which resulted in such
losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations. The relative benefits
received by the Company and the Partnership on the one hand and any Agent on the other shall be deemed to be in the same proportion
as the total Net Proceeds from the sales of shares pursuant to this Agreement (before deducting expenses)&nbsp;received by the
Company bear to the total commissions received by the Agents. The relative fault of the Company and/or the Partnership on the one
hand and of any Agent on the other shall be determined by reference to, among other things, whether the untrue statement or alleged
untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company or the Partnership
or by such Agent&rsquo;s and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities
and claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by
such party in connection with investigating, preparing to defend or defending any claim or Proceeding.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company, the Partnership and each Agent agree that it would not be just and equitable if contribution pursuant to this
Section&nbsp;7 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in subsection (c) above. Notwithstanding the provisions of this Section&nbsp;7, no Agent shall be liable
or responsible for, or be required to contribute, any amount pursuant to this Section 7 in excess of the amount of the commissions
received by the Agent in connection with the sale of Shares under this Agreement. No Person guilty of fraudulent misrepresentation
(within the meaning of Section&nbsp;11(f) of the Securities Act)&nbsp;shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation.</P>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The indemnity and contribution agreements contained in this Section&nbsp;7 and the covenants, warranties and representations
of the Company and the Partnership contained in this Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the Agents, the directors and officers or any Person (including each partner, officer, trustee or director
of such Person) who controls any Agent within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act, or by or on behalf of the Company or the Partnership, their trustees, officers or partners or any Person who controls the
Company or the Partnership within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act,
and shall survive any termination of this Agreement or the issuance and delivery of the Shares. The Company, the Partnership and
each Agent agree promptly to notify each other upon the commencement of any Proceeding against it and, in the case of the Company
and the Partnership, against any of the Company&rsquo;s or the Partnership officers, trustees or partners in connection with the
issuance and sale of the Shares, or in connection with the Disclosure Package or Prospectus.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 8. <U>Representations,
Warranties and Agreements to Survive Delivery</U>. The respective indemnities, agreements, representations, warranties and other
statements of the Company and the Agents, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant
to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof)
made by or on behalf of the Agents or any controlling person of each Agent, or the Company, or any officer or director or controlling
person of the Company, and shall survive delivery of and payment for the Shares.</P>

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 9. <U>No Advisory or Fiduciary
Relationship</U>. The Company and the Partnership acknowledge and agree that (i)&nbsp;the Agents are acting solely in the capacity
of an arm&rsquo;s-length contractual counterparty to the Company and the Partnership with respect to the offering of Shares contemplated
hereby (including in connection with determining the terms of such offering) and (ii)&nbsp;the Agents have not assumed an advisory
or fiduciary responsibility in favor of the Company or the Partnership with respect to the offering contemplated hereby or the
process leading thereto (irrespective of whether the Agents have advised or are currently advising the Company on other matters)
or any other obligation to the Company except the obligations expressly set forth in this Agreement and (iii)&nbsp;the Company
and the Partnership have each consulted its own legal and financial advisors to the extent it deemed appropriate. The Company and
the Partnership each agree that it will not claim that the Agents have rendered advisory services of any nature or respect, or
owe a fiduciary or similar duty to the Company or the Partnership, in connection with such transaction or the process leading thereto.
This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company, the Partnership
and the several Agents, or any of them, with respect to the subject matter hereof. The Company and the Partnership hereby waive
and release, to the fullest extent permitted by law, any claims that the Company and the Partnership may have against the several
Agents with respect to any breach or alleged breach of agency or fiduciary duty.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 10. <FONT STYLE="color: black"><U>Research
Analyst Independence</U><I>. </I> The Company and the Partnership acknowledge that the Agents&rsquo; research analysts and research
departments are required to be independent from their respective investment banking divisions and are subject to certain regulations
and internal policies, and that such Agents&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 and the Partnership hereby waive and release, to the fullest extent permitted by law,
any claims that the Company or the Partnership may have against the Agents with respect to any conflict of interest that may arise
from the fact that the views expressed by their independent research analysts and research departments may be different from or
inconsistent with the views or advise communicated to the Company or the Partnership by such Agents&rsquo; investment banking divisions.
The Company and the Partnership acknowledge that each of the Agents is a full service securities firm and as such from time to
time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold
long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated
by this Agreement.</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 11. <U>Termination</U>.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have the right, by giving written notice as hereinafter specified, to terminate this Agreement in its
sole discretion at any time. Any such termination shall be without liability of any party to any other party, except that (i)&nbsp;with
respect to any pending sale through an Agent for the Company or with respect to any pending sale to an Agent pursuant to a Terms
Agreement or any offering or resale of any Shares purchased or to be purchased by the Agent pursuant to a Terms Agreement, the
obligations of the Company, including in respect of compensation of the Agent, shall remain in full force and effect notwithstanding
such termination; and (ii)&nbsp;the provisions of Section&nbsp;1, Section&nbsp;5(b), Section&nbsp;7, Section&nbsp;8 , Section&nbsp;15
and Section&nbsp;16 of this Agreement shall remain in full force and effect notwithstanding such termination.</P>

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Agent shall have the right, by giving written notice as hereinafter specified, to terminate this Agreement in its sole
discretion at any time. Any such termination shall be without liability of any party to any other party except that the provisions
of Section&nbsp;1, Section&nbsp;5(b), Section&nbsp;7, Section&nbsp;8, Section&nbsp;15 and Section&nbsp;16 of this Agreement shall
remain in full force and effect notwithstanding such termination.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement shall remain in full force and effect until and unless terminated pursuant to Section 11(a) or (b)&nbsp;above
or otherwise by mutual agreement of the parties; provided that any such termination by mutual agreement or pursuant to this clause
(c)&nbsp;shall in all cases be deemed to provide that Section&nbsp;1, Section&nbsp;5(b), Section&nbsp;7, Section&nbsp;8, Section&nbsp;15
and Section&nbsp;16 of this Agreement shall remain in full force and effect.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided that
such termination shall not be effective until the close of business on the date of receipt of such notice by the Agents or the
Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Shares, such sale shall
settle in accordance with the provisions of Section 2(h) hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of any purchase by the Agents pursuant to a Terms Agreement, the Agents may terminate this Agreement, at any
time at or prior to the Settlement Date (i)&nbsp;if there has been, since the time of execution of the Agreement or since the respective
dates as of which information is given in the Prospectus or Disclosure Package, any material adverse change in the condition, financial
or otherwise, or in the earnings, business affairs or business prospects of the Company and its subsidiaries considered as one
enterprise, whether or not arising in the ordinary course of business, or (ii)&nbsp;if there has occurred any material adverse
change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation
thereof or other calamity or crisis or any change or development involving a prospective change in national or international political,
financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Agents, impracticable
or inadvisable to market the Shares or to enforce contracts for the sale of Shares, or (iii)&nbsp;if trading in any securities
of the Company has been suspended or materially limited by the Commission of the NYSE, or if trading generally on the American
Stock Exchange or the NYSE or Nasdaq has been suspended or materially limited, or minimum or maximum prices for trading have been
fixed, or maximum ranges for prices have been required, by any of said exchanges or by such system or by order of the Commission,
the Financial Industry Regulatory Authority, Inc. or any other governmental authority, or (iv)&nbsp;a material disruption has occurred
in commercial banking or securities settlement or clearance services in the United States, or (v)&nbsp;if a banking moratorium
has been declared by either Federal of New York authorities.</P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; font-variant: normal; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 12. <U>Sales to Affiliates</U>.&#9;The
parties hereto acknowledge that the transactions contemplated hereunder are subject to Rule 312.03(b) of the NYSE Listed Company
Manual.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 13. <U>Notices</U>. All
statements, requests, notices and agreements hereunder shall be in writing, and if to the Agents shall be delivered or sent by
mail, telex or facsimile transmission to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 22pt">Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated<BR>
One Bryant Park<BR>
New York, New York 10036<BR>
Fax No.: (646)&nbsp;855-3073<BR>
Attention: Syndicate Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 22pt">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">Merrill Lynch, Pierce, Fenner &amp; Smith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 22pt; text-indent: 0.5in">Incorporated<BR>
One Bryant Park<BR>
New York, New York 10036<BR>
Fax No.: (646)&nbsp;855-3073<BR>
Attention: ECM Legal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">Barclays Capital Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 22pt">745 Seventh Avenue<BR>
New York, New York 10019<BR>
Fax No.: 646-834-8133<BR>
Attention: Syndicate Registration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 22pt">in regards to notice under Sections 7(b) and 7(e), notification
should be provided to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">Barclays Capital Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">745 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">Attention: Director of Litigation, Office of the General Counsel</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">Deutsche Bank Securities Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 22pt">60 Wall Street<BR>
-New York, New York 10005<BR>
Fax No.: 212-797-9344<BR>
Attention: Equity Capital Markets Syndicate Desk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">Wells Fargo Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 22pt">375 Park Avenue<BR>
New York, New York 10152<BR>
Fax No.: 704-715-0074<BR>
Attention: Josie Callanan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 22pt">and if to the Company to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt; text-indent: 0in">Acadia Realty Trust<BR>
Suite 260</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt; text-indent: 0in">1311 Mamaroneck Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">White Plains, New York 10605<BR>
Facsimile: 914-288-2139</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 22pt">Attention: General Counsel</P>

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 22pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 22pt">and if to the Partnership:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt; text-indent: 0in">Acadia Realty Limited Partnership<BR>
Suite 260</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt; text-indent: 0in">1311 Mamaroneck Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">White Plains, New York 10605<BR>
Facsimile: 914-288-2139</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22pt; text-indent: 0in">Attention: General Counsel</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Any such statements, requests, notices or agreements shall
take effect upon receipt thereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 14. <U>Parties</U>. This
Agreement shall be binding upon, and inure solely to the benefit of, the Agents and the Company and, to the extent provided in
Sections&nbsp;7 and 8 hereof, the officers and directors of the Company and the Agents and each person who controls the Company
or the Agents, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire
or have any right under or by virtue of this Agreement. No purchaser of Shares through the Agents shall be deemed a successor or
assign by reason merely of such purchase.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 15. <U>Submission to Jurisdiction;
Waiver of Jury Trial</U>. No proceeding related to this Agreement or any Terms Agreement or any transactions contemplated hereby
or thereby may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the
City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have
jurisdiction over the adjudication of such matters, and the Company consents to the jurisdiction of such courts and personal service
with respect thereto. The Company waives all right to trial by jury in any proceeding (whether based upon contract, tort or otherwise)
in any way arising out of or relating to this Agreement or any Terms Agreement. The Company agrees that a final judgment in any
such proceeding brought in any such court shall be conclusive and binding upon the Company and may be enforced in any other courts
to whose jurisdiction the Company is or may be subject, by suit upon such judgment.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 16. <U>Governing Law</U>.
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS
PRINCIPLES OF CONFLICTS OF LAW.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 17. <U>Counterparts</U>.
This Agreement and any Terms Agreement may be executed by any one or more of the parties hereto and thereto in any number of counterparts,
each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same
instrument. This Agreement and any Terms Agreement may be delivered by any party by facsimile or other electronic transmission.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 18. <U>Severability</U>.
The invalidity or unenforceability of any Section, paragraph or provision of this Agreement or any Terms Agreement shall not affect
the validity or enforceability of any other Section, paragraph or provision hereof or thereof, as the case may be. If any Section,
paragraph or provision of this Agreement or any Terms Agreement is for any reason determined to be invalid or unenforceable, there
shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.</P>

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">If the foregoing is in accordance with your understanding
of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts,
will become a binding agreement between the Agents and the Company in accordance with its terms.</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: 47%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Very truly yours,<BR STYLE="mso-special-character: line-break">
        <BR STYLE="mso-special-character: line-break">
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ACADIA REALTY TRUST</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">By:&#9;<U> /s/ Robert Masters<BR>
        </U>Name:&#9;Robert Masters<BR>
        &nbsp;Title:&#9;Senior Vice President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ACADIA REALTY LIMITED PARTNERSHIP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By: ACADIA REALTY TRUST</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its sole general partner</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By: <U> /s/ Robert Masters</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Robert Masters</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Senior Vice President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Accepted as of the date hereof:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Merrill Lynch, Pierce, Fenner &amp; Smith</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Incorporated</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">By:&#9;<U> /s/ Jeff Horowitz</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&#9;Jeff Horowitz<BR>
        &nbsp;&nbsp;Title:&#9;Managing Director</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Barclays Capital Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">By:<U> /s/ Victoria Hale<BR>
        </U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Victoria Hale<BR>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Vice President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Deutsche Bank Securities Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">By:<U> /s/ Neil Gupta<BR>
        </U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Neil Gupta<BR>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">By:<U> /s/ Brian Mendell</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:
Brian Mendell&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&#9;Director</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Wells Fargo Securities, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:<U>/s/ Christopher K. Flouhouse<BR>
        </U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Christopher K. Flouhouse<BR>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Director</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>SCHEDULE 1(k)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>SUBSIDIARIES OF THE COMPANY</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">125 Main Street Associates LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">239 Greenwich Associates Limited Partnership</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 1520 Milwaukee Avenue LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 161ST Street LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 216TH Street LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 239 Greenwich Avenue, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 2914 Third Avenue LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 330 River Street LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 3319 Atlantic Avenue LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 4401 White Plains Road LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 56 East Walton LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 5-7 East 17<SUP>th</SUP> Street LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 654 Broadway LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 654 Broadway Member LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia 654 Broadway Owner LLC</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia D.R. Management LLC</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia L.U.F. LLC</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Merrillville Realty, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Merrillville Realty, L.P.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Mervyn Promote Member I, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Mervyn Promote Member II, LLC</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Second City 1521 West Belmont LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Second City 2206-08 North Halsted LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Second City 2633 North Halsted LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Second City 843-45 West Armitage LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Second City Biggs Mansion LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Self Storage Management Company LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Self Storage Management Investment Company LLC</P>

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

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

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

<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Storage Post Portfolio Company LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Strategic Opportunity Fund II, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Strategic Opportunity Fund III LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Strategic Opportunity Fund III Special Member LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia Strategic Opportunity Fund, LP</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia West 54<SUP>th</SUP> Street LLC</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia-Washington Square Albee LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Acadia-Washington Square Kingsbridge LLC</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">AmCap Acadia K-H Holding, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">AmCap Acadia K-H, LLC</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A-MCB White Oak LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Brandywine Town Center Maintenance Company LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">BTS Boonton, L.L.C.</P>

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mark Plaza Fifty L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mark Twelve Associates, L.P.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">RD Absecon Associates, L.P.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">RD Branch Associates L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">RD Elmwood Associates, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">RD Hobson Associates, L.P.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">White City Partners Holding Company LLC</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ACADIA REALTY TRUST</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Common Shares of Beneficial Interest<BR>
($0.001 par value)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">TERMS AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">[ADDRESS OF AGENT]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Acadia Realty Trust, a Maryland real
estate investment trust (the &ldquo;<U>Company</U>&rdquo;), proposes, subject to the terms and conditions stated herein and in
the ATM Equity Offering Sales Agreement, dated January 27, 2012 (the &ldquo;<U>Sales Agreement</U>&rdquo;), between the Company,
Acadia Realty Limited Partnership, and [AGENT] (the &ldquo;<U>Agent</U>&rdquo;), to issue and sell to the Agent the securities
specified in the Schedule hereto (the &ldquo;<U>Purchased Securities</U>&rdquo;) [, and solely for the purpose of covering over-allotments,
to grant to the Agent the option to purchase the additional securities specified in the Schedule hereto (the &ldquo;<U>Additional
Securities</U>&rdquo;)]<SUP>*</SUP>. Capitalized terms used herein and not defined have the respective meanings ascribed thereto
in the Sales Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">[The Agent shall have the right to purchase
from the Company all or a portion of the Additional Securities as may be necessary to cover over-allotments made in connection
with the offering of the Purchased Securities, at the same purchase price per share to be paid by the Agent to the Company for
the Purchased Securities; provided that the purchase price payable by the Agent for any Additional Securities shall be reduced
by an amount per share equal to any dividends or distributions paid or payable by the Company on the Purchased Securities but not
payable on such Additional Securities. This option may be exercised by the Agent at any time (but not more than once) on or before
the thirtieth day following the date hereof, by written notice to the Company. Such notice shall set forth the aggregate number
of shares of Additional Securities as to which the option is being exercised, and the date and time when the Additional Securities
are to be delivered (such date and time being herein referred to as the &ldquo;<U>Option Closing Date</U>&rdquo;); <I>provided,
however</I>, that the Option Closing Date shall not be earlier than the Time of Delivery (as set forth in the Schedule hereto)
nor earlier than the second business day after the date on which the option shall have been exercised nor later than the fifth
business day after the date on which the option shall have been exercised. Payment of the purchase price for the Additional Securities
shall be made at the Option Closing Date in the same manner and at the same office as the payment for the Purchased Securities.
For purposes of clarity, the parties hereto agree that any Option Closing Date shall be a &ldquo;time on which Shares are delivered
to the Agent&rdquo; within the meaning of Sections 3(i), (j), (k)&nbsp;and (l)&nbsp;of the Sales Agreement.]<A HREF="#note_ftn1" NAME="note_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1<BR>
<BR>
1</A><FONT STYLE="font-size: 10pt">
Include only if the Agent has an over-allotment option.</FONT>

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->I-1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><A HREF="#note_ftn1" NAME="note_ftnref1" STYLE="font-size: 65%; vertical-align: 35%"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each of the provisions of the Sales Agreement
not specifically related to the solicitation by the Agent, as agent of the Company, of offers to purchase securities is incorporated
herein by reference in its entirety, and shall be deemed to be part of this Terms Agreement to the same extent as if such provisions
had been set forth in full herein. Each of the representations and warranties set forth therein shall be deemed to have been made
at and as of the date of this Terms Agreement [and] [,] the Applicable Time [and any Option Closing Date]*, except that each representation
and warranty in Section&nbsp;1 of the Sales Agreement which makes reference to the Prospectus (as therein defined) shall be deemed
to be a representation and warranty as of the date of the Sales Agreement in relation to the Prospectus, and also a representation
and warranty as of the date of this Terms Agreement [and] [,] the Settlement Date [and any Option Closing Date]1 in relation to
the Prospectus as amended and supplemented to relate to the Purchased Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">An amendment to the Registration Statement
(as defined in the Sales Agreement), or a supplement to the Prospectus, as the case may be, relating to the Purchased Securities
[and the Additional Securities]*, in the form heretofore delivered to the Agent is now proposed to be filed with the Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Subject to the terms and conditions set
forth herein and in the Sales Agreement which are incorporated herein by reference, the Company agrees to issue and sell to the
Agent and the latter agrees to purchase from the Company the number of shares of the Purchased Securities at the time and place
and at the purchase price set forth in the Schedule hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If the foregoing is in accordance with
your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along
with all counterparts, will become a binding agreement between the Agent and the Company in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">THIS TERMS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.</P>

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->I-2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Very truly yours,<BR STYLE="mso-special-character: line-break">
        <BR STYLE="mso-special-character: line-break">
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ACADIA REALTY TRUST</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">By:&#9;<U>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
        </U>Name:<BR>
        &nbsp;Title:</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Accepted as of the date hereof:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">[AGENT]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">By:&#9;<U>&#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
        </U>Name:<BR>
        &nbsp;Title:</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">[If Agent is Wells Fargo Securities, LLC, the Term Agreement shall
be sent to and accepted by one of the following individuals at the following electronic mail addresses:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mark Horgan, mhorgan@eastdilsecured.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Christopher Flouhouse, chris.flouhouse@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Lee Lam, Lee.lam@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer Lynch, Jennifer.lynch@WellsFargo.com]</P>

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

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

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

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

<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->I-3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Model placement notice from&nbsp;the Company to the Agents
(may be delivered by e-mail)</U>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 49.5pt">From:</TD>
<TD>[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 49.5pt">Cc:</TD>
<TD>[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 49.5pt">To:</TD>
<TD>[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 49.5pt">Subject:</TD>
<TD>Equity Distribution&mdash;Placement Notice</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the
terms and subject to the conditions contained in the ATM Equity Offering Sales Agreement among Acadia Realty Trust (the &ldquo;<U>Company</U>&rdquo;),
Acadia Realty Limited Partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;) and Merrill Lynch, Pierce, Fenner &amp; Smith
Incorporated, Barclays Capital Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC (each an &ldquo;<U>Agent</U>&rdquo;),
dated January 27, 2012 (the &ldquo;<U>Agreement</U>&rdquo;), I hereby request on behalf of the Company that [SPECIFY AGENT] sell
up to [&bull;] of the Company&rsquo;s common shares of beneficial interest, par value $0.01 per share, at a minimum market price
of $[&bull;] per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company hereby
confirms that, as of the date of this Placement Notice, neither the Prospectus, nor any Issuer Free Writing Prospectus, when taken
together with the Prospectus, includes an untrue statement of a material fact or omits to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">ADDITIONAL SALES
PARAMETERS MAY BE ADDED, SUCH AS THE TIME PERIOD IN WHICH SALES ARE REQUESTED TO BE MADE, SPECIFIC DATES WHEN THE SHARES MAY NOT
BE SOLD, THE MANNER IN WHICH SALES ARE TO BE MADE BY [SPECIFY AGENT], AND/OR THE CAPACITY IN WHICH [SPECIFY AGENT] MAY ACT IN SELLING
SHARES (AS PRINCIPAL, AGENT OR BOTH).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>E-mail from an Agent to&nbsp;the Company</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">[Required on days when selling is expected to take place
<I>and</I> a placement notice in the above form has not been received for that day. Note: the above model placement notice contains
a &ldquo;10b-5&rdquo; representation (see second paragraph of model placement notice); to the extent selling is to take place on
a day other than the day the placement notice is delivered, the selling Agent requires a confirmatory e-mail from the Company that
&ldquo;brings down&rdquo; the 10b-5 representation. Below is a form of e-mail requesting a Company confirmation, followed by a
form of e-mail that may be used by the Company to supply the requested confirmation. To the extent the Company is unwilling or
unable to provide the confirming email on any day that selling is to take place (other than a day a placement notice is delivered),
selling is not permitted.]</P>

<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->II-1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In connection with your instructions
that we sell up to [<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT>]&nbsp;AKR Common Shares at prices not
less than US$ [<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT>] per share, pursuant to Section 2 of the
ATM Equity Offering Sales Agreement, dated&nbsp;January 27, 2012 (the &ldquo;Agreement&rdquo;), among Acadia Realty Trust (the
&ldquo;Company&rdquo;), Acadia Realty Limited Partnership, Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Barclays Capital
Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC,<B> please confirm by reply e-mail</B> that the Company&rsquo;s
Prospectus (as defined in the Agreement), including the documents incorporated by reference therein, as of the date of this e-mail,
does not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Confirming e-mail from the Company to an Agent</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Pursuant to your e-mail request,&nbsp;[<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT>]
hereby confirms that, as of the date of this e-mail, its Prospectus (as defined in the Agreement referred to in your e-mail), including
the documents incorporated by reference therein, does not contain an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">[If Agent is Wells Fargo Securities, LLC, the placement notice shall
be sent to and accepted by one of the following individuals at the following electronic mail addresses:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mark Horgan, mhorgan@eastdilsecured.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Christopher Flouhouse, chris.flouhouse@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Lee Lam, Lee.lam@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jennifer Lynch, Jennifer.lynch@WellsFargo.com]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

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

<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->II-2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;<A HREF="#note_ftnref1" NAME="note_ftn1"
STYLE="font-size:
65%;
vertical-align:
35%"></A></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>v300657_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">
<IMG SRC="image_003.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">EXHIBIT 99.1</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>(914) 288-8100</I>&#9;</P>

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

<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ACADIA REALTY TRUST ANNOUNCES
AT-THE-MARKET EQUITY PROGRAM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>WHITE PLAINS, NY &ndash;
January 27, 2012 &ndash;</B> Acadia Realty Trust (NYSE: AKR) (the &ldquo;Company&rdquo;), today announced it has established an
at-the-market equity program under which it may sell common shares of beneficial interest of the Company (&ldquo;Common Shares&rdquo;)
with an aggregate offering price up to $75.0 million from time to time through BofA Merrill Lynch, Barclays Capital Inc., Deutsche
Bank Securities Inc., and Wells Fargo Securities, LLC, as sales agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Sales of Common Shares
under the at-the-market equity program, if any, would generally be made by means of ordinary brokers&rsquo; transactions, including
on the New York Stock Exchange, at market prices or as otherwise agreed with the agents. Sales of Common Shares may also be made
to the agents acting as principal under the program pursuant to a separate terms agreement. The Company intends to use the net
proceeds of this offering for general corporate purposes, which may include, among other things, repayment of our debt, future
acquisitions, directly and through our Opportunity Funds, and redevelopments of and capital improvements to our properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company has filed
a registration statement (including a prospectus) and a prospectus supplement with the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;) for the offering of the Common Shares described in this communication. Before you invest, you should read the
prospectus in that registration statement, the prospectus supplement relating to the at-the market equity program and other documents
the Company has filed with the SEC for more complete information about it and the at-the-market equity program. You may obtain
these documents at no cost by visiting EDGAR on the SEC web site at www.sec.gov. Additionally, copies of the prospectus supplement
and accompanying prospectus relating to these securities may be obtained by contacting BofA Merrill Lynch, 4 World Financial Center,
New York, New York 10080, Attn: Prospectus Department or by emailing dg.prospectus_requests@baml.com; Barclays Capital Inc. C/O
Broadridge Financial Solutions 1155 Long Island Ave. Edgewood, New York 11717, or by calling (888) 603-5847, or by emailing Barclays
prospectus@broadridge.com; Deutsche Bank Securities Inc., Attn: Prospectus Department, Harborside Financial Center, 100 Plaza One,
Jersey City, New Jersey 07311-3988, or by calling (800) 503-4611, or by e-mailing prospectus.cpdg@db.com; Wells Fargo Securities,
LLC, 375 Park Avenue, New York, New York 10152, Attention: Equity Syndicate Department, or by calling (800) 326-5897, or by emailing
cmclientsupport@wellsfargo.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">This press release does
not constitute an offer to sell or a solicitation of an offer to buy any securities, nor will there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or other jurisdiction. The at-the-market offering may be made only by means of a prospectus
supplement and the related prospectus.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>About Acadia Realty
Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Acadia Realty Trust,
a fully-integrated equity real estate investment trust, is focused on the ownership, management and redevelopment of high-quality
retail properties and urban/ infill mixed-use properties with a strong retail component located primarily in high-barrier-to-entry,
densely-populated metropolitan areas along the East Coast and in the Midwestern United States. Acadia owns, or has an ownership
interest in, 95 properties through its core portfolio and three opportunistic/ value-add investment funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Certain matters in this
press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known
and unknown risks, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to
be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements.
These forward-looking statements include statements regarding Acadia&rsquo;s future financial results and its ability to capitalize
on potential opportunities arising from continued economic uncertainty. Factors that could cause the Company&rsquo;s forward-looking
statements to differ from its future results include, but are not limited to, those discussed under the headings &ldquo;Risk Factors&rdquo;
and &ldquo;Management's Discussion and Analysis of Financial Condition and Results of Operations&rdquo; in the Company&rsquo;s
most recent annual report on Form 10-K filed with the SEC on February 28, 2011 (&ldquo;Form 10-K&rdquo;) and other periodic reports
filed with the SEC, including risks related to: (i) the current global financial environment and its effect on retail tenants;
(ii) the Company&rsquo;s reliance on revenues derived from major tenants; (iii) the Company&rsquo;s limited control over joint
venture investments; (iv) the Company&rsquo;s partnership structure; (v) real estate and the geographic concentration of our properties;
(vi) market interest rates; (vii) leverage; (viii) liability for environmental matters; (ix) the Company&rsquo;s growth strategy;
(x) the Company&rsquo;s status as a REIT; (xi) uninsured losses, and (xii) the loss of key executives. Copies of the Form 10-K
and the other periodic reports Acadia files with the SEC are available on the Company&rsquo;s website. Any forward-looking statements
in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia&rsquo;s expectations
with regard thereto or change in events, conditions or circumstances on which any such statement is based.</P>

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

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

<!-- Field: Page; Sequence: 1; Section: Main; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``Z`-H#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#WBBBB@`Z5
MR^H:K+-="2VDVQQ@%`R/R=P!)QUK0U:[WG[-&PP"I<Y([].*Q9&C0[6<`D?W
MY/[]!$F=59W:7D'FH",,5(((P1]:L5S-I.;.Y\P$%?FW`LYR,^]=*CJZ!E.5
M/0T%)W%HHHH&%%%(2`0"1D]*`%HHHH`***C>>&/[\J+]6`H`DHI%97&58,/8
MYI:`"BBD!!)`()'7VH`6BBD+!>I`^IH`6BF[T/1U_.G4`%%%`(/0CB@`HHI"
M0"`2,GI[T`+1110`57N9_*"JA&]B!R>@/>IR<#^54RA9M['K@D[J!,RSB.(%
MF[*/]8>?FK/<-)N8OR1_SU/]^M9U:0@Y.W`P-_\`M5GW$Y23$9!4#D^9U^>@
MEDL#EP49_F^;'[P^M:=G,87*,1L9B<ELD5350XWHQ(^;G?[U>1?,4]<Y(/S4
M`C1HJ*(D`JQZ=.:EH+"N5U6>[NM1EN[,DPZ402H_Y:,?OC\!6YJ]\=/TZ291
MF4_)$OJYX%&DV`L--CMV^9R"TI/\3'K02]="U;SQW5O'/$<I(H93[&G22)#$
M\DC!40%F8]`!7)_VTGAI[K3!#->2+)FTA@&YF#<[3Z8/K6AXA>6;1;2*53$;
MJ>*.9<_=!/(S3<6E<2FG==4$)O=?_?>;)9Z:3^["<23#U)_A%7$\/Z2@YLHW
M/=I,L3^)K1551%10`JC``["EI%6[F1)X>M%.^Q>2QFZAH6.W/NIX-:-H+A;6
M-;ID:<##L@P#[U-10%B&ZN8[.TEN)3A(U+&N=TB:[LM1CDOF^3509`/^>;CH
MOXK5W5?^)EJEMI*\Q+^_N?\`='1?Q-6]:LQ>:7(H98Y(_P!Y&Y.`K#D4">NI
MH5@Z]#%<ZEI$,R!XWF(92>O%1Z7XH.J7EO:VUC/)\F;FXQB.(XZ9[DGTJQK'
M_(8T;_KN?Y4VFMQ<RDM"8^'-((XLE4^JNP(_6J\UC?:4#/IT\EQ"O+VLS;B1
M_LMUS[5N44BN5%>QO8=0LX[F`Y1QT/4'N#6;H7_'YK'7_C\;^0INC`0:SJ]J
MG$2RK(H'8L.13M"_X_=8_P"OP_R%`K[&U7*ZK/=W6I2WEF28=(()4?\`+5C]
M\?@M;FKW_P#9VFR3J-TIPD2_WG/`HTFP&GZ;%;M\SXW2D\[F/)-`/70M6\\=
MS;QSQ-NCD4,I]C4E<@-;3PT]WI8@FO)%DS9P0#<S!N=I],'/6NO7)4;N&QR/
M2FTTKA&:;MU"HW0O@=`"#Q4E%(HH3QE%V(3N..XX&:HFS.#UZ?WA_>K<*@G)
M`I-B_P!T4"L9=O&8W*DG:=V<D<<UH+$5;</>I-B^@IU`6#%%%(P)4A3@D<'T
MH&8-Q/%>:]NE<"TT_P#\>E/\\"I9CJ>K92!FL;0\&0C]ZP]AVJUIVD0:?#MR
M99"Q=I'ZECWK0JDTB.5O<YN\T6#1;2*_TZ(^?:OYDK$Y:5#][)[G%:FH6J:S
MHY2&0`R!989/1ARIJ^0&4JP!4C!![BJFF6`TVT^S+*TD:L2F[^$$YQ^%)MMW
M8U%+1;$.E:HMZA@G'DW\7RS0-P0?4>H-:54K_2K34=K3(1*GW)4.UU^A%5AI
MVIQ?+#K+E.WG0JY_.D/5&L3@$G@#J:KO>VZ63WGFJT"*6+@Y!`Z_RJ@=$>Z/
M_$QU">Y3_GD,(A^H'6I[[28KRPCL58P6RLI9(P`&4<[?84!=F;IEQ]EMY+R:
M)I;^^;S?)09*K_"#Z#%2OH]SJS!]8FQ"#D6<1PO_``(]ZV8H(H!B-`N>I[FI
M*I2M\)/)?<PK6--&UTVD:A+.]&Z)1T20#D?B*?K'_(8T;_KN?Y5>U+3TU&W6
M,NT;HX=)%ZJ146I:8]^]K(ETT$MNVY750<G&.AJ1VTL:-5-1U&#3;<RS-\QX
M2,?><]@!53^S-1;A];N,?[$:*?Y5+::+:6L_VAO,GN?^>T[;F'T]*!ZD>AV<
MT$$US=#%U=/YL@_N^@_`5%H7_'[K'_7X?Y"MJJ5II_V.2\=)6+7,IDY`^0D4
M"ML9D\\5YKY>5P+331_WU,?3UP*GF.IZM\D#-86AZR$?O7'L.U6=.TB#3X0N
M3-)N+-(XY)/4UH52:0N5O<YJ]T6#1+./4--B/GVC^;*2<M,AX?)[G'/X5TJD
M2(KH=R,,J1T(H(!!#`$'@@]ZYI/#%["BQ0Z]=I$@VHFT?*HZ"DVV[L=N79'2
MT444B@HHHH`****`"H[B=+:WDGDSLC4L<=<"I*J:H,Z7=`]/+--*[%)V38ZP
MOHM0MA/"KJNXKAL=1[@D'\#1?7T=A"DDBLP=Q&H4J.2">K$`=/6JNB*J6UPB
M@*HN'``&`*FU%%DDL%=0RFZ7((R/N/5<JY[&?,_9\W4N`Y`.,9JO/?16]W;6
MSA]]P2%(&0,#/)[9[59/4UQWB-B/%EAR>/L^/^_QHA'F=@JS<(W1V-113I-)
M.B9S#)Y;9'?:K<?@PJ6J5A_Q\ZI_U]C_`-$QU*6Y;=FBXQ*HS!2Q`R%&,GVY
MJ"QNUOK1+E8I8E?.%DQG'KP35BL_1/\`D"VO^X?YFCH#;YDB>]OH-/B66X++
M&6V[@,@'MGZGCZD581MR*VUER`=K#D>QJAK0#::00"/,CX/^\*T3U--K1,$W
MS-"5'-+Y,#R[&?8I;:N,G'ID@5)45S_QZ3_]<V_D:E#>PEI<"[M8YQ&\8D&X
M+)C./P)J#4=3@TQ(VG5V$A(&S;V^I'Y=:?IG_(+M?^N2_P`JH>($5XX]ZAL1
MS$9&<$+P:N,4YV,YR:I\RW-A6#*&'0C(S56;4((+@PN'W@H.%X^8D#^53VYS
M:PD]?+7^58NH_P#(7QZM;?\`H4E**38YR:2:-ZJD-_'/?SVB1R[H?ON0-N<`
MXZYZ'C(P><=*MUA6S%O$",Q);_2DR3SM#1X'T&3Q[T15[CG)JUC=^@S["L`>
D++4@'[#?<_[,?_Q==`/O#ZUYPA.Q>>U:4H*5[F.(J2A;E/_9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
