<SEC-DOCUMENT>0001144204-14-074491.txt : 20141217
<SEC-HEADER>0001144204-14-074491.hdr.sgml : 20141217
<ACCEPTANCE-DATETIME>20141217164300
ACCESSION NUMBER:		0001144204-14-074491
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20141211
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141217
DATE AS OF CHANGE:		20141217

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:		141293033

	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>v396821_8k.htm
<DESCRIPTION>8-K
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of Earliest Event Reported):
December 11, 2014</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 18pt"><B>ACADIA
REALTY TRUST</B></FONT><BR>
<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: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 33%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Maryland</U></B></FONT></TD>
    <TD STYLE="width: 34%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>1-12002</U></B></FONT></TD>
    <TD STYLE="width: 33%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>23-2715194</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State&nbsp;or&nbsp;other&nbsp;jurisdiction&nbsp;of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation)</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission&nbsp;File&nbsp;Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S.&nbsp;Employer&nbsp;Identification&nbsp;No.)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(914) 288-8100</B><BR>
(registrant&rsquo;s telephone number, including area code)</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 11, 2014, Acadia Realty Trust
(the &ldquo;Company&rdquo;) announced that it commenced an underwritten public offering (the &ldquo;Offering&rdquo;) of its common
shares of beneficial interest (&ldquo;Common Shares&rdquo;). A copy of that press release is attached as Exhibit 99.1 hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 11, 2014,
the Company and its operating partnership, Acadia Realty Limited Partnership, entered into an underwriting agreement (the &ldquo;Underwriting
Agreement&rdquo;) with Citigroup Global Markets Inc. (the &ldquo;Underwriter&rdquo;), providing for the issuance and sale to the
Underwriter of an aggregate of 3,400,000 (the &ldquo;Firm Shares&rdquo;) of Common Shares, and the right for the Underwriter to
acquire an additional 510,000 Common Shares, at a price of $31.62 per Common Share. On December 17, 2014 the Firm Shares were offered
and sold pursuant to a prospectus supplement, dated December 11, 2014 and related prospectus, dated May 2, 2014, relating to the
Company&rsquo;s shelf registration statement on Form S-3 (File No. 333-195665). A copy of the Underwriting Agreement is attached
hereto as Exhibit 1.1 and is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 12, 2014 the Company issued
a press release announcing the pricing of the Offering. A copy of that press release is attached as Exhibit 99.2 hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 17, 2014, the Company and the
Underwriter closed the offering and Venable LLP delivered its legality opinion with respect to the Common Shares to be issued in
the Offering. A copy of the legality opinion is attached hereto as Exhibit 5.1 and is incorporated herein by reference.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Exhibit Number</FONT></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 87%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Underwriting Agreement, dated December 11, 2014, by and among Acadia Realty Trust, Acadia Realty Limited Partnership and Citigroup Global Markets Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Venable LLP as to legality of the securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Venable LLP (included in Exhibit 5.1.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Press Release dated December 11, 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Press Release dated December 12, 2014.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>ACADIA REALTY TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%"><FONT STYLE="font-size: 10pt">Date:&nbsp; December 17, 2014</FONT></TD>
    <TD NOWRAP STYLE="width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Jon Grisham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name:&nbsp; Jon Grisham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title:&nbsp; Senior Vice President and Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit Number</FONT></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 87%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibits</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Underwriting Agreement, dated December 11, 2014, by and among Acadia Realty Trust, Acadia Realty Limited Partnership and Citigroup Global Markets Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opinion of Venable LLP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Venable LLP (included in Exhibit 5.1).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Press Release dated December 11, 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Press Release dated December 12, 2014.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">December 11, 2014</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Introductory. </I>Acadia Realty Trust,
a Maryland real estate investment trust (the &ldquo;<U>Company</U>&rdquo;), proposes to issue and sell to the several underwriters
named in Schedule A (the &ldquo;<U>Underwriters</U>&rdquo;) an aggregate of 3,400,000 shares (the &ldquo;<U>Firm Shares</U>&rdquo;)
of its common shares of beneficial interest, par value $0.001 per share (the &ldquo;<U>Common Shares</U>&rdquo;). In addition,
the Company has granted to the Underwriters an option to purchase up to an additional 510,000 shares (the &ldquo;<U>Optional Shares</U>&rdquo;)
of Common Shares, as provided in Section 2. The Firm Shares and, if and to the extent such option is exercised, the Optional Shares
are collectively called the &ldquo;Shares.&rdquo; Citigroup Global Markets Inc. (&ldquo;Citigroup&rdquo;) is acting as the sole
representative (the &ldquo;<U>Representative</U>&rdquo;) in connection with the offering and sale of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent there are no additional Underwriters
listed on Schedule A other than Citigroup, the term Representative and Underwriters as used herein shall mean<I> </I>Citigroup,
as Underwriter. The term Underwriters shall mean either the singular or plural as the context requires.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Representations
and Warranties of the Company and the Partnership</U></I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company and the Partnership, jointly
and severally, represent and warrant to the Underwriters that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
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. 333-195665), 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
May 2, 2014 became effective upon filing with the Commission in accordance with Rule 462(e) of the rules and regulations of the
Commission under the Securities Act (the &ldquo;<U>Securities Act Regulations</U>&rdquo;) on May 2, 2014, 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 Registration Statement was filed by the Company with the Commission not earlier than three years prior
to the date hereof. The Registration Statement is an &ldquo;automatic shelf registration statement,&rdquo; as defined in Rule 405
of the Securities Act Regulations. The Shares, since their registration on the Registration Statement, have been and remain eligible
for registration by the Company on the Registration Statement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii) (A) At the original effectiveness of
the Registration Statement, (B) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3)
of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;) or form of prospectus), (C)
at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c) of the Securities
Act Regulations) made any offer relating to the&nbsp; Shares in reliance on the exemption of Rule 163 of the Securities Act Regulations,
and (D) as of the execution of this Agreement, the Company was and is a &ldquo;well-known seasoned issuer,&rdquo; as defined in
Rule 405 of the Securities Act Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the respective times the Registration Statement and each amendment thereto became effective, at each deemed effective date with
respect to the Underwriters pursuant to Rule 430B(f)(2) of the Securities Act Regulations and at the 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 Underwriters furnished in writing to the Company by the Underwriters expressly for use therein,
it being understood and agreed that the only such information furnished by any Underwriter consists of the information described
as such in Section 8(b) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Underwriters furnished in writing to the Company by the Underwriters
expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter consists
of the information described as such in Section 8(b) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each prospectus (including the prospectus
or prospectuses, and any preliminary prospectus, 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 Underwriters for use in connection with this offering was identical to the electronically transmitted copies thereof
filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (&ldquo;<U>EDGAR</U>&rdquo;),
except to the extent permitted by Regulation S-T.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Underwriters furnished in writing to the Company by the Underwriters expressly for
use therein, it being understood and agreed that the only such information furnished by any Underwriter consists of the information
described as such in Section 8(b) hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Applicable Time</U>&rdquo; means,
4:40 PM (New York City time) on December 11, 2014.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Base Prospectus</U>&rdquo; means
the base prospectus dated May 2, 2014 filed as part of the Registration Statement, as amended, in the form first furnished to the
Underwriters 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Disclosure Package</U>&rdquo;
means the Base Prospectus, any preliminary prospectus supplement, as amended or supplemented, any Issuer Free Writing Prospectus
(as defined below) identified in Schedule 1(b), any other free writing prospectus that the parties hereto shall hereafter expressly
agree in writing to treat as part of the Disclosure Package and a schedule indicating the number of Shares being sold and the price
at which the Shares will be sold to the public, attached hereto as Schedule B.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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, (ii) is a &ldquo;road
show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the
Commission or (iii)&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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Prospectus</U>&rdquo; means the
Base Prospectus, as supplemented by the Prospectus Supplement (as defined below), 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 Underwriters in connection with the
offering of the Shares.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Representative 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 preliminary
or 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 Representative 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 Underwriters expressly for use therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 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 became 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 Underwriters furnished in writing to the Company by the Underwriters expressly for use therein, it being understood
and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section
8(b) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not distributed and will not distribute, prior to the later of the last Subsequent Closing Date (as defined below)
and the completion of the Underwriters&rsquo; distribution of the Shares under this Agreement, any offering material in connection
with the offering and sale of the Shares other than a preliminary prospectus, the Prospectus or any Issuer Free Writing Prospectus
reviewed and consented to by the Representative or included in Schedule 1(b) hereto or the Registration Statement.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no contracts or other documents required to be described in the Registration Statement, the Disclosure Package or the Prospectus
or to be filed as exhibits to the Registration Statement or any documents incorporated by reference that have not been described,
filed or incorporated by reference as required. The contracts so described in the Registration Statement, the Disclosure Package
and the 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 8 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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 and schedules, if any, 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.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus. The pro forma financial
statements included or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus comply
as to form in all material respects with the applicable accounting requirements of the Commission&rsquo;s 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, including
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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 II, LLC, Acadia Strategic Opportunity Fund III, LLC and Acadia Strategic
Opportunity Fund IV LLC, of the Company that meet the definition of &ldquo;significant subsidiaries&rdquo; under Regulation S-X
under the Securities Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
authorized, issued and outstanding capital shares of the Company are as described in the Registration Statement, the Disclosure
Package and the Prospectus (other than for subsequent issuances, if any, pursuant to this Agreement, 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. The issuance of the Shares has been duly and
validly authorized and, upon being delivered to and paid for by the Underwriters pursuant to this Agreement, the Shares 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 95% 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 the outstanding capital shares 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
shares 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 share option, share bonus and other
share 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>

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Partnership and any subsidiary limited liability company or partnership, except Acadia Self Storage Management Investment
Company LLC and A-K JV I 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and the Partnership is 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>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Underwriters may engage in passive market making transactions in the Shares in accordance with Regulation M under the
Exchange Act, in reliance upon the actively traded security exception to Rule 101 thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Shares are registered pursuant to Section 12(b) of the Exchange Act and have been approved for listing on the New York Stock
Exchange (the &ldquo;<U>NYSE</U>&rdquo;). As of the Closing Date, the Shares will be 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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 any preliminary prospectus, the Registration Statement or the Prospectus that have
not been described as required.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the period of at least the last 12 calendar months prior to the date of this Agreement, the Applicable Time, the Closing Date and
any Subsequent Closing 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>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the original effectiveness of the Registration Statement, at the earliest time after the original effectiveness of the Registration
Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the
Securities Act Regulations) of the Shares 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees
or indebtedness 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no transfer taxes or other similar fees or charges under federal law or the laws of any state, or any political subdivision
thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance or sale of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making
any other distribution on such subsidiary&rsquo;s capital stock, from repaying to the Company any loans or advances to such subsidiary
from the Company or from transferring any of such subsidiary&rsquo;s property or assets to the Company or any other subsidiary
of the Company, except as described in or contemplated by the Registration Statement, the Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is and has been no failure on the part of the Company and any of the Company&rsquo;s 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
operations of the Company, the Partnership and their subsidiaries 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 subsidiaries with respect to the Money Laundering Laws is pending or, to the best
knowledge of the Company or the Partnership threatened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company, the Partnership nor any of their subsidiaries 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 subsidiaries is currently subject to any
U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not relied upon the Underwriters or legal counsel for the Underwriters for any legal, tax or accounting advice in connection
with the offering and sale of the Shares.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any certificate signed by an officer of
the Company or the Partnership and delivered to the Representative or to counsel for the Underwriters shall be deemed to be a representation
and warranty by the Company to each Underwriter as to the matters set forth therein as of the date or dates indicated in such certificate.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
Firm Shares. </I>The Company agrees to issue and sell to the several Underwriters the Firm Shares upon the terms herein set forth.
On the basis of the representations, warranties and agreements herein contained, and upon the terms but subject to the conditions
herein set forth, the Underwriters agree, severally and not jointly, to purchase from the Company the respective number of Firm
Shares set forth opposite their names on Schedule A. The purchase price per Firm Share to be paid by the several Underwriters to
the Company shall be $31.62 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
Closing Date. </I>Delivery of certificates for the Firm Shares to be purchased by the Underwriters and payment therefor shall be
made at the offices of Sidley Austin <FONT STYLE="font-size: 10pt">LLP</FONT>, 787 Seventh Avenue, New York, New York 10019,<B>
</B>(or such other place as may be agreed to by the Company and the Representative) at 9:00 a.m., New York City time, on December
17, 2014 (the time and date of such closing are called the &ldquo;<U>Closing Date</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
Optional Shares; the Subsequent Closing Date. </I>In addition, on the basis of the representations, warranties and agreements herein
contained, and upon the terms but subject to the conditions herein set forth, the Company hereby grants an option to the several
Underwriters to purchase, severally and not jointly, up to an aggregate of 510,000 Optional Shares from the Company at the same
price as the purchase price per share to be paid by the Underwriters for the Firm Shares, less an amount per share equal to any
dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Optional Shares. The option
granted hereunder may be exercised at any time and from time to time upon notice by the Representative to the Company, which notice
may be given at any time within 30 days from the date of this Agreement. Such notice shall set forth (i) the aggregate number of
Optional Shares as to which the Underwriters are exercising the option, (ii) the names and denominations in which the certificates
for the Optional Shares are to be registered and (iii) the time, date and place at which such certificates will be delivered (which
time and date may be simultaneous with, but not earlier than, the Closing Date; and in such case the term &ldquo;Closing Date&rdquo;
shall refer to the time and date of delivery of certificates for the Firm Shares and the Optional Shares). Each time and date of
delivery, if subsequent to the Closing Date, is called a &ldquo;Subsequent Closing Date&rdquo; and shall be determined by the Representative
and shall not be earlier than three nor later than five (5) full business days after delivery of such notice of exercise. If any
Optional Shares are to be purchased, each Underwriter agrees, severally and not jointly, to purchase the number of Optional Shares
(subject to such adjustments to eliminate fractional shares as the Representative may determine) that bears the same proportion
to the total number of Optional Shares to be purchased as the number of Firm Shares set forth on Schedule A opposite the name of
such Underwriter bears to the total number of Firm Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Public
Offering of the Shares. </I>The Representative hereby advises the Company that the Underwriters intend to offer for sale to the
public, as described in the Prospectus, their respective portions of the Shares as soon after this Agreement has been executed
and the Registration Statement has been declared effective as the Representative, in its sole judgment, has determined is advisable
and practicable.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment
for the Shares. </I>Payment for the Shares shall be made at the Closing Date (and, if applicable, at any Subsequent Closing Date)
by wire transfer of immediately available funds to the order of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is understood that Citigroup has been
authorized, for its own account and the accounts of the several Underwriters, to accept delivery of and receipt for, and make payment
of the purchase price for, the Firm Shares and any Optional Shares the Underwriters have agreed to purchase. Citigroup, individually
and not as Representative of the Underwriters, may (but shall not be obligated to) make payment for any Shares to be purchased
by any Underwriter whose funds shall not have been received by Citigroup by the Closing Date or any Subsequent Closing Date, as
the case may be, for the account of such Underwriter, but any such payment shall not relieve such Underwriter from any of its obligations
under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery
of the Shares. </I>Delivery of the Firm Shares and the Optional Shares shall be made through the facilities of The Depository Trust
Company unless Citigroup shall otherwise instruct. Time shall be of the essence, and delivery at the time and place specified in
this Agreement is a further condition to the obligations of the Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery
of Prospectus to the Underwriters. </I>Not later than 3:00 p.m. on the first business day in New York City following the date of
this Agreement, the Company shall deliver or cause to be delivered, copies of the Prospectus in such quantities and at such places
as the Representative shall request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Covenants
of the Company and the Partnership</U></I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company and the Partnership covenants
and agrees, jointly and severally, with each Underwriter as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Representative&rsquo;s
Review of Proposed Amendments and Supplements. </I>During the period beginning on the Applicable Time and ending on the later of
the Closing Date or such date, as in the opinion of counsel for the Underwriters, the Prospectus is no longer required by law to
be delivered in connection with sales by an Underwriter or dealer, including in circumstances where such requirement may be satisfied
pursuant to Rule 172 under the Securities Act (the &ldquo;<U>Prospectus Delivery Period</U>&rdquo;), prior to amending or supplementing
the Registration Statement, the Disclosure Package or the Prospectus, subject to Section 3(d), the Company shall furnish to the
Representative for review a copy of each such proposed amendment or supplement, and the Company shall not file or use any such
proposed amendment or supplement to which the Representative reasonably objects.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Securities
Act Compliance.</I> After the date of this Agreement, the Company shall promptly advise the Representative in writing (i) of the
receipt of any comments of, or requests for additional or supplemental information from the Commission, (ii) of the time and date
of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any preliminary prospectus
or the Prospectus, (iii) of the time and date that any post-effective amendment to the Registration Statement becomes effective,
(iv) of the issuance of any stop order by the Commission suspending the effectiveness of the Registration Statement, or notice
objecting to its use pursuant to Rule 401(g)(2), or any order preventing or suspending the use of any preliminary prospectus or
the Prospectus or threatening of any such proceedings for that purpose or for any examination pursuant to Section 8(d) or 8(e)
of the Securities Act concerning the Registration Statement, (v) of any proceedings to remove, suspend or terminate from listing
or quotation the Common Shares from any securities exchange upon which it is listed for trading or included or designated for quotation,
or of the threatening or initiation of any proceeding for any such purpose, and (vi) if the Company becomes the subject of a proceeding
under Section 8A of the Securities Act in connection with the offering of the Shares. The Company shall use its best efforts to
prevent the issuance of any such stop order or notice of prevention or suspension of such use. If the Commission shall enter any
such stop order or issue any such notice at any time, the Company will use its best efforts to obtain the lifting or reversal of
such order or notice at the earliest possible moment, or, subject to Sections 3(a) and 3(d), will file an amendment to the Registration
Statement or will file a new registration statement and use its best efforts to have such amendment or new registration statement
declared effective as soon as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b)
and 430B, as applicable, of the Securities Act Regulations, including with respect to the timely filing of documents thereunder,
and will use its reasonable efforts to confirm that any filings made by the Company under such Rule 424(b) of the Securities Act
Regulations were received in a timely manner by the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall pay the required Commission
filing fees relating to the Shares within the time required by Rule 456(b)(1)(i) of the Securities Act Regulations without regard
to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) of the Securities Act Regulations (including, if
applicable, by updating the &ldquo;Calculation of registration Fee&rdquo; table in accordance with Rule 456(b)(1)(ii) either in
a post-effective amendment to the Registration Statement or on the cover page of a prospectus filed pursuant to Rule 424(b)).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange
Act Compliance. </I>During the Prospectus Delivery Period, the Company will file all documents required to be filed with the Commission
pursuant to Section 13, 14 or 15 of the Exchange Act in the manner and within the time periods required by the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendments
and Supplements to the Registration Statement, Disclosure Package and Prospectus and Other Securities Act Matters. </I>If, during
the Prospectus Delivery Period, any event or development shall occur or condition exist as a result of which the Registration Statement,
the Disclosure Package or the Prospectus as then amended or supplemented would 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 case of the Prospectus, in the light
of the circumstances under which they were made), not misleading, or if it shall be necessary to amend the Registration Statement
or amend or supplement the Disclosure Package or the Prospectus, or to file under the Exchange Act any document incorporated by
reference in the Disclosure Package or the Prospectus, in order to make the statements therein, in the light of the circumstances
under which they were made or then prevailing, as the case may be, not misleading, or if in the opinion of the Representative it
is otherwise necessary or advisable to amend or supplement the Registration Statement, the Disclosure Package or the Prospectus,
or to file under the Exchange Act any document incorporated by reference in the Disclosure Package or the Prospectus, or to file
a new registration statement containing the Prospectus, in order to comply with law, including in connection with the delivery
of the Prospectus, the Company agrees to (i) notify the Representative of any such event or development, (ii) prepare and file
with the Commission such amendment or supplement or new registration statement which will correct such statement or omission, effect
such compliance or satisfy such filing requirement, and (iii) promptly prepare (subject to Sections 3(a) and 3(d) hereof), file
with the Commission (and use its best efforts to have any amendment to the Registration Statement or any new registration statement
to be declared effective as soon as possible if not an automatic shelf registration statement) and furnish at its own expense to
the Underwriters and to dealers, amendments or supplements to the Registration Statement, the Disclosure Package or the Prospectus,
or any new registration statement, necessary in order to make the statements in the Registration Statement or the Prospectus as
so amended or supplemented, in the light of the circumstances under which they were made or then prevailing, as the case may be,
not misleading or so that the Registration Statement, the Disclosure Package or the Prospectus, as amended or supplemented, will
comply with law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Permitted
Free Writing Prospectuses</I>. The Company represents that it has not made, and agrees that, unless it obtains the prior written
consent of the Representative, it will not make, any offer relating to the Shares that constitutes or would constitute an Issuer
Free Writing Prospectus or that otherwise constitutes or would constitute a &ldquo;free writing prospectus&rdquo; (as defined in
Rule 405 of the Securities Act Regulations) or a portion thereof required to be filed by the Company with the Commission or retained
by the Company under Rule 433 of the Securities Act Regulations; provided that the prior written consent of the Representative
hereto shall be deemed to have been given in respect of the Free Writing Prospectuses included in Schedule 1(b) hereto and any
electronic road show. Any such free writing prospectus consented to by the Representative is hereinafter referred to as a &ldquo;Permitted
Free Writing Prospectus.&rdquo; The Company agrees that (i) it has treated and will treat, as the case may be, each Permitted Free
Writing Prospectus as an Issuer Free Writing Prospectus, and (ii) has complied and will comply, as the case may be, with the requirements
of Rules 164 and 433 of the Securities Act Regulations applicable to any Permitted Free Writing Prospectus, including in respect
of timely filing with the Commission, legending and record keeping.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Copies
of any Amendments and Supplements to the Prospectus. </I>The Company agrees to furnish the Representative, without charge, during
the Prospectus Delivery Period, as many copies of the Prospectus and any amendments and supplements thereto (including any documents
incorporated or deemed incorporated by reference therein) and the Disclosure Package as the Representative may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Copies
of the Registration Statement and the Prospectus. </I>The Company will furnish to the Representative and counsel for the Underwriters
signed copies of the Registration Statement (including exhibits thereto) and, so long as delivery of a prospectus by an Underwriter
or dealer may be required by the Securities Act, as many copies of each preliminary prospectus, the Prospectus and any supplement
thereto and the Disclosure Package as the Representative may reasonably request.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Blue
Sky Compliance. </I>The Company shall cooperate with the Representative and counsel for the Underwriters to qualify or register
the Shares for sale under (or obtain exemptions from the application of) the state securities or blue sky laws or Canadian provincial
securities laws or other foreign laws of those jurisdictions designated by the Representative, shall comply with such laws and
shall continue such qualifications, registrations and exemptions in effect so long as required for the distribution of the Shares.
The Company shall not be required to qualify as a foreign corporation or to take any action that would subject it to general service
of process in any such jurisdiction where it is not presently qualified or where it would be subject to taxation as a foreign corporation,
other than those arising out of the offering or sale of the Shares in any jurisdiction where it is not now so subject. The Company
will advise the Representative promptly of the suspension of the qualification or registration of (or any such exemption relating
to) the Shares for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose,
and in the event of the issuance of any order suspending such qualification, registration or exemption, the Company shall use its
best efforts to obtain the withdrawal thereof at the earliest possible moment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Use
of Proceeds. </I>The Company shall apply the net proceeds from the sale of the Shares sold by it in the manner described under
the caption &ldquo;Use of Proceeds&rdquo; in the Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Transfer
Agent. </I>The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Earnings
Statement. </I>To make generally available to its shareholders 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Periodic
Reporting Obligations. </I>During the Prospectus Delivery Period the Company shall file, on a timely basis, with the Commission
and the NYSE all reports and documents required to be filed under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Listing.
</I>The Company will use its best efforts to list, subject to notice of issuance, the Shares on the NYSE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Agreement
Not to Offer or Sell Additional Shares<B>. </B> </I>During the period commencing on the date hereof and ending on the 30<SUP>th</SUP>
day following the date of the Prospectus, the Company will not, without the prior written consent of the Representative (which
consent may be withheld at the sole discretion of the Representative), directly or indirectly, sell, offer, contract or grant any
option to sell, pledge, transfer or establish an open &ldquo;put equivalent position&rdquo; or liquidate or decrease a &ldquo;call
equivalent position&rdquo; within the meaning of Rule 16a-1(h) of the Exchange Act Regulations, or otherwise dispose of or transfer
(or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition of), or announce
the offering of, or file any registration statement under the Securities Act in respect of, any Common Shares, options or warrants
to acquire shares of the Common Shares or securities exchangeable or exercisable for or convertible into Common Shares (other than
as contemplated by this Agreement with respect to the Shares). Notwithstanding the foregoing, if (x) during the last 17 days of
the 30-day restricted period the Company issues an earnings release or material news or a material event relating to the Company
occurs, or (y) prior to the expiration of the 30-day restricted period, the Company announces that it will release earnings results
during the 16-day period beginning on the last day of the 30-day period, the restrictions imposed in this clause shall continue
to apply until the expiration of the 18-day period beginning on the date of the issuance of the earnings release or the occurrence
of the material news or material event; <U>provided</U>, <U>however</U>, that such extension of the 30-day restricted period shall
not apply if, (i) at the expiration of the 30-day restricted period, the Common Shares are &ldquo;actively traded securities&rdquo;
(as defined in Regulation M) and (ii) the Company meets the applicable requirements of paragraph (a)(1) of Rule 139 under the 1933
Act in the manner contemplated by Rule 2711(f)(4) of the former NASD Manual. The Company will provide the Representative and any
co-managers and each individual subject to the restricted period pursuant to the lockup letters described in Section 5(g) with
prior notice of any such announcement that gives rise to an extension of the restricted period.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance
with Sarbanes-Oxley Act. </I> The Company will comply with all applicable securities and other laws, rules and regulations, including,
without limitation, the Sarbanes-Oxley Act, and use its best efforts to cause the Company&rsquo;s trustees and officers, in their
capacities as such, to comply with such laws, rules and regulations, including, without limitation, the provisions of the Sarbanes-Oxley
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Future
Reports to Shareholders. </I>To furnish to its shareholders as soon as practicable after the end of each fiscal year an annual
report (including a balance sheet and statements of income, shareholders&rsquo; equity and cash flows of the Company and its consolidated
Subsidiaries certified by independent public accountants) and, as soon as practicable after the end of each of the first three
quarters of each fiscal year (beginning with the fiscal quarter ending after the effective date of the Registration Statement),
to make available to its shareholders consolidated summary financial information of the Company and its Subsidiaries for such quarter
in reasonable detail.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Future
Reports to the Representative. </I>Unless publicly filed with the Commission on EDGAR, during the period of five (5) years hereafter
the Company will furnish to the Representative (i) as soon as practicable after the end of each fiscal year, copies of the Annual
Report of the Company containing the balance sheet of the Company as of the close of such fiscal year and statements of income,
shareholders&rsquo; equity and cash flows for the year then ended and the opinion thereon of the Company&rsquo;s independent public
or certified public accountants; (ii) as soon as practicable after the filing thereof, copies of each proxy statement, Annual Report
on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other report filed by the Company with the Commission,
FINRA or any securities exchange; and (iii) as soon as available, copies of any report or communication of the Company mailed generally
to holders of its capital stock.<FONT STYLE="font-size: 10pt"><SUP> </SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment
Limitation. </I>The Company shall not invest, or otherwise use the proceeds received by the Company from its sale of the Shares
in such a manner as would require the Company or any of its Subsidiaries to register as an investment company under the Investment
Company Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Manipulation of Price. </I>The Company will 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Representative, on behalf of the several
Underwriters, may, in its sole discretion, waive in writing the performance by the Company of any one or more of the foregoing
covenants or extend the time for their performance.</P>

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Registration Statement Renewal.</I><FONT STYLE="font-style: normal; color: blue"><U> </U></FONT>If immediately prior
to the third anniversary (the &ldquo;<U>Renewal Deadline</U>&rdquo;) of the initial effective date of the Registration Statement,
the distribution of the Shares is not complete, 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
Representative. 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 Representative, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment of Expenses</U>. 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 Underwriters, (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), each Issuer Free Writing Prospectus, each preliminary prospectus 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 Underwriters 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 Representative, preparing and printing a
&ldquo;Blue Sky Survey&rdquo; or memorandum, and any supplements thereto, advising the Underwriters of such qualifications,
registrations and exemptions, but not, however, legal fees and expenses of the Underwriters&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 Underwriters in connection with, FINRA&rsquo;s review and approval of the Underwriters&rsquo; participation in the
offering and distribution of the Shares, (viii) the fees and expenses associated with listing of the Shares on the NYSE, (ix)
the expenses of the Company and the Underwriters in connection with the marketing and offering of the Shares, and (x) all
other fees, costs and expenses referred to in Item 14 of Part II of the Registration Statement. Except as provided in this
Section 4, Section 6 and Section 8 hereof, the Underwriters shall pay their own expenses, including the fees and
disbursements of their counsel.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conditions
of the Obligations of the Underwriters</I>. The obligations of the several Underwriters to purchase and pay for the Shares as
provided herein on the Closing Date and, with respect to the Optional Shares, any Subsequent Closing Date, shall be subject to
the accuracy of the representations and warranties on the part of the Company and the Partnership set forth in Section 1 hereof
as of the date hereof and as of the Closing Date as though then made and, with respect to the Optional Shares, as of any Subsequent
Closing Date as though then made, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions
hereof, to the timely performance by the Company of its covenants and other obligations hereunder, and to each of the following
additional conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Accountants&rsquo;
Comfort Letter. </I>On the date hereof, the Representative shall have received from BDO USA, LLP, independent public accountants
for the Company, a letter dated the date hereof addressed to the Underwriters, in form and substance satisfactory to the Underwriters,
containing statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; with
respect to the financial statements and certain financial information contained in the Registration Statement and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance
with Registration Requirements; No Stop Orders; No Objection from FINRA. </I>For the period from and after effectiveness of this
Agreement and prior to the Closing Date and, with respect to the Optional Shares, any Subsequent Closing Date:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company shall have filed the Prospectus with the Commission (including the information required by Rule 430B of the Securities
Act Regulations) in the manner and within the time period required by Rule 424(b) of the Securities Act Regulations; or the Company
shall have filed a post-effective amendment to the Registration Statement containing the information required by such Rule 430B
of the Securities Act Regulations, and such post-effective amendment shall have become effective;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii) all material required to
be filed by the Company pursuant to Rule 433(d) of the Securities Act Regulations shall have been filed with the Commission within
the applicable time periods prescribed for such filings under such Rule 433 of the Securities Act Regulations;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
stop order suspending the effectiveness of the Registration Statement, or any post-effective amendment to the Registration Statement,
shall be in effect and no proceedings for such purpose shall have been instituted or threatened by the Commission; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINRA
shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Material Adverse Change or Rating Agency Change. </I>For the period from and after the date of this Agreement and prior to the
Closing Date and, with respect to the Optional Shares, any Subsequent Closing Date:</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the judgment of the Representative there shall not have occurred any Material Adverse Change;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
shall not have been any change or decrease specified in the letter or letters referred to in paragraph (a) of this Section 5 which
is, in the sole judgment of the Representative, so material and adverse as to make it impractical or inadvisable to proceed with
the offering or delivery of the Shares as contemplated by the Disclosure Package and the Prospectus; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any
review for a possible change that does not indicate the direction of the possible change, in the rating accorded any securities
of the Company or any of its subsidiaries by any &ldquo;nationally recognized statistical rating organization&rdquo; as such term
is defined under Section 3(a)(62) of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion
of Counsel for the Company. </I>On the Closing Date and any Subsequent Closing Date, the Representative shall have received favorable
opinions and letters dated as of such Closing Date or Subsequent Closing Date of (i) Goodwin Procter LLP, counsel for the Company,
the form of which is attached as <U>Exhibits A-1-A</U> and <U>A-1-B</U>; (ii) Robert Masters, Esq., Senior Legal Counsel of the
Company, the form of which is attached hereto as <U>Exhibit A-2</U>; (iii) Seyfarth &amp; Shaw LLP, special REIT tax counsel to
the Company, the form of which is attached hereto as <U>Exhibit A-3</U> and (iv) Venable LLP, special Maryland counsel to the Company,
the form of which is attached as <U>Exhibit A-4</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion
of Counsel for the Underwriters.</I><B> </B>On the Closing Date and any Subsequent Closing Date, the Representative shall have
received the favorable opinion of Sidley Austin <FONT STYLE="font-size: 10pt">LLP</FONT>, counsel for the Underwriters, dated as
of such Closing Date or Subsequent Closing Date, in form and substance satisfactory to, and addressed to, the Representative, with
respect to the issuance and sale of the Shares, the Registration Statement, the Prospectus (together with any supplement thereto),
the Disclosure Package and other related matters as the Representative may reasonably require, and the Company shall have furnished
to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. In said opinion, Sidley
Austin <FONT STYLE="font-size: 10pt">LLP</FONT> may rely as to all matters of Maryland law on the opinion of Venable LLP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Officers&rsquo;
Certificate. </I>On the Closing Date and any Subsequent Closing Date, the Representative shall have received a written certificate
executed by the Chairman of the Board, Chief Executive Officer or President of the Company and the Chief Financial Officer or Chief
Accounting Officer of the Company, dated as of such Closing Date or Subsequent Closing Date, to the effect that the signers of
such certificate have carefully examined the Registration Statement, the Prospectus and any amendment or supplement thereto, any
Issuer Free Writing Prospectus and any amendment or supplement thereto and this Agreement, to the effect set forth in subsections
(b) and (c)(iii) of this Section 5, and further to the effect that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
the period from and after the date of this Agreement and prior to such Closing Date or Subsequent Closing Date, there has not occurred
any Material Adverse Change;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
representations and warranties of the Company set forth in Section 1 of this Agreement are true and correct on and as of such Closing
Date or Subsequent Closing Date with the same force and effect as though expressly made on and as of such Closing Date or Subsequent
Closing Date; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has complied with all the agreements hereunder and satisfied all the conditions on its part to be performed or satisfied
hereunder at or prior to such Closing Date or Subsequent Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bring-down
Comfort Letter. </I>On the Closing Date and any Subsequent Closing Date, the Representative shall have received from BDO USA, LLP,
independent public accountants for the Company, a letter dated such date, in form and substance satisfactory to the Representative,
to the effect that they reaffirm the statements made in the letter furnished by them pursuant to subsection (a) of this Section
5, except that the specified date referred to therein for the carrying out of procedures shall be no more than three (3) business
days prior to such Closing Date or Subsequent Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lock-Up
Agreement from Certain Shareholders of the Company. </I>On or prior to the date hereof, the Company shall have furnished to the
Representative an agreement in the form of Exhibit B hereto from those individuals listed on Schedule 5(h) hereto, and such agreement
shall be in full force and effect on the Closing Date and any Subsequent Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Listing
of Shares. </I>The Shares shall have been listed and admitted and authorized for trading on the NYSE, and satisfactory evidence
of such actions shall have been provided to the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional
Documents. </I>On or before the Closing Date and any Subsequent Closing Date, the Representative and counsel for the Underwriters
shall have received such information, documents and opinions as they may reasonably require for the purposes of enabling them to
pass upon the issuance and sale of the Shares as contemplated herein, or in order to evidence the accuracy of any of the representations
and warranties, or the satisfaction of any of the conditions or agreements, herein contained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any condition specified in this Section
5 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representative by notice to the
Company at any time on or prior to the Closing Date and, with respect to the Optional Shares, at any time prior to the applicable
Subsequent Closing Date, which termination shall be without liability on the part of any party to any other party, except that
Section 4, Section 6, Section 8 and Section 13 shall at all times be effective and shall survive such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Reimbursement of Underwriters&rsquo; Expenses</U></I>. If
this Agreement is terminated pursuant to Section 5 (except in Section 5(e) in the case where such opinion of Sidley Austin <FONT STYLE="font-size: 10pt">LLP</FONT>
is unreasonably withheld), Section 9 or Section 10(i), or if the sale to the Underwriters of the Shares on the Closing Date
or on any Subsequent Closing Date is not consummated because of any refusal, inability or failure on the part of the Company
to perform any agreement herein or to comply with any provision hereof, the Company agrees to reimburse the Representative
and the other Underwriters (or such Underwriters as have terminated this Agreement with respect to themselves), severally,
upon demand for all out-of-pocket expenses that shall have been reasonably incurred by the Representative and the
Underwriters in connection with the proposed purchase and the offering and sale of the Shares, including but not limited to
fees and disbursements of counsel, printing expenses, travel expenses, postage, facsimile and telephone charges.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Effectiveness
of this Agreement.</U></I> This Agreement shall not become effective until the execution of this Agreement by the parties hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Indemnity
and Contribution.</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Partnership, jointly and severally, agree to indemnify, defend and hold harmless the Underwriters, 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 Underwriter 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), as incurred,&nbsp;that any Underwriter 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 (including any preliminary prospectus supplement), any Issuer Free Writing Prospectus, any &ldquo;road show&rdquo; (as
defined under Rule 433) not constituting an 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 Underwriter 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 Underwriter 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 Underwriter to the
Company expressly for use with reference to the Underwriter 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any action, suit or proceeding (together,
a &ldquo;<U>Proceeding</U>&rdquo;)&nbsp;is brought against an Underwriter or any such Person in respect of which indemnity may
be sought against the Company or the Partnership pursuant to the foregoing paragraph, such Underwriter 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 Underwriter
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 Underwriter or any such Person otherwise than under this Section 8. An Underwriter 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 Underwriter 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 Underwriters (as approved by the Representative)
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 Underwriter 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 8, 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriters 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), as incurred,&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 Underwriter to the Company
expressly for use with reference to the Underwriter 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 Underwriters have furnished
to the Company expressly for use in the Disclosure Package or the Prospectus Supplement are (i) the second and fourth sentences
of the third paragraph and (ii) the tenth paragraph under the caption &ldquo;Underwriting&rdquo; in the Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any Proceeding is brought against the
Company, the Partnership or any such Person in respect of which indemnity may be sought against an Underwriter pursuant to the
foregoing paragraph, the Company, the Partnership or such Person shall promptly notify such Underwriter in writing of the institution
of such Proceeding and such Underwriter 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 Underwriter shall not relieve such Underwriter from any liability that it may have to the Company, the Partnership
or any such Person or otherwise, except to the extent such Underwriter has been materially prejudiced by such failure; <I>provided,
further</I>, that the failure to notify such Underwriter 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 Underwriter
in connection with the defense of such Proceeding or such Underwriter 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 Underwriter (in which case such Underwriter shall not have the right to direct the defense of such Proceeding
on behalf of the indemnified party or parties, but such Underwriter may employ counsel and participate in the defense thereof but
the fees and expenses of such counsel shall be at the expense of such Underwriter), in any of which events such fees and expenses
shall be borne by such Underwriter and paid as incurred (it being understood, however, that such Underwriter 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 Underwriter 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 Underwriter, the Underwriter 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 8, 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the indemnification provided for in this Section&nbsp;8 is unavailable to an indemnified party under subsections (a)&nbsp;and (b)&nbsp;of
this Section&nbsp;8 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 Underwriter 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 Underwriter 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 Underwriter on the other shall be deemed to be in the same
respective proportion as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting
expenses)&nbsp;received by the Company and the total underwriting discounts and commissions received by such Underwriter, bear
to the aggregate public offering price of the Shares. The relative fault of the Company and/or the Partnership on the one hand
and of any Underwriter 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 Underwriter&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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Partnership and each Underwriter agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;8
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;8, no Underwriter shall be liable or responsible
for, or be required to contribute, any amount pursuant to this Section 8 in excess of the amount of the underwriting discounts
and commissions applicable to the Shares purchased by such Underwriter. 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnity and contribution agreements contained in this Section&nbsp;8 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 Underwriters, the directors and officers or any Person (including each partner, officer, trustee or director
of such Person) who controls any Underwriter 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 Underwriter agree to promptly 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Default of One or More of the Several
Underwriters</U></I>. If, on the Closing Date or a Subsequent Closing Date, as the case may be, any one or more of the
several Underwriters shall fail or refuse to purchase Shares that it or they have agreed to purchase hereunder on such date,
and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase
does not exceed 10% of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be
obligated, severally, in the proportions that the number of Firm Shares set forth opposite their respective names on
Schedule A bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters,
or in such other proportions as may be specified by the Representative with the consent of the non-defaulting Underwriters,
to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such
date. If, on the Closing Date or a Subsequent Closing Date, as the case may be, any one or more of the Underwriters shall
fail or refuse to purchase Shares and the aggregate number of Shares with respect to which such default occurs exceeds 10% of
the aggregate number of Shares to be purchased on such date, and arrangements satisfactory to the Representative and the
Company for the purchase of such Shares are not made within 48 hours after such default, this Agreement shall terminate
without liability of any party to any other party except that the provisions of Section 4, Section 6, Section 8 and Section
13 shall at all times be effective and shall survive such termination in the case of any non-defaulting Underwriter. In any
such case either the Representative or the Company shall have the right to postpone the Closing Date or a Subsequent Closing
Date, as the case may be, but in no event for longer than seven (7) days in order that the required changes, if any, to the
Registration Statement and the Prospectus or any other documents or arrangements may be effected.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As used in this Agreement, the term &ldquo;Underwriter&rdquo;
shall be deemed to include any person substituted for a defaulting Underwriter under this Section 9. Any action taken under this
Section 9 shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this
Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Termination
of this Agreement</U></I>. Prior to the Closing Date and, with respect to the Optional Shares, any Subsequent Closing Date, this
Agreement may be terminated by the Representative by notice given to the Company if at any time (i) trading or quotation in any
of the Company&rsquo;s securities shall have been suspended or limited by the Commission or by the NYSE, or minimum or maximum
prices shall have been generally established by the Commission or FINRA or such stock exchange; (ii) trading in securities generally
on the NYSE shall have been suspended or limited, or minimum or maximum prices shall have been generally established by the Commission
or FINRA or on stock exchange; (iii) a general banking moratorium shall have been declared by federal or New York authorities
or a material disruption in commercial banking or securities settlement or clearance services in the United States has occurred;
or (iv) there shall have occurred any outbreak or escalation of national or international hostilities or declaration of a national
emergency or war by the United States or any crisis or calamity, or any change in the United States or international financial
markets, or any substantial change or development involving a prospective substantial change in United States&rsquo; or international
political, financial or economic conditions, as in the judgment of the Representative is material and adverse and makes it impracticable
or inadvisable to market the Shares in the manner and on the terms described in the Prospectus or to enforce contracts for the
sale of securities. Any termination pursuant to this Section 10 shall be without liability on the part of (a) the Company to any
Underwriter, except that the Company shall be obligated to reimburse the expenses of the Representative and the Underwriters pursuant
to Sections 4 and 6 hereof in connection with a termination of this Agreement pursuant to subsection (i) of this Section 10 or
(b) any Underwriter to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>No
Advisory or Fiduciary Responsibility</U></I>. Each of the Company and the Partnership acknowledges and agrees that: (i) the purchase
and sale of the Shares pursuant to this Agreement, including the determination of the public offering price of the Shares and
any related discounts and commissions, is an arm&rsquo;s-length commercial transaction between the Company, on the one hand, and
the several Underwriters, on the other hand, and the Company is capable of evaluating and understanding and understands and accepts
the terms, risks and conditions of the transactions contemplated by this Agreement; (ii) in connection with each transaction contemplated
hereby and the process leading to such transaction each Underwriter is and has been acting solely as a principal and is not the
financial advisor, agent or fiduciary of the Company or Partnership, or their affiliates, shareholders, creditors or employees
or any other party; (iii) no Underwriter has assumed or will assume an advisory, agency or fiduciary responsibility in favor of
the Company or the Partnership with respect to any of the transactions contemplated hereby or the process leading thereto (irrespective
of whether such Underwriter has advised or is currently advising the Company or the Partnership on other matters) and no Underwriter
has any obligation to the Company or the Partnership with respect to the offering contemplated hereby except the obligations expressly
set forth in this Agreement; (iv) the several Underwriters and their respective affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Company and the Partnership and that the several Underwriters
have no obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the
Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby
and the Company and the Partnership have consulted their own legal, accounting, regulatory and tax advisors to the extent they
deemed appropriate.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Agreement supersedes all prior agreements
and understandings (whether written or oral) between the Company, the Partnership and the several Underwriters, 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 Underwriters with respect to any breach or
alleged breach of agency or fiduciary duty.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Research
Analyst Independence</U></I>. The Company and the Partnership acknowledge that the Underwriters&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 Underwriters&rsquo; research analysts may hold views and make statements or investment recommendations
and/or publish research reports with respect to the Company and/or the offering that differ from the views of their respective
investment banking divisions. The Company 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 Underwriters 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 advice communicated to the Company or the Partnership by such Underwriters&rsquo; investment
banking divisions. The Company and the Partnership acknowledge that each of the Underwriters 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Representations
and Indemnities to Survive Delivery</U></I>. The respective indemnities, agreements, representations, warranties and other statements
of the Company, of the Partnership, of their officers and of the several Underwriters set forth in or made pursuant to this Agreement
(i) will remain operative and in full force and effect, regardless of any (A) investigation, or statement as to the results thereof,
made by or on behalf of any Underwriter, the officers or employees of any Underwriter, or any person controlling the Underwriter,
the Company, the officers or employees of the Company, or any person controlling the Company, the Partnership, the officers or
employees of the Partnership, as the case may be or (B) acceptance of the Shares and payment for them hereunder and (ii) will
survive delivery of and payment for the Shares sold hereunder and any termination of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Notices</U></I>.
All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed to the parties
hereto as follows:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Citigroup Global Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Facsimile: 212-816-7912<BR>
Attention: General Counsel</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">Acadia Realty Trust<BR>
Suite 260</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">1311 Mamaroneck Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">White Plains, New York 10605<BR>
Facsimile: 914-288-2139</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">Acadia Realty Limited Partnership<BR>
Suite 260</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">1311 Mamaroneck Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">White Plains, New York 10605<BR>
Facsimile: 914-288-2139</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any party hereto may change the address
for receipt of communications by giving written notice to the others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Successors
and Assigns</U></I>. This Agreement will inure to the benefit of and be binding upon the parties hereto, including any substitute
Underwriters pursuant to Section 9 hereof, and to the benefit of (i) the Company, its trustees, any person who controls the Company
within the meaning of the Securities Act or the Exchange Act and any officer of the Company who signs the Registration Statement,
(ii) the Partnership and its officers and directors, (iii) the Underwriters, the officers, directors, employees and agents of
the Underwriters, and each person, if any, who controls any Underwriter within the meaning of the Securities Act or the Exchange
Act and (iv) the respective successors and assigns of any of the above, all as and to the extent provided in this Agreement, and
no other person shall acquire or have any right under or by virtue of this Agreement. The term &ldquo;successors and assigns&rdquo;
shall not include a purchaser of any of the Shares from any of the several Underwriters merely because of such purchase.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Partial
Unenforceability</U></I>. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not
affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision
of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes
(and only such minor changes) as are necessary to make it valid and enforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Governing
Law</U></I>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Consent
to Jurisdiction</U></I>. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions
contemplated hereby (&ldquo;<U>Related Proceedings</U>&rdquo;) may be instituted in the federal courts of the United States of
America located in the City and County of New York, Borough of Manhattan, or the courts of the State of New York in each case
located in the City and County of New York, Borough of Manhattan (collectively, the &ldquo;<U>Specified Courts</U>&rdquo;), and
each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of
a judgment of any such court (a &ldquo;<U>Related Judgment</U>&rdquo;), as to which such jurisdiction is non-exclusive) of such
courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party&rsquo;s
address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court.
The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding
in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such
suit, action or other proceeding brought in any such court has been brought in an inconvenient forum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>General
Provisions</U></I>. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior
written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof.
This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing
by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party
whom the condition is meant to benefit. The Section headings herein are for the convenience of the parties only and shall not
affect the construction or interpretation of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of the parties hereto acknowledges
that it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions
hereof, including, without limitation, the indemnification and contribution provisions of Section 8, and is fully informed regarding
said provisions. Each of the parties hereto further acknowledges that the provisions of Section 8 hereto fairly allocate the risks
in light of the ability of the parties to investigate the Company and Partnership, their affairs and their business in order to
assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus and the Prospectus (and
any amendments and supplements thereto), as required by the Securities Act and the Exchange Act.</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">ACADIA REALTY TRUST</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jon Grisham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Jon Grisham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Senior Vice President and Chief</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">ACADIA REALTY LIMITED PARTNERSHIP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2">ACADIA REALTY TRUST</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Its sole general partner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jon Grisham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Jon Grisham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Senior Vice President and Chief</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing Underwriting Agreement is
hereby confirmed and accepted by the Representative as of the date first above written.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">CITIGROUP GLOBAL MARKETS INC.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Mattew J. Greenberger</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">Name:</TD>
    <TD STYLE="width: 38%">Matthew J. Greenberger</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Acting as Representative of the</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">several Underwriters named in</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">the attached Schedule A.</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Underwriters</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of <BR> Firm Shares <BR> to be<BR> Purchased</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; text-align: left; padding-bottom: 1pt">Citigroup Global Markets Inc.</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">3,400,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.25in">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,400,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate number of shares offered: 3,400,000</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Offering price to public: With respect to each investor, the
price paid by such investor</P>

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


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

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

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

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

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

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


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



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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v396821_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>[LETTERHEAD
OF VENABLE LLP]</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 17, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acadia Realty Trust<BR>
1311 Mamaroneck Avenue, Suite 260<BR>
White Plains, NY 10605</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>Registration Statement on Form S-3 (File No. 333-195665)</U></TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to Acadia
Realty Trust, a Maryland real estate investment trust (the &ldquo;Trust&rdquo;), in connection with certain matters of Maryland
law relating to the sale and issuance of up to 3,910,000 common shares (the &ldquo;Shares&rdquo;) of beneficial interest, par value
$.001 per share, of the Trust, covered by the above-referenced Registration Statement, and all amendments related thereto (the
&ldquo;Registration Statement&rdquo;), filed by the Trust with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with our representation of the
Trust, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified
to our satisfaction, of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Registration Statement and the related form of prospectus included therein in the form in which it was transmitted to the
Commission under the 1933 Act;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&#9;The Declaration of Trust of the Trust,
as amended (the &ldquo;Declaration of Trust&rdquo;), certified by the State Department of Assessments and Taxation of Maryland
(the &ldquo;SDAT&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.&#9;The Amended and Restated Bylaws of the
Trust, as amended, certified as of the date hereof by an officer of the Trust;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.&#9;A certificate of the SDAT as to the
good standing of the Trust, dated as of a recent date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.&#9;Resolutions adopted by the Board of
Trustees of the Trust, or a duly authorized committee thereof (the &ldquo;Resolutions&rdquo;), relating to, among other matters,
the authorization of the registration, sale and issuance of the Shares, certified as of the date hereof by an officer of the Trust;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.&#9;A certificate executed by an officer
of the Trust, dated as of the date hereof; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7.&#9;Such other documents and matters as
we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications
stated herein.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to
do so.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
individual executing any of the Documents on behalf of a party (other than the Trust) is duly authorized to do so.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
of the parties (other than the Trust) executing any of the Documents has duly and validly executed and delivered each of the
Documents to which such party is a signatory, and such party&rsquo;s obligations set forth therein are legal, valid and
binding and are enforceable in accordance with all stated terms.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts
do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All
Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all Documents
are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties,
statements and information contained in the Documents are true and complete. There has been no oral or written modification of
or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission
of the parties or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5. <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Shares will not be issued or transferred in violation of the restrictions on transfer and ownership contained in Article VI
of the Declaration of Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based upon the foregoing, and subject to the
assumptions, limitations and qualifications stated herein, it is our opinion that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>The
Trust is a real estate investment trust duly formed and existing under and by virtue of the laws of the State of Maryland and
is in good standing with the SDAT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&#9;The issuance of the Shares has been
duly authorized and, when issued and delivered by the Trust in accordance with the Resolutions and the Registration Statement against
payment of the consideration set forth therein, the Shares will be validly issued, fully paid and nonassessable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The opinion expressed herein is limited to
the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume
no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact
that might change the opinion expressed herein after the date hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is being furnished to you for
submission to the Commission as an exhibit to the Trust&rsquo;s Current Report on Form 8-K relating to the Shares (the &ldquo;Current
Report&rdquo;). We hereby consent to the filing of this opinion as an exhibit to the Current Report and to the use of the name
of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required
by Section 7 of the 1933 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: justify">/s/ Venable LLP</P>




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

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

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<FILENAME>v396821_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acadia Realty Trust Announces Sale of 3.4 Million Common Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHITE PLAINS, N.Y.--(BUSINESS WIRE)&mdash;December
11, 2014-- Acadia Realty Trust (NYSE: AKR - &quot;Acadia&quot; or the &quot;Company&quot;) today announced the sale of 3,400,000
common shares of beneficial interest of the Company (&ldquo;Shares&rdquo;) to Citigroup, in a public offering pursuant to the Company&rsquo;s
effective shelf registration statement previously filed with the Securities and Exchange Commission. The Company has also granted
Citigroup an option to purchase up to 510,000 additional Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expects to use the net proceeds
from the sale of the Shares primarily to fund a portion of the acquisition price of a retail property located in the San Francisco
Bay area, which the Company has entered into a contract to acquire for $155.0 million, as well as for general corporate purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Citigroup is acting as the sole bookrunner
for the offering. A copy of the prospectus supplement and prospectus relating to these securities may be obtained, when available,
by contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acadia Realty Trust, a fully integrated
equity real estate investment trust, is focused primarily on the acquisition, ownership, management and redevelopment of high-quality
retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry,
densely-populated metropolitan areas in the United States along the East Coast and in Chicago. Acadia owns, or has an ownership
interest in, these properties through its core portfolio and its opportunistic/value-add investment funds.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 26, 2014 (&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) adverse changes in the Company&rsquo;s real estate markets; (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 real
estate investment trust; (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 SEC&rsquo;s website at www.sec.gov. 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'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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jon Grisham, 914-288-8100</P>

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


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<SEQUENCE>5
<FILENAME>v396821_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 99.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acadia Realty Trust Announces Pricing of 3.4 Million Common
Share Offering</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHITE PLAINS, N.Y.--(BUSINESS WIRE)&mdash;December
12, 2014-- Acadia Realty Trust (NYSE: AKR - &quot;Acadia&quot; or the &quot;Company&quot;) today announced that it expects to receive
approximately $108.0 million in estimated gross proceeds from its sale of 3,400,000 common shares of beneficial interest (&ldquo;Shares&rdquo;)
to Citigroup (or approximately $124.1 million if the option to purchase additional Shares is exercised in full). Citigroup acted
as the sole bookrunner for the offering. The Company has also granted Citigroup an option to purchase up to 510,000 additional
Shares. The offering was made pursuant to the Company's effective shelf registration statement and settlement is expected to occur
on or about December 17, 2014.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expects to use the net proceeds
from the sale of the Shares primarily to fund a portion of the acquisition price of a retail property located in the San Francisco
Bay area, which the Company has entered into a contract to acquire for $155.0 million, as well as for general corporate purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Citigroup acted as the sole bookrunner
for the offering. A copy of the prospectus supplement and prospectus relating to these securities may be obtained, when available,
by contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acadia Realty Trust, a fully integrated
equity real estate investment trust, is focused primarily on the acquisition, ownership, management and redevelopment of high-quality
retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry,
densely-populated metropolitan areas in the United States along the East Coast and in Chicago. Acadia owns, or has an ownership
interest in, these properties through its core portfolio and its opportunistic/value-add investment funds.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 26, 2014 (&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) adverse changes in the Company&rsquo;s real estate markets; (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 real
estate investment trust; (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 SEC&rsquo;s website at www.sec.gov. 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'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: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jon Grisham, 914-288-8100</P>

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

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