<SEC-DOCUMENT>0001144204-16-111742.txt : 20160706
<SEC-HEADER>0001144204-16-111742.hdr.sgml : 20160706
<ACCEPTANCE-DATETIME>20160706172201
ACCESSION NUMBER:		0001144204-16-111742
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160705
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160706
DATE AS OF CHANGE:		20160706

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:		161754679

	BUSINESS ADDRESS:	
		STREET 1:		411 THEODORE FREMD AVENUE
		STREET 2:		SUITE 300
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-288-8100

	MAIL ADDRESS:	
		STREET 1:		411 THEODORE FREMD AVENUE
		STREET 2:		SUITE 300
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARK CENTERS TRUST
		DATE OF NAME CHANGE:	19930329
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v443736_8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
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<P STYLE="margin: 0"></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of Earliest Event Reported):
July 5, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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: 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">
<TR STYLE="vertical-align: top">
    <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>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State&nbsp;or&nbsp;other&nbsp;jurisdiction&nbsp;of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-top-width: 0in; border-top-color: Black"><B>411
Theodore Fremd Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rye, New York 10580</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
(Address of principal executive offices) (Zip Code)</P>

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On July 5, 2016 Acadia
Realty Trust (the &ldquo;Trust&rdquo;), and Acadia Realty Limited Partnership (the &ldquo;Partnership&rdquo; and together with
the Trust, the &ldquo;Company&rdquo;) entered into an ATM Equity Offering Sales Agreement (the &ldquo;Sales Agreement&rdquo;) with
each of Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Barclays Capital Inc., Wells Fargo Securities, LLC, Goldman, Sachs
&amp; Co., Citigroup Global Markets&nbsp;Inc. and Jefferies LLC, which will act as sales agents (the &ldquo;Sales Agents&rdquo;)
to sell, from time to time, the Company&rsquo;s common shares of beneficial interest, par value $0.001 per share (&ldquo;Common
Shares&rdquo;), having an aggregate sale price up to $250,000,000, through an &ldquo;at the market&rdquo; equity offering program
(the &ldquo;ATM&rdquo;). The Common Shares will be issued pursuant to the Company&rsquo;s shelf registration statement on Form
S-3 ASR (File No. 333-195665). The Company filed a prospectus supplement, dated July 5, 2016, with the Securities and Exchange
Commission in connection with the offer and sale of the Common Shares being sold pursuant to this offering program.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On July 5, 2016 Venable
LLP delivered its legality opinion with respect to the Common Shares to be issued pursuant to the Sales Agreement. 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: 0; text-align: justify"><B>&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 86%; border-bottom: Black 1pt solid"><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">ATM Equity Offering Sales Agreement, dated July 5, 2016, among the Company, on the one hand, and each of&nbsp; Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Barclays Capital Inc., Wells Fargo Securities, LLC, Goldman, Sachs &amp; Co., Citigroup Global Markets&nbsp;Inc. and Jefferies LLC, on the other hand. </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>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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 STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date:&nbsp; July 6, 2016</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ John Gottfried</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name:&nbsp; John Gottfried</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title:&nbsp; Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 12%; text-decoration: none; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Exhibit Number</FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 86%; text-decoration: none; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><BR>
(d) Exhibits</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-size: 10pt">ATM Equity Offering Sales Agreement, dated July 5, 2016, among the Company, on the one hand, and each of&nbsp; Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Barclays Capital Inc., Wells Fargo Securities, LLC, Goldman, Sachs &amp; Co., Citigroup Global Markets&nbsp;Inc. and Jefferies LLC, on the other hand. </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>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>


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<FILENAME>v443736_ex1-1.htm
<DESCRIPTION>EX-1.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 1.1</B></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">July 5, 2016</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merrill Lynch, Pierce, Fenner &amp; Smith</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barclays Capital Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Seventh Avenue</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Bryant Park</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10036</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wells Fargo Securities, LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goldman, Sachs &amp; Co.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">375 Park Avenue</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200 West Street</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10152</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10282</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-family: Times New Roman, Times, Serif; font-size: 10pt">Citigroup Global Markets Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jefferies LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">388 Greenwich Street</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">520 Madison Avenue</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10013</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10022</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Acadia Realty Trust, a Maryland real estate
investment trust (the &ldquo;<U>Company</U>&rdquo;), proposes, subject to the terms and conditions stated herein, to issue and
sell from time to time to or through Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Barclays Capital Inc., Wells Fargo
Securities, LLC, Goldman, Sachs &amp; Co., Citigroup Global Markets Inc. and Jefferies LLC, as sales agent and/or principal (each
an &ldquo;<U>Agent</U>,&rdquo; and together the &ldquo;<U>Agents</U>&rdquo;), severally and not jointly, up to $250,000,000 of
shares (the &ldquo;<U>Shares</U>&rdquo;) of the Company&rsquo;s common shares of beneficial interest, par value $0.001 per share
(the &ldquo;<U>Common Shares</U>&rdquo;), on the terms set forth in Section&nbsp;2 of this ATM Equity Offering Sales Agreement
(the &ldquo;<U>Agreement</U>&rdquo;). The Company agrees that whenever it determines to sell Shares directly to an Agent as principal,
it will enter into a separate agreement (each a &ldquo;<U>Terms Agreement</U>&rdquo;) in substantially the form of <U>Annex I</U>
hereto, relating to such sale in accordance with Section&nbsp;3 of this Agreement.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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 (including any Rule 462(b) registration statement) 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: 0; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 Agents pursuant to Rule 430B(f)(2) of the rules and regulations of the Commission under the Securities Act Regulations
and at each Applicable Time, the Registration Statement complied and will comply as to form in all material respects with the requirements
of the Securities Act and the Securities Act Regulations, and did not and will not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; <I>provided,
however</I>, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in
conformity with the information concerning the Agents furnished in writing to the Company by the Agents expressly for use therein,
it being understood and agreed that the only such information furnished by any Agents consists of the information described as
such in Section 7(b) hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither the Prospectus (as in this Section 1(b))
nor any amendments or supplements thereto, at the time the Prospectus or any such amendment or supplement was issued, at the Applicable
Time or at the Settlement Date, included or will include an untrue statement of a material fact or omitted or will omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; <I>provided, however</I>, that this representation and warranty shall not apply to any statements or omissions
made in reliance upon and in conformity with the information concerning the Agents furnished in writing to the Company by the Agents
expressly for use therein, it being understood and agreed that the only such information furnished by any Agents consists of the
information described as such in Section 7(b) hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At the Applicable Time, the Disclosure Package
(as defined in this Section 1(b)) did not include any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <I>provided,
however</I>, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in
conformity with the information concerning the Agents furnished in writing to the Company by the Agents expressly for use therein,
it being understood and agreed that the only such information furnished by any Agents consists of the information described as
such in Section 7(b) hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Applicable Time</U>&rdquo; means,
with respect to any Shares, the time of sale of such Shares pursuant to this Agreement or, if not specified pursuant to this Agreement,
immediately prior to the first sale of such Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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 Agents
for use in connection with the offering of the Shares, including the documents incorporated by reference therein pursuant to Item
12 of Form S-3 under the Securities Act at the time of the execution of this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Disclosure Package</U>&rdquo; means
the Prospectus, as amended or supplemented prior to the Applicable Time, any applicable Issuer Free Writing Prospectus(es) (as
defined in this Section 1(b)) issued prior to the Applicable Time, any other free writing prospectus that the parties hereto shall
hereafter expressly agree in writing to treat as part of the Disclosure Package issued at or prior to the Applicable Time, all
taken together, and with respect to any Shares, the public offering price of such Shares.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Prospectus</U>&rdquo; means the Base
Prospectus, as supplemented by the Prospectus Supplement (as defined in this Section 1(b)), including the documents incorporated
therein pursuant to Item 12 of Form S-3 as of the date of such Prospectus Supplement.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 Agents furnished in writing to the Company by the Agents expressly for use therein, it being understood and agreed
that the only such information furnished by any Agents consists of the information described as such in Section 7(b) hereof.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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 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 7 of this Agreement may be
limited by the federal and state securities laws and public policy considerations in respect thereof, and except as enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforceability of creditors&rsquo;
rights generally. To the Company&rsquo;s knowledge, no other party is in material breach of or material default under any of such
contracts.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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 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: 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 Exhibit 21.1 of the Company&rsquo;s most recently filed Annual Report on Form 10-K, subject to any immaterial
additions and deletions (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: 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 and paid for 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 94% 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: 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 in this Section 1(m)) 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: 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: 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: 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: 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: 0; text-indent: 0.5in">(r)&nbsp;&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: 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(t)&nbsp;&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, A-K JV I LLC and Acadia Fund IV Investments LLC, which have elected to be treated as taxable REIT subsidiaries, is
qualified as a partnership or a disregarded entity for federal income tax purposes and not as an association taxable as a corporation
or as a publicly traded partnership.</P>

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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;NYSE&rdquo;). The Shares have been approved for listing on the NYSE, subject only to official notice of issuance.
The Company has taken no action designed to terminate the registration of the Common 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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 Registration Statement, the Disclosure Package and the Prospectus. The Company will file with the Commission
any Issuer Free Writing Prospectuses in the time and manner required under Rule 433(d) under the Securities Act Regulations.</P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(bb)&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)&nbsp; transactions are recorded as necessary to permit preparation of financial statements in conformity with
generally accepted accounting principles as applied in the United States and to maintain accountability for assets; (iii)&nbsp;access
to assets is permitted only in accordance with management&rsquo;s general or specific authorization; and (iv)&nbsp;the recorded
accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect
to any differences.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 in this
Section 1(ff)) are in compliance in all material respects with ERISA. &ldquo;<U>ERISA Affiliate</U>&rdquo; means, with respect
to the Company, the Partnership or a subsidiary, any member of any group of organizations described in Sections&nbsp;414(b), (c),
(m) or (o) of the Code, of which the Company, the Partnership or such subsidiary is a member. No &ldquo;reportable event&rdquo;
(as defined under ERISA) has occurred or is reasonably expected to occur with respect to any Employee Benefit Plan established
or maintained by the Company, the Partnership, their subsidiaries or any of their ERISA Affiliates. No Employee Benefit Plan established
or maintained by the Company, the Partnership, their subsidiaries or any of their ERISA Affiliates, if such Employee Benefit Plan
were terminated, would have any &ldquo;amount of unfunded benefit liabilities&rdquo; (as defined under ERISA). Neither the Company,
the Partnership, their subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability
under (i)&nbsp;Title&nbsp;IV of ERISA with respect to termination of, or withdrawal from, any Employee Benefit Plan or (ii)&nbsp;Sections&nbsp;412,
4971, 4975 or 4980B of the Code. Each Employee Benefit Plan established or maintained by the Company, the Partnership, their subsidiaries
or any of their ERISA Affiliates that is intended to be qualified under Section&nbsp;401(a) of the Code is so qualified and nothing
has occurred, whether by action or failure to act, which would cause the loss of such qualification.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
gross sales price of any Shares sold pursuant to this Agreement by the Agent acting as sales agent of the Company shall be the
market price prevailing at the time of sale for shares of the Company&rsquo;s Common Shares sold by such Agent on the NYSE or otherwise,
at prices relating to prevailing market prices or at negotiated prices multiplied by the number of Shares sold. The compensation
payable to the Agents for sales of Shares with respect to which an Agent acts as sales agent shall be at a mutually agreed rate,
not to exceed two percent (2.0%) of the gross sales price (the &ldquo;<U>Gross Proceeds</U>&rdquo;) of the Shares sold by such
Agent pursuant to this Agreement. The Company may sell Shares to the Agents as principal at a price agreed upon at the relevant
Applicable Time and pursuant to a separate Terms Agreement. The remaining proceeds, after further deduction for any transaction
fees, transfer taxes or similar taxes or fees imposed by any governmental, regulatory or self-regulatory organization in respect
of such sales, shall constitute the net proceeds to the Company for such Shares (the &ldquo;<U>Net Proceeds</U>&rdquo;). The Agents
shall notify the Company as promptly as practicable if any deduction referenced in the preceding sentence will be required. Notwithstanding
the foregoing, in the event the Company engages the Agents for a sale of Shares that would constitute a &ldquo;distribution,&rdquo;
within the meaning of Rule&nbsp;100 of Regulation&nbsp;M under the Exchange Act, the Company and the Agents will agree to compensation
that is customary for the Agent with respect to such transactions.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any period when the delivery of a prospectus is required in connection with the offering or sale of Shares (whether physically
or through compliance with Rule&nbsp;153 or 172, or in lieu thereof, a notice referred to in Rule 173(a) under the Securities Act),
(i)&nbsp;to make no further amendment or any supplement to the Registration Statement or the Prospectus prior to any Settlement
Date which shall be disapproved by the Agents promptly after reasonable notice thereof and to advise the Agents, promptly after
it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or
any amendment or supplement to the Prospectus has been filed and to furnish the Agents with copies thereof, (ii)&nbsp;to file promptly
all other material required to be filed by the Company with the Commission pursuant to Rule 433(d) under the Securities Act, (iii)&nbsp;to
file promptly all reports and any definitive proxy or information statements required to be filed by the Company with the Commission
pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, (iv)&nbsp;to advise the Agents, promptly after it receives notice
thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of the Prospectus
or other prospectus in respect of the Shares, of any notice of objection of the Commission to the use of the form of the Registration
Statement or any post-effective amendment thereto pursuant to Rule&nbsp;401(g)(2) under the Securities Act, of the suspension of
the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for
any such purpose, or of any request by the Commission for the amending or supplementing of the form of the Registration Statement
or the Prospectus or for additional information, and (v)&nbsp;in the event of the issuance of any such stop order or of any such
order preventing or suspending the use of the Prospectus in respect of the Shares or suspending any such qualification, to promptly
use its commercially reasonable efforts to obtain the withdrawal of such order; and in the event of any such issuance of a notice
of objection, promptly to take such reasonable steps as may be necessary to permit offers and sales of the Shares by the Agents,
which may include, without limitation, amending the Registration Statement or filing a new registration statement, at the Company&rsquo;s
expense (references herein to the Registration Statement shall include any such amendment or new registration statement).</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; color: #010000">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Prospectus Supplement shall have been filed with the Commission pursuant to Rule 424(b) under the Securities Act on or prior to
the date hereof and in accordance with Section 3(a) hereof, any other material required to be filed by the Company pursuant to
Rule 433(d) under the Securities Act shall have been filed with the Commission within the applicable time periods prescribed for
such filings by Rule&nbsp;433; the Registration Statement shall have been filed by the Company with the Commission not earlier
than three years prior to the date hereof and became effective upon filing in accordance with Rule 462(e) of the Securities Act
Regulations, and no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued
and no proceeding for that purpose shall have been initiated or threatened by the Commission and no notice of objection of the
Commission to the use of the form of the Registration Statement or any post-effective amendment thereto pursuant to Rule&nbsp;401(g)(2)
under the Securities Act shall have been received; no stop order suspending or preventing the use of the Prospectus or any Issuer
Free Writing Prospectus shall have been initiated or threatened by the Commission; and all requests for additional information
on the part of the Commission shall have been complied with to the reasonable satisfaction of the Agents.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agents agree, severally and not jointly, to indemnify, defend and hold harmless the Company, its officers, employees and trustees,
the Partnership and 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 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 Agent to
the Company expressly for use with reference to the Agent in the Disclosure Package or the Prospectus Supplement or arising out
of or based upon any&nbsp;omission or alleged omission to state in any such document a material fact in connection with such information
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading. The Company and the Partnership hereby acknowledge that the only information that the Agents have furnished
to the Company expressly for use in the Disclosure Package or the Prospectus Supplement is the last sentence of the first paragraph
under the caption &ldquo;Plan of Distribution&rdquo; in the Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 indemnifying party pursuant to the foregoing
paragraph, the Company, the Partnership or such person shall promptly notify such indemnifying party in writing of the institution
of such Proceeding and such indemnifying party 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 indemnifying party shall not relieve such indemnifying party from any liability that it may have to the Company,
the Partnership or any such person or otherwise, except to the extent such indemnifying party has been materially prejudiced by
such failure; <I>provided, further</I>, that the failure to notify such indemnifying party shall not relieve it from any liability
it may have to the Company, the Partnership or any such person otherwise than under this Section 7(b). The Company, the Partnership
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 the Company, the Partnership or such person unless the employment of such counsel shall
have been authorized in writing by such indemnifying party in connection with the defense of such Proceeding or such indemnifying
party shall not have, within a reasonable period of time in light of the circumstances, employed counsel reasonably satisfactory
to the Company, the Partnership or such person 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 indemnifying party (in which case such indemnifying party shall not have the right to direct the defense
of such Proceeding on behalf of the indemnified party or parties, but such indemnifying party may employ counsel and participate
in the defense thereof but the fees and expenses of such counsel shall be at the expense of such indemnifying party), in any of
which events such fees and expenses shall be borne by such indemnifying party and paid as incurred (it being understood, however,
that such indemnifying party 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 indemnifying party shall not 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 indemnifying party, the indemnifying
party agrees to indemnify and hold harmless the Company, the Partnership and any such person from and against any loss or liability
by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested
an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by this Section 7(b),
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>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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;7 and the covenants, warranties and representations of the
Company and the Partnership contained in this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the Agents, the directors and officers or any person (including each partner, officer, trustee or director of
such person) who controls any Agent within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act, or by or on behalf of the Company or the Partnership, their trustees, officers or partners or any person who controls the
Company or the Partnership within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act,
and shall survive any termination of this Agreement or the issuance and delivery of the Shares. The Company, the Partnership and
each Agent agree 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>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Merrill Lynch, Pierce, Fenner &amp; Smith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.88in">Incorporated</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Fax No.: 646-855-3073</P>

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Merrill Lynch, Pierce, Fenner &amp; Smith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: 0.88in">Incorporated</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Fax No.: 646-855-3073</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">745 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Fax No.: 646-834-8133</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">745 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Attention: Director of Litigation, Office of the General
Counsel</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Wells Fargo Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">375 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New York, New York 10152</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Fax No.: 704-715-0074</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Goldman, Sachs &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">200 West Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New York, New York 10282</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Phone No.: 866-471-2526</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">388 Greenwich Street, New York, New York, 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Fax No: 1-646-291-1469</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">520 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Phone No.: 877-547-6340</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">and if to the Company to:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">411 Theodore Fremd Avenue, Suite 300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Rye, New York 10580</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Facsimile: 914-288-2138</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">and if to the Partnership:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">411 Theodore Fremd Avenue, Suite 300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Rye, New York 10580</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Facsimile: 914-288-2138</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACADIA REALTY TRUST</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jason Blacksberg </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason Blacksberg </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and General Counsel</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACADIA REALTY LIMITED PARTNERSHIP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACADIA REALTY TRUST</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its sole general partner</FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/ Jason Blacksberg </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason Blacksberg </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and General Counsel</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merrill Lynch, Pierce, Fenner &amp; Smith</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barclays Capital Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jack Vissicchio</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Scott M. Skidmore</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp; Jack Vissicchio</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;Scott M. Skidmore</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;Managing Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wells Fargo Securities, LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goldman, Sachs &amp; Co.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Elizabeth Alvarez</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David McDonald</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp; Elizabeth Alvarez</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp; David McDonald</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp; Managing Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp; Managing Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citigroup Global Markets Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jefferies LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Adam Pozza</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Joshua G. Fuller</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp; Adam Pozza</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;Joshua G. Fuller</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp; Vice President</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">July 5, 2016</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">411 Theodore Fremd Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Rye, New York 10580</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Statement
on Form S-3 (File No. 333-195665)</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 common shares (the &ldquo;Shares&rdquo;) of beneficial interest, par value $.001 per share, of the
Trust (the &ldquo;Common Shares&rdquo;) having an aggregate gross sales price of up to $250,000,000, 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;). The Shares will be issued from time to time in public offerings at market or negotiated prices pursuant
to a Prospectus Supplement, dated July 5, 2016 (the &ldquo;Prospectus Supplement&rdquo;).</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Prospectus Supplement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 and the delegation to a specified officer and certain designated trustees
of the Trust (the &ldquo;Authorized Persons&rdquo;) to determine certain terms of the Shares in accordance with the Resolutions,
certified as of the date hereof by an officer of the Trust;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any of the Shares,
the total number of Common Shares issued and outstanding will not exceed the total number of Common Shares that the Trust is then
authorized to issue under the Declaration of Trust.</P>

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

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

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

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

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


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

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

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

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

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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>/s/ Venable LLP</TD></TR>
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