<SEC-DOCUMENT>0001144204-19-029350.txt : 20190603
<SEC-HEADER>0001144204-19-029350.hdr.sgml : 20190603
<ACCEPTANCE-DATETIME>20190603100642
ACCESSION NUMBER:		0001144204-19-029350
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20190603
DATE AS OF CHANGE:		20190603

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-217594
		FILM NUMBER:		19872416

	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>424B5
<SEQUENCE>1
<FILENAME>tv522717_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-217594</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
    of Securities Being Registered</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed
    Maximum Aggregate Offering Price </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    of Registration Fee</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    shares of beneficial</FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">interest, par value $0.001 per share</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$250,000,000</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$30,300.00<SUP>(1)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 96%; padding-right: 3pt; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Calculated in accordance with
        Rule 457(o) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), based on the proposed maximum
        aggregate offering price and Rule 457(r) under the Securities Act. In accordance with Rules 456(b) and 457(r) under the
        Securities Act, the registrant initially deferred payment of all of the registration fee for the registration statement
        on Form S-3 (Registration No. 333-217594) (the &ldquo;Registration Statement&rdquo;).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acadia Realty Trust (the &ldquo;Company&rdquo;)
        has previously registered common shares of beneficial interest having a proposed maximum aggregate offering price of up
        to $218,000,000 by means of a prospectus supplement dated May 2, 2017 (the &ldquo;Prior Prospectus Supplement&rdquo;)
        and the accompanying prospectus dated May 2, 2017 that formed a part of the Registration Statement. In connection with
        the filing of the Prior Prospectus Supplement, the Company paid a registration fee of $25,266.20, of which $18,174.01
        relates to unsold common shares of beneficial interest and is available to offset the registration fee due under this
        prospectus supplement. The Company hereby offsets $18,174.01 of the registration fee due under this prospectus supplement
        using all of the previously paid but unused registration fee associated with the Prior Prospectus Supplement. Accordingly,
        a filing fee of $12,125.99 is being paid herewith.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(To prospectus dated May 2, 2017)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$250,000,000</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 31, 2019, we
entered into an ATM Equity Offering Sales Agreement (the &ldquo;Sales Agreement&rdquo;) relating to the offering of up to $250,000,000
of our common shares of beneficial interest, par value $0.001 per share, with BofA Securities, Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs &amp; Co. LLC,
Jefferies LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC, in their capacity as Sales Agents and (except in the case of SunTrust Robinson Humphrey, Inc.) Forward Sellers and (except
in the case of SunTrust Robinson Humphrey, Inc.) the Sales Agents or certain of their respective affiliates, in their capacity
as Forward Purchasers, in each case as described below. We refer to these entities, when acting in their capacity as sales agents,
individually as a &ldquo;Sales Agent&rdquo; and collectively as &ldquo;Sales Agents&rdquo;, and, if applicable, when acting in
their capacity as agents for Forward Purchasers (as defined below), individually as a &ldquo;Forward Seller&rdquo; and collectively
as &ldquo;Forward Sellers&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sales Agreement
provides that, in addition to the issuance and sale of our common shares by us through the Sales Agents, we may also enter into
one or more forward sale agreements with each of  BofA Securities, Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs &amp; Co. LLC,
Jefferies LLC, Wells Fargo Securities, LLC or one of their respective affiliates (individually, in such
capacity, a &ldquo;Forward Purchaser&rdquo;, and collectively, in such capacity, the &ldquo;Forward Purchasers&rdquo;). In connection
with any forward sale agreement, the relevant Sales Agent, acting as Forward Seller will, at our request, use commercially reasonable
efforts, consistent with its normal trading and sales practices for similar transactions and applicable laws and regulations,
to borrow from third parties and sell a number of our common shares equal to the number of common shares underlying the particular
forward sale agreement. In no event will the aggregate number of common shares sold through the Sales Agents or Forward Sellers
(or directly to the Sales Agents, acting as principals) under the Sales Agreement, under any terms agreement (as described below),
and under any forward sale agreement have an aggregate gross sales price in excess of $250,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales of common shares,
if any, made through the Sales Agents, acting as sales agents, or by the Forward Sellers, acting as agents for the applicable
Forward Purchasers, or by a Sales Agent, acting as principal, as contemplated by this prospectus supplement and the accompanying
prospectus, may be made by means of ordinary brokers&rsquo; transactions on the New York Stock Exchange (the &ldquo;NYSE&rdquo;)
or other national securities exchange, or otherwise, at market prices prevailing at the time of sale, at prices related to prevailing
market prices or negotiated transactions, or as otherwise agreed with the applicable Sales Agent or Forward Seller.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of the Sales
Agents, acting as our sales agents, or Forward Sellers, acting as agents for the applicable Forward Purchasers, is required to
sell any specific number or dollar amount of common shares, but each has agreed to use its commercially reasonable efforts, as
Sales Agent or as agent for the applicable Forward Purchaser, as applicable, consistent with its normal trading and sales practices
for similar transactions and applicable laws and regulations and on the terms and subject to the conditions of the Sales Agreement,
to sell the common shares offered as instructed by us. The common shares offered and sold through the Sales Agents, as our sales
agents, or Forward Sellers, as agents for the applicable Forward Purchasers, pursuant to this prospectus supplement and the accompanying
prospectus, will be offered and sold through only one Sales Agent or Forward Seller on any given day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Sales Agent will
receive from us a commission that will not exceed, but may be lower than, 2.0% of the gross sales price of the common shares sold
through it as sales agent under the Sales Agreement. In connection with any forward sale agreement, we will pay the relevant Forward
Seller, in the form of a reduced initial forward sale price under the related forward sale agreement with the related Forward
Purchaser, commissions at a mutually agreed rate that will not exceed 1.5% of the gross sales price of all borrowed common shares
sold during the applicable forward hedge selling period by it as a Forward Seller.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of
the Sales Agreement, we also may sell common shares to each of the Sales Agents as principal, for its own account, at a price
per share to be agreed upon at the time of sale. If we sell common shares to any Sales Agent, acting as principal, we will enter
into a separate agreement with the Sales Agent setting forth the terms of such transaction, and we will describe the agreement
in a separate prospectus supplement or pricing supplement.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The net proceeds we
receive from the sale of our common shares in this offering will be the gross proceeds received from such sales less the commissions
and any other costs we may incur in issuing and/or selling the common shares; provided, however, that we will not initially receive
any proceeds from the sale of our common shares by any Forward Seller. We expect to physically settle each forward sale agreement
(by the delivery of common shares) and receive proceeds from the sale of those common shares upon one or more forward settlement
dates no later than a date that is up to two years from entry into the applicable forward sale agreement. We may also elect to
cash settle or net share settle all or a portion of our obligations under any forward sale agreement. If we elect to cash settle
any forward sale agreement, we may not receive any proceeds, and we may owe cash to the relevant Forward Purchaser in certain
circumstances. If we elect to net share settle any forward sale agreement, we will not receive any proceeds, and we may owe common
shares to the relevant Forward Purchaser in certain circumstances. See &ldquo;Plan of Distribution&rdquo; in this prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
common shares are listed on the NYSE under the symbol &ldquo;AKR&rdquo;. The last reported sale price of our common shares on
the NYSE on May 31, 2019 was $27.35 per share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The offering of common
shares pursuant to the Sales Agreement will terminate upon the earlier of (1) the sale of all the common shares subject to the
Sales Agreement (including shares sold by us to or through the Sales Agents and borrowed shares sold by the Forward Sellers) and
(2) the termination of the Sales Agreement, pursuant to its terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to assist
us in maintaining our qualification as a real estate investment trust (&ldquo;REIT&rdquo;) for federal income tax purposes, among
other purposes, our declaration of trust imposes certain restrictions on the ownership and transfer of our common shares. See
 &ldquo;Restrictions on Ownership Transfers and Takeover Defense Provisions&rdquo; in the accompanying prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our
common shares involves risks. Please refer to &ldquo;Risk Factors&rdquo; on page S-4 of this prospectus supplement and the Risk
Factors section of our most recent Annual Report on Form 10-K and our other periodic reports filed with the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) and incorporated by reference herein.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the SEC
nor any state securities commission has approved or disapproved of the common shares or determined that this prospectus supplement
or the accompanying prospectus is accurate or complete. Any representation to the contrary is a criminal offense.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="7"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0"><B>BofA
                    Merrill Lynch</B></P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="6"><B>Barclays</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="5"><B>Citigroup</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="4"><B>Goldman Sachs &amp; Co. LLC</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="3"><B>Jefferies</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>SunTrust Robinson Humphrey</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 43%"><B>Wells Fargo Securities</B></TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus supplement
is May 31, 2019</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 91%; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Supplement</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt"><A HREF="#s-01"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary
    Statements Concerning Forward-Looking Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#s-01"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-ii</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 3pt"><A HREF="#s-02"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About
    This Prospectus Supplement</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#s-02"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-iv</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt"><A HREF="#s-03"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Supplement Summary</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#s-03"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 3pt"><A HREF="#s-04"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Offering</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#s-04"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-2</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt"><A HREF="#s-05"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#s-05"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-4</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 3pt"><A HREF="#s-06"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#s-06"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-6</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt"><A HREF="#s-07"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
    Federal Income Tax Considerations</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#s-07"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-7</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 3pt"><A HREF="#s-08"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan
    of Distribution</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#s-08"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-8</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt"><A HREF="#s-09"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#s-09"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-12</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 3pt"><A HREF="#s-10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#s-10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-12</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt"><A HREF="#s-11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
    You Can Find More Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#s-11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-13</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 91%; padding-right: 3pt"><A HREF="#l_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Summary</FONT></A></TD>
    <TD STYLE="width: 9%; padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary
    Statements Concerning Forward-looking Information</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ratio
    Of Earnings To Fixed Charges</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    Of Proceeds</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    Of Our Common Shares</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    Of Our Preferred Shares</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    Of Depositary Shares</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    Of Warrants</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    Of Subscription Rights</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    Of Share Purchase Units Or Contracts</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    Of Units</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    Of Our Debt Securities</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
    Securities</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restrictions
    On Ownership Transfers And Takeover Defense Provisions</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    Provisions Of Maryland Law And Our Declaration Of Trust And Bylaws</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material
    United States Federal Income Tax Considerations</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
    Securityholders</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan
    Of Distribution</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    Matters</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt"><A HREF="#l_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
    You Can Find More Information</FONT></A></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><A HREF="#l_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></A></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In making your investment
decision, you should rely only on the information contained or incorporated by reference in this prospectus supplement and the
accompanying prospectus. We have not, nor has any Sales Agent, Forward Purchaser and/or Forward Seller, authorized anyone to provide
you with different or additional information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and the Sales Agents,
Forward Purchasers and/or Forward Sellers are offering to sell and seeking offers to buy the common shares only in places where
such offers and sales are permitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should not assume
that the information contained or incorporated by reference in this prospectus supplement or the accompanying prospectus is accurate
as of any date other than the date of the document containing such information or such other dates as may be specified therein.
Our business, financial condition, liquidity, results of operations and prospects may have changed since these dates.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-01"></A><B>CAUTIONARY STATEMENTS
CONCERNING FORWARD-LOOKING INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus supplement,
the accompanying prospectus and the documents incorporated by reference herein and therein include &ldquo;forward-looking statements&rdquo;
within the meaning of Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and Section 21E
of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially
different from future results, performance or achievements expressed or implied by these forward-looking statements. Forward-looking
statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable
by use of the words &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;should&rdquo;, &ldquo;expect&rdquo;, &ldquo;anticipate&rdquo;,
 &ldquo;estimate&rdquo;, &ldquo;believe&rdquo;, &ldquo;intend&rdquo;, &ldquo;project&rdquo; or the negative of these words or other
similar words or terms. Factors which could have a material adverse effect on our operations and future prospects include, but
are not limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">general
                                         economic, business and political conditions;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">general
                                         market factors, including an increase in market interest rates;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">adverse
                                         changes in our real estate markets;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to maintain rental rates;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         financial health of our major tenants;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         impact of tenant bankruptcies and any leases rejected during a tenant&rsquo;s bankruptcy
                                         proceedings;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         availability and creditworthiness of prospective tenants;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">demand
                                         for rental space;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">consumer
                                         migration towards e-commerce sales;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         access to capital markets and the cost of capital and the application of any proceeds
                                         from any such capital raising activities;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to meet our debt service requirements and the continuing viability of our counterparties
                                         in interest rate swap transactions;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">competition
                                         with other companies;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks
                                         of real estate development and acquisition, and the risks of holding interests in real
                                         property;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to carry out our growth strategy without compromising our overall performance;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to identify and consummate acquisitions, including pending acquisitions that
                                         we have under contract;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         performance of our opportunity funds and the ability of our fund partners to contribute
                                         capital as needed;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         performance of our joint venture investments and the financial health of our joint venture
                                         partners;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         loss of a key executive officer;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         risk that our partnership structure adversely affects our ability to manage assets;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         board of trustees deciding to change our investment policy without shareholder approval;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         concentration of ownership of our common shares by certain investors;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">certain
                                         provisions of Maryland law that may limit the ability of a third party to acquire control
                                         of us;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.4pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">environmental/safety
                                         requirements and possible liability for violations thereof;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes
                                         in laws and regulations (including tax laws and regulations) and agency or court interpretations
                                         of such laws and regulations and the related costs of compliance;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         limited recourse shareholders have against our trustees and officers;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">governmental
                                         actions and initiatives;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         ability to maintain our status as a REIT for federal income tax purposes;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">requirements
                                         that we distribute a certain percentage of our taxable income in order to maintain our
                                         qualification for taxation as a REIT for federal income tax purposes;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">local
                                         or national political and economic impacts of terrorist attacks and civil unrest;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">climate
                                         change and risk from natural perils, including severe storms, flooding, and other natural
                                         disasters;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">uninsured
                                         losses or losses in excess of insured limits;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         structured financing and the terms of the instruments and other underlying collateral;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">security
                                         breaches or cyber-attacks of our computer systems or those of our third-party representatives,
                                         vendors and service providers;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">disruptions
                                         to our information technology systems and services; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         other risk factors set forth in our most recent Annual Report on Form 10-K and the other
                                         documents incorporated by reference into this prospectus supplement and the accompanying
                                         prospectus.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These risks and uncertainties
should be considered in evaluating any forward-looking statements contained or incorporated by reference in this prospectus supplement.
We caution you that any forward-looking statement reflects only our belief at the time the statement is made. Although we believe
that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee our future results, levels
of activity, performance or achievements. Except as required by law, we undertake no obligation to update any of the forward-looking
statements to reflect events or developments after the date of this prospectus supplement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-02"></A><B>ABOUT THIS PROSPECTUS
SUPPLEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This document is in
two parts. The first part is this prospectus supplement, which adds to, updates and supersedes, to the extent there are any inconsistencies,
the information contained in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement
and the accompanying prospectus. The second part is the accompanying prospectus, which gives more general information, some of
which does not apply to this offering of common shares. To the extent the information contained in this prospectus supplement
differs or varies from the information contained in the accompanying prospectus or any document incorporated by reference, the
information in this prospectus supplement shall control. The SEC allows us to &ldquo;incorporate by reference&rdquo; certain information
we file with the SEC, which means that we can disclose important information to you by referring to the other information we have
filed with the SEC. The information that we incorporate by reference is considered a part of this prospectus supplement and the
accompanying prospectus and information that we file later with the SEC prior to the termination of this offering of the common
shares will automatically update and supersede the information contained in this prospectus supplement and the accompanying prospectus
and in previously incorporated filings. It is important for you to read and consider all information contained and incorporated
by reference in this prospectus supplement and the accompanying prospectus in making your investment decision. See &ldquo;Where
You Can Find More Information&rdquo; in this prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this prospectus
supplement, unless otherwise stated or the context otherwise requires, the terms &ldquo;Company&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo;,
 &ldquo;our&rdquo; and other similar terms refer to the consolidated business of Acadia Realty Trust, a Maryland real estate investment
trust, and all of its subsidiaries. The term &ldquo;you&rdquo; refers to a prospective investor.</P>

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

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


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<DIV STYLE="padding: 0in 3pt; border: Black 1pt solid; overflow: visible; width: 99%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><A NAME="s-03"></A><B>PROSPECTUS
SUPPLEMENT SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following summary
is qualified in its entirety by the more detailed information included elsewhere or incorporated by reference into this prospectus
supplement and the accompanying prospectus. Because this is a summary, it may not contain all of the information that is important
to you. Before making an investment decision, you should read this entire prospectus supplement and the accompanying prospectus,
including the sections entitled &ldquo;Risk Factors&rdquo;. You should also read the documents incorporated by reference in this
prospectus supplement and the accompanying prospectus, which include, among other things, our annual and quarterly financial statements
(and the notes thereto) and important information under the captions &ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; in our annual and quarterly reports. See &ldquo;Where
You Can Find More Information&rdquo; in this prospectus supplement.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a fully-integrated
equity REIT focused on the ownership, acquisition, development and management of retail properties located primarily in high-barrier-to-entry,
supply-constrained, densely-populated metropolitan areas in the United States. We operate dual platforms, comprised of a high-quality
core real estate portfolio, which owns and operates street and urban retail assets, and dense suburban shopping centers, and a
series of discretionary, institutional funds that target primarily opportunistic and value-add retail real estate.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of our assets
are held by, and all of our operations are conducted through, Acadia Realty Limited Partnership, a Delaware limited partnership
(the &ldquo;Operating Partnership&rdquo;), and entities in which the Operating Partnership owns an interest. As of March 31, 2019,
we controlled approximately 94% of the Operating Partnership as the sole general partner. As the general partner, we are entitled
to share, in proportion to our percentage interest, in the cash distributions and profits and losses of the Operating Partnership.
The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities
to the Operating Partnership in exchange for common or preferred units of limited partnership interest (&ldquo;Common OP Units&rdquo;
or &ldquo;Preferred OP Units&rdquo;, respectively) and employees who have been awarded restricted Common OP Units as long-term
incentive compensation (&ldquo;LTIP Units&rdquo;). Limited partners holding Common OP Units and LTIP Units are generally entitled
to exchange their units on a one-for-one basis for our common shares. This structure is referred to as an umbrella partnership
REIT, or UPREIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our executive offices
are located at 411 Theodore Fremd Avenue, Suite 300, Rye, New York 10580 and our telephone number is (914) 288-8100.</P>

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

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

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

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-04"></A><B>THE OFFERING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following summary
of the offering contains basic information about the offering and our common shares and is not intended to be complete. It does
not contain all the information that may be important to you. For a more complete understanding of the common shares, please refer
to the section of the accompanying prospectus entitled &ldquo;Description of our Common Shares&rdquo;.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Issuer</I></B></FONT></TD>
    <TD STYLE="width: 70%; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acadia
    Realty Trust, a Maryland real estate investment trust.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Common Shares
    Offered</I></B></FONT></TD>
    <TD STYLE="padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up
    to $250,000,000 of common shares. The common shares offered pursuant to this prospectus supplement and the accompanying prospectus
    include newly issued common shares that may be offered and sold by us to or through the Sales Agents, acting as our sales
    agents or as principals, and borrowed common shares that may be offered and sold by the Forward Sellers. We will not initially
    receive any proceeds from any sale of borrowed common shares by a Forward Seller. For additional information, see &ldquo;Plan
    of Distribution&mdash;Sales Through Forward Sellers&rdquo; in this prospectus supplement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Use of Proceeds</I></B></FONT></TD>
    <TD STYLE="padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    will contribute the net proceeds from this offering to the Operating Partnership. The Operating Partnership intends to use
    the net proceeds for general corporate purposes, which may include, among other things, repayment of our debt, purchasing
    notes, entering into loans, future acquisitions, directly (or indirectly through joint ventures) and through our opportunity
    funds, and redevelopments of, and capital improvements to, our properties. Such decisions will depend upon numerous factors
    and strategic considerations. Pending such usage, the Operating Partnership expects to invest proceeds in short-term instruments.
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Conflicts of
    Interest </I></B></FONT></TD>
    <TD STYLE="padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain affiliates of BofA Securities,
        Inc. and Wells Fargo Securities, LLC (each of which is a Sales Agent) are lenders under our revolving credit facility
        and term loan facility. To the extent that we use a portion of the net proceeds of this offering to pay down borrowings
        under our revolving credit facility or term loan facility, such affiliates would receive their proportionate share of
        such paid down borrowings. See &ldquo;Plan of Distribution&ndash;Other Relationships&rdquo; in this prospectus supplement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if we enter into
        a forward sale agreement with any Forward Purchaser, the relevant Forward Seller will use commercially reasonable efforts,
        consistent with its normal trading and sales practices for similar transactions and applicable laws and regulations, to
        borrow from third parties and sell our common shares to hedge such Forward Purchaser's exposure under such forward sale
        agreement. All of the net proceeds from the sale of any such borrowed common shares will be paid to the applicable Forward
        Seller (or one or more of its affiliates). Such entity will be either a Sales Agent or an affiliate of a Sales Agent.
        As a result, a Sales Agent or one of its affiliates will receive the net proceeds from any sale of borrowed common shares
        made in connection with any forward sale agreements. See &ldquo;Plan of Distribution&mdash;Other Relationships&rdquo;
        in this prospectus supplement.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Accounting
    Treatment of any Forward Sale Agreements</I></B></FONT></TD>
    <TD STYLE="padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event we enter into a forward
        sale agreement, we expect that the common shares issuable upon settlement of such forward sale agreement will be reflected
        in our diluted earnings per share, return on equity and dividends per share calculations using the treasury stock method.
        Under this method, the number of common shares used in calculating diluted earnings per share, return on equity and dividends
        per share is deemed to be increased by the excess, if any, of the number of common shares that would be issued upon full
        physical settlement of such forward sale agreement over the number of common shares that could be purchased by us in the
        market (based on the average market price during the period) using the proceeds receivable upon full physical settlement
        (based on the adjusted forward sale price at the end of the reporting period). Consequently, we anticipate there will
        be no dilutive effect on our earnings per share prior to physical or net share settlement of any forward sale agreement
        and subject to the occurrence of certain events, except during periods when the average market price of our common shares
        is above the applicable forward sale price.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Risk
    Factors</I></B></FONT></TD>
    <TD STYLE="padding-left: 3pt; text-align: justify; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
    deciding to invest in our common shares, you should read carefully the risks set forth under the caption &ldquo;Risk Factors&rdquo;
    on page S-4 of this prospectus supplement and page 2 of the accompanying prospectus, and the risks set forth under the caption
    &ldquo;Item 1A. Risk Factors&rdquo; included in our most recent Annual Report on Form 10-K and the other information that
    we file with the SEC from time to time and incorporate by reference herein for certain considerations relevant to your investment
    in our common shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Restrictions
    on Ownership</I></B></FONT></TD>
    <TD STYLE="padding-left: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    order to assist us in maintaining our qualification as a REIT for federal income tax purposes, among other purposes, actual
    or constructive ownership, by any person of more than 9.8% in value or number (whichever is more restrictive) of common shares
    is restricted by our declaration of trust. See &ldquo;Restrictions on Ownership Transfers and Takeover Defense Provisions&rdquo;
    in the accompanying prospectus.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>NYSE Symbol</I></B></FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;AKR&rdquo;.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Transfer Agent
    and Registrar</I></B></FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">American Stock Transfer
    &amp; Trust Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

</div>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-05"></A><B>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should carefully
consider the risks described in the documents incorporated by reference in this prospectus supplement and the accompanying prospectus,
including those described in our most recent Annual Report on Form 10-K and other documents we file with the SEC that are deemed
to be incorporated by reference in this prospectus supplement and the accompanying prospectus, before making an investment decision.
These risks are not the only ones facing our Company. Additional risks not presently known to us or that we currently deem immaterial
may also impair our business operations and future prospects. Our business, financial condition, liquidity, results of operations
and prospects could be materially adversely affected by the materialization of any of these risks. The trading price of our common
shares could decline due to the materialization of any of these risks, and you may lose all or part of your investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Forward Sale Agreements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Provisions contained
in a forward sale agreement could result in substantial dilution to our earnings per share and return on equity or result in substantial
cash payment obligations. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we enter into one
or more forward sale agreements, the relevant Forward Purchaser will have the right to accelerate its forward sale agreement (with
respect to all or any portion of the transaction under such forward sale agreement that such Forward Purchaser determines is affected
by an event described below) and require us to physically settle on a date specified by such Forward Purchaser if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                         or its affiliate (i) is unable to hedge its exposure under such forward sale agreement
                                         because insufficient common shares have been made available for borrowing by securities
                                         lenders or (ii) would incur a stock loan cost in excess of a specified threshold to hedge
                                         its exposure under such forward sale agreement; </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we
                                         declare any dividend, issue or distribution on our common shares (i) payable in cash
                                         in excess of specified amounts or with an earlier ex-dividend date than specified (unless
                                         it is an extraordinary dividend), (ii) payable in securities of another company as a
                                         result of a spin-off or similar transaction or (iii) payable in any other type of securities
                                         (other than our common shares), rights, warrants or other assets for payment (cash or
                                         other consideration) at less than the prevailing market price; </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">certain
                                         ownership thresholds applicable to such Forward Purchaser and its affiliates are exceeded;
                                         </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">an
                                         event (i) is announced that, if consummated, would result in a specified extraordinary
                                         event (including certain mergers or tender offers, as well as certain events involving
                                         our nationalization, or insolvency, or a delisting of our common shares) or (ii) occurs
                                         that would constitute a delisting or change in law; or </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">certain
                                         other events of default or termination events occur, including, among others, any material
                                         misrepresentation made in connection with such forward sale agreement or our insolvency
                                         (each as more fully described in each forward sale agreement) and such Forward Purchaser
                                         notifies us that such Forward Purchaser has designated an early termination date. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Forward Purchaser's
decision to exercise its right to accelerate the settlement of a forward sale agreement will be made irrespective of our interests,
including our need for capital. In such cases, we could be required to issue and deliver common shares under the physical settlement
provisions of the applicable forward sale agreement irrespective of our capital needs, which would result in dilution to our earnings
per share and return on equity.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that each
forward sale agreement will settle no later than a date that is up to two years from entry into such forward sale agreement. However,
any forward sale agreement may be settled earlier in whole or in part at our option, subject to the satisfaction of certain conditions.
Subject to certain conditions, we generally have the right to elect physical, cash or net share settlement under each forward
sale agreement. Each forward sale agreement will be physically settled by delivery of common shares, unless we elect to cash settle
or net share settle such forward sale agreement. Delivery of common shares upon physical settlement (or, if we elect net share
settlement, upon such settlement to the extent we are obligated to deliver common shares) will result in dilution to our earnings
per share and return on equity. If we elect cash settlement or net share settlement with respect to all or a portion of the common
shares underlying a particular forward sale agreement, we expect the applicable Forward Purchaser (or an affiliate thereof) to
purchase a number of common shares in secondary market transactions over an unwind period to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">return
                                         common shares to securities lenders in order to unwind such Forward Purchaser's hedge
                                         (after taking into consideration any common shares to be delivered by us to such Forward
                                         Purchaser, if applicable, in the case of net share settlement); and </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                         applicable, in the case of net share settlement, deliver common shares to us to the extent
                                         required in settlement of such forward sale agreement. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purchase of common
shares in connection with a Forward Purchaser or its affiliate unwinding its hedge positions could cause the price of common shares
to increase over such time (or reduce the amount of a decrease over such time), thereby increasing the amount of cash we would
owe to such Forward Purchaser (or decreasing the amount of cash that such Forward Purchaser would owe us) upon a cash settlement
of the relevant forward sale agreement or increasing the number of common shares we would deliver to such Forward Purchaser (or
decreasing the number of common shares that such Forward Purchaser would deliver to us) upon net share settlement of the relevant
forward sale agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forward sale price
that we expect to receive upon physical settlement of any forward sale agreement will be subject to adjustment on a daily basis
based on a floating interest rate factor equal to a specified daily rate less a spread and will be decreased based on amounts
related to expected dividends on our common shares during the term of the applicable forward sale agreement. If the specified
daily rate is less than the spread for a particular forward sale agreement on any day, the interest rate factor will result in
a daily reduction of the forward sale price. If the prevailing market price for our common shares during the applicable unwind
period under a particular forward sale agreement is above the relevant forward sale price, in the case of cash settlement, we
would pay the applicable Forward Purchaser under such forward sale agreement an amount in cash equal to the difference or, in
the case of net share settlement, we would deliver to such Forward Purchaser a number of common shares having a value equal to
the difference, and, in each case, such difference would include a commission to such Forward Purchaser. Thus, we could be responsible
for a potentially substantial cash payment in the case of cash settlement of any forward sale agreement. See &ldquo;Plan of Distribution&ndash;Other
Relationships&rdquo; for information on the forward sale agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>In case of our
bankruptcy or insolvency, any forward sale agreement that is in effect will automatically terminate, and we would not receive
the expected proceeds from the sale of our common shares under any such agreement. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we or a regulatory
authority with jurisdiction over us institutes, or we consent to, a proceeding seeking a judgment in bankruptcy or insolvency
or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors&rsquo; rights, or we or a
regulatory authority with jurisdiction over us presents a petition for our winding-up or liquidation, or we consent to such a
petition, any forward sale agreement that is then in effect will automatically terminate. If any such forward sale agreement so
terminates, we would not be obligated to deliver to the relevant Forward Purchaser any common shares not previously delivered,
and such Forward Purchaser would be discharged from its obligation to pay the applicable forward sale price per share in respect
of any common shares not previously settled under the applicable forward sale agreement. Therefore, to the extent that there are
any common shares with respect to which any forward sale agreement has not been settled at the time of the commencement of any
such bankruptcy or insolvency proceedings, we would not receive the relevant forward sale price per share in respect of those
common shares.</P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-06"></A><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will contribute
the net proceeds from this offering to the Operating Partnership. The Operating Partnership intends to use the net proceeds for
general corporate purposes, which may include, among other things, repayment of our debt, purchasing notes, entering into loans,
future acquisitions, directly (or indirectly through joint ventures) and through our opportunity funds, and redevelopments of,
and capital improvements to, our properties. Such decisions will depend upon numerous factors and strategic considerations. Pending
such usage, the Operating Partnership expects to invest proceeds in short-term instruments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not initially
receive any proceeds from the sale of our common shares by any Forward Seller. We expect to physically settle each forward sale
agreement (by the delivery of common shares) and receive proceeds from the sale of those common shares upon one or more forward
settlement dates no later than a date that is up to two years from entry into the applicable forward sale agreement. We may also
elect to cash settle or net share settle all or a portion of our obligations under any forward sale agreement (if we conclude
it is in our best interest to do so). If we elect to cash settle any forward sale agreement, we may not receive any proceeds,
and we may owe cash to the relevant Forward Purchaser in certain circumstances. If we elect to net share settle any forward sale
agreement, we will not receive any proceeds, and we may owe common shares to the relevant Forward Purchaser in certain circumstances.
The forward sale price that we expect to receive upon physical settlement of any forward sale agreement will initially be equal
to the gross sales prices of all borrowed common shares sold by the relevant Forward Seller in connection with such forward sale
agreement during the applicable forward hedge selling period less a forward hedge selling commission not to exceed 1.5%, will
be subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread
and will be decreased based on amounts related to expected dividends on shares of our common shares during the term of such forward
sale agreement. If the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily
reduction of the forward sale price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain affiliates
of BofA Securities, Inc. and Wells Fargo Securities, LLC (each of which is a Sales Agent) are lenders under our revolving credit
facility and term loan facility. To the extent that we use a portion of the net proceeds of this offering to pay down borrowings
under our revolving credit facility or term loan facility, such affiliates would receive their proportionate share of such paid
down borrowings. See &ldquo;Plan of Distribution&mdash;Other Relationships&rdquo; in this prospectus supplement. Our $150.0 million
revolving credit facility has a maturity date of March 31, 2022 and bears interest at a rate per annum equal to LIBOR + 1.15%.
Our $350.0 million term loan facility has a maturity date of March 31, 2023 and bears interest at a rate per annum equal to LIBOR
+ 1.25%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, if we
enter into a forward sale agreement with any Forward Purchaser, the relevant Forward Seller will use commercially reasonable efforts,
consistent with its normal trading and sales practices for similar transactions and applicable laws and regulations, to borrow
from third parties and sell our common shares to hedge such Forward Purchaser's exposure under such forward sale agreement. All
of the net proceeds from the sale of any such borrowed common shares will be paid to the applicable Forward Seller (or one or
more of its affiliates). Such entity will be either a Sales Agent or an affiliate of a Sales Agent. As a result, a Sales Agent
or one of its affiliates will receive the net proceeds from any sale of borrowed common shares made in connection with any forward
sale agreements. See &ldquo;Plan of Distribution&mdash;Other Relationships&rdquo; in this prospectus supplement.</P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s-07"></A><B>SUPPLEMENTAL FEDERAL
INCOME TAX CONSIDERATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For a discussion of
certain federal income tax consequences regarding the Company, the Operating Partnership and an investment in the common shares
offered hereby, please see the information appearing under the heading &ldquo;Material United States Federal Income Tax Considerations&rdquo;
in Item 8.01 of our Current Report on Form 8-K dated August 28, 2018 and the information in Exhibit 99.1 thereto (&ldquo;Exhibit
99.1&rdquo;), which supersedes and replaces the discussion under the heading &ldquo;Material United States Federal Income Tax
Considerations&rdquo; in the accompanying prospectus. In addition, Exhibit 99.1 is hereby modified and supplemented as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
subsection of Exhibit 99.1 that is entitled &ldquo;Material United States Federal Income Tax Considerations - Taxation of U.S.
Shareholders - Distributions Generally&rdquo; is hereby modified to add the following three sentences to the end of the second
paragraph of such subsection: &ldquo;Pursuant to recently finalized Treasury Regulations, in order for a dividend paid by a REIT
to be eligible to be treated as a &ldquo;qualified REIT dividend,&rdquo; the shareholder must meet two holding period-related
requirements. First, the shareholder must hold the REIT shares for a minimum of 46&nbsp;days during the 91-day period that begins
45&nbsp;days before the date on which the REIT share becomes ex-dividend with respect to the dividend. Second, the qualifying
portion of the REIT dividend is reduced to the extent that the shareholder is under an obligation (whether pursuant to a short
sale or otherwise) to make related payments with respect to positions in substantially similar or related property.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
subsection of Exhibit 99.1 that is entitled &ldquo;Material United States Federal Income Tax Considerations - Special Tax Considerations
for Non-U.S. Shareholders - Taxation of Non-U.S. Shareholders&rdquo; is hereby modified to add the following two sentences to
the end of the third paragraph of such subsection: &ldquo;While withholding under FATCA would have applied to payments of gross
proceeds from the sale or other disposition of our common shares on or after January&nbsp;1, 2019, recently proposed Treasury
Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed
Treasury Regulations until final Treasury Regulations are issued.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prospective investors
in our common shares should consult their tax advisors regarding the U.S. federal income and other tax considerations to them
of the acquisition, ownership and disposition of the common shares offered hereby.</P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><A NAME="s-08"></A><B>PLAN
OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Sales Agreement,
up to $250,000,000 of our common shares may be offered and sold from time to time by us through the Sales Agents, acting as our
sales agents, or by the Forward Sellers, acting as agents for the relevant Forward Purchasers, or by us directly to the Sales
Agents, acting as principal. In connection with any offers or sales by a Forward Seller, we will also enter into a forward sale
agreement with the relevant Forward Purchaser. In connection with any forward sale agreement, the relevant Sales Agent, as Forward
Seller, will, at our request, use commercially reasonable efforts, consistent with its normal trading and sales practices for
similar transactions and applicable laws and regulations, to borrow from third parties and sell a number of common shares equal
to the number of common shares underlying the particular forward sale agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales of common shares,
if any, made through the Sales Agents, acting as our sales agents, or by Forward Sellers, acting as agents for the applicable
Forward Purchasers, or by a Sales Agent, acting as principal, as contemplated by this prospectus supplement and the accompanying
prospectus, may be made by means of ordinary brokers&rsquo; transactions on the NYSE or other national securities exchange, or
otherwise, at market prices prevailing at the time of sale, at prices related to prevailing market prices or negotiated transactions,
or as otherwise agreed with the applicable Sales Agent or Forward Seller.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of the Sales
Agents, acting as our sales agents, or Forward Sellers, acting as agents for the applicable Forward Purchasers, is required to
sell any specific number or dollar amount of common shares, but each has agreed, as Sales Agent or as agent for the applicable
Forward Purchaser, as applicable, to use commercially reasonable efforts, consistent with its normal trading and sales practices
for similar transactions and applicable laws and regulations and on the terms and subject to the conditions of the Sales Agreement,
to sell the common shares offered as instructed by us. The common shares offered and sold through the Sales Agents, as our sales
agents, or Forward Sellers, as agents for the applicable Forward Purchasers, pursuant to this prospectus supplement and the accompanying
prospectus, will be offered and sold through only one Sales Agent or Forward Seller on any given day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the sale of the common shares on our behalf, the Sales Agents, Forward Sellers and Forward Purchasers may be deemed to be &ldquo;underwriters&rdquo;
within the meaning of the Securities Act, and the compensation paid to them may be deemed to be an underwriting commission or
discount. We have agreed in the Sales Agreement to provide indemnification and contribution to the Sales Agents, Forward Sellers
and Forward Purchasers, as applicable, against certain civil liabilities, including liabilities under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we or any Sales
Agent or Forward Seller have reason to believe that our common shares are no longer an &ldquo;actively-traded security&rdquo;
as defined under Rule 101(c)(1) of Regulation M under the Exchange Act, such party will promptly so notify the other party, and
sales of our common shares under the Sales Agreement will be suspended until that or other exemptive provisions have been satisfied
in such party&rsquo;s judgment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The offering of common
shares pursuant to the Sales Agreement will terminate upon the earlier of (1) the sale of all the common shares subject to the
Sales Agreement (including shares sold by us to or through the Sales Agents and borrowed shares sold by the Forward Sellers) and
(2) the termination of the Sales Agreement, pursuant to its terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate that the
total expenses of the offering payable by us, excluding commissions payable to the Sales Agents or the Forward Sellers under the
Sales Agreement, will be approximately $250,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sales Through or To Sales Agents </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sales Agents will
offer our common shares, subject to the terms and conditions of the Sales Agreement, on a daily basis or as otherwise agreed upon
by us and the Sales Agents. On any trading day, we will offer and sell common shares through only one of the Sales Agents. We
will designate the maximum number of common shares to be sold through a Sales Agent on a daily basis or otherwise determine such
maximum number together with the applicable Sales Agent. Subject to the terms and conditions of the Sales Agreement, each Sales
Agent will use its commercially reasonable efforts consistent with its normal trading and sales practices for similar transactions
and applicable laws and regulations to sell on our behalf all of the common shares to be sold through it. We may instruct a Sales
Agent not to sell common shares if the sales cannot be effected at or above the price designated by us in any such instruction.
We or a Sales Agent may suspend the offering of common shares being made through the applicable Sales Agent under the Sales Agreement
upon proper notice to the other party.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Sales Agent will
provide written confirmation to us following the close of trading on the NYSE on each day during which our common shares were
sold by it for us under the Sales Agreement. Each confirmation will include the number of common shares sold on that day, the
gross sales price per share, the compensation payable by us to the Sales Agent and the proceeds to us net of such compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Settlement for sales
of common shares will occur, unless the parties agree otherwise, on the second business day following the date on which such sales
were made in return for payment of the proceeds to us net of compensation paid by us to the applicable Sales Agent. There is no
arrangement for funds to be received in an escrow, trust or similar arrangement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of
the Sales Agreement, we also may sell common shares to each of the Sales Agents, as principal for its own account, at a price
per share to be agreed upon at the time of sale. If we sell common shares to any Sales Agent as principal, we will enter into
a separate agreement with the applicable Sales Agent, setting forth the terms of such transaction, and we will describe the agreement
in a separate prospectus supplement or pricing supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Sales Agent will
receive from us a commission that will not exceed, but may be lower than, 2.0% of the gross sales price of the common shares sold
through it under the Sales Agreement. The remaining sales proceeds, after deducting any expenses payable by us and any transaction
fees imposed by any governmental, regulatory, or self-regulatory organization in connection with the sales, will equal our net
proceeds for the sale of such common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><B>Sales Through Forward Sellers
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time
during the term of the Sales Agreement, and subject to the terms and conditions set forth therein and in any related forward sale
agreement we enter into, we may deliver an instruction relating to a forward sale to any Forward Seller and the applicable Forward
Purchaser. Upon acceptance by a Forward Seller and the applicable Forward Purchaser of an instruction from us requesting that
such Forward Seller execute sales of borrowed common shares in connection with a forward sale agreement, subject to the terms
and conditions of the Sales Agreement and the applicable forward sale agreement, the relevant Forward Seller will use commercially
reasonable efforts, consistent with its normal trading and sales practices for similar transactions and applicable laws and regulations,
to borrow from third parties and sell common shares on such terms to hedge the relevant Forward Purchaser's exposure under that
particular forward sale agreement. We or the relevant Forward Seller may immediately suspend the offering of our common shares
under a forward sale agreement at any time upon proper notice to the other; provided, however, such suspension shall not affect
the parties' obligations with respect to the delivery of common shares sold under any forward sale agreement prior to such notice.
The obligation of the relevant Forward Seller under the Sales Agreement to execute such sales of our common shares is subject
to a number of conditions, which each Forward Seller reserves the right to waive in its sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
any forward sale agreement, we will pay the relevant Forward Seller, in the form of a reduced initial forward sale price under
the related forward sale agreement with the related Forward Purchaser, commissions at a mutually agreed rate that will not exceed
1.5% of the gross sales price of all borrowed common shares sold during the applicable forward hedge selling period by it as a
Forward Seller. We refer to this commission rate as the forward selling commission. The forward hedge selling period will be the
period of one to twenty consecutive trading days determined by us in our sole discretion and as specified in the relevant instruction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forward sale price
per common share under each forward sale agreement will initially equal the product of (i)&nbsp;an amount equal to one minus the
applicable forward selling commission and (ii)&nbsp;the volume-weighted average price per share at which the borrowed common shares
were sold pursuant to the Sales Agreement by the relevant Forward Seller. Thereafter, the forward sale price will be subject to
adjustment as described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any forward sale agreement,
the term of which may not exceed two years, will provide that the forward sale price, as well as the sales prices used to calculate
the initial forward sale price, will be subject to adjustment on a daily basis based on a floating interest rate factor equal
to a specified daily rate less a spread and will be decreased based on amounts related to expected dividends on our common shares
during the term of the applicable forward sale agreement. If the specified daily rate is less than the spread on any day, the
interest rate factor will result in a daily reduction of the forward sale price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event we enter
into a forward sale agreement, we expect that the common shares issuable upon settlement of such forward sale agreement will be
reflected in our diluted earnings per share, return on equity and dividends per share calculations using the treasury stock method.
Under this method, the number of common shares used in calculating diluted earnings per share, return on equity and dividends
per share is deemed to be increased by the excess, if any, of the number of common shares that would be issued upon full physical
settlement of such forward sale agreement over the number of common shares that could be purchased by us in the market (based
on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted
forward sale price at the end of the reporting period). Consequently, we anticipate there will be no dilutive effect on our earnings
per share prior to physical or net share settlement of any forward sale agreement and subject to the occurrence of certain events,
except during periods when the average market price of our common shares is above the applicable forward sale price.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except under limited
circumstances described below and subject to certain conditions, we have the right to elect physical, cash or net share settlement
under any forward sale agreement. We expect to physically settle each forward sale agreement by the delivery of common shares,
unless we elect to cash settle or net share settle such forward sale agreement. Delivery of common shares upon physical settlement
(or, if we elect net share settlement, upon such settlement to the extent we are obligated to deliver common shares) will result
in dilution to our earnings per share and return on equity. If we elect cash settlement or net share settlement with respect to
all or a portion of the shares of our common shares underlying a forward sale agreement, we expect the applicable Forward Purchaser
(or an affiliate thereof) to purchase a number of common shares in secondary market transactions over an unwind period to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">return
                                         common shares to securities lenders in order to unwind such Forward Purchaser's hedge
                                         (after taking into consideration any common shares to be delivered by us to such Forward
                                         Purchaser, if applicable, in the case of net share settlement); and </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                         applicable, in the case of net share settlement, deliver common shares to us to the extent
                                         required in settlement of such forward sale agreement. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the prevailing
market price for our common shares during the applicable unwind period under a forward sale agreement is above the relevant forward
sale price, in the case of cash settlement, we would pay the relevant Forward Purchaser under such forward sale agreement an amount
in cash equal to the difference or, in the case of net share settlement, we would deliver to such Forward Purchaser a number of
common shares having a value equal to the difference and, in each case, such difference would include a commission to such Forward
Purchaser. Thus, we could be responsible for a potentially substantial cash payment in the case of cash settlement. If the prevailing
market price for our common shares during the applicable unwind period under a forward sale agreement is below the relevant forward
sale price, in the case of cash settlement, we would be paid the difference in cash by the relevant Forward Purchaser under such
forward sale agreement or, in the case of net share settlement, we would receive from such Forward Purchaser a number of common
shares having a value equal to the difference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the purchase
of common shares in connection with a Forward Purchaser or its affiliate unwinding its hedge positions could cause the price of
common shares to increase over such time (or reduce the amount of a decrease over such time), thereby increasing the amount of
cash we would owe to such Forward Purchaser (or decreasing the amount of cash that such Forward Purchaser would owe us) upon a
cash settlement of the relevant forward sale agreement or increasing the number of common shares we would deliver to such Forward
Purchaser (or decreasing the number of common shares that such Forward Purchaser would deliver to us) upon net share settlement
of the relevant forward sale agreement. See &quot;Risk Factors&quot;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Forward Purchaser
will have the right to accelerate its forward sale agreement (with respect to all or any portion of the transaction under such
forward sale agreement that such Forward Purchaser determines is affected by an event described below) and require us to physically
settle on a date specified by such Forward Purchaser if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         or its affiliate (i)&nbsp;is unable to hedge its exposure under such forward sale agreement
                                         because insufficient common shares have been made available for borrowing by securities
                                         lenders or (ii)&nbsp;would incur a stock loan cost in excess of a specified threshold
                                         to hedge its exposure under such forward sale agreement; </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                         declare any dividend, issue or distribution on our common shares (i)&nbsp;payable in
                                         cash in excess of specified amounts or with an earlier ex-dividend date than specified
                                         (unless it is an extraordinary dividend), (ii)&nbsp;payable in securities of another
                                         company as a result of a spin-off or similar transaction, or (iii)&nbsp;payable in any
                                         other type of securities (other than our common shares), rights, warrants or other assets
                                         for payment (cash or other consideration) at less than the prevailing market price; </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
                                         ownership thresholds applicable to such Forward Purchaser and its affiliates are exceeded;
                                         </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         event (i) is announced that, if consummated, would result in a specified extraordinary
                                         event (including certain mergers or tender offers, as well as certain events involving
                                         our nationalization, or insolvency, or a delisting of our common shares) or (ii) occurs
                                         that would constitute a delisting or change in law; or </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
                                         other events of default or termination events occur, including, among others, any material
                                         misrepresentation made in connection with such forward sale agreement or our insolvency
                                         (each as more fully described in each forward sale agreement) and such Forward Purchaser
                                         notifies us that such Forward Purchaser has designated an early termination date.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Forward Purchaser's
decision to exercise its right to accelerate the settlement of a forward sale agreement will be made irrespective of our interests,
including our need for capital. In such cases, we could be required to issue and deliver common shares under the physical settlement
provisions of the applicable forward sale agreement irrespective of our capital needs, which would result in dilution to our earnings
per share and return on equity. In addition, upon certain events of bankruptcy, insolvency or reorganization relating to us, any
forward sale agreement will terminate without further liability of either party. Following any such termination, we would not
issue any common shares and we would not receive any proceeds pursuant to any forward sale agreement.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will deliver to
the NYSE copies of this prospectus supplement and the accompanying prospectus pursuant to the rules of the NYSE. Each Sales Agent
will provide written confirmation to us following the close of trading on the NYSE each day on which our common shares are sold
by it as sales agent for us or as sales agent for a Forward Purchaser under the Sales Agreement. With respect to any sales by
a Sales Agent for us, each confirmation will include the number of common shares sold on that day, the aggregate gross sales proceeds
of the shares, the aggregate net proceeds to us and the aggregate compensation payable by us to such Sales Agent with respect
to such sales. With respect to any sales by a Sales Agent as Forward Seller, each confirmation will include the number of borrowed
common shares sold on that day, the aggregate net proceeds to the applicable Forward Purchaser and the then-current initial forward
sale price with respect to such common shares that have been sold on that day. Unless otherwise required, we will report at least
quarterly the number of common shares sold by or through the Sales Agents and the aggregate gross sales price thereof, the number
of borrowed common shares sold by the applicable Forward Sellers, the net proceeds received by us or the applicable Forward Purchaser
and the compensation paid by us to the Sales Agents in connection with sales of our common shares under the Sales Agreement or
any forward sales agreement or terms agreement during such period.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As described in &ldquo;Use
of Proceeds&rdquo;, our Operating Partnership may use a portion of the net proceeds of this offering to repay indebtedness. Certain
affiliates of BofA Securities, Inc. and Wells Fargo Securities, LLC (each of which is a Sales Agent) are lenders under our revolving
credit facility and term loan facility. To the extent that we use a portion of the net proceeds of this offering to pay down borrowings
under our revolving credit facility or term loan facility, such affiliates would receive their proportionate share of such paid
down borrowings. Our $150.0 million revolving credit facility has a maturity date of March 31, 2022 and bears interest at a rate
per annum equal to LIBOR + 1.15%. Our $350.0 million term loan facility has a maturity date of March 31, 2023 and bears interest
at a rate per annum equal to LIBOR + 1.25%. At March 31, 2019, $9.0 million and $350.0 million were outstanding under our revolving
credit facility and term loan facility, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we enter into a
forward sale agreement with any Forward Purchaser, the relevant Forward Seller will use commercially reasonable efforts, consistent
with its normal trading and sales practices for similar transactions and applicable laws and regulations, to borrow from third
parties and sell our common shares to hedge such Forward Purchaser's exposure under such forward sale agreement. All of the net
proceeds from the sale of any such borrowed common shares will be paid to the applicable Forward Seller (or one or more of its
affiliates). Such entity will be either a Sales Agent or an affiliate of a Sales Agent. As a result, a Sales Agent or its affiliate
will receive the net proceeds from any sale of borrowed common shares made in connection with any forward sale agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the ordinary course
of business, the Sales Agents, Forward Sellers, Forward Purchasers and their affiliates have provided in the past, and may provide
from time to time in the future, certain commercial banking, financial advisory, investment banking and other services to us for
which they have received or will receive customary fees and commissions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in the
ordinary course of their business activities, the Sales Agents, Forward Sellers, Forward Purchasers and their affiliates may make
or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial
instruments (including bank loans) for their own account and for the accounts of their customers. The Sales Agents, Forward Sellers,
Forward Purchasers and their affiliates may also make investment recommendations and/or publish or express independent research
views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or
short positions in such securities and instruments.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="s-09"></A><B>LEGAL
MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Legal matters, excluding
tax matters, relating to this prospectus supplement, will be passed upon for us by Goodwin Procter LLP, New York, New York. The
legal matters described under the heading &ldquo;Material United States Federal Income Tax Considerations&rdquo; in Item 8.01
of our Current Report on Form 8-K dated August 28, 2018 and the information in Exhibit 99.1 thereto will be passed upon for us
by Seyfarth Shaw LLP, New York, New York. Sidley Austin LLP, New York, New York, will represent the Sales Agents, Forward Sellers
and the Forward Purchasers in connection with this offering. Certain matters of Maryland law, including the validity of the common
shares, will be passed upon for us by Venable LLP, Baltimore, Maryland. With respect to matters of Maryland law, Goodwin Procter
LLP and Sidley Austin LLP may rely on the opinion of Venable LLP.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements and schedule as of December 31, 2018 and 2017 and for each of the years in the three-year period ended December 31,
2018 and the effectiveness of internal control over financial reporting as of December 31, 2018 incorporated by reference in this
prospectus supplement and the accompanying prospectus have been so incorporated in reliance on the reports of BDO USA, LLP, an
independent registered public accounting firm, incorporated herein by reference, given on the authority of said firm as experts
in auditing and accounting.</P>

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

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="s-11"></A><B>WHERE
YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with
the SEC a registration statement on Form S-3 under the Securities Act to register the common shares offered by this prospectus
supplement and the accompanying prospectus. This prospectus supplement and the accompanying prospectus are part of the registration
statement. This prospectus supplement and the accompanying prospectus do not contain all the information contained in the registration
statement because we have omitted certain parts of the registration statement in accordance with the rules and regulations of
the SEC. We also file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filing
number is 1-12002. Our filings with the SEC are available to the public on the Internet at the SEC&rsquo;s website at http://www.sec.gov.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information incorporated
by reference herein is an important part of this prospectus supplement and the accompanying prospectus. Any statement contained
in a document which is incorporated by reference in this prospectus supplement and the accompanying prospectus is automatically
updated and superseded if information contained in a subsequent filing or in this prospectus supplement, or information that we
later file with the SEC prior to the termination of this offering, modifies or replaces this information. The following documents
filed with the SEC are incorporated by reference into this prospectus supplement and the accompanying prospectus, except for any
document or portion thereof &ldquo;furnished&rdquo; to the SEC:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/899629/000156459019003257/akr-10k_20181231.htm">our Annual Report on Form 10-K for the year ended December 31, 2018;</A></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/899629/000156459019013113/akr-10q_20190331.htm" STYLE="-sec-extract: exhibit">our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2019</A>;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                         Current Reports on Form 8-K filed on <A HREF="http://www.sec.gov/Archives/edgar/data/899629/000114420418046569/tv501837_8k.htm">August 28, 2018</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/899629/000156459019000051/akr-8k_20181228.htm">January 2, 2019</A> (Item 5.02 only)
                                         and <A HREF="http://www.sec.gov/Archives/edgar/data/899629/000156459019018100/akr-8k_20190509.htm">May 9, 2019</A>;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         portions of the Definitive Proxy Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/899629/000156459019009379/akr-def14a_20190509.htm">Schedule 14A dated March 26, 2019</A> incorporated
                                         by reference in our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/899629/000156459019003257/akr-10k_20181231.htm">Form 10-K for the year ended December 31, 2018</A>;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         description of our common shares contained in the registration statement on Form 8-A
                                         filed with the SEC on May 26, 1993 and any amendment or report filed with the SEC for
                                         the purpose of updating such description; and </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">all
                                         documents that we file with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of
                                         the Exchange Act, after the date of this prospectus supplement and prior to the termination
                                         of this offering.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To receive a free
copy of any of the documents incorporated by reference in this prospectus supplement and the accompanying prospectus (other than
exhibits, unless they are specifically incorporated by reference in the documents), write us at the following address or call
us at the telephone number listed below:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>411 Theodore Fremd Avenue, Suite 300</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(914) 288-8100</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain an internet
website at http://www.acadiarealty.com. We are not incorporating by reference in this prospectus supplement or the accompanying
prospectus any material from our website. Information on our website is not and shall not be deemed to be a part of this prospectus
supplement or the accompanying prospectus. The reference to our website is an inactive textual reference to the uniform resource
locator (URL) and is for your reference only.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="logo_424b5.jpg" ALT=""></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer to the
public and sell from time to time one or more series or classes of (i) common shares of beneficial interest, par value $0.001
per share, or &ldquo;common shares,&rdquo; (ii) preferred shares of beneficial interest, or &ldquo;preferred shares,&rdquo; (iii)
depositary shares, (iv) warrants, (v) subscription rights, (vi) share purchase units or contracts, (vii) units, and (viii) debt
securities. We will provide specific terms of these securities in supplements to this prospectus. The securities may be offered,
separately or together, in separate classes or series, in amounts, at prices and on terms to be determined at the time of the
offering and set forth in one or more supplements to this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus describes
some of the general terms that may apply to these securities and the general manner in which they may be offered. The specific
terms of the securities will be set forth in the applicable prospectus supplement or free writing prospectus. Such specific terms
may include limitations on direct or beneficial ownership and restrictions on transfer of the securities, in each case as may
be consistent with our declaration of trust or otherwise appropriate to, among other purposes, preserve our status as a real estate
investment trust for U.S. federal income tax purposes. See &ldquo;Restrictions on Ownership Transfers and Takeover Defense Provisions&rdquo;
beginning on page 16 of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement will also contain information, where appropriate, about the risk factors and U.S. federal income tax considerations
relating to, and any listing on a securities exchange of, the securities covered by that prospectus supplement or free writing
prospectus. We may offer the securities directly, through agents designated by us from time to time, or to or through underwriters
or dealers. If any agents or underwriters are involved in the sale of any of the securities, their names, and any applicable purchase
price, fee, commission or discount arrangement between or among them will be set forth or will be calculable from the information
set forth in the applicable prospectus supplement. See &ldquo;Plan of Distribution.&rdquo; No securities may be sold without delivery
of a prospectus supplement describing the method and terms of the offering of those securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common shares
are traded on the New York Stock Exchange under the symbol &ldquo;AKR&rdquo;. On May 1, 2017, the last reported sale price of
our common shares, as reported on the New York Stock Exchange, was $29.41 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our
securities involves risks. Please refer to &ldquo;Risk Factors&rdquo; beginning on page 2 of this prospectus as well as the risk
factors contained in our filings with the Securities and Exchange Commission, which are incorporated by reference in this prospectus,
for a discussion of risk factors that you should consider before investing in our securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or
accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is May 2,
2017.</B></P>

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


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 95%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: bold; text-decoration: underline; text-align: center; border-bottom: Black 1pt solid">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_001">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_002">RISK FACTORS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_003">CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING INFORMATION</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_004">RATIO OF EARNINGS TO FIXED CHARGES</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_005">USE OF PROCEEDS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_006">DESCRIPTION OF OUR COMMON SHARES</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_007">DESCRIPTION OF OUR PREFERRED SHARES</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_008">DESCRIPTION OF DEPOSITARY SHARES</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_009">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_010">DESCRIPTION OF SUBSCRIPTION RIGHTS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_011">DESCRIPTION OF SHARE PURCHASE UNITS OR CONTRACTS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_012">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_013">DESCRIPTION OF OUR DEBT SECURITIES</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_014">GLOBAL SECURITIES</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_015">RESTRICTIONS ON OWNERSHIP TRANSFERS AND TAKEOVER DEFENSE PROVISIONS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_016">CERTAIN PROVISIONS OF MARYLAND LAW AND OUR DECLARATION OF TRUST AND BYLAWS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_017">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_018">SELLING SECURITYHOLDERS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_019">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_020">LEGAL MATTERS</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_021">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><A HREF="#l_022">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="font-weight: bold; text-align: right">44</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_001"></A>PROSPECTUS
SUMMARY</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is
part of a registration statement that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) using a &ldquo;shelf&rdquo;
registration process or continuous offering process. Under this shelf registration process, we are registering an unspecified
amount of any combination of the securities described in this prospectus and may sell such securities, at any time and from time
to time, in one or more offerings, and selling securityholders may from time to time offer such securities owned by them. This
prospectus provides you with a general description of the securities that may be offered by us and/or selling securityholders.
We may also file, from time to time, a prospectus supplement or an amendment to the registration statement of which this prospectus
forms a part containing additional information about us and/or selling securityholders and the terms of the offering of the securities.
That prospectus supplement or amendment may include additional risk factors or other special considerations applicable to the
securities. Any prospectus supplement or amendment may also add, update or supersede information in this prospectus. If there
is any supplement or amendment, you should rely on the information in that prospectus supplement or amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus and
any accompanying prospectus supplement do not contain all of the information included in the registration statement. For further
information, we refer you to the registration statement and any amendments to such registration statement, including its exhibits.
Statements contained in this prospectus and any accompanying prospectus supplement about the provisions or contents of any agreement
or other document are not necessarily complete. If the SEC&rsquo;s rules and regulations require that an agreement or document
be filed as an exhibit to the registration statement, please see that agreement or document for a complete description of these
matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should read both
this prospectus and any prospectus supplement together with additional information described below under the heading &ldquo;Where
You Can Find More Information&rdquo; on page 44 of this prospectus. Information incorporated by reference with the SEC after the
date of this prospectus, or information included in any prospectus supplement or an amendment to the registration statement of
which this prospectus forms a part, may add, update or supersede information in this prospectus or any prospectus supplement.
You should not assume that the information in this prospectus or any prospectus supplement is accurate as of any date other than
the date on the front of each document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references to
the &ldquo;Company,&rdquo; &ldquo;we&rdquo; and &ldquo;us&rdquo; in this prospectus means Acadia Realty Trust, a Maryland real
estate investment trust (the &ldquo;Trust&rdquo;), and all entities owned or controlled by us except where it is clear that the
term means only the Trust. The term &ldquo;you&rdquo; refers to a prospective investor.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust was formed
on March 4, 1993 as a Maryland real estate investment trust. We are a fully-integrated equity real estate investment trust (&ldquo;REIT&rdquo;)
focused on the ownership, acquisition, development and management of retail properties located primarily in high-barrier-to-entry,
supply-constrained, densely-populated metropolitan areas in the United States. We operate dual platforms, comprised of a high-quality
core real estate portfolio, which owns and operates assets in high-barrier-to-entry, densely-populated urban and street-retail
corridors, and a series of discretionary, institutional funds that target opportunistic and value-add investments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of our assets
are held by, and all of our operations are conducted through, Acadia Realty Limited Partnership (the &quot;Operating Partnership&quot;)
and entities in which the Operating Partnership owns an interest. As of March 31, 2017, the Trust controlled 95% of the Operating
Partnership as the sole general partner. As the general partner, the Trust is entitled to share, in proportion to its percentage
interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent
entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange
for common or preferred units of limited partnership interest (&quot;Common OP Units&quot; or &quot;Preferred OP Units,&quot;
respectively) and employees who have been awarded restricted Common OP Units as long-term incentive compensation (&quot;LTIP Units&quot;).
Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one-for-one basis for our
common shares. This structure is referred to as an umbrella partnership REIT (&quot;UPREIT&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our executive offices
are located at 411 Theodore Fremd Avenue, Suite 300, Rye, New York 10580 and our telephone number is (914) 288-8100.</P>

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

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_002"></A>RISK
FACTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investing in our securities
involves risks and uncertainties that could affect us and our business as well as the real estate industry generally. Before you
invest in our securities, in addition to the other information in this prospectus and any applicable prospectus supplement, you
should carefully consider the risk factors under the heading &ldquo;Risk Factors&rdquo; contained in Part I, Item 1A in our most
recent Annual Report on Form 10-K, which is incorporated by reference into this prospectus and any accompanying prospectus supplement,
as the same may be updated from time to time by our future filings under the Securities Exchange Act of 1934, as amended (the
 &ldquo;Exchange Act&rdquo;). In addition, new risks may emerge at any time and we cannot predict such risks or estimate the extent
to which they may affect our financial performance. These risks could result in a decrease in the value of our securities and
your investment therein.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="l_003"></A>CAUTIONARY
STATEMENTS CONCERNING FORWARD-LOOKING INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus and
the information incorporated by reference in this prospectus include &ldquo;forward-looking statements&rdquo; within the meaning
of Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and Section 21E of the Exchange Act,
as such may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or
achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking
statements. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations
are generally identifiable by use of the words &quot;may,&quot; &quot;will,&quot; &quot;should,&quot; &quot;expect,&quot; &quot;anticipate,&quot;
 &quot;estimate,&quot; &quot;believe,&quot; &quot;intend&quot; or &quot;project&quot; or the negative thereof or other variations
thereof or comparable terminology. Factors which could have a material adverse effect on our operations and future prospects include,
but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">general
                                         economic, business and political conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">general
                                         market factors, including an increase in market interest rates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">adverse
                                         changes in our real estate markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to maintain rental rates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         financial health of our major tenants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         impact of tenant bankruptcies and any leases rejected during a tenant&rsquo;s bankruptcy
                                         proceedings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         availability and creditworthiness of prospective tenants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">demand
                                         for rental space;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">consumer
                                         migration towards e-commerce sales;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         access to capital markets and the cost of capital and the application of any proceeds
                                         from any such capital raising activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to meet our debt service requirements and the continuing viability of our counterparties
                                         in interest rate swap transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">competition
                                         with other companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks
                                         of real estate development and acquisition, and the risks of holding interests in real
                                         property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to carry out our growth strategy without compromising our overall performance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to identify and consummate acquisitions, including pending acquisitions that
                                         we have under contract;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         performance of our opportunity funds and the ability of our fund partners to contribute
                                         capital as needed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         performance of our joint venture investments and the financial health of our joint venture
                                         partners;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         loss of a key executive officer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         risk that our partnership structure adversely affects our ability to manage assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         board of trustees deciding to change our investment policy, which it may do without shareholder
                                         approval;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         concentration of ownership of our common shares by certain investors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">certain
                                         provisions of Maryland law that may limit the ability of a third party to acquire control
                                         of us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">environmental/safety
                                         requirements and possible liability for violations thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes
                                         in laws and regulations (including tax laws and regulations) and agency or court interpretations
                                         of such laws and regulations and the related costs of compliance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         limited recourse shareholders have against our trustees and officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">governmental
                                         actions and initiatives;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to maintain our status as a REIT for federal income tax purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">requirements
                                         that we distribute a certain percentage of our taxable income in order to maintain our
                                         qualification for treatment as a REIT for federal income tax purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">local
                                         or national political and economic impacts of terrorist attacks and civil unrest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">climate
                                         change and risk from natural perils, including severe storms, flooding, and other natural
                                         disasters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uninsured
                                         losses or losses in excess of insured limits;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         structured financing and the terms of the instruments and other underlying collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">security
                                         breaches or cyber-attacks of our computer systems or those of our third-party representatives,
                                         vendors and service providers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">disruptions
                                         to our information technology systems and services; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         other risk factors set forth in our most recent Annual Report on Form 10-K and the other
                                         documents incorporated by reference into this prospectus or any prospectus supplement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These risks and uncertainties
should be considered in evaluating any forward-looking statements contained or incorporated by reference in this prospectus. We
caution you that any forward-looking statement reflects only our belief at the time the statement is made. Although we believe
that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee our future results, levels
of activity, performance or achievements. Except as required by law, we undertake no obligation to update any of the forward-looking
statements to reflect events or developments after the date of this prospectus.</P>

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


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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_004"></A>RATIO
OF EARNINGS TO FIXED CHARGES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
sets forth our historical ratios of earnings to fixed charges for the periods indicated. We note that we do not have any outstanding
preferred shares and have not had any preferred shares outstanding during the periods indicated, so the following table also sets
forth our historical ratios of earnings to combined fixed charges and preferred share dividends for the periods indicated:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center">Three Months Ended</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP COLSPAN="18" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year Ended December
    31, 2016<SUP>1</SUP></B></FONT></TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2017</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="width: 22%; font-weight: bold; text-align: left">Ratio of Earnings to Fixed Charges</TD><TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 10%; text-align: right">1.21</TD><TD NOWRAP STYLE="width: 1%; text-align: left">x</TD><TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 10%; text-align: right">0.98</TD><TD NOWRAP STYLE="width: 1%; text-align: left">x</TD><TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 10%; text-align: right">1.39</TD><TD NOWRAP STYLE="width: 1%; text-align: left">x</TD><TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 10%; text-align: right">1.46</TD><TD NOWRAP STYLE="width: 1%; text-align: left">x</TD><TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 10%; text-align: right">1.30</TD><TD NOWRAP STYLE="width: 1%; text-align: left">x</TD><TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="width: 10%; text-align: right">1.10</TD><TD NOWRAP STYLE="width: 1%; text-align: left">x</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ratios of earnings
to fixed charges were computed by dividing earnings by fixed charges. For these purposes, earnings have been calculated by adding
noncontrolling interest attributable to continuing operations, income or loss from equity investees, fixed charges and distributed
income of equity investees to income from continuing operations before income taxes, less capitalized interest and preferred distributions
of consolidated subsidiaries. Fixed charges consist of interest costs, whether expensed or capitalized, amortization of deferred
financing costs, amortization of discounts or premiums related to indebtedness and preferred distributions of consolidated subsidiaries.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_005"></A>USE
OF PROCEEDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise described
in the applicable prospectus supplement, we intend to use the net proceeds from our sale of the securities for general corporate
purposes, which may include, among other things, repayment of our debt, purchasing notes, entering into loans, future acquisitions,
directly (or indirectly through a joint venture) and through our opportunity funds, and redevelopments of and capital improvements
to our properties. Such decisions will depend upon numerous factors including price, discount, and other strategic considerations.
Pending such usage, we expect to invest proceeds in short term instruments. Unless otherwise described in any applicable prospectus
supplement, we will not receive the proceeds of sales by selling securityholders, if any.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_006"></A>DESCRIPTION
OF OUR COMMON SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following summary
of the material terms and provisions of our common shares does not purport to be complete and is subject to the provisions of
our declaration of trust and our bylaws, each as supplemented, amended or restated, each of which is incorporated by reference
into this prospectus. You should carefully read each of these documents in order to fully understand the terms and provisions
of our common shares. For information on incorporation by reference, and how to obtain copies of these documents, see the section
entitled &ldquo;Where You Can Find More Information&rdquo; on page 44 of this prospectus.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our declaration
of trust, we may issue 100,000,000 shares of beneficial interest, which may consist of common shares, par value $0.001 per share,
or such other types or classes of securities of the Company as the trustees may create and authorize from time to time. At our
annual meeting of shareholders scheduled to be held on May 10, 2017, our shareholders will consider and vote on a proposal to
increase the total number of authorized shares of beneficial interest to 200,000,000. All common shares offered hereby, when issued,
will be duly authorized, fully paid and nonassessable. This means that once the full price for the shares has been paid at the
time of issuance, any holder of such shares will not later be required to pay us any additional money for the same. As of March
31, 2017, 83,630,051 common shares were issued and outstanding, as were 4,752,357 Common OP Units of the Operating Partnership,
which are convertible into the same number of our common shares (subject to anti-dilution adjustments).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A total of 188 Series
A Preferred OP Units were outstanding as of March 31, 2017. These Series A Preferred OP Units are convertible into Common OP Units
at a conversion price of $7.50 per unit and are entitled to a preferred quarterly distribution of the greater of (a) $22.50 per
Series A Preferred OP Unit (9% annually) or (b) the quarterly distribution attributable to a Series A Preferred OP Unit if such
unit were converted into a Common OP Unit.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>The ratio of earnings to fixed charges from years prior to 2013 have been amended and restated to take into account
discontinued operations.</P>


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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A total of 141,593
Series C Preferred OP Units were outstanding as of March 31, 2017. The Series C Preferred OP Units are entitled to a preferred
quarterly distribution of $0.9375 per unit and are convertible into Common OP Units at a rate based on our share price at the
time of conversion. If our share price is below $28.80 on the conversion date, each Series C Preferred OP Unit will be convertible
into 3.4722 Common OP Units. If our share price is between $28.80 and $35.20 on the conversion date, each Series C Preferred OP
Unit will be convertible into a number of Common OP Units equal to $100.00 divided by the closing share price. If our share price
is above $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into 2.8409 Common OP Units. The Series
C Preferred OP Units have a mandatory conversion date of December 31, 2025, at which time all units that have not been converted
will automatically be converted into Common OP Units based on the same calculations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than the common
shares, the Common OP Units, the Series A Preferred OP Units and the Series C Preferred OP Units, as of the date of this prospectus,
we have no other securities outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common shares
have equal dividend, liquidation and other rights, and have no preference or exchange rights, and generally have no appraisal
rights. Holders of our common shares have no conversion, sinking fund or redemption rights, or preemptive rights to subscribe
for any of our securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of our common
shares are entitled to receive distributions out of assets that we can legally use to pay distributions, when and if they are
authorized by our board of trustees and declared by us, and to share ratably in our assets that are legally available for distribution
to our shareholders in the event we are liquidated, dissolved or our affairs are wound up.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of common
shares have the right to vote on all matters presented to our shareholders, including the election of trustees, except as otherwise
provided by Maryland law. Maryland law and our declaration of trust prohibit us from merging with or consolidating into another
entity where we are not the surviving entity, or selling all or substantially all of our assets, without the approval of the holders
of not less than two-thirds of the outstanding shares that are entitled to vote on such matters. Holders of common shares are
entitled to one vote per share on all matters upon which shareholders are entitled to vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no cumulative
voting in the election of our trustees, which means that holders of more than 50% of the common shares voting for the election
of trustees can elect all of the trustees if they choose to do so and the holders of the remaining shares cannot elect any trustees.
See &ldquo;Certain Provisions of Maryland Law and Our Declaration of Trust and Bylaws&rdquo; beginning on page&nbsp;18 of this
prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restrictions on Ownership and Transfer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To qualify as a REIT
under the Internal Revenue Code of 1986, as amended, or the Code, we must satisfy certain ownership requirements that may limit
the ownership and transferability of our common shares. Our declaration of trust contains provisions intended to assist us in
satisfying these requirements. See &ldquo;Restrictions on Ownership Transfers and Takeover Defense Provisions&rdquo; beginning
on page 16 of this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transfer agent
and registrar for our common shares is American Stock Transfer &amp; Trust Company, which has an address at 40 Wall Street, New
York, NY 10005.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="l_007"></A>DESCRIPTION
OF OUR PREFERRED SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following summary
of the material terms and provisions of our preferred shares does not purport to be complete and is subject to the detailed provisions
of our declaration of trust (including any applicable articles supplementary, amendment or annex to our declaration of trust designating
the terms of a series of preferred shares) and our bylaws, each as supplemented, amended or restated, each of which is incorporated
by reference into this prospectus. You should carefully read each of these documents in order to fully understand the terms and
provisions of our preferred shares. For information on incorporation by reference, and how to obtain copies of these documents,
see the section entitled &ldquo;Where You Can Find More Information&rdquo; on page 44 of this prospectus.</I></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to limitations
prescribed by Maryland law and our declaration of trust, our board of trustees is authorized to classify one or more classes or
series of preferred shares from time to time and, with respect to any such class or series, to fix the designations, numbers,
preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications
and terms or conditions of redemption of such class or series. As of the date of this prospectus, we do not have any class or
series of preferred shares outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made
to any supplement to this prospectus relating to the preferred shares offered thereby for specific items, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         title and stated value of the preferred shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         number of preferred shares offered, the liquidation preference per share and the offering
                                         price of the preferred shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         dividend rate(s), period(s), and/or payment date(s) or method(s) of calculation thereof
                                         applicable to the preferred shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         date from which dividends on the preferred shares will accumulate, if applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         provisions for a sinking fund, if any, for the preferred shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         provisions for redemption, if applicable, of the preferred shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         listing of the preferred shares on any securities exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         terms and conditions, if applicable, upon which the preferred shares will be convertible
                                         into common shares, including the conversion price (or manner of calculation thereof);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a discussion
                                         of material U.S. federal income tax considerations applicable to the preferred shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         relative ranking and preferences of the preferred shares as to dividend rights and rights
                                         upon our liquidation, dissolution or winding-up of our affairs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         limitations on the issuance of any class or series of preferred shares ranking senior
                                         to or on a parity with the preferred shares as to dividend rights and rights upon our
                                         liquidation, dissolution or winding-up of our affairs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         voting rights of the preferred shares, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         limitations on direct or beneficial ownership of our securities and restrictions on transfer
                                         of our securities, in each case as may be appropriate to preserve our status as a REIT
                                         under the Code; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         other specific terms, preferences, rights, limitations or restrictions of the preferred
                                         shares.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the applicable prospectus supplement, the preferred shares rank, with respect to dividend rights and rights upon our liquidation,
dissolution or winding-up: (i) senior to all classes or series of our common shares, and to all equity securities ranking junior
to the preferred shares; (ii) on a parity with all equity securities issued by us the terms of which specifically provide that
such equity securities rank on a parity with the preferred shares; and (iii) junior to all equity securities issued by us the
terms of which specifically provide that such equity securities rank senior to the preferred shares. As used in this prospectus,
the term &ldquo;equity securities&rdquo; does not include convertible debt securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to any preferential
rights of any outstanding securities or class or series of securities, the holders of preferred shares will be entitled to receive
dividends, when, as and if authorized by our board of trustees and declared by us, out of legally available funds, and share pro
rata the amount to be distributed to such class or series of preferred shares based on the number of preferred shares of the same
class or series outstanding. Distributions will be made at such rates and on such dates as will be set forth in the applicable
prospectus supplement.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated
in the applicable prospectus supplement, holders of our preferred shares will not have any voting rights.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon any voluntary
or involuntary liquidation, dissolution or winding-up of our affairs, and before any distribution or payment will be made to the
holders of any common shares or any other class or series of shares ranking junior to our preferred shares, the holders of our
preferred shares will be entitled to receive, after payment or provision for payment of our debts and other liabilities, out of
our assets legally available for distribution to shareholders, liquidating distributions in the amount of the liquidation preference
per share, if any, set forth in the applicable prospectus supplement, plus an amount equal to all dividends accrued and unpaid
thereon (which will not include any accumulation in respect of unpaid noncumulative dividends for prior dividend periods). After
payment of the full amount of the liquidating distributions to which they are entitled, the holders of preferred shares will have
no right or claim to any of our remaining assets. In the event that, upon any such voluntary or involuntary liquidation, dissolution
or winding-up of our affairs, the legally available assets are insufficient to pay the amount of the liquidating distributions
on all of our outstanding preferred shares and the corresponding amounts payable on all of our other outstanding equity securities
ranking on parity with the preferred shares in the distribution of assets upon our liquidation, dissolution or winding-up of our
affairs, then the holders of our preferred shares and the holders of such other outstanding equity securities will share ratably
in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively
entitled.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If liquidating distributions
are made in full to all holders of our preferred shares, our remaining assets will be distributed among the holders of any other
classes or series of equity securities ranking junior to the preferred shares in the distribution of assets upon our liquidation,
dissolution or winding-up of our affairs, according to their respective rights and preferences and in each case according to their
respective number of shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we consolidate
or merge with or into, or sell, lease or convey all or substantially all of our assets, property or business to, any corporation,
trust or other entity, such transaction will not be deemed to constitute a liquidation, dissolution or winding-up of our affairs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms and conditions,
if any, upon which our preferred shares are convertible into common shares will be set forth in the applicable prospectus supplement.
Such terms will include the number of common shares into which the preferred shares are convertible, the conversion price (or
manner of calculation thereof), the conversion period, provisions as to whether conversion will be at the option of the holders
of the preferred shares or at our option, the events requiring an adjustment of the conversion price and provisions affecting
conversion in the event of the redemption of such preferred shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If so provided in
the applicable prospectus supplement, our preferred shares will be subject to mandatory redemption or redemption at our option,
in whole or in part, in each case upon the terms, at the times and at the redemption prices set forth in such prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Restrictions on Ownership and Transfer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For us to qualify
as a REIT under the Code, not more than 50% in value of our outstanding shares may be owned, directly or indirectly, by five or
fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year. To assist us in
meeting this requirement, we may take certain actions to limit the beneficial ownership, directly or indirectly, by a single person
of our outstanding equity securities, including any series of our preferred shares. The applicable prospectus supplement will
specify any additional ownership limitation relating to the preferred shares being offered thereby. See &ldquo;Restrictions on
Ownership Transfers and Takeover Defense Provisions&rdquo; beginning on page 16 of this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The registrar and transfer agent for our
preferred shares will be set forth in the applicable prospectus supplement.</P>

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


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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_008"></A>DESCRIPTION
OF DEPOSITARY SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following description
contains general terms and provisions of the depositary shares to which any prospectus supplement may relate. The particular terms
of the depositary shares offered by any prospectus supplement and the extent, if any, to which such general provisions may not
apply to the depositary shares so offered will be described in the prospectus supplement relating to such depository shares. For
more information, please refer to the provisions of the deposit agreement we will enter into with a depositary to be selected,
and our declaration of trust, including the form of articles supplementary for the applicable series of preferred shares. For
information on incorporation by reference, and how to obtain copies of these documents, see the section entitled &ldquo;Where
You Can Find More Information&rdquo; on page 44 of this prospectus.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may, at our option,
elect to offer depositary shares rather than full preferred shares. In the event such option is exercised, each of the depositary
shares will represent ownership of and entitlement to all rights and preferences of a fraction of a preferred share of a specified
class or series (including dividend, voting, redemption and liquidation rights). The applicable fraction will be specified in
a prospectus supplement. The preferred shares represented by the depositary shares will be deposited with a depositary named in
the applicable prospectus supplement, under a deposit agreement, among us, the depositary and the holders of the certificates
evidencing depositary shares, or depositary receipts. Depositary receipts will be delivered to those persons purchasing depositary
shares in the offering. The depositary will be the transfer agent, registrar and dividend disbursing agent for the depositary
shares. Holders of depositary receipts agree to be bound by the deposit agreement, which requires holders to take certain actions
such as filing proof of residence and paying certain charges.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The depositary will
distribute all cash dividends or other cash distributions received in respect of the class or series of preferred shares represented
by the depositary shares to the record holders of depositary receipts in proportion to the number of depositary shares owned by
such holders on the relevant record date, which will be the same date as the record date fixed by us for the applicable class
or series of preferred shares. The depositary, however, will distribute only such amount as can be distributed without attributing
to any depositary share a fraction of one cent, and any balance not so distributed will be added to and treated as part of the
next sum received by the depositary for distribution to record holders of depositary receipts then outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of a
non-cash distribution, the depositary will distribute property received by it to the record holders of depositary receipts entitled
thereto, in proportion, as nearly as may be practicable, to the number of depositary shares owned by such holders on the relevant
record date, unless the depositary determines (after consultation with us) that it is not feasible to make such distribution,
in which case the depositary may (with our approval) adopt any other method for such distribution as it deems equitable and appropriate,
including the sale of such property (at such place or places and upon such terms as it may deem equitable and appropriate) and
distribution of the net proceeds from such sale to such holders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of the
liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the holders of each depositary
share will be entitled to the fraction of the liquidation preference accorded each share of the applicable class or series of
preferred shares as set forth in the prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the class or series
of preferred shares represented by the applicable series of depositary shares is redeemable, such depositary shares will be redeemed
from the proceeds received by the depositary resulting from the redemption, in whole or in part, of preferred shares held by the
depositary. Whenever we redeem any preferred shares held by the depositary, the depositary will redeem as of the same redemption
date the number of depositary shares representing the preferred shares so redeemed. The depositary will mail the notice of redemption
promptly upon receipt of such notice from us and not less than 30 nor more than 60 days prior to the date fixed for redemption
of the preferred shares and the depositary shares to the record holders of the depositary receipts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After the date fixed
for redemption, the depositary shares called for redemption will no longer be deemed to be outstanding and all rights of the holders
of the depositary receipts evidencing the depositary shares called for redemption will cease. However, the holders will have the
right to receive any moneys payable upon redemption and any money or other property that the holders of such depositary receipts
were entitled to at the time of redemption when they surrender their depositary receipts to the depositary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Promptly upon receipt
of notice of any meeting at which the holders of the series of preferred shares represented by the applicable series of depositary
shares are entitled to vote, the depositary will mail the information contained in such notice of meeting to the record holders
of the depositary receipts as of the record date for such meeting. Each such record holder of depositary receipts will be entitled
to instruct the depositary as to the exercise of the voting rights pertaining to the number of preferred shares represented by
such record holder&rsquo;s depositary shares. The depositary will endeavor, insofar as practicable, to vote such preferred shares
represented by such depositary shares in accordance with such instructions, and we will agree to take all action which may be
deemed necessary by the depositary in order to enable the depositary to do so. The depositary will abstain from voting any of
the preferred shares to the extent that it does not receive specific instructions from the holders of depositary receipts.</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Withdrawal of Preferred Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon surrender of
depositary receipts at the principal office of the depositary, upon payment of any unpaid amount due the depositary, and subject
to the terms of the deposit agreement, the owner of the depositary shares evidenced thereby is entitled to delivery of the number
of whole preferred shares and all money and other property, if any, represented by such depositary shares. Fractional preferred
shares will not be issued. If the depositary receipts delivered by the holder evidence a number of depositary shares in excess
of the number of depositary shares representing the number of whole preferred shares to be withdrawn, the depositary will deliver
to such holder at the same time a new depositary receipt evidencing such excess number of depositary shares. Holders of preferred
shares thus withdrawn will not thereafter be entitled to deposit such shares under the deposit agreement or to receive depositary
receipts evidencing depositary shares therefor.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amendment and Termination of Deposit
Agreement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The form of depositary
receipt evidencing the depositary shares and any provision of the deposit agreement may at any time and from time to time be amended
by agreement between us and the depositary. However, any amendment which materially and adversely alters the rights of the holders
(other than any change in fees) of depositary shares will not be effective unless such amendment has been approved by the holders
of at least a majority of the depositary shares then outstanding. No such amendment may impair the right, subject to the terms
of the deposit agreement, of any owner of any depositary shares to surrender the depositary receipt evidencing such depositary
shares with instructions to the depositary to deliver the same to the holder of preferred shares and all money and other property,
if any, represented thereby, except in order to comply with mandatory provisions of applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The deposit agreement
will be permitted to be terminated by us upon not less than 30 days prior written notice to the applicable depositary if (i) such
termination is necessary to preserve our qualification as a REIT under the Code or (ii) a majority of each class or series of
preferred shares affected by such termination consents to such termination, whereupon such depositary will be required to deliver
or make available to each holder of depositary receipts, upon surrender of the depositary receipts held by such holder, such number
of whole or fractional preferred shares as are represented by the depositary shares evidenced by such depositary receipts together
with any other property held by such depositary with respect to such depositary receipts. We will agree that if the deposit agreement
is terminated to preserve our qualification as a REIT under the Code, then we will use our best efforts to list the preferred
shares issued upon surrender of the related depositary shares on a national securities exchange. In addition, the deposit agreement
will automatically terminate if (i) all outstanding depositary shares thereunder will have been redeemed, (ii) there has been
a final distribution in respect of the related preferred shares in connection with any liquidation, dissolution or winding up
of the Trust and such distribution has been distributed to the holders of depositary receipts evidencing the depositary shares
representing such preferred shares or (iii) each preferred share will have been converted into shares of the Trust not so represented
by depositary shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay all transfer
and other taxes and governmental charges arising solely from the existence of the depositary arrangements. We will pay charges
of the depositary in connection with the initial deposit of the preferred shares and initial issuance of the depositary shares,
and redemption of the preferred shares and all withdrawals of preferred shares by owners of depositary shares. Holders of depositary
receipts will pay transfer, income and other taxes and governmental charges and certain other charges as are provided in the deposit
agreement to be for their accounts. In certain circumstances, the depositary may refuse to transfer depositary shares, may withhold
dividends and distributions and sell the depositary shares evidenced by such depositary receipt if such charges are not paid.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The depositary will
forward to the holders of depositary receipts all reports and communications from us which are delivered to the depositary and
which we are required to furnish to the holders of the preferred shares. In addition, the depositary will make available for inspection
by holders of depositary receipts at the principal office of the depositary, and at such other places as it may from time to time
deem advisable, any reports and communications received from us which are received by the depositary as the holder of preferred
shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither we nor the
depositary assumes any obligation or will be subject to any liability under the deposit agreement to holders of depositary receipts
other than for its negligence or willful misconduct. Neither we nor the depositary will be liable if it is prevented or delayed
by law or any circumstance beyond its control in performing its obligations under the deposit agreement. The obligations of the
Company and the depositary under the deposit agreement will be limited to performance in good faith of their duties thereunder,
and they will not be obligated to prosecute or defend any legal proceeding in respect of any depositary shares or preferred shares
unless satisfactory indemnity is furnished. We and the depositary may rely on written advice of counsel or accountants, on information
provided by holders of the depositary receipts or other persons believed in good faith to be competent to give such information
and on documents believed to be genuine and to have been signed or presented by the proper party or parties. In the event the
depositary will receive conflicting claims, requests or instructions from any holders of depositary receipts, on the one hand,
and we, on the other hand, the depositary will be entitled to act on such claims, requests or instructions received from us.</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Resignation and Removal of Depositary</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The depositary may
resign at any time by delivering to us notice of its election to do so, and we may at any time remove the depositary, any such
resignation or removal to take effect upon the appointment of a successor depositary and its acceptance of such appointment. Such
successor depositary must be appointed within 60 days after delivery of the notice for resignation or removal and must be a bank
or trust company having its principal office in the United States of America and having a combined capital and surplus of at least
$150,000,000.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restrictions on Ownership and Transfer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For us to qualify
as a REIT under the Code, not more than 50% in value of our outstanding shares may be owned, directly or indirectly, by five or
fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year. To assist us in
meeting this requirement, we may take certain actions to limit the beneficial ownership, directly or indirectly, by a single person
of our outstanding equity securities, including any depositary shares. The applicable prospectus supplement will specify any additional
ownership limitation relating to the depositary shares being offered thereby. See &ldquo;Restrictions on Ownership Transfers and
Takeover Defense Provisions&rdquo; beginning on page 16 of this prospectus.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_009"></A>DESCRIPTION
OF WARRANTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue warrants
for the purchase of debt or equity securities described in this prospectus. Warrants may be issued independently or together with
any offered securities and may be attached to or separate from such securities. Each series of warrants will be issued under a
separate warrant agreement we will enter into with a warrant agent specified in the agreement. The warrant agent will act solely
as our agent in connection with the warrants of that series and will not assume any obligation or relationship of agency or trust
for or with any holders or beneficial owners of warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A prospectus supplement
relating to any series of warrants being offered will include specific terms relating to the offering. They will include, where
applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         title of the warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         aggregate number of warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         price or prices at which the warrants will be issued;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         currencies in which the price or prices of the warrants may be payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         designation, amount and terms of the offered securities purchasable upon exercise of
                                         the warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         designation and terms of the other offered securities, if any, with which the warrants
                                         are issued and the number of warrants issued with the security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if
                                         applicable, the date on and after which the warrants and the offered securities purchasable
                                         upon exercise of the warrants will be separately transferable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         price or prices at which, and currency or currencies in which, the offered securities
                                         purchasable upon exercise of the warrants may be purchased;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         date on which the right to exercise the warrants will commence and the date on which
                                         the right will expire;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         minimum or maximum amount of the warrants which may be exercised at any one time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">information
                                         with respect to book-entry procedures, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         listing of warrants on any securities exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if
                                         appropriate, a discussion of material U.S. federal income tax considerations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         other material term of the warrants, including terms, procedures and limitations relating
                                         to the exchange and exercise of the warrants.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restrictions on Ownership and Transfer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For us to qualify
as a REIT under the Code, not more than 50% in value of our outstanding shares may be owned, directly or indirectly, by five or
fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year. To assist us in
meeting this requirement, we may take certain actions to limit the beneficial ownership, directly or indirectly, by a single person
of our outstanding equity securities, including any equity shares that may be purchased pursuant to the warrants. The applicable
prospectus supplement will specify any additional ownership limitation relating to the warrants being offered thereby. See &ldquo;Restrictions
on Ownership Transfers and Takeover Defense Provisions&rdquo; beginning on page 16 of this prospectus.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_010"></A>DESCRIPTION
OF SUBSCRIPTION RIGHTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a
general description of the terms of the subscription rights we may issue from time to time. Particular terms of any subscription
rights we offer will be described in the prospectus supplement relating to such subscription rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue subscription
rights to purchase our common shares. These subscription rights may be issued independently or together with any other security
offered hereby and may or may not be transferable by the shareholder receiving the subscription rights in such offering. In connection
with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters or other purchasers
pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after
such offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement will describe the specific terms of any offering of subscription rights for which this prospectus is being delivered,
including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         price, if any, for the subscription rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         exercise price payable for each common share upon the exercise of the subscription rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         number of subscription rights issued to each shareholder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         number and terms of the common shares which may be purchased per each subscription right;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         extent to which the subscription rights are transferable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         other terms of the subscription rights, including the terms, procedures and limitations
                                         relating to the exchange and exercise of the subscription rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         date on which the right to exercise the subscription rights will commence, and the date
                                         on which the subscription rights will expire;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         extent to which the subscription rights may include an over-subscription privilege with
                                         respect to unsubscribed securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if
                                         appropriate, a discussion of material U.S. federal income tax considerations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if
                                         applicable, the material terms of any standby underwriting or purchase arrangement entered
                                         into by us in connection with the offering of subscription rights.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The description in
the applicable prospectus supplement of any subscription rights we offer will not necessarily be complete and will be qualified
in its entirety by reference to the applicable subscription rights certificate or subscription rights agreement, which will be
filed with the SEC if we offer subscription rights.</P>

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


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restrictions on Ownership and Transfer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For us to qualify
as a REIT under the Code, not more than 50% in value of our outstanding shares may be owned, directly or indirectly, by five or
fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year. To assist us in
meeting this requirement, we may take certain actions to limit the beneficial ownership, directly or indirectly, by a single person
of our outstanding equity securities, including any subscription rights to acquire our equity shares. The applicable prospectus
supplement will specify any additional ownership limitation relating to the subscription rights being offered thereby. See &ldquo;Restrictions
on Ownership Transfers and Takeover Defense Provisions&rdquo; beginning on page 16 of this prospectus.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_011"></A>DESCRIPTION
OF SHARE PURCHASE UNITS OR CONTRACTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue share
purchase units or contracts. These may include contracts obligating holders to purchase from us and us to sell to the holders,
a specified number of common shares, preferred shares or depositary shares at a future date or dates. Alternatively, the share
purchase units or contracts may obligate us to purchase from holders, and obligate holders to sell to us, a specified or varying
number of common shares, preferred shares or depositary shares. The consideration per common share, preferred share, or depositary
share may be fixed at the time the share purchase units or contracts are issued or may be determined by a specific reference to
a formula set forth in the share purchase units or contracts. The share purchase units or contracts may provide for settlement
by delivery by us or on our behalf of shares of the underlying security, or they may provide for settlement by reference or linkage
to the value, performance or trading price of the underlying security. The share purchase units or contracts may be issued separately
or as part of share purchase units consisting of a share purchase contract and debt securities, preferred shares or debt obligations
of third parties, including U.S. treasury securities, other stock purchase contracts or common shares, or other securities or
property, securing the holders&rsquo; obligations to purchase or sell, as the case may be, the common shares, preferred shares,
depository shares or other security or property under the share purchase units or contracts. The share purchase units or contracts
may require us to make periodic payments to the holders of the share purchase units or vice versa, and such payments may be unsecured
or prefunded on some basis and may be paid on a current or on a deferred basis. The share purchase units or contracts may require
holders to secure their obligations thereunder in a specified manner and may provide for the prepayment of all or part of the
consideration payable by holders in connection with the purchase of the underlying security or other property pursuant to the
share purchase units or contracts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The securities related
to the share purchase units or contracts may be pledged to a collateral agent for our benefit pursuant to a pledge agreement to
secure the obligations of holders of share purchase units or contracts to purchase the underlying security or property under the
related share purchase units or contracts. The rights of holders of share purchase units or contracts to the related pledged securities
will be subject to our security interest therein created by the pledge agreement. No holder of share purchase units or contracts
will be permitted to withdraw the pledged securities related to such share purchase units or contracts from the pledge arrangement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restrictions on Ownership and Transfer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For us to qualify
as a REIT under the Code, not more than 50% in value of our outstanding shares may be owned, directly or indirectly, by five or
fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year. To assist us in
meeting this requirement, we may take certain actions to limit the beneficial ownership, directly or indirectly, by a single person
of our outstanding equity securities, including any units. The applicable prospectus supplement will specify any additional ownership
limitation relating to the units being offered thereby. See &ldquo;Restrictions on Ownership Transfers and Takeover Defense Provisions&rdquo;
beginning on page 16 of this prospectus.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="l_012"></A>DESCRIPTION
OF UNITS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As specified in the
applicable prospectus supplement, we may issue units consisting of one or more common shares, preferred shares, debt securities,
subscription rights, depositary shares, warrants or any combination of such securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement will specify the following terms of any units in respect of which this prospectus is being delivered:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         terms of the units and of any of the common shares, preferred shares, debt securities,
                                         warrants, subscription rights or depositary shares comprising the units, including whether
                                         and under what circumstances the securities comprising the units may be traded separately;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                         description of the terms of any unit agreement governing the units;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if
                                         appropriate, a discussion of material U.S. federal income tax considerations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a
                                         description of the provisions for the payment, settlement, transfer or exchange of the
                                         units.</TD>
</TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restrictions on Ownership and Transfer</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For us to qualify
as a REIT under the Code, not more than 50% in value of our outstanding capital shares may be owned, directly or indirectly, by
five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year. To assist
us in meeting this requirement, we may take certain actions to limit the beneficial ownership, directly or indirectly, by a single
person of our outstanding equity securities, including any units. The applicable prospectus supplement will specify any additional
ownership limitation relating to the units being offered thereby. See &ldquo;Restrictions on Ownership Transfers and Takeover
Defense Provisions&rdquo; beginning on page 16 of this prospectus.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="l_013"></A>DESCRIPTION
OF OUR DEBT SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>We may issue debt
securities from time to time, in one or more series under an indenture dated as of December 11, 2006, as supplemented by a first
supplemental indenture dated as of December 11, 2006 between us and U.S. Bank, National Association, as trustee, or under a separate
indenture that we will enter into with a trustee to be selected. The following section describes certain of the material terms
and conditions of the debt securities we may issue. For a more detailed description of the terms of the debt securities, please
refer to the applicable indenture that we will enter into for any debt securities we may issue from time to time, which will be
incorporated by reference into this prospectus, and which we will describe in a prospectus supplement.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>We have filed the
indenture and the first supplemental indenture with U.S. Bank, National Association as an exhibit to this prospectus. You should
read the indenture, the first supplemental indenture and any other supplemental or separate indenture for additional information
before you buy any debt securities. For information on incorporation by reference, and how to obtain a copy of the indenture,
the first supplemental indenture, and any other supplemental indenture, see the section entitled &ldquo;Where You Can Find More
Information&rdquo; on page 44 of this prospectus.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt securities
will be our direct obligations and may be either senior debt securities or subordinated debt securities. The debt securities may
be secured or unsecured. The indenture will not limit the principal amount of debt securities that we may issue. We may issue
debt securities in one or more series. The indenture will set forth the specific terms of each series of debt securities. The
material terms of each series of debt securities will also be described in the applicable prospectus supplement. Each prospectus
supplement and indenture incorporated by reference therein will describe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         title of the debt securities and whether the debt securities are senior or subordinated
                                         debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether
                                         or not the debt securities are secured, and if secured, a description of the collateral
                                         securing that series of debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         limit upon the aggregate principal amount of a series of debt securities that we may
                                         issue;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         aggregate principal amount of our debt securities being offered and the aggregate principal
                                         amount of our debt securities that are then currently outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         date or dates on which principal of the debt securities will be payable and the amount
                                         of principal that will be payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         date or dates, or the method for determining such date or dates, on which the principal
                                         of such debt securities will be payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         rate or rates (which may be fixed or variable) at which the debt securities will bear
                                         interest, if any, the basis upon which such interest rate will be calculated, if applicable,
                                         as well as the dates from which interest will accrue, the dates on which interest will
                                         be payable, the persons to whom interest will be payable (if other than the registered
                                         holders on the record date) and the record date for the interest payable on any payment
                                         date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         currency or currencies in which principal, premium, if any, and interest, if any, will
                                         be paid;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         place or places where principal, premium, if any, and interest, if any, on the debt securities
                                         will be payable and where debt securities that are in registered form can be presented
                                         for registration of transfer or exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">where
                                         notices or demands to or upon us in respect of the debt securities and the applicable
                                         indenture may be served;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                         discussion of material U.S. federal income tax considerations applicable to the ownership
                                         and disposition of the debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         provisions regarding our right to prepay debt securities or of holders to require us
                                         to prepay debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         right, if any, of holders of the debt securities to convert them into common shares,
                                         preferred shares or other securities, the terms upon which such conversion may occur,
                                         and any provisions intended to prevent dilution of the conversion rights and any provisions
                                         limiting the exercise rights of the holders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         provisions requiring or permitting us to make payments to a sinking fund that will be
                                         used to redeem debt securities or a purchase fund that will be used to purchase debt
                                         securities, and the times and prices at which we must redeem, repay or repurchase such
                                         securities as a result of such obligation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         times, prices and other terms and conditions upon which we may redeem the debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         index or formula used to determine the required payments of principal, premium, if any,
                                         or interest, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         percentage of the principal amount of the debt securities which is payable if maturity
                                         of the debt securities is accelerated because of a default;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         additional or modified events of default or covenants with respect to the debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether
                                         we will be restricted from incurring any additional indebtedness or any other covenants
                                         with respect to a particular series of debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether
                                         the debt securities will be guaranteed and, if so, on what terms;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         trustee, authenticating or paying agent, transfer agent or registrar; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         other material terms of the debt securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture may
contain restrictions on our ability to repurchase our securities or financial covenants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue debt
securities at a discount from their stated principal amount or original issue discount. A prospectus supplement may state whether
any such discount exists and may describe certain material U.S. federal income tax considerations and other special considerations
applicable to a debt security issued with an original issue discount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the principal,
premium, if any, or interest with regard to any series of debt securities is payable in a foreign currency, we will describe in
the prospectus supplement relating to those debt securities any restrictions on currency conversions, material U.S. federal income
tax considerations or other material restrictions with respect to that issue of debt securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue debt
securities in certificated or uncertificated form, in registered form with or without coupons or in bearer form with coupons,
if applicable. We may issue debt securities of a series in the form of one or more global certificates evidencing all or a portion
of the aggregate principal amount of the debt securities of that series. We may deposit the global certificates with depositaries,
and the certificates may be subject to restrictions upon transfer or upon exchange for debt securities in individually certificated
form.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Events of Default and Remedies</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An event of default with respect to each
series of debt securities will include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our default
                                         in the payment of the principal of or premium, if any, on any debt securities of such
                                         series at their maturity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our default
                                         in the payment of any interest due and payable on such series of debt securities and
                                         continuance of such default for the period of time set forth in the indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our default
                                         in making any sinking fund payment as required for any debt security of such series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our default
                                         for the period of time set forth in the indenture after notice by the trustee or the
                                         holders of the percentage set forth in the indenture in principal amount of the outstanding
                                         debt securities of that series in the observance or performance of any other covenants
                                         in the indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our default
                                         on certain of our borrowings in an aggregate principal amount in excess of the amount
                                         set forth in the indenture causing the acceleration of that indebtedness; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>certain events
                                         involving our or our significant subsidiaries&rsquo; bankruptcy, insolvency or reorganization.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The indenture relating to particular series
of debt securities may include other events of default with respect to any such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture may
provide that the trustee may withhold notice to the holders of any series of debt securities of any default (except a default
in payment of principal, premium, if any, or interest) if the trustee considers it to be in the interest of the holders of the
series to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture may
provide that if any event of default has occurred and is continuing, the trustee or the holders of not less than the percentage
set forth in the indenture in principal amount of a series of debt securities then outstanding may declare the principal of and
accrued interest, if any, on that series of debt securities to be due and payable immediately. However, if we cure all events
of default (except the failure to pay principal, premium or interest that became due solely because of the acceleration) and certain
other conditions are met, the holders of a majority in principal amount of the applicable series of debt securities may rescind
and annul such declaration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of a majority
of the outstanding principal amount of a series of debt securities may have the right to direct the time, method and place of
conducting proceedings for any remedy available to the trustee, subject to certain limitations specified in the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement and the indenture incorporated by reference therein will describe any additional or modified events of default which
apply to any series of debt securities.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">without
                                         the consent of holders of the outstanding debt securities, modify the indenture to cure
                                         errors or clarify ambiguities, add to our covenants and the events of default for the
                                         benefit of any particular series of debt securities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">with
                                         the consent of the holders of not less than a majority in principal amount of a particular
                                         series of debt securities that are outstanding under the indenture, modify the indenture
                                         or the rights of the holders of such series of debt securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, without the
consent of the holder of each outstanding debt security affected thereby, we may not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">change
                                         the stated maturity of, the principal of, premium, if any, or installment of interest
                                         of any debt securities, reduce the rate or extend the time for payment of interest, if
                                         any, on any debt securities, reduce the principal amount of any debt securities or the
                                         premium, if any, on any debt securities, impair the right of a holder to institute suit
                                         for the payment of principal, premium, if any, or interest, if any, with regard to any
                                         debt securities on or after the stated maturity or change the currency in which any debt
                                         securities are payable; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the percentage
                                         of principal amount of debt securities the holders of which are required to consent to
                                         an amendment, supplement or waiver with respect to such series.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture, any
supplemental indenture and the debt securities issued thereunder will be governed by, and construed in accordance with, the laws
of the State of New York.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="l_014"></A><B>GLOBAL
SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue some
or all of our securities of any class or series as global securities. We will register each global security in the name of a depositary
identified in the applicable prospectus supplement. The global securities will be deposited with a depositary or nominee or custodian
for the depositary and will bear a legend regarding restrictions on exchanges and registration of transfer as discussed below
and any other matters to be provided pursuant to the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As long as the depositary
or its nominee is the registered holder of a global security, that person will be considered the sole owner and holder of the
global security and the securities represented by it for all purposes under the securities and the indenture. Except in limited
circumstances, owners of a beneficial interest in a global security:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will
                                         not be entitled to have the global security or any securities represented by it registered
                                         in their names;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will
                                         not receive or be entitled to receive physical delivery of certificated securities in
                                         exchange for the global security; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will
                                         not be considered to be the owners or holders of the global security or any securities
                                         represented by it for any purposes under the securities or the indenture.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will make all payments
of principal and any premium and interest on a global security to the depositary or its nominee as the holder of the global security.
The laws of some jurisdictions require that certain purchasers of securities take physical delivery of securities in definitive
form. These laws may impair the ability to transfer beneficial interests in a global security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ownership of beneficial
interests in a global security will be limited to institutions having accounts with the depositary or its nominee, called &ldquo;participants&rdquo;
for purposes of this discussion, and to persons that hold beneficial interests through participants. When a global security is
issued, the depositary will credit on its book-entry, registration and transfer system the principal amounts of securities represented
by the global security to the accounts of its participants. Ownership of beneficial interests in a global security will be shown
only on, and the transfer of those ownership interests will be effected only through, records maintained by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         depositary, with respect to participants&rsquo; interests; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         participant, with respect to interests of persons held by the participants on their behalf.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments by participants
to owners of beneficial interests held through the participants will be the responsibility of the participants. The depositary
may from time to time adopt various policies and procedures governing payments, transfers, exchanges and other matters relating
to beneficial interests in a global security. None of the following will have any responsibility or liability for any aspect of
the depositary&rsquo;s or any participant&rsquo;s records relating to, or for payments made on account of, beneficial interests
in a global security, or for maintaining, supervising or reviewing any records relating to those beneficial interests:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">us
                                         or our affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         trustee under any indenture; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         agent of any of the above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_015"></A>RESTRICTIONS
ON OWNERSHIP TRANSFERS AND TAKEOVER DEFENSE PROVISIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary does
not purport to be complete and is qualified in its entirety by reference to our declaration of trust and bylaws, each as supplemented,
amended or restated, the Code, and Maryland law. See &ldquo;Where You Can Find More Information&rdquo; on page 44 of this prospectus.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Restrictions
on Ownership and Transfer of Our Shares</I>.</B> To qualify as a REIT under the Code, we must satisfy certain ownership requirements.
Specifically, not more than 50% in value of our outstanding common shares may be owned, directly or indirectly, by five or fewer
individuals (as defined in the Code to include certain entities) during the last half of a taxable year, and the common shares
must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of twelve months or during a proportionate
part of a shorter taxable year.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to ensure
that we continue to qualify as a REIT under the Code, our declaration of trust contains provisions intended to assist us in satisfying
the requirements described above. In regard to the ownership requirements, the declaration of trust prohibits any person from
owning, directly or indirectly, by virtue of (i) the attribution rules of the Code or (ii) being a beneficial owner as defined
in Rule 13d-3 promulgated under the Exchange Act, more than 9.8% in value or number of the issued and outstanding shares of any
class or series of our shares of beneficial interest, subject to certain exceptions. The trustees may waive this limitation if
such ownership will not jeopardize our status as a REIT. As a condition of such waiver, the trustees may require opinions of counsel
satisfactory to them and/or an undertaking from the applicant with respect to preserving our REIT status under the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our declaration of
trust also provides that any purported transfer or issuance of any class or series of our shares of beneficial interest or our
securities convertible into such shares that would (i) violate the 9.8% limitation described above, (ii) result in shares being
owned by fewer than 100 persons for purposes of the REIT provisions of the Code, (iii) result in our being &ldquo;closely held&rdquo;
within the meaning of Section 856(h) of the Code, or (iv) otherwise jeopardize our REIT status under the Code will be null and
void and the proposed transferee will not acquire any rights in the shares, and will be deemed to have never had an interest therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, shares of
beneficial interest transferred, or proposed to be transferred, in contravention of the 9.8% limitation described above or in
a manner that would otherwise jeopardize our status as a REIT will be subject to purchase by us at a price equal to the fair market
value of such shares (determined in accordance with the rules set forth in our declaration of trust). From and after the date
fixed for purchase, and so long as payment of the purchase price for the shares to be redeemed shall have been made or duly provided
for, the holder of any shares in violation of the 9.8% limitation described above so called for purchase shall cease to be entitled
to dividends, distributions, voting rights and other benefits with respect to such shares, excepting only the right to payment
of the purchase price. Any dividend or distribution paid to a proposed transferee on such shares prior to the discovery by the
Trust that such shares have been transferred in violation 9.8% limitation described above shall be repaid to us upon demand.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any certificates representing
the common shares bear a legend referring to the restrictions described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ownership limitations
described above could have the effect of delaying, deferring or preventing a takeover or other transaction in which holders of
some, or a majority, of common shares might receive a premium for their shares over the then prevailing market price or which
such holders might believe to be otherwise in their best interest.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Control Share
Acquisitions</I></B>. The Maryland General Corporation Law (&ldquo;MGCL&rdquo;), as applicable to Maryland REITs, provides that
a holder of &ldquo;control shares&rdquo; of a Maryland REIT acquired in a &ldquo;control share acquisition&rdquo; has no voting
rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter, excluding shares
of beneficial interest owned by the acquiror, by officers or by trustees who are employees of the REIT. &ldquo;Control shares&rdquo;
are voting shares of beneficial interest which, if aggregated with all other such shares of beneficial interest previously acquired
by the acquiror, or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely
by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing trustees within one of the following
ranges of voting power: (i) one-tenth or more but less than one-third, (ii) one-third or more but less than a majority, or (iii)
a majority or more of all voting power. Control shares do not include shares the acquiring person is then entitled to vote as
a result of having previously obtained shareholder approval. A &ldquo;control share acquisition&rdquo; means the acquisition of
control shares, subject to certain exceptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A person who has made
or proposes to make a control share acquisition, upon satisfaction of certain conditions (including an undertaking to pay expenses
of the meeting), may compel the board of trustees of the REIT to call a special meeting of shareholders to be held within 50 days
of demand to consider the voting rights of the shares. If no request for a meeting is made, the REIT may itself present the question
at any shareholders meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If voting rights are
not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute,
then, subject to certain conditions and limitations, the REIT may redeem any or all of the control shares (except those for which
voting rights have previously been approved) for fair value. Fair value is determined, without regard to the absence of voting
rights for the control shares, as of the date of the last control share acquisition by the acquiror or, if a meeting of shareholders
is held at which the voting rights of such shares are considered and not approved, as of the date of the meeting. If voting rights
for control shares are approved at a shareholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled
to vote, all other shareholders may exercise appraisal rights. The fair value of the shares as determined for purposes of such
appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The control share
acquisition statute does not apply (a) to shares acquired in a merger, consolidation or share exchange if the REIT is a party
to the transaction or (b) to acquisitions approved or exempted by the declaration of trust or bylaws of the REIT.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our bylaws contain
a provision exempting from the control share acquisition statute any and all acquisitions by any person of our Company&rsquo;s
shares of beneficial interest. There can be no assurance that this provision will not be amended or eliminated at any time in
the future, and may be amended or eliminated with retroactive effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Business Combinations.
</I></B>Under the MGCL, as applicable to Maryland REITs, certain &ldquo;business combinations&rdquo; (including a merger, consolidation,
share exchange or, in certain circumstances, an asset transfer or issuance or reclassification of equity securities) between a
Maryland REIT and any person who beneficially owns ten percent or more of the voting power of the REIT&rsquo;s outstanding voting
shares of beneficial interest or an affiliate or associate of the REIT who, at any time within the two-year period immediately
prior to the date in question, was the beneficial owner of ten percent or more of the voting power of the then-outstanding voting
shares of beneficial interest of the REIT (an &ldquo;Interested Shareholder&rdquo;) or an affiliate thereof are prohibited for
five years after the most recent date on which the Interested Shareholder becomes an Interested Shareholder. Thereafter, any such
business combination must generally be recommended by the board of trustees of such REIT and approved by the affirmative vote
of at least (a) 80% of the votes entitled to be cast by holders of outstanding voting shares of beneficial interest of the REIT
and (b) two-thirds of the votes entitled to be cast by holders of voting shares of the REIT other than shares held by the Interested
Shareholder with whom (or with whose affiliate) the business combination is to be effected, unless, among other conditions, the
REIT&rsquo;s common shareholders receive a minimum price (as defined in the MGCL) for their shares and the consideration is received
in cash or in the same form as previously paid by the Interested Shareholder for its shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These provisions of
the MGCL do not apply, however, to business combinations that are approved or exempted by the board of trustees of the REIT prior
to the time that the Interested Shareholder becomes an Interested Shareholder. A person is not an Interested Shareholder under
the statute if the board of trustees approved in advance the transaction by which he otherwise would have become an Interested
Shareholder. The board of trustees may provide that its approval is subject to compliance with any terms and conditions determined
by the board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not elected
to opt-out of the business combination statute. The business combination statute may have the effect of inhibiting a third party
from making an acquisition proposal for us or of delaying, deferring or preventing a change of control of us under circumstances
that otherwise could provide our shareholders with the opportunity to realize a premium over the then-current market price or
that our shareholders may otherwise believe is in their best interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Subtitle 8.
</I></B>Subtitle 8 of Title 3 of the MGCL permits a Maryland REIT with a class of equity securities registered under the Exchange
Act and at least three independent trustees to elect to be subject, by provision in its declaration of trust or bylaws or a resolution
of its board of trustees and notwithstanding any contrary provision in the declaration of trust or bylaws, to any or all of five
provisions of the MGCL, which provide for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -4.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.1in; text-align: left">&bull;</TD><TD>a classified board;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.1in; text-align: left">&bull;</TD><TD>a two-thirds vote requirement for removing
                                         a trustee;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.1in; text-align: left">&bull;</TD><TD>a requirement that the number of trustees
                                         be fixed only by vote of the trustees;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.1in; text-align: left">&bull;</TD><TD>a requirement that a vacancy on the board
                                         be filled only by the remaining trustees and for the remainder of the full term of the
                                         class of trustees in which the vacancy occurred; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.1in; text-align: left">&bull;</TD><TD>a majority requirement for the calling
                                         of a special meeting of shareholders.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Through provisions
in our declaration of trust and bylaws unrelated to Subtitle 8, we already (a) require the affirmative vote of at least two-thirds
of the votes entitled to be cast generally in the election of trustees to remove a trustee from our board of trustees, (b) vest
in our board of trustees the exclusive power to fix the number of trustees, (c) vest in our board of trustees the exclusive power
to fill vacancies and (d) require, unless called by our chairman of our board of trustees, our chief executive officer, our president
or our board of trustees, the written request of shareholders entitled to cast not less than 40% of all the votes entitled to
be cast at such a meeting to call a special meeting. We have not elected to create a classified board. In the future, our board
of trustees may elect, without shareholder approval, to create a classified board or elect to be subject to any of the other provisions
of Subtitle 8.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="l_016"></A>CERTAIN
PROVISIONS OF MARYLAND LAW AND OUR DECLARATION OF TRUST AND BYLAWS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary does
not purport to be complete and is qualified in its entirety by reference to our declaration of trust and bylaws, each as supplemented,
amended or restated. See &ldquo;Where You Can Find More Information&rdquo; on page 44 of this prospectus.</I></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Number of Trustees;
Election of Trustees, Removal of Trustees, the Filling of Vacancies.</I></B> Our declaration of trust provides that the board
of trustees will consist of not less than two nor more than fifteen persons, and that the number of trustees will be set by the
trustees then in office. Our board currently consists of eight trustees, each of whom serves until the next annual meeting of
shareholders and until his or her successor is duly elected and qualifies. Each trustee shall be elected by the vote of the majority
of the votes cast by the holders of common shares at a meeting duly called at which a quorum is present; provided that if the
number of nominees exceeds the number of trustees to be elected, the trustees shall be elected by the vote of a plurality of the
votes cast by the holders of common shares at a meeting duly called at which a quorum is established. A majority of the votes
cast means that the number of shares voted &ldquo;for&rdquo; a nominee must exceed 50% of the sum of the votes cast &ldquo;for&rdquo;
plus the votes cast &ldquo;against&rdquo; or &ldquo;withheld&rdquo; with respect to that nominee. If a nominee that is already
serving as a trustee is not elected, such trustee shall offer to tender his or her resignation to the board of trustees. The nominating
and corporate governance committee will make a recommendation to the board of trustees on whether to accept or reject the resignation,
or whether other action should be taken.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our declaration of
trust provides that the shareholders may, at any time, remove any trustee, with or without cause, by the affirmative vote of two-thirds
of all the votes entitled to be cast generally in the election of trustees. Any vacancy (including a vacancy created by an increase
in the number of trustees) will be filled, at any regular meeting or at any special meeting called for that purpose, by a majority
of the trustees remaining in office. Any trustee elected to fill a vacancy will serve for the remainder of the full term of the
trusteeship in which the vacancy occurred and until his or her successor is duly elected and qualifies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Limitation of
Liability and Indemnification of Trustees and Officers.</I></B> Our declaration of trust authorizes and our bylaws obligate us,
to the maximum extent permitted under Maryland law, to indemnify our trustees and officers in their capacity as such. Section
8-301(15) of the Corporations and Associations Article of the Annotated Code of Maryland permits a Maryland REIT to indemnify
or advance expenses to trustees and officers to the same extent as is permitted for directors and officers of a Maryland corporation
under the MGCL. The MGCL requires a Maryland corporation (unless its charter provides otherwise, which our declaration of trust
does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding
to which he is made, or threatened to be made, a party by reason of his or her service in that capacity. The MGCL permits a Maryland
corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements
and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made, or threatened to
be made, a party to, or witness in, by reason of their service in those or other capacities unless it is established that (a)
the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed
in bad faith or (ii) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper
personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable
cause to believe that the act or omission was unlawful. However, a Maryland corporation may not indemnify for an adverse judgment
in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly
received, unless, in either case, a court orders indemnification and then only for expenses. In addition, the MGCL permits a corporation
to advance reasonable expenses to a director or officer upon the corporation&rsquo;s receipt of (y) a written affirmation by the
director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification
by the corporation and (z) a written undertaking by such director or officer or on his or her behalf to repay the amount paid
or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our declaration of
trust authorizes us, and our bylaws require us, to the maximum extent permitted by Maryland law, to indemnify (i) any present
or former trustee or officer or (ii) any individual who, while serving as our trustee or officer and at our request, serves or
has served another corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee
benefit plan or any other enterprise as a director, officer, partner, member, manager, or trustee, from and against any claim
or liability to which such person may become subject or which such person may incur by reason of his or her service in such capacity
or capacities, and to pay or reimburse his or her reasonable expenses in advance of final disposition of such a proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our bylaws also permit
us, subject to the approval of our board of trustees, to indemnify and advance expenses to any person who served a predecessor
of ours in any of the capacities described above and to any employee or agent of our Company or a predecessor of our Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
above, we have purchased and maintain insurance on behalf of all of our trustees and executive officers against liability asserted
against or incurred by them in their official capacities with us, whether or not we are required or have the power to indemnify
them against the same liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Advance Notice
of Trustee Nominations and New Business. </I></B>Our bylaws provide that (a) with respect to an annual meeting of shareholders,
nominations of individuals for election to our board of trustees and the proposal of other business to be considered by shareholders
may be made only (i) pursuant to our Company&rsquo;s notice of the meeting, (ii) by or at the direction of the board of trustees
or (iii) by a shareholder who is a shareholder of record both at the time of giving of notice by the shareholder and at the time
of the meeting, who is entitled to vote at the meeting in the election of the individual so nominated or such other business and
has complied with the advance notice procedures set forth in the bylaws and (b) with respect to special meetings of shareholders,
only the business specified in our Company&rsquo;s notice of meeting may be brought before the meeting of shareholders and nominations
of individuals for election to the board of trustees may be made only (i) by or at the direction of the board of trustees or (ii)
provided that the meeting has been called for the purpose of electing trustees by a shareholder who is a shareholder of record
both at the time of giving of notice by the shareholder and at the time of the meeting, who is entitled to vote at the meeting
in the election of each individual so nominated and has complied with the advance notice provisions set forth in the bylaws.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Amendments to
our Declaration of Trust.</I></B> In general, the declaration of trust may be amended by the affirmative vote of the holders of
not less than a majority of the common shares then outstanding and entitled to vote thereon. However, amendments with respect
to certain provisions relating to the ownership requirements, reorganizations and certain mergers or consolidations or the sale
of substantially all of our assets, require the affirmative vote of the holders of not less than two-thirds of the common shares
then outstanding and entitled to vote thereon. Our trustees, by a two-thirds vote, may amend the provisions of the declaration
of trust from time to time to effect any change deemed necessary by our trustees to allow us to qualify and continue to qualify
as a REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Termination
of Operations or our REIT Status.</I></B> The declaration of trust permits the termination and the discontinuation of our operations
by the affirmative vote of the holders of not less than two-thirds of the outstanding shares entitled to vote at a meeting of
shareholders called for that purpose. In addition, the declaration of trust permits the trustees to terminate our REIT status
at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Anti-Takeover
Effect of Certain Provisions of the Declaration of Trust.</I></B> The limitation on ownership and transfer of shares of beneficial
interest set forth in our declaration of trust could have the effect of discouraging offers to acquire us or of hampering the
consummation of a contemplated acquisition. See &ldquo;Restrictions on Ownership Transfers and Takeover Defense Provisions&rdquo;
beginning on page 16 of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Forum Selection
Clause. </I></B>Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive
forum for (a) any derivative action or proceeding brought on our behalf, (b) any action asserting a claim of breach of any duty
owed by us or by any of our trustees or officers or other employees to us or to our shareholders, (c) any action asserting a claim
against us or any of our trustees or officers or other employees arising pursuant to any provision of the Maryland REIT Law, the
MGCL or our declaration of trust or bylaws or (d) any action asserting a claim against us or any of our trustees or officers or
other employees that is governed by the internal affairs doctrine shall be, in each case, the Circuit Court for Baltimore City,
Maryland, or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore
Division.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_017"></A>MATERIAL
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The following discussion
describes certain of the material U.S. federal income tax considerations relating to our taxation as a REIT under the Code, and
the ownership and disposition of our common shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we offer one or
more additional series of common shares or preferred shares, debt securities, depositary shares, warrants to purchase debt or
equity securities, subscription rights to purchase our common shares or units consisting of one or more common shares, debt securities,
subscription rights, depositary shares, warrants or any combination of the foregoing securities, the prospectus supplement would
include information about certain material U.S. federal income tax consequences to holders of any of the offered securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because this summary
is only intended to address certain of the material U.S. federal income tax considerations relating to the ownership and disposition
of our common shares, it may not contain all of the information that may be important to you. As you review this discussion, you
should keep in mind that:</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the tax consequences to you may vary depending on your particular
    tax situation;</FONT></TD></TR>
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">you may be a person that is subject to special tax treatment
    or special rules under the Code (e.g., regulated investment companies, insurance companies, tax-exempt entities, financial
    institutions or broker-dealers, expatriates, persons subject to the alternative minimum tax and partnerships, trusts, estates
    or other pass through entities) that the discussion below does not address;</FONT></TD></TR>
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the discussion below does not address any state, local or non-U.S.
    tax considerations; and</FONT></TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the discussion below deals only with shareholders that hold
    our common shares as a &ldquo;capital asset,&rdquo; within the meaning of Section 1221 of the Code.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We urge you to consult
with your own tax advisors regarding the specific tax consequences to you of acquiring, owning and selling our common shares,
including the federal, state, local and foreign tax consequences of acquiring, owning and selling our common shares in your particular
circumstances and potential changes in applicable laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information contained
in this section is based on the Code, final, temporary and proposed Treasury Regulations promulgated thereunder, the legislative
history of the Code, current administrative interpretations and practices of the Internal Revenue Service (the &ldquo;IRS&rdquo;)
(including in private letter rulings and other non-binding guidance issued by the IRS), as well as court decisions all as of the
date hereof. No assurance can be given that future legislation, Treasury Regulations, administrative interpretations and court
decisions will not significantly change current law or adversely affect existing interpretations of current law, or that any such
change would not apply retroactively to transactions or events preceding the date of the change. We have not obtained, and do
not intend to obtain, any rulings from the IRS concerning the U.S. federal income tax treatment of the matters discussed below.
Furthermore, neither the IRS nor any court is bound by any of the statements set forth herein and no assurance can be given that
the IRS will not assert any position contrary to statements set forth herein or that a court will not sustain such position.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B><I>Taxation of Acadia
Realty Trust as a REIT</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Seyfarth Shaw LLP,
which has acted as our tax counsel, has reviewed the following discussion and is of the opinion that it fairly summarizes the
material U.S. federal income tax considerations relevant to our status as a REIT under the Code and to investors in our common
shares. The following summary of certain U.S. federal income tax considerations is based on current law, is for general information
only, and is not intended to be (and is not) tax advice.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is the opinion
of Seyfarth Shaw LLP that we have been organized and operated in conformity with the requirements for qualification and taxation
as a REIT under the Code, commencing with our taxable year ended December 31, 2001, the Company qualified to be taxed as a REIT
pursuant to sections 856 through 860 of the Code, and that our current and proposed method of operation will enable us to continue
to meet the requirements for qualification and taxation as a REIT under the Code. We must emphasize that this opinion of Seyfarth
Shaw LLP is based on various assumptions, certain representations and statements made by us as to factual matters and is conditioned
upon such assumptions, representations and statements being accurate and complete. Seyfarth Shaw LLP is not aware of any facts
or circumstances that are not consistent with these representations, assumptions and statements. Potential purchasers of our common
shares should be aware, however, that opinions of counsel are not binding upon the IRS or any court. In general, our qualification
and taxation as a REIT depends upon our ability to satisfy, through actual operating results, distribution, diversity of share
ownership, and other requirements imposed under the Code, none of which has been, or will be, reviewed by Seyfarth Shaw LLP. Accordingly,
while we intend to continue to qualify to be taxed as a REIT under the Code no assurance can be given that the actual results
of our operations for any particular taxable year has satisfied, or will satisfy, the requirements for REIT qualification.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Commencing with our
taxable year ended December 31, 1993, we elected to be taxed as a REIT under the Code. We believe that commencing with our taxable
year ended December 31, 1993, we have been organized and have operated in such a manner so as to qualify as a REIT under the Code,
and we intend to continue to operate in such a manner. However, we cannot assure you that we will, in fact, continue to operate
in such a manner or continue to so qualify as a REIT under the Code.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we qualify for
taxation as a REIT under the Code, we generally will not be subject to a corporate-level tax on our net income that we distribute
currently to our shareholders. This treatment substantially eliminates the &ldquo;double taxation&rdquo; (i.e., a corporate-level
tax and shareholder-level tax) that generally results from investment in a regular subchapter C corporation. However, we will
be subject to U.S. federal income tax as follows:</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">First, we would be taxed at regular corporate rates on any of
    our undistributed REIT taxable income, including our undistributed net capital gains (although, to the extent so designated
    by us, shareholders would receive an offsetting credit against their own U.S. federal income tax liability for U.S. federal
    income taxes paid by us with respect to any such gains).</FONT></TD></TR>
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Second, under certain circumstances, we may be subject to the
    &ldquo;corporate alternative minimum tax&rdquo; on our items of tax preference.</FONT></TD></TR>
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Third, if we have (a) net income from the sale or other disposition
    of &ldquo;foreclosure property,&rdquo; which is, in general, property acquired on foreclosure or otherwise on default on a
    loan secured by such real property or a lease of such property, which is held primarily for sale to customers in the ordinary
    course of business or (b) other nonqualifying income from foreclosure property, we will be subject to tax at the highest corporate
    rate on such income.</FONT></TD></TR>
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Fourth, if we have net income from prohibited transactions such
    income will be subject to a 100% tax. Prohibited transactions are, in general, certain sales or other dispositions of property
    held primarily for sale to customers in the ordinary course of business other than foreclosure property.</FONT></TD></TR>
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Fifth, if we should fail to satisfy the annual 75% gross income
    test or 95% gross income test (as discussed below), but nonetheless maintain our qualification as a REIT under the Code because
    certain other requirements have been met, we will have to pay a 100% tax on an amount equal to (a) the gross income attributable
    to the greater of (i) 75% of our gross income over the amount of gross income that is qualifying income for purposes of the
    75% test, and (ii) 95% of our gross income (90% for taxable years beginning on or before October 22, 2004) over the amount
    of gross income that is qualifying income for purposes of the 95% test, multiplied by (b) a fraction intended to reflect our
    profitability.</FONT></TD></TR>
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Sixth, if we should fail to distribute during each calendar
    year at least the sum of (i) 85% of our REIT ordinary income for such year, (ii) 95% of our REIT capital gain net income for
    such year, and (iii) any undistributed taxable income required to be distributed from prior years, we would be subject to
    a 4% excise tax on the excess of such required distribution over the amount actually distributed by us.</FONT></TD></TR>
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Seventh, if we were to acquire an asset from a corporation that
    is or has been a subchapter C corporation in a transaction in which the basis of the asset in our hands is determined by reference
    to the basis of the asset in the hands of the subchapter C corporation, and we subsequently recognize gain on the disposition
    of the asset within the five-year period beginning on the day that we acquired the asset, then we will have to pay tax on
    the built-in gain at the highest regular corporate rate. The results described in this paragraph assume that no election will
    be made under Treasury Regulations Section 1.337(d)-7 for the subchapter C corporation to be subject to an immediate tax when
    the asset is acquired.</FONT></TD></TR>
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Eighth, we could be subject to a 100% tax on income that we
    receive from certain transactions with one of our taxable REIT subsidiaries, (each, a &ldquo;TRS&rdquo;), or on certain expenses
    deducted by one of our TRSs, if the economic arrangement between us, the TRS and the tenants at our properties are not comparable
    to similar arrangements that are conducted on an arm&rsquo;s-length basis among unrelated parties. Effective for taxable years
    beginning after December 31, 2015, such transactions will include those pursuant to which a TRS of ours provides services
    to us, if such transaction is determined to have not been conducted on an arm&rsquo;s-length basis.</FONT></TD></TR>
</TABLE>
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ninth, if we fail to satisfy a REIT asset test, as described
    below, during our 2005 and subsequent taxable years, due to reasonable cause and we nonetheless maintain our REIT qualification
    under the Code because of specified cure provisions, we will generally be required to pay a tax equal to the greater of $50,000
    or the highest corporate tax rate multiplied by the net income generated by the nonqualifying assets that caused us to fail
    this test.</FONT></TD></TR>
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tenth, if we fail to satisfy any provision of the Code that
    would result in our failure to qualify as a REIT (other than a violation of the REIT gross income tests or a violation of
    the asset tests described below) and the violation is due to reasonable cause, we may retain our REIT qualification but will
    be required to pay a penalty of $50,000 for each such failure.</FONT></TD></TR>
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Eleventh, we may be required to pay monetary penalties to the
    IRS in certain circumstances, including if we fail to meet record-keeping requirements intended to monitor our compliance
    with rules relating to the composition of a REIT&rsquo;s shareholders.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Finally, the earnings
of our lower-tier entities that are subchapter C corporations, including TRSs but excluding our QRSs (as defined below), are subject
to federal corporate income tax.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we may
be subject to a variety of taxes, including payroll taxes and state, local and foreign income, property and other taxes on our
assets and operations. We could also be subject to tax in situations and on transactions not presently contemplated.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B><I>Requirements
for REIT Qualification&mdash;In General</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To qualify as a REIT
under the Code, we must elect to be treated as a REIT and must satisfy the annual gross income tests, the quarterly asset tests,
distribution requirements, diversity of share ownership and other requirements imposed under the Code. In general, the Code defines
a REIT as a corporation, trust or association:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(1) &nbsp;&nbsp;&nbsp;that
is managed by one or more trustees or directors;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;&nbsp;the
beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(3) &nbsp;&nbsp;&nbsp;that
would otherwise be taxable as a domestic corporation, but for Sections 856 through 859 of the Code;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(4) &nbsp;&nbsp;&nbsp;that
is neither a financial institution nor an insurance company to which certain provisions of the Code apply;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(5) &nbsp;&nbsp;&nbsp;the
beneficial ownership of which is held by 100 or more persons;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(6) &nbsp;&nbsp;&nbsp;during
the last half of each taxable year, not more than 50% in value of the outstanding stock of which is owned, directly or constructively,
by five or fewer individuals, as defined in the Code to include certain entities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(7)&nbsp;&nbsp;&nbsp;&nbsp;that
uses a calendar year for U.S. federal income tax purposes and complies with the recordkeeping requirements of the U.S. federal
income tax laws; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(8) &nbsp;&nbsp;&nbsp;that
meets certain other tests, described below, regarding the nature of its income and assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Code provides
that the requirements (1)-(4), (7) and (8) above must be met during the entire taxable year and that requirements (5) and (6)
above do not apply to the first taxable year for which a REIT election is made and, thereafter, requirement (5) must be met during
at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months. For
purposes of requirement (6) above, generally (although subject to certain exceptions that should not apply with respect to us),
any stock held by a trust described in Section 401(a) of the Code and exempt from tax under Section 501(a) of the Code is treated
as not held by the trust itself but directly by the trust beneficiaries in proportion to their actuarial interests in the trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that we
have satisfied the requirements above for REIT qualification. In addition, our charter currently includes restrictions regarding
the ownership and transfer of our common shares, which restrictions are intended to assist us in satisfying some of these requirements
(and, in particular requirements (5) and (6) above). The ownership and transfer restrictions pertaining to our common shares are
described in the prospectus under the heading &ldquo;Restrictions on Ownership and Transfers and Takeover Defense Provisions.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In applying the REIT
gross income and asset tests, all of the assets, liabilities and items of income, deduction and credit of a corporate subsidiary
of a REIT that is a &ldquo;qualified REIT subsidiary&rdquo; (as defined in Section 856(i)(2) of the Code) (&ldquo;QRS&rdquo;)
are treated as the assets, liabilities and items of income, deduction and credit of the REIT itself. Moreover, the separate existence
of a QRS is disregarded for U.S. federal income tax purposes and the QRS is not subject to U.S. federal corporate income tax (although
it may be subject to state and local tax in some states and localities). In general, a QRS is any corporation if all of its stock
is held by the REIT, except that it does not include any corporation that is a TRS of the REIT. Thus, for U.S. federal income
tax purposes, our QRSs are disregarded, and all assets, liabilities and items of income, deduction and credit of these QRSs are
treated as our assets, liabilities and items of income, deduction and credit.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A TRS is any corporation
in which a REIT directly or indirectly owns stock, provided that the REIT and that corporation make a joint election to treat
that corporation as a TRS. The election can be revoked at any time as long as the REIT and the TRS revoke such election jointly.
In addition, if a TRS holds, directly or indirectly, more than 35% of the securities of any other corporation other than a REIT
(by vote or by value), then that other corporation is also treated as a TRS. A TRS is subject to U.S. federal income tax at regular
corporate rates (currently a maximum rate of 35%), and may also be subject to state and local tax. Any dividends paid or deemed
paid to us by any one of our TRSs will also be taxable, either (1) to us to the extent the dividend is retained by us, or (2)
to our shareholders to the extent the dividends received from the TRS are paid to our shareholders. We may hold more than 10%
of the stock of a TRS without jeopardizing our qualification as a REIT under the Code notwithstanding the rule described below
under &ldquo;REIT Asset Tests&rdquo; that generally precludes ownership of more than 10% of any issuer&rsquo;s securities. However,
as noted below, in order to qualify as a REIT, the securities of all of our TRSs in which we have invested either directly or
indirectly may not represent more than 20 % (25% for our 2009 taxable year through the end of our 2017 taxable year) of the total
value of our assets. We expect that the aggregate value of all of our interests in TRSs will represent less than 20% (25% for
our 2009 taxable year through the end of our 2017 taxable year) of the total value of our assets; however, we cannot assure that
this will always be true.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A TRS may generally
engage in any business including the provision of customary or non-customary services to tenants of its parent REIT, which, if
performed by the REIT itself, could cause rents received by the REIT to be disqualified as &ldquo;rents from real property.&rdquo;
However, a TRS may not directly or indirectly operate or manage any hotels or health care facilities or provide rights to any
brand name under which any hotel or health care facility is operated, unless such rights are provided to an &ldquo;eligible independent
contractor&rdquo; to operate or manage a hotel if such rights are held by the TRS as a franchisee, licensee, or in a similar capacity
and such hotel is either owned by the TRS or leased to the TRS by its parent REIT. However, for taxable years beginning after
July 30, 2008, a TRS may provide rights to a brand name under which a health care facility is operated, if such rights are provided
to an &ldquo;eligible independent contractor&rdquo; to operate or manage the health care facility and such health care facility
is either owned by the TRS or leased to the TRS by its parent REIT. A TRS will not be considered to operate or manage a qualified
health care property or a qualified lodging facility solely because the TRS (i) directly or indirectly possesses a license, permit,
or similar instrument enabling it to do so, or (ii) employs individuals working at such facility or property located outside the
U.S., but only if an &ldquo;eligible independent contractor&rdquo; is responsible for the daily supervision and direction of such
individuals on behalf of the TRS pursuant to a management agreement or similar service contract. Additionally, the Code contains
several provisions which address the arrangements between a REIT and its TRSs which are intended to ensure that a TRS recognizes
an appropriate amount of taxable income and is subject to an appropriate level of U.S. federal income tax. For example, a TRS
is limited in its ability to deduct interest payments made to the REIT. In addition, a REIT would be subject to a 100% penalty
on some payments that it receives from a TRS, or on certain expenses deducted by the TRS if the economic arrangements between
the REIT, the REIT&rsquo;s tenants and the TRS are not comparable to similar arrangements among unrelated parties. We have several
TRSs and will endeavor to structure any arrangement between ourselves, our TRSs and our tenants so as to minimize the risk of
disallowance of interest expense deductions or of the 100% penalty being imposed. Notwithstanding, however, it cannot be assured
that the IRS would not challenge any such arrangement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also, a REIT that
is a partner in a partnership is deemed to own its proportionate share of each of the assets of the partnership and is deemed
to be entitled to income of the partnership attributable to such proportionate share. For purposes of Section 856 of the Code,
the interest of a REIT in the assets of a partnership of which it is a partner is determined in accordance with the REIT&rsquo;s
capital interest in the partnership and the character of the assets and items of gross income of the partnership retain the same
character in the hands of the REIT. For example, if the partnership holds any property primarily for sale to customers in the
ordinary course of its trade or business, the REIT is treated as holding its proportionate share of such property primarily for
such purpose. Thus, our proportionate share (based on our capital interest) of the assets, liabilities and items of income of
any partnership in which we are a partner, including the Operating Partnership (and our indirect share of the assets, liabilities
and items of income of each lower-tier partnership), will be treated as our assets, liabilities and items of income for purposes
of applying the requirements described in this section. For purposes of the 10% Value Test (described under &ldquo;REIT Asset
Tests&rdquo; below) our proportionate share is based on our proportionate interest in the equity interests and certain debt securities
issued by a partnership. Also, actions taken by the Operating Partnership or other lower-tier partnerships can affect our ability
to satisfy the REIT gross income and asset tests and the determination of whether we have net income from a prohibited transaction.
For purposes of this section any reference to &ldquo;partnership&rdquo; will refer to and include any partnership, limited liability
company, joint venture, business trust and other entity or arrangement that is treated as a partnership for U.S. federal income
tax purposes, and any reference to &ldquo;partner&rdquo; will refer to and include a partner, member, joint venturer and other
beneficial owner of any such partnership, limited liability company, joint venture, business trust and other entity or arrangement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>REIT Gross Income
Tests</I>: In order to maintain our qualification as a REIT under the Code, we must satisfy, on an annual basis, two gross income
tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">First, at least 75% of our gross income, excluding gross income
    from prohibited transactions and certain &ldquo;hedging transactions&rdquo; for each taxable year must be derived directly
    or indirectly from investments relating to real property or mortgages on real property, including &ldquo;rents from real property,&rdquo;
    gains on the disposition of real estate, dividends paid by another REIT and interest on obligations secured by mortgages on
    real property or on interests in real property, or from some types of temporary investments.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Second, at least 95% of our gross income, excluding gross income
    from prohibited transactions and certain &ldquo;hedging transactions,&rdquo; for each taxable year must be derived from any
    combination of income qualifying under the 75% test and dividends, interest, and gain from the sale or disposition of stock
    or securities.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For this purpose the
term &ldquo;rents from real property&rdquo; includes: (a) rents from interests in real property; (b) charges for services customarily
furnished or rendered in connection with the rental of real property, whether or not such charges are separately stated; and (c)
rent attributable to personal property which is leased under, or in connection with, a lease of real property, but only if the
rent attributable to such personal property for the taxable year does not exceed 15% of the total rent for the taxable year attributable
to both the real and personal property leased under, or in connection with, such lease. For purposes of (c), the rent attributable
to personal property is equal to that amount which bears the same ratio to total rent for the taxable year as the average of the
fair market values of the personal property at the beginning and at the end of the taxable year bears to the average of the aggregate
fair market values of both the real property and the personal property at the beginning and at the end of such taxable year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, in order
for rent received or accrued, directly or indirectly, with respect to any real or personal property, to qualify as &ldquo;rents
from real property,&rdquo; the following conditions must be satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">such rent must not be based in whole or in part on the income
    or profits derived by any person from the property (although the rent may be based on a fixed percentage of receipts or sales);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">such rent may not be received or accrued, directly or indirectly,
    from any person if the REIT owns, directly or indirectly (including by attribution, upon the application of certain attribution
    rules): (i) in the case of any person which is a corporation, at least 10% of such person&rsquo;s voting stock or at least
    10% of the value of such person&rsquo;s stock; or (ii) in the case of any person which is not a corporation, an interest of
    at least 10% in the assets or net profits of such person, except that under certain circumstances, rents received from a TRS
    will not be disqualified as &ldquo;rents from real property&rdquo; even if we own more than 10% of the TRS; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the portion of such rent that is attributable to personal property
    for a taxable year that is leased under, or in connection with, a lease of real property may not exceed 15% of the total rent
    received or accrued under the lease for the taxable year.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, all amounts
(including rents that would otherwise qualify as &ldquo;rents from real property&rdquo;) received or accrued during a taxable
year directly or indirectly by a REIT with respect to a property, will constitute &ldquo;impermissible tenant services income&rdquo;
(and, thus, will not qualify as &ldquo;rents from real property&rdquo;) if the amount received or accrued directly or indirectly
by the REIT for: (x) noncustomary services furnished or rendered by the REIT to tenants of the property; or (y) managing or operating
the property ((x) and (y) collectively, &ldquo;Impermissible Services&rdquo;) exceeds 1% of all amounts received or accrued during
such taxable year directly or indirectly by the REIT with respect to the property. For this purpose, however, the following services
and activities are not treated as Impermissible Services: (i) services furnished or rendered, or management or operation provided,
through an independent contractor from whom the REIT itself does not derive or receive any income or through a TRS; and (ii) services
usually or customarily rendered in connection with the rental of space for occupancy (such as, for example, the furnishing of
heat and light, the cleaning of public entrances, and the collection of trash), as opposed to services rendered primarily to a
tenant for the tenant&rsquo;s convenience. If the amount treated as being received or accrued for Impermissible Services does
not exceed the 1% threshold, then only the amount attributable to the Impermissible Services (and not, for example, all tenant
rents received or accrued that otherwise qualify as &ldquo;rents from real property&rdquo;) will fail to qualify as &ldquo;rents
from real property.&rdquo; For purposes of the 1% threshold, the amount that we will be deemed to have received for performing
Impermissible Services will be the greater of the actual amounts so received or 150% of the direct cost to us of providing those
services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We (through the Operating
Partnership and other affiliated entities) provide some services at our properties, which services we believe do not constitute
Impermissible Services or, otherwise, do not cause any rents or other amounts received that otherwise qualify as &ldquo;rents
from real property&rdquo; to fail to so qualify. If we or the Operating Partnership or other affiliated entities were to consider
offering services in the future which could cause any such rents or other amounts to fail to qualify as &ldquo;rents from real
property&rdquo; then we would endeavor to arrange for such services to be provided through one or more independent contractors
and/or TRSs or, otherwise, in such a manner so as to minimize the risk of such services being treated as Impermissible Services.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we (through
the Operating Partnership and other affiliated entities) receive or may receive fees for property management and administrative
services provided with respect to certain properties not owned, either directly or indirectly, entirely by us and/or the Operating
Partnership. These fees do not constitute qualifying income for purposes of either the 75% gross income test or 95% gross income
test. We (through the Operating Partnership and other affiliated entities) also receive or may receive other types of income that
do not constitute qualifying income for purposes of either of these two gross income tests. We believe that our share of the aggregate
amount of these fees and other non-qualifying income so received or accrued has not caused us to fail to satisfy either of the
gross income tests. We anticipate that we will continue to receive or accrue a certain amount of non-qualifying fees and other
income. In the event that our share of the amount of such fees and other income could jeopardize our ability to satisfy these
gross income tests, then we would endeavor to arrange for the services in respect of which such fees and other income are received
to be provided by one or more independent contractors and/or TRSs or, otherwise, in such manner so as to minimize the risk of
failing either of the gross income tests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest income constitutes
qualifying mortgage interest for purposes of the 75% gross income test (as described above) to the extent that the obligation
is secured by a mortgage on real property. If we receive interest income with respect to a mortgage loan that is secured by both
real property and other property, and the highest principal amount of the loan outstanding during a taxable year exceeds the fair
market value of the real property on the date that we have a binding commitment to acquire or originate the mortgage loan, the
interest income will be apportioned between the real property and the other collateral, and its income from the arrangement (except
as provided below) will qualify for purposes of the 75% gross income test only to the extent that the interest is allocable to
the real property. Even if a loan is not secured by real property, or is undersecured, the income that it generates may nonetheless
qualify for purposes of the 95% gross income test. For taxable years beginning after December 31, 2015, in the case of mortgage
loans secured by both real property and personal property, if the fair market value of the personal property does not exceed 15%
of the total fair market value of all property securing the loan, then the personal property securing the loan will be treated
as real property for purposes of determining whether the mortgage loan is a qualifying asset for the 75% asset test and whether
the related interest income qualifies for purposes of the 75% gross income test.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that
the terms of a loan provide for contingent interest that is based on the cash proceeds realized upon the sale of the property
securing the loan (a &ldquo;shared appreciation provision&rdquo;), income attributable to the participation feature will be treated
as gain from sale of the underlying property, which generally will be qualifying income for purposes of both the 75% and 95% gross
income tests provided that the property is not inventory or dealer property in the hands of the borrower or the REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that
a REIT derives interest income from a mortgage loan or income from the rental of real property where all or a portion of the amount
of interest or rental income payable is contingent, such income generally will qualify for purposes of the gross income tests
only if it is based upon the gross receipts or sales, and not the net income or profits, of the borrower or lessee. This limitation
does not apply, however, where the borrower or lessee leases substantially all of its interest in the property to tenants or subtenants,
to the extent that the rental income derived by the borrower or lessee, as the case may be, would qualify as rents from real property
had it been earned directly by a REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and our affiliates
or subsidiaries have or may originate and acquire mezzanine loans, which are loans secured by equity interests in an entity that
directly or indirectly owns real property, rather than by a direct mortgage of such real property. Revenue Procedure 2003-65 provides
a safe harbor pursuant to which a mezzanine loan, if it meets each of the requirements contained in the Revenue Procedure, will
be treated by the IRS as a real estate asset for purposes of the REIT asset tests described in the section entitled &ldquo;REIT
Asset Tests,&rdquo; and interest derived from it will be treated as qualifying mortgage interest for purposes of the 75% gross
income test. Although the Revenue Procedure provides a safe harbor on which REITs may rely, it does not prescribe rules of substantive
tax law. Moreover, not all of the mezzanine loans in which we invest meet or will meet each of the requirements for reliance on
this safe harbor. To the extent that mezzanine loans do not qualify for the safe harbor described above, the interest income from
such loans will be qualifying income for purposes of the 95% gross income test, but there is a risk that such interest income
will not be qualifying income for purposes of the 75% gross income test and that such loans will not constitute real estate assets
for purposes of the REIT asset tests. We have invested, and will continue to invest, in mezzanine loans in a manner that will
enable us to continue to satisfy the REIT gross income and asset tests.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time,
we may enter into hedging transactions with respect to one or more of our assets or liabilities. Income and gain from &ldquo;hedging
transactions&rdquo; are excluded from gross income for purposes of both the 75% and 95% gross income tests. For this purpose,
a &ldquo;hedging transaction&rdquo; means (1) any transaction entered into in the normal course of our trade or business primarily
to manage the risk of interest rate, price changes, or currency fluctuations with respect to borrowings made or to be made, or
ordinary obligations incurred or to be incurred, to acquire or carry real estate assets, (2) any transaction entered into primarily
to manage the risk of currency fluctuations with respect to any item of income or gain that would be qualifying income under the
75% or 95% gross income test (or any property which generates such income or gain), or (3) for tax years beginning after 2015,
generally, any transaction entered into in connection with the extinguishment of borrowings or the disposition of property with
respect to which hedging transactions described in items (1) or (2) were entered into and such transaction is a hedging transaction
with respect to such hedging transaction. We will be required to clearly identify any such hedging transaction before the close
of the day on which it was acquired, originated, or entered into and to satisfy other identification requirements. We intend to
structure any hedging transactions in a manner that does not jeopardize our status as a REIT under the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A REIT will incur
a 100% tax on the net income derived from any sale or other disposition of property, other than foreclosure property, that the
REIT holds primarily for sale to customers in the ordinary course of a trade or business. We believe that none of our assets are
held primarily for sale to customers and that a sale of any of our assets will not be in the ordinary course of our business.
Whether a REIT holds an asset &ldquo;primarily for sale to customers in the ordinary course of a trade or business&rdquo; depends,
however, on the facts and circumstances in effect from time to time, including those related to a particular asset. A safe harbor
to the characterization of the sale of property by a REIT as a prohibited transaction and the 100% prohibited transaction tax
is available if the following requirements are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the REIT has held the property for not less than two years;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the aggregate capital expenditures made by the REIT, or any
    partner of the REIT, during the two-year period preceding the date of the sale that are includable in the basis of the property
    do not exceed 30% of the selling price of the property;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">either (1)&nbsp;during the year in question, the REIT did not
    make more than seven sales of property other than foreclosure property or sales to which Section&nbsp;1033 of the Code applies,
    (2)&nbsp;the aggregate adjusted bases of all such properties sold by the REIT during the year did not exceed 10% of the aggregate
    bases of all of the assets of the REIT at the beginning of the year, (3)&nbsp;the aggregate fair market value of all such
    properties sold by the REIT during the year did not exceed 10% of the aggregate fair market value of all of the assets of
    the REIT at the beginning of the year, (4) for sales made after December 31, 2015, the aggregate adjusted bases of all such
    properties sold by the REIT during the year did not exceed 20% of the aggregate bases of all of the assets of the REIT at
    the beginning of the year (provided that the aggregate adjusted bases of all such properties sold by the REIT during a three-year
    period, including the taxable year at issue and the two immediately preceding taxable years, does not exceed 10% of the aggregate
    bases of all of the assets of the REIT), or (5) for sales made after December 31, 2015, the aggregate fair market value of
    all such properties sold by the REIT during the year did not exceed 20% of the aggregate fair market value of all of the assets
    of the REIT at the beginning of the year (provided that the aggregate fair market value of all such properties sold by the
    REIT during a three-year period, including the taxable year at issues and the two immediately preceding taxable years, does
    not exceed 10% of the aggregate fair market value of all of the assets of the REIT);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in the case of property not acquired through foreclosure or
    lease termination, the REIT has held the property for at least two years for the production of rental income; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if the REIT has made more than seven sales of non-foreclosure
    property during the taxable year, substantially all of the marketing and development expenditures with respect to the property
    were made through an independent contractor from whom the REIT derives no income or, for tax years beginning after December
    31, 2015, TRSs.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will attempt to
comply with the terms of safe-harbor provision in the U.S. federal income tax laws prescribing when an asset sale will not be
characterized as a prohibited transaction. We cannot assure you, however, that we can comply with the safe-harbor provision or
that we will avoid owning property that may be characterized as property that we hold &ldquo;primarily for sale to customers in
the ordinary course of a trade or business.&rdquo; The 100% tax will not apply to gains from the sale of property that is held
through a TRS or other taxable corporation, although such income will be taxed to such corporation at regular corporate income
tax rates.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be subject
to tax at the maximum corporate rate on any income from foreclosure property, which includes certain foreign currency gains and
related deductions, other than income that otherwise would be qualifying income for purposes of the 75% gross income test, less
expenses directly connected with the production of that income. However, gross income from foreclosure property will qualify under
the 75% and 95% gross income tests. Foreclosure property is any real property, including interests in real property, and any personal
property incident to such real property:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">that is acquired by a REIT as the result of the REIT having
    bid on such property at foreclosure, or having otherwise reduced such property to ownership or possession by agreement or
    process of law, after there was a default or default was imminent on a lease of such property or on indebtedness that such
    property secured;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">for which the related loan was acquired by the REIT at a time
    when the default was not imminent or anticipated; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">for which the REIT makes a proper election to treat the property
    as foreclosure property.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have no foreclosure
property as of the date of this prospectus. Property generally ceases to be foreclosure property at the end of the third taxable
year following the taxable year in which the REIT acquired the property, or longer if an extension is granted by the Secretary
of the Treasury. However, this grace period terminates and foreclosure property ceases to be foreclosure property on the first
day:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on which a lease is entered into for the property that, by its
    terms, will give rise to income that does not qualify for purposes of the 75% gross income test, or any amount is received
    or accrued, directly or indirectly, pursuant to a lease entered into on or after such day that will give rise to income that
    does not qualify for purposes of the 75% gross income test;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">on which any construction takes place on the property, other
    than completion of a building or any other improvement, where more than 10% of the construction was completed before default
    became imminent; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">which is more than 90 days after the day on which the REIT acquired
    the property and the property is used in a trade or business which is conducted by the REIT, other than through an independent
    contractor from whom the REIT itself does not derive or receive any income, or, effective for taxable years beginning after
    December 31, 2015, a TRS.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that
we or our subsidiaries hold or acquire investments in foreign countries, taxes that we pay in foreign jurisdictions may not be
passed through to, or used by, our shareholders as a foreign tax credit or otherwise. Any foreign investments may also generate
foreign currency gains and losses. Certain foreign currency gains recognized after July 30, 2008 will be excluded from gross income
for purposes of one or both of the gross income tests. &ldquo;Real estate foreign exchange gain&rdquo; will be excluded from gross
income for purposes of the 75% and the 95% gross income tests. Real estate foreign exchange gain generally includes foreign currency
gain attributable to any item of income or gain that is qualifying income for purposes of the 75% gross income test, foreign currency
gain attributable to the acquisition or ownership of (or becoming or being the obligor under) obligations secured by mortgages
on real property or interests in real property and certain foreign currency gains attributable to certain &ldquo;qualified business
units&rdquo; of a REIT. &ldquo;Passive foreign exchange gain&rdquo; will be excluded from gross income only for purposes of the
95% gross income test. Passive foreign exchange gain generally includes real estate foreign exchange gain as described above,
and also includes foreign currency gain attributable to any item of income or gain that is qualifying income for purposes of the
95% gross income test and foreign currency gain attributable to the acquisition or ownership of (or becoming or being the obligor
under) obligations secured by mortgages on real property or interests in real property. Because passive foreign exchange gain
includes real estate foreign exchange gain, real estate foreign exchange gain is excluded from gross income for purposes of both
the 75% and 95% gross income tests. These exclusions for real estate foreign exchange gain and passive foreign exchange gain do
not apply to any foreign currency gain derived from dealing, or engaging in substantial and regular trading, in securities. Such
gain is treated as nonqualifying income for purposes of both the 75% and 95% gross income tests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing, the Secretary of the Treasury may determine that any item of income or gain not otherwise qualifying for purposes of
the 75% and 95% gross income tests may be considered as not constituting gross income for purposes of those tests, and that any
item of income or gain that otherwise constitutes nonqualifying income may be considered as qualifying income for purposes of
such tests.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we fail to satisfy either or both of
the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for that year pursuant to a special
relief provision of the Code which may be available to us if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our failure to meet these tests was due to reasonable cause
    and not due to willful neglect; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we attach a schedule of the nature and amount of each item of
    income to our U.S. federal income tax return.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot state whether
in all circumstances, if we were to fail to satisfy either of the gross income tests, we would still be entitled to the benefit
of this relief provision. Even if this relief provision were to apply, we would nonetheless be subject to a 100% tax on the gross
income attributable to the greater of (1) the amount by which we fail the 75% gross income test and (2) the amount by which 95%
of our income exceeds the amount of qualifying income under the 95% gross income test, in each case, multiplied by a fraction
intended to reflect our profitability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>REIT Asset Tests</I>:
At the close of each quarter of our taxable year, we must also satisfy the following tests relating to the nature and diversification
of our assets (collectively, the &ldquo;Asset Tests&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;&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: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at least 75% of the value of our total assets must be represented
    by &ldquo;real estate assets&rdquo; (which includes any property attributable to the temporary investment of new capital,
    but only if such property is stock or a debt instrument and only for the 1-year period beginning on the date the REIT receives
    such proceeds, and, effective for taxable years beginning after December 31, 2015, includes debt instruments issued by publicly
    offered REITs), cash and cash items (including receivables) and government securities (&ldquo;75% Value Test&rdquo;);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">not more than 25% of the value of our total assets may be represented
    by securities other than securities that constitute qualifying assets for purposes of the 75% Value Test;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">except with respect to securities
        of a TRS or QRS and securities that constitute qualifying assets for purposes of the 75% Value Test:</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">effective for taxable years beginning after December 31, 2015,
    not more than 25% of the value of our total assets may be represented by debt instruments issued by publicly offered REITs
    to the extent such debt instruments are not secured by real property or interests in real property.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">not more than 5% of the value of our total assets may be represented
    by securities of any one issuer (the &ldquo;5% Value Test&rdquo;);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we may not hold securities possessing more than 10% of the total
    voting power of the outstanding securities of any one issuer (the &ldquo;10% Vote Test&rdquo;);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we may not hold securities having a value of more than 10% of
    the total value of the outstanding securities of any one issuer (&ldquo;10% Value Test&rdquo;); and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">not more than 20% (25% for our 2009 taxable year through the
    end of our 2017 taxable year) of the value of our total assets may be represented by securities of one or more TRSs.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After initially meeting
the Asset Tests at the close of any quarter of our taxable year, we would not lose our status as a REIT under the Code for failure
to satisfy these tests at the end of a later quarter solely by reason of changes in asset values. If the failure to satisfy the
Asset Tests results from an acquisition of securities or other property during a quarter, we can cure the failure by disposing
of a sufficient amount of non-qualifying assets within 30 days after the close of that quarter. We intend to maintain adequate
records of the value of our assets to facilitate compliance with the Asset Tests and to take such other actions within 30 days
after the close of any quarter as necessary to cure any noncompliance.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In applying the Asset
Tests, we are treated as owning all of the assets held by any of our QRSs and our proportionate share of the assets held by the
Operating Partnership (including the Operating Partnership&rsquo;s share of the assets held by any lower-tier partnership in which
the Operating Partnership holds a direct or indirect interest).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the
5% Value Test, the 10% Vote Test or 10% Value Test, the term &ldquo;securities&rdquo; does not include shares in another REIT,
equity or debt securities of a QRS or TRS, mortgage loans that constitute real estate assets, or equity interests in a partnership.
Securities, for purposes of the Asset Tests, may include debt that we hold in other issuers. However, the Code specifically provides
that the following types of debt will not be taken into account as securities for purposes of the 10% Value Test: (1) securities
that meet the &ldquo;straight debt&rdquo; safe harbor; (2) loans to individuals or estates; (3) obligations to pay rents from
real property; (4) rental agreements described in Section 467 of the Code (other than such agreements with related party tenants);
(5) securities issued by other REITs; (6) debt issued by partnerships that derive at least 75% of their gross income from sources
that constitute qualifying income for purposes of the 75% gross income test; (7) any debt not otherwise described in this paragraph
that is issued by a partnership, but only to the extent of our interest as a partner in the partnership; (8) certain securities
issued by a state, the District of Columbia, a foreign government, or a political subdivision of any of the foregoing, or the
Commonwealth of Puerto Rico; and (9) any other arrangement described in future Treasury Regulations. For purposes of the 10% Value
Test, our proportionate share of the assets of a partnership is our proportionate interest in any securities issued by the partnership,
without regard to the securities described in (6) and (7) above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the
75% Value Test, cash includes any foreign currency used by the REIT or its qualified business unit as its &ldquo;functional currency&rdquo;
(as defined in section 985(b) of the Code), provided that the foreign currency (a) is held by the REIT or its qualified business
unit in the normal course of activities which give rise to qualifying income under the 75% or 95% gross income tests or which
are related to acquiring or holding assets described in section 856(c)(4) of the Code and (b) is not held in connection with dealing,
or engaging in substantial and regular trading, in securities</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on our regular
quarterly asset tests, we believe that we have not violated any of the Asset Tests. However, we cannot provide any assurance that
the IRS would concur with our beliefs in this regard.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we fail to satisfy
the Asset Tests at the end of a calendar quarter, we will not lose our REIT qualification if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we satisfied the Asset Tests at the end of the preceding calendar
    quarter; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the discrepancy between the value of our assets and the Asset
    Test requirements arose from changes in the market values of our assets and was not wholly or partly caused by the acquisition
    of one or more non-qualifying assets.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we did not satisfy
the condition described in the second item above, we still could avoid disqualification by eliminating any discrepancy within
30 days after the close of the calendar quarter in which it arose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If at the end of any
calendar quarter, we violate the 5% Value Test or the 10% Vote or Value Tests described above, we will not lose our REIT qualification
if (1) the failure is de minimis (up to the lesser of 1% of our assets or $10 million) and (2) we dispose of assets or otherwise
comply with the Asset Tests within six months after the last day of the quarter in which we identify such failure. In the event
of a failure of any of the Asset Tests (other than de minimis failures described in the preceding sentence), as long as the failure
was due to reasonable cause and not to willful neglect, we will not lose our REIT status if we (1) dispose of assets or otherwise
comply with the Asset Tests within six months after the last day of the quarter in which we identify the failure, (2) we file
a description of each asset causing the failure with the IRS and (3) pay a tax equal to the greater of $50,000 or 35% of the net
income from the nonqualifying assets during the period in which we failed to satisfy the Asset Tests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>REIT Distribution
Requirements</I>: To qualify for taxation as a REIT, we must, each year, make distributions (other than capital gain distributions)
to our shareholders in an amount at least equal to (1) the sum of: (A) 90% of our &ldquo;REIT taxable income,&rdquo; computed
without regard to the dividends paid deduction and our net capital gain, and (B) 90% of the net income, after tax, from foreclosure
property, minus (2) the sum of certain specified items of noncash income. In addition, if we were to dispose of any asset acquired
from a subchapter C corporation in a &ldquo;carryover basis&rdquo; transaction within ten years of the acquisition, we would be
required to distribute at least 90% of the after-tax &ldquo;built-in gain&rdquo; recognized on the disposition of such asset.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We must pay dividend
distributions in the taxable year to which they relate. Dividends paid in the subsequent year, however, will be treated as if
paid in the prior year for purposes of the prior year&rsquo;s distribution requirement if one of the following two sets of criteria
are satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the dividends are declared in October, November or December
    and are made payable to shareholders of record on a specified date in any of these months, and such dividends are actually
    paid during January of the following year; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the dividends are declared before we timely file our U.S. federal
    income tax return for such year, the dividends are paid in the 12-month period following the close of the year and not later
    than the first regular dividend payment after the declaration, and we elect on our U.S. federal income tax return for such
    year to have a specified amount of the subsequent dividend treated as if paid in such year.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In certain circumstances,
relevant Treasury Regulations provide that if we give an option to each of our shareholders to receive a distribution either in
cash or shares of equivalent value, distributions of stock pursuant to an election by shareholders to receive stock may be taxable
to such shareholders and such distribution of stock may be treated as distributions for purposes of our distribution requirements.
Any such taxable stock distributions may be limited pursuant to applicable guidance by the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even if we satisfy
our distribution requirements for maintaining our REIT status, we will nonetheless be subject to a corporate-level tax on any
of our net capital gain or REIT taxable income that we do not distribute to our shareholders. In addition, we will be subject
to a 4% excise tax to the extent that we fail to distribute during any calendar year (or by the end of January of the following
calendar year in the case of distributions with declaration and record dates falling in the last 3 months of the calendar year)
an amount at least equal to the sum of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">85% of our ordinary income for such year;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">95% of our capital gain net income for such year; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any undistributed taxable income required to be distributed
    from prior periods.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed below,
we may retain, rather than distribute, all or a portion of our net capital gains and pay the tax on the gains and may elect to
have our shareholders include their proportionate share of such undistributed gains as long-term capital gain income on their
own income tax returns and receive a credit for their share of the tax paid by us. For purposes of the 4% excise tax described
above, any such retained gains would be treated as having been distributed by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to make
timely distributions sufficient to satisfy our annual distribution requirements for REIT qualification under the Code and which
are eligible for the dividends-paid deduction. In this regard, the partnership agreement of the Operating Partnership authorizes
us, as the general partner of the Operating Partnership, to cause the Operating Partnership to make distributions to us, as the
general partner of the Operating Partnership, necessary to satisfy the payment of distributions to our shareholders which will
enable us to satisfy the annual REIT distribution requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that our
cash flow will exceed our REIT taxable income due to the allowance of depreciation and other non-cash deductions allowed in computing
REIT taxable income. Accordingly, in general, we anticipate that we should have sufficient cash or liquid assets to enable us
to satisfy the 90% distribution requirement for REIT qualification under the Code. It is possible, however, that we, from time
to time, may not have sufficient cash or other liquid assets to meet this requirement or to distribute an amount sufficient to
enable us to avoid income and/or excise taxes. In such event, we may find it necessary to arrange for borrowings to raise cash
or, if possible, make taxable share dividends in order to make such distributions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that
we are subject to an adjustment to our REIT taxable income (as defined in Section 860(d)(2) of the Code) resulting from an adverse
determination by either a final court decision, a closing agreement between us and the IRS under Section 7121 of the Code, or
an agreement as to tax liability between us and an IRS district director, we may be able to rectify any resulting failure to meet
the 90% distribution requirement by paying &ldquo;deficiency dividends&rdquo; to shareholders that relate to the adjusted year
but that are paid in a subsequent year. To qualify as a deficiency dividend, we must make the distribution within ninety days
of the adverse determination and we also must satisfy other procedural requirements. If we satisfy the statutory requirements
of Section 860 of the Code, a deduction is allowed for any deficiency dividend subsequently paid by us to offset an increase in
our REIT taxable income resulting from the adverse determination. We, however, must pay statutory interest on the amount of any
deduction taken for deficiency dividends to compensate for the deferral of the tax liability.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Recordkeeping Requirements</I>:
We must maintain certain records in order to qualify as a REIT. In addition, to avoid a monetary penalty, we must request on an
annual basis information from our shareholders designed to disclose the actual ownership of our outstanding shares of beneficial
interest. We have complied, and we intend to continue to comply, with these requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Failure to Qualify
as a REIT</I>: If we would otherwise fail to qualify as a REIT under the Code because of a violation of one of the requirements
described above, our qualification as a REIT under the Code will not be terminated if the violation is due to reasonable cause
and not willful neglect and we pay a penalty tax of $50,000 for the violation. The immediately preceding sentence does not apply
to violations of the gross income tests described above or a violation of the asset tests described above each of which have specific
relief provisions that are described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we fail to qualify
for taxation as a REIT under the Code in any taxable year, and the relief provisions do not apply, we will have to pay tax, including
any applicable alternative minimum tax, on our taxable income at regular corporate rates. We will not be able to deduct distributions
to shareholders in any year in which we fail to qualify, nor will we be required to make distributions to shareholders. In this
event, to the extent of current and accumulated earnings and profits, all distributions to shareholders will be taxable to the
shareholders as dividend income (which may be subject to tax at preferential rates) and corporate distributees may be eligible
for the dividends received deduction if they satisfy the relevant provisions of the Code. Unless entitled to relief under specific
statutory provisions, we will also be disqualified from taxation as a REIT for the four taxable years following the year during
which qualification was lost. We might not be entitled to the statutory relief described in the preceding paragraph in all circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B><I>Taxation
of U.S. Shareholders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When we refer to the
term &ldquo;U.S. Shareholders,&rdquo; we mean a holder of our common shares that is, for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a citizen or resident of the United States;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a corporation (including an entity treated as a corporation
    for U.S. federal income tax purposes) created or organized under the laws of the United States, any of its states or the District
    of Columbia;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an estate the income of which is subject to U.S. federal income
    taxation regardless of its source; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a trust if a court within the United States can exercise primary
    supervision over the administration of the trust, and one or more United States persons have the authority to control all
    substantial decisions of the trust.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a partnership,
entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our common shares, the U.S. federal
income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of
the partnership. If you are a partner in a partnership holding our common shares, you should consult your tax advisor regarding
the consequences of the ownership and disposition of our common shares by the partnership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Distributions Generally</I>:
For any taxable year for which we qualify for taxation as a REIT under the Code, amounts distributed to taxable U.S. Shareholders
will be taxed as discussed below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As long as we qualify
as a REIT, distributions made by us out of our current or accumulated earnings and profits, and not designated as capital gain
dividends, will constitute dividends taxable to our taxable U.S. Shareholders as ordinary income. A U.S. Shareholder taxed at
individual rates will generally not be entitled to the reduced tax rate applicable to &ldquo;qualified dividend income&rdquo;
except with respect to the portion of any distribution (a) that represents income from dividends received from a non-REIT corporation
in which we own shares (but only if such dividends would be eligible for the lower rate on dividends if paid by the corporation
to its individual shareholders), or (b) that is equal to our REIT taxable income (taking into account the dividends paid deduction
available to us) for our previous taxable year less any taxes paid by us during the previous taxable year, provided that certain
holding period and other requirements are satisfied at both the REIT and individual shareholder level. U.S. Shareholders taxed
at individual rates should consult their own tax advisors to determine the impact of tax rates on dividends received from us.
Distributions of this kind will not be eligible for the dividends received deduction in the case of U.S. Shareholders that are
corporations.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions made
by us that we properly designate as capital gain dividends will be taxable to U.S. Shareholders as gain from the sale of a capital
asset held for more than one year, to the extent that they do not exceed our actual net capital gain for the taxable year, without
regard to the period for which a U.S. Shareholder has held his common shares. The highest marginal individual income tax rate
is currently 39.6%. However, the maximum tax rate on long-term capital gain applicable to U.S. Shareholders taxed at individual
rates is 20%. The maximum tax rate on long-term capital gain from the sale or exchange of &ldquo;Section 1250 property,&rdquo;
or depreciable real property, is 25% computed on the lesser of the total amount of the gain or the accumulated Section 1250 depreciation.
Thus, with certain limitations, capital gain dividends received by U.S. Shareholders taxed at individual rates may be eligible
for preferential rates of taxation, and the tax rate differential between capital gain and ordinary income may be significant.
In addition, as described below under &ldquo;<I>Medicare Tax</I>,&rdquo; distributions may be subject to the 3.8% Medicare tax.
We will generally designate our capital gain dividends as either 20% or 25% rate distributions. In addition, the characterization
of income as capital gain or ordinary income may affect the deductibility of capital losses. U.S. Shareholders taxed at individual
rates may generally deduct capital losses not offset by capital gains against their ordinary income only up to a maximum annual
amount of $3,000. Such taxpayers may carry forward unused capital losses indefinitely. A corporate U.S. Shareholder must generally
pay tax on its net capital gain at ordinary corporate rates. A corporate U.S. Shareholder may generally deduct capital losses
only to the extent of capital gains, with unused losses being carried back three years and forward five years. Finally, U.S. Shareholders
that are corporations may be required to treat up to 20% of certain capital gain dividends as ordinary income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that
we make distributions, not designated as capital gain dividends, in excess of our current and accumulated earnings and profits,
these distributions will be treated first as a tax-free return of capital to each U.S. Shareholder. Thus, these distributions
will reduce the adjusted basis which the U.S. Shareholder has in its shares for tax purposes by the amount of the distribution,
but not below zero. Distributions in excess of a U.S. Shareholder&rsquo;s adjusted basis in its shares will be taxable as capital
gains, provided that the shares have been held as a capital asset. For purposes of determining the portion of distributions on
separate classes of shares that will be treated as dividends for U.S. federal income tax purposes, current and accumulated earnings
and profits will be allocated to distributions resulting from priority rights of preferred shares before being allocated to other
distributions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends declared
by us in October, November, or December of any year and payable to a shareholder of record on a specified date in any of these
months will be treated as both paid by us and received by the shareholder on December 31 of that year, provided that we actually
pay the dividend on or before January 31 of the following calendar year. Shareholders may not include in their own income tax
returns any of our net operating losses or capital losses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate amount
of dividends that we may designate as &ldquo;capital gain dividends&rdquo; or &ldquo;qualified dividend income&rdquo; with respect
to any taxable year may not exceed the dividends paid by us with respect to such year, including dividends that are paid in the
following year (if they are declared before we timely file our tax return for the year and if made with or before the first regular
dividend payment after such declaration) that are treated as paid with respect to the relevant taxable year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. Shareholders
holding shares at the close of our taxable year will be required to include, in computing their long-term capital gains for the
taxable year in which the last day of our taxable year falls, the amount that we designate in a written notice mailed to our shareholders.
We may not designate amounts in excess of our undistributed net capital gain for the taxable year. Each U.S. Shareholder required
to include the designated amount in determining the U.S. Shareholder&rsquo;s long-term capital gains will be deemed to have paid,
in the taxable year of the inclusion, the tax paid by us in respect of the undistributed net capital gains. U.S. Shareholders
to whom these rules apply will be allowed a credit or a refund, as the case may be, for the tax they are deemed to have paid.
U.S. Shareholders will increase their basis in their shares by the difference between the amount of the includible gains and the
tax deemed paid by the shareholder in respect of these gains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Passive Activity
Loss and Investment Interest Limitations</I>: Distributions from us and gain from the disposition of our shares will not be treated
as passive activity income and, therefore, a U.S. Shareholder will not be able to offset any of this income with any passive losses
of the shareholder from other activities. Dividends received by a U.S. Shareholder from us generally will be treated as investment
income for purposes of the investment interest limitation. Net capital gain from the disposition of our shares or capital gain
dividends generally will be excluded from investment income unless the shareholder elects to have the gain taxed at ordinary income
rates.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Sale/Other Taxable
Disposition of Common Shares</I>: In general, a U.S. Shareholder who is not a dealer in securities will recognize gain or loss
on its sale or other taxable disposition of our shares equal to the difference between the amount of cash and the fair market
value of any other property received in such sale or other taxable disposition and the shareholder&rsquo;s adjusted basis in said
shares at such time. This gain or loss will be a capital gain or loss if the shares have been held by the U.S. Shareholder as
a capital asset. The applicable tax rate will depend on the shareholder&rsquo;s holding period in the asset (generally, if an
asset has been held for more than one year it will produce long-term capital gain) and the shareholder&rsquo;s tax bracket. The
IRS has the authority to prescribe, but has not yet prescribed, regulations that would apply a capital gain tax rate of 25% (which
is generally higher than the 20% long-term capital gain tax rates in effect for shareholders taxed at individual rates) to a portion
of capital gain realized by a non-corporate shareholder on the sale of REIT stock that would correspond to the REIT&rsquo;s &ldquo;unrecaptured
Section 1250 gain.&rdquo; In addition, as described below under &ldquo;<I>Medicare Tax</I>,&rdquo; capital gains may be subject
to the 3.8% Medicare tax. U.S. Shareholders should consult with their tax advisors with respect to their capital gain tax liability.
A corporate U.S. Shareholder will be subject to tax at a maximum rate of 35% on capital gain from the sale of our common shares
held for more than 12 months. In general, any loss recognized by a U.S. Shareholder upon the sale or other disposition of shares
that have been held for six months or less, after applying the holding period rules, will be treated as a long-term capital loss,
to the extent of distributions received by the U.S. Shareholder from us that were required to be treated as long-term capital
gains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shareholders should
consult with their own tax advisors with respect to their capital gain tax liability in respect of distributions received from
us and gains recognized upon the sale or other disposition of shares of our common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Treatment of Tax-Exempt
Shareholders</I>: Based upon published rulings by the IRS, distributions by us to a U.S. Shareholder that is a tax-exempt entity
generally should not constitute &ldquo;unrelated business taxable income&rdquo; (&ldquo;UBTI&rdquo;), provided that the tax-exempt
entity has not financed the acquisition of its shares with &ldquo;acquisition indebtedness,&rdquo; within the meaning of the Code,
and the shares are not otherwise used in an unrelated trade or business of the tax-exempt entity. Similarly, income from the sale
of our common shares will not constitute UBTI, provided that the tax-exempt entity has not financed the acquisition of its shares
with &ldquo;acquisition indebtedness&rdquo; and the shares are not otherwise used in an unrelated trade or business of the tax-exempt
entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For tax-exempt U.S.
Shareholders which are social clubs, voluntary employee benefit associations, supplemental unemployment benefit trusts, and qualified
group legal services plans, exempt from U.S. federal income taxation under Code Sections 501(c)(7), (9), (17) and (20), respectively,
income from an investment in our common shares generally will constitute UBTI unless the organization is able to properly deduct
amounts set aside or placed in reserve for certain purposes so as to offset the income generated by its shares of our common shares.
Such prospective investors should consult their own tax advisors concerning these &ldquo;set-aside&rdquo; and reserve requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
above, however, a portion of the dividends paid by a &ldquo;pension-held REIT&rdquo; is treated as UBTI as to any trust which
(i) is described in Section 401(a) of the Code, (ii) is tax-exempt under Section 501(a) of the Code and (iii) holds more than
10% (by value) of the interests in the REIT. Tax-exempt pension funds that are described in Section 401(a) of the Code and exempt
from tax under Section 501(a) of the Code are referred to below as &ldquo;qualified trusts.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A REIT is a &ldquo;pension-held
REIT&rdquo; if (i) it would not have qualified as a REIT under the Code but for the fact that Section 856(h)(3) of the Code provides
that stock owned by qualified trusts will be treated, for purposes of the &ldquo;not closely held&rdquo; requirement, as owned
by the beneficiaries of the trust (rather than by the trust itself), (ii) the percentage of the REIT&rsquo;s dividends that the
tax-exempt trust must treat as UBTI is at least 5%, and (iii) either (a) at least one such qualified trust holds more than 25%
(by value) of the interests in the REIT or (b) one or more such qualified trusts, each of whom owns more than 10% (by value) of
the interests in the REIT, hold in the aggregate more than 50% (by value) of the interests in the REIT. The percentage of any
REIT dividend treated as UBTI is equal to the ratio of (i) the gross income of the REIT from unrelated trades or businesses, determined
as though the REIT were a qualified trust, less direct expenses related to this gross income, to (ii) the total gross income of
the REIT, less direct expenses related to the total gross income. The provisions requiring qualified trusts to treat a portion
of REIT distributions as UBTI will not apply if the REIT is able to satisfy the &ldquo;not closely held&rdquo; requirement without
relying upon the &ldquo;look-through&rdquo; exception with respect to qualified trusts. We do not expect to be classified as a
 &ldquo;pension-held REIT.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rules described
above under the heading &ldquo;Taxation of U.S. Shareholders&rdquo; concerning the inclusion of our designated undistributed net
capital gains in the income of its shareholders will apply to tax-exempt entities. Thus, tax-exempt entities will be allowed a
credit or refund of the tax deemed paid by these entities in respect of the includible gains.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Medicare Tax</I>.
A U.S. Shareholder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt
from such tax, is subject to a 3.8% tax on the lesser of (1) the U.S. Shareholder&rsquo;s &ldquo;net investment income&rdquo;
for the relevant taxable year and (2) the excess of the U.S. Shareholder&rsquo;s modified adjusted gross income for the taxable
year over a certain threshold (which in the case of individuals will be between $125,000 and $250,000, depending on the individual&rsquo;s
circumstances). A U.S. Shareholder&rsquo;s net investment income will generally include its dividend income and its net gains
from the disposition of common shares, unless such dividend income or net gains are derived in the ordinary course of the conduct
of a trade or business (other than a trade or business that consists of certain passive or trading activities). If you are a U.S.
Shareholder that is an individual, estate or trust, you are urged to consult your tax advisors regarding the applicability of
the Medicare tax to your income and gains in respect of your investment in the common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B><I>Special Tax Considerations
For Non-U.S. Shareholders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Taxation of Non-U.S.
Shareholders</I>: The rules governing U.S. federal income taxation of nonresident alien individuals, foreign corporations, foreign
partnerships and other foreign shareholders (collectively, &ldquo;Non-U.S. Shareholders&rdquo;) are complex, and no attempt will
be made herein to provide more than a limited summary of such rules. Prospective Non-U.S. Shareholders should consult with their
tax advisors to determine the impact of U.S. federal, state and local income tax laws with regard to an investment in our common
shares, including any reporting requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions by us
to a Non-U.S. Shareholder that are neither attributable to gain from sales or exchanges by us of United States real property interests
(&ldquo;USPRIs&rdquo;) nor designated by us as capital gain dividends will be treated as dividends of ordinary income to the extent
that they are made out of our current or accumulated earnings and profits. Such distributions will ordinarily be subject to a
withholding tax equal to 30% of the gross amount of the distribution unless an applicable tax treaty reduces that tax. Under certain
treaties, lower withholding rates generally applicable to dividends do not apply to dividends from a REIT. However, if income
from the investment in our common shares is treated as effectively connected with the Non-U.S. Shareholder&rsquo;s conduct of
a U.S. trade or business or is attributable to a permanent establishment that the Non-U.S. Shareholder maintains in the United
States (if that is required by an applicable income tax treaty as a condition for subjecting the Non-U.S. Shareholder to U.S.
taxation on a net income basis) the Non-U.S. Shareholder generally will be subject to tax at graduated rates, in the same manner
as U.S. Shareholders are taxed with respect to such income and is generally not subject to withholding. Any such effectively connected
distributions received by a Non-U.S. Shareholder that is a corporation may also be subject to an additional branch profits tax
at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. We expect to withhold U.S. income tax
at the rate of 30% on the gross amount of any dividends paid to a Non-U.S. Shareholder, other than dividends treated as attributable
to gain from sales or exchanges of U.S. real property interests and capital gain dividends, paid to a Non-U.S. Shareholder, unless
(a) a lower treaty rate applies and the required form evidencing eligibility for that reduced rate is submitted to us or the appropriate
withholding agent or (b) the Non-U.S. Shareholder submits an IRS Form W-8 ECI (or a successor form) to us or the appropriate withholding
agent claiming that the distributions are effectively connected with the Non-U.S. Shareholder&rsquo;s conduct of a U.S. trade
or business and, in either case, other applicable requirements were met.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Foreign Account
Tax Compliance Act (&ldquo;FATCA&rdquo;) generally requires withholding at a rate of 30% on dividends in respect of, and gross
proceeds from the sale of, our common shares held by or through certain foreign financial institutions (including investment funds)
effective after June 30, 2014 and December 31, 2018, respectively, unless such institution enters into an agreement with the Secretary
of the Treasury (or unless alternative procedures apply pursuant to an applicable intergovernmental agreement between the United
States and the relevant foreign government) to report, on an annual basis, information with respect to shares in, and accounts
maintained by, the institution to the extent such shares or accounts are held by certain United States persons or by certain non-U.S.
entities that are wholly or partially owned by United States persons. Accordingly, the entity through which our common shares
are held will affect the determination of whether such withholding is required. Similarly, dividends in respect of, and gross
proceeds from the sale of, our common shares held by an investor that is a non-financial non-U.S. entity will be subject to withholding
at a rate of 30%, unless such entity either (i) certifies to us that such entity does not have any &ldquo;substantial United States
owners&rdquo; or (ii) provides certain information regarding the entity&rsquo;s &ldquo;substantial United States owners,&rdquo;
which we will in turn provide to the Secretary of the Treasury (or unless alternative procedures apply pursuant to an applicable
intergovernmental agreement between the United States and the relevant foreign government). Foreign investors are encouraged to
consult with their tax advisers regarding the possible implications of these rules on their investment in our common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions in excess
of our current and accumulated earnings and profits will not be taxable to a Non-U.S. Shareholder to the extent that they do not
exceed the adjusted basis of the Non-U.S. Shareholder&rsquo;s shares, but rather will reduce the adjusted basis of such shares.
For FIRPTA (defined below) withholding purposes (discussed below) such distribution will be treated as consideration for the sale
or exchange of shares. To the extent that such distributions exceed the adjusted basis of a Non-U.S. Shareholder&rsquo;s shares,
these distributions will give rise to tax liability if the Non-U.S. Shareholder would otherwise be subject to tax on any gain
from the sale or disposition of its shares, as described below. If it cannot be determined at the time a distribution is made
whether or not such distribution will be in excess of current and accumulated earnings and profits, the distribution will be subject
to withholding at the rate applicable to dividends. However, the Non-U.S. Shareholder may seek a refund of such amounts from the
IRS if it is subsequently determined that such distribution was, in fact, in excess of our current and accumulated earnings and
profits.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions to a
Non-U.S. Shareholder that are designated by us at the time of distribution as capital gain dividends (other than those arising
from the disposition of a USRPI) generally will not be subject to U.S. federal income taxation unless (i) investment in the shares
is effectively connected with the Non-U.S. Shareholder&rsquo;s U.S. trade or business, in which case the Non-U.S. Shareholder
will be subject to the same treatment as a U.S. Shareholder with respect to such gain (except that a corporate Non-U.S. Shareholder
may also be subject to the 30% branch profits tax, as discussed above), or (ii) the Non-U.S. Shareholder is a nonresident alien
individual who is present in the United States for 183 days or more during the taxable year and has a &ldquo;tax home&rdquo; in
the United States, in which case such shareholder will be subject to a 30% tax on his or her capital gains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For any year in which
we qualify as a REIT, distributions that are attributable to gain from sales or exchanges by us of USRPIs will be taxed to a Non-U.S.
Shareholder under the provisions of the Foreign Investment in Real Property Tax Act of 1980 (&ldquo;FIRPTA&rdquo;). A USRPI includes
certain interests in real property and stock in corporations at least 50% of whose assets consist of interests in real property.
Under FIRPTA, these distributions are taxed to a Non-U.S. Shareholder as if such gain were effectively connected with a U.S. business.
Thus, Non-U.S. Shareholders would be taxed at the normal capital gain rates applicable to U.S. Shareholders (subject to applicable
alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals). Also, distributions
subject to FIRPTA may be subject to a 30% branch profits tax in the hands of a corporate Non-U.S. Shareholder not entitled to
treaty relief or exemption. We are required by applicable Treasury Regulations to withhold 35% of any distribution to a Non-U.S.
Shareholder that could be designated by us as a capital gain dividend. This amount is creditable against the Non-U.S. Shareholder&rsquo;s
U.S. federal income tax liability. We or any nominee (e.g., a broker holding shares in street name) may rely on a certificate
of Non-U.S. Shareholder status on IRS Form W-8 to determine whether withholding is required on gains realized from the disposition
of U.S. real property interests. A U.S. Shareholder who holds shares on behalf of a Non-U.S. Shareholder will bear the burden
of withholding, provided that we have properly designated the appropriate portion of a distribution as a capital gain dividend.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capital gain distributions
to Non-U.S. Shareholders that are attributable to our sale of real property will be treated as ordinary dividends rather than
as gain from the sale of a USRPI, as long as (1) our common shares continue to be treated as being &ldquo;regularly traded&rdquo;
on an established securities market in the United States and (2) the Non-U.S. shareholder did not own more than 10% (5% for taxable
years ending on or before December 18, 2015) of our common shares at any time during the one-year period preceding the distribution.
As a result, Non-U.S. shareholders owning 10% or less of our common shares generally will be subject to withholding tax on such
capital gain distributions in the same manner as they are subject to withholding tax on ordinary dividends. If our common shares
cease to be regularly traded on an established securities market in the United States or the Non-U.S. shareholder owned more than
10% of our common shares at any time during the one-year period preceding the distribution, capital gain distributions that are
attributable to our sale of real property would be subject to tax under FIRPTA, as described in the preceding paragraph. If a
Non-U.S. shareholder owning more than 10% of our common shares disposes of such common shares during the 30-day period preceding
the ex-dividend date of any dividend payment, and such Non-U.S. shareholder (or a person related to such Non-U.S. shareholder)
acquires or enters into a contract or option to acquire our common shares within 61 days of the first day of such 30-day period
described above, and any portion of such dividend payment would, but for the disposition, be treated as USRPI capital gain to
such Non-U.S. shareholder under FIRPTA, then such Non-U.S. shareholder will be treated as having USRPI capital gain in an amount
that, but for the disposition, would have been treated as USRPI capital gain.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gain recognized by
a Non-U.S. Shareholder upon a sale of stock of a REIT generally will not be taxed under FIRPTA if the REIT is a &ldquo;domestically-controlled
REIT&rdquo; (generally, a REIT in which at all times during a specified testing period less than 50% in value of its stock is
held directly or indirectly by foreign persons). Since it is currently anticipated that we will be a &ldquo;domestically-controlled
REIT,&rdquo; a Non-U.S. Shareholder&rsquo;s sale of our common shares should not be subject to taxation under FIRPTA. Because
our common stock is publicly-traded, under recently enacted rules, we may rely on certain assumptions (absent actual knowledge
to the contrary) to determine that we are a &ldquo;domestically-controlled REIT.&rdquo; However, because our common shares are
publicly-traded, no assurance can be given that we will continue to be a &ldquo;domestically-controlled REIT.&rdquo; Notwithstanding
the foregoing, gain from the sale of our common shares that is not subject to FIRPTA will be taxable to a Non-U.S. Shareholder
if (i) the Non-U.S. Shareholder&rsquo;s investment in the shares is &ldquo;effectively connected&rdquo; with the Non-U.S. Shareholder&rsquo;s
U.S. trade or business, in which case the Non-U.S. Shareholder will be subject to the same treatment as a U.S. Shareholder with
respect to such gain (a Non-U.S. Shareholder that is a foreign corporation may also be subject to a 30% branch profits tax, as
discussed above), or (ii) the Non-U.S. Shareholder is a nonresident alien individual who was present in the United States for
183 days or more during the taxable year and has a &ldquo;tax home&rdquo; in the United States, in which case the nonresident
alien individual will be subject to a 30% tax on the individual&rsquo;s capital gains. If the gain on the sale of shares were
to be subject to taxation under FIRPTA, the Non-U.S. Shareholder would be subject to the same treatment as a U.S. Shareholder
with respect to such gain (subject to applicable alternative minimum tax, possible withholding tax and a special alternative minimum
tax in the case of nonresident alien individuals).</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26pt">Under recently enacted
rules, Non-U.S. Shareholders that are &ldquo;qualified foreign pension funds&rdquo; or certain &ldquo;qualified collective investment
vehicles&rdquo; that qualify as &ldquo;qualified shareholders&rdquo; are not subject to the FIRPTA rules described in this section.
Non-U.S. Shareholders should consult with their own tax advisors to determine if they are eligible for either of these exceptions
to the FIRPTA rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 26pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are not, or
cease to be, a &ldquo;domestically-controlled REIT,&rdquo; whether gain arising from the sale or exchange of shares by a Non-U.S.
Shareholder would be subject to United States taxation under FIRPTA as a sale of a USRPI will depend on whether any class of our
shares is &ldquo;regularly traded&rdquo; (as defined by applicable Treasury Regulations) on an established securities market (e.g.,
the New York Stock Exchange), as is the case with our common shares, and on the size of the selling Non-U.S. Shareholder&rsquo;s
interest in us. In the case where we are not, or cease to be, a &ldquo;domestically-controlled REIT&rdquo; and any class of our
shares is &ldquo;regularly traded&rdquo; on an established securities market at any time during the calendar year, a sale of shares
of that class by a Non-U.S. Shareholder will only be treated as a sale of a USRPI (and thus subject to taxation under FIRPTA)
if such selling shareholder beneficially owns (including by attribution) more than 10% (5% for taxable years ending on or before
December 18, 2015) of the total fair market value of all of the shares of such class at any time during the five-year period ending
either on the date of such sale or other applicable determination date. To the extent we have one or more classes of shares outstanding
that are &ldquo;regularly traded,&rdquo; but the Non-U.S. Shareholder sells shares of a class of our shares that is not &ldquo;regularly
traded,&rdquo; the sale of shares of such class would be treated as a sale of a USRPI under the foregoing rule only if the shares
of such latter class acquired by the Non-U.S. Shareholder have a total net market value on the date they are acquired that is
greater than 10% (5% for taxable years ending on or before December 18, 2015) of the total fair market value of the &ldquo;regularly
traded&rdquo; class of our shares having the lowest fair market value (or with respect to a nontraded class of our shares convertible
into a &ldquo;regularly traded&rdquo; market value on the date of acquisition of the total fair market value of the &ldquo;regularly
traded&rdquo; class into which it is convertible). If gain on the sale or exchange of shares were subject to taxation under FIRPTA,
the Non-U.S. Shareholder would be subject to regular United States income tax with respect to such gain in the same manner as
a U.S. Shareholder (subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident
alien individuals); provided, however, that deductions otherwise allowable will be allowed as deductions only if the tax returns
were filed within the time prescribed by law. In general, the purchaser of the shares would be required to withhold and remit
to the IRS 15% of the amount realized by the seller on the sale of such shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B><I>Information Reporting
Requirements and Backup Withholding Tax</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>U.S. Shareholders</I>:
We will report to our U.S. Shareholders and the IRS the amount of dividends paid during each calendar year, and the amount of
tax withheld, if any. Under the backup withholding rules, backup withholding may apply to a U.S. Shareholder with respect to dividends
paid unless the U.S. Shareholder (a) is a corporation or comes within certain other exempt categories and, when required, demonstrates
this fact, or (b) provides a taxpayer identification number, certifies as to no loss of exemption from backup withholding, and
otherwise complies with applicable requirements of the backup withholding rules. The IRS may also impose penalties on a U.S. Shareholder
that does not provide us with its correct taxpayer identification number. A U.S. Shareholder may credit any amount paid as backup
withholding against the shareholder&rsquo;s income tax liability. In addition, we may be required to withhold a portion of capital
gain distributions to any U.S. Shareholder who fails to certify to us its non-foreign status.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Non-U.S. Shareholders</I>:
If you are a Non-U.S. Shareholder, you are generally exempt from backup withholding and information reporting requirements with
respect to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">dividend payments;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the payment of the proceeds from the sale of common shares effected
    at a United States office of a broker,</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">as long as the income associated with
these payments is otherwise exempt from U.S. federal income tax, and:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the payor or broker does not have actual knowledge or reason
    to know that you are a United States person and you have furnished to the payor or broker:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a valid IRS Form W-8BEN or W-8BEN-E or an acceptable substitute
    form upon which you certify, under penalties of perjury, that you are a non-United States person, or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">other documentation upon which it may rely to treat the payments
    as made to a non-United States person in accordance with Treasury Regulations, or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">you otherwise establish your right to an exemption.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payment of the proceeds
from the sale of common shares effected at a foreign office of a broker generally will not be subject to information reporting
or backup withholding. However, a sale of common shares that is effected at a foreign office of a broker will be subject to information
reporting and backup withholding if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the proceeds are transferred to an account maintained by you
    in the United States;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the payment of proceeds or the confirmation of the sale is mailed
    to you at a United States address; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the sale has some other specified connection with the United
    States as provided in the Treasury Regulations,</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">unless the broker does not have actual
knowledge or reason to know that you are a United States person and the documentation requirements described above are met or
you otherwise establish an exemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a sale
of common shares will be subject to information reporting if it is effected at a foreign office of a broker that is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a United States person;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a controlled foreign corporation for United States tax purposes;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a foreign person 50% or more of whose gross income is effectively
    connected with the conduct of a United States trade or business for a specified three-year period; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a foreign partnership, if at any time during its tax year:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">one or more of its partners are &ldquo;U.S. persons,&rdquo;
    as defined in Treasury Regulations, who in the aggregate hold more than 50% of the income or capital interest in the partnership;
    or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">such foreign partnership is engaged in the conduct of a United
    States trade or business,</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">unless the broker does not have actual
knowledge or reason to know that you are a United States person and the documentation requirements described above are met or
you otherwise establish your right to an exemption. Backup withholding will apply if the sale is subject to information reporting
and the broker has actual knowledge that you are a United States person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You generally may
obtain a refund of any amounts withheld under the backup withholding rules that exceed your income tax liability by filing a refund
claim with the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tax Aspects of the Operating Partnership</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>General</I>: The
Operating Partnership holds substantially all of our investments. In general, partnerships are &ldquo;pass-through&rdquo; entities
that are not subject to U.S. federal income tax. Rather, partners are allocated their proportionate shares of the items of income,
gain, loss, deduction and credit of their partnership, and are potentially subject to tax thereon, without regard to whether distributions
are made to them by the partnership. We include in our income our proportionate share of these Operating Partnership items (including
our proportionate share of such items attributable to partnerships in which the Operating Partnership owns a direct or indirect
interest) for purposes of the various REIT gross income tests and in the computation of its REIT taxable income. Moreover, for
purposes of the REIT Asset Tests, we include our proportionate share of assets held by the Operating Partnership and by partnerships
in which the Operating Partnership owns a direct or indirect interest.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that each
partnership in which we hold an interest (either directly or indirectly) is properly treated as a partnership for tax purposes
and not as an association taxable as a corporation. If for any reason the Operating Partnership were taxable as a corporation,
rather than as a partnership, for U.S. federal income tax purposes, we likely would not be able to qualify as a REIT unless we
qualified for certain relief provisions. In addition, any change in the Operating Partnership&rsquo;s status for tax purposes
might be treated as a taxable event, in which case we might incur tax liability without any related cash distribution. Further,
items of income and deduction of the Operating Partnership would not pass through to its partners, and its partners would be treated
as shareholders for tax purposes. Consequently, the Operating Partnership would be required to pay income tax at corporate rates
on its net income, and distributions to its partners would constitute dividends that would not be deductible in computing the
Operating Partnership&rsquo;s taxable income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Tax Allocations
with respect to Contributed Properties (Effects of Section 704(c) of the Code)</I>: Pursuant to Section 704(c) of the Code, income,
gain, loss and deduction attributable to appreciated or depreciated property that is contributed to a partnership in exchange
for an interest in the partnership, must be allocated in a manner such that the contributing partner is charged with the unrealized
gain, or benefits from the unrealized loss, associated with the property at the time of the contribution. The amount of the unrealized
gain or unrealized loss is generally equal to the difference between the fair market value of the contributed property at the
time of contribution and the adjusted tax basis of the property at such time (said difference, the &ldquo;Book-Tax Difference&rdquo;).
Additionally, upon the occurrence of certain events (including but not limited to the issuance of additional interests in the
partnership), a partnership may adjust the Section 704(b) book basis of its assets to reflect their then-current fair market values,
thereby creating additional Book-Tax Differences under Section 704(c). These allocations are solely for U.S. federal income tax
purposes and do not affect the economic or legal arrangements among the partners. The Operating Partnership was formed by way
of, and has since formation received, contributions of appreciated property (including interests in partnerships that have appreciated
property) and has adjusted the Section 704(b) book basis of its assets. Consequently, in accordance with Section 704(c) of the
Code and the Operating Partnership&rsquo;s partnership agreement, the Operating Partnership makes allocations to its partners
in a manner consistent with Section 704(c) of the Code and the Treasury Regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, those
partners who have contributed to the Operating Partnership property (including interests in partnerships that own property) that
has a fair market value in excess of basis at the time of such contribution have been allocated lower amounts of depreciation
deductions for tax purposes than would have been the case if such allocations were made pro rata. In addition, in the event of
the disposition of any such property, all taxable income and gain attributable to such property&rsquo;s Book-Tax Difference generally
will be allocated to the contributing partners, and we generally will be allocated only our share (and on a pro rata basis) of
any capital gain attributable to post-contribution appreciation, if any. The foregoing allocations would tend to eliminate a property&rsquo;s
Book-Tax Difference over the Operating Partnership&rsquo;s life. However, the special allocation rules of Section 704(c) of the
Code do not always entirely eliminate a property&rsquo;s Book-Tax Difference and could prolong a noncontributing partner&rsquo;s
Book-Tax Difference with respect to such property. Thus, the carryover basis of a contributed property in the hands of the Operating
Partnership may cause us to be allocated: (a) lower tax depreciation and other deductions than our economic or book depreciation
and other deductions allocable to us; and/or (b) more taxable income or gain upon a sale of the property than the economic or
book income or gain allocable to us as a result of the sale. Such differing tax allocations may cause us to recognize taxable
income or gain in excess of cash proceeds, which might adversely affect our ability to comply with the REIT distribution requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Treasury Regulations
under Section 704(c) of the Code provide partnerships with a choice of several methods of accounting for Book-Tax Differences
(e.g., the &ldquo;traditional method,&rdquo; the &ldquo;traditional method with curative allocations,&rdquo; and the &ldquo;remedial
method&rdquo;). Some of these methods could prolong the period required to eliminate the Book-Tax Difference as compared to other
permissible methods (or could, in fact, result in a portion of the Book-Tax Difference to remain unaccounted for). The Operating
Partnership&rsquo;s partnership agreement provides for the use of the &ldquo;traditional method&rdquo; for accounting for Book-Tax
Differences, unless otherwise determined by us, as the general partner of the Operating Partnership, and the contributing partner.
As a result of this determination, distributions to our shareholders could be comprised of more taxable income than would otherwise
be the case. With respect to any purchased property that is not &ldquo;replacement property&rdquo; in a tax-free like-kind exchange
under Section 1031 of the Code, such property initially would have a tax basis equal to its fair market value and Section 704(c)
of the Code would not apply.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Basis in Partnership
Interests in the Operating Partnership</I>: Our adjusted tax basis in our interest in the Operating Partnership generally equals
the amount of cash and the basis of any other property contributed by us to the Operating Partnership (1) increased by our allocable
share of the income and indebtedness of the Operating Partnership, and (2) decreased (but not below zero) by: (a) our allocable
share of losses of the Operating Partnership; (b) the amount of cash and adjusted basis of property distributed by the Operating
Partnership to us; and (c) the reduction in our allocable share of the Operating Partnership&rsquo;s indebtedness.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the allocation
of our distributive share of the Operating Partnership&rsquo;s losses exceeds the adjusted tax basis of our partnership interest
in the Operating Partnership, the recognition of such excess losses would be deferred to the extent that we have adjusted tax
basis in our interest in the Operating Partnership. To the extent that the Operating Partnership&rsquo;s distributions, or any
decrease in our allocable share of indebtedness (such decreases being considered a constructive cash distribution to the partners),
exceeds our adjusted tax basis in our interest in the Operating Partnership, such excess distributions (including such constructive
distributions) will constitute taxable income to us. Such taxable income would normally be characterized as capital gain, and
if our interest in the Operating Partnership has been held for longer than the long-term capital gain holding period (currently
more than one year), such distributions and constructive distributions would constitute long-term capital gain income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Sale of the Properties</I>:
Our distributive share of any gain realized by the Operating Partnership on its sale of any property held by it as inventory or
primarily for sale to customers in the ordinary course of its trade or business would be treated as income from a prohibited transaction
that is subject to a 100% penalty tax. Prohibited transaction income may also have an adverse effect on our ability to satisfy
the REIT gross income tests. Under existing law, whether the Operating Partnership holds its property as inventory or primarily
for sale to customers in the ordinary course of its trade or business is a question of fact that depends on all the facts and
circumstances with respect to the particular transaction. The Operating Partnership intends to hold its properties for investment
with a view to long-term appreciation, to engage in the business of acquiring, developing, owning, renting and otherwise operating
the properties, and to make such occasional sales of the properties, including peripheral land, as are consistent with the Operating
Partnership&rsquo;s investment objectives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B><I>State
and Local Tax</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and our shareholders
may be subject to state and local tax in various states and localities, including those in which we or they transact business,
own property or reside. Our tax treatment and that of our shareholders in such jurisdictions may differ from the U.S. federal
income tax treatment described above. Consequently, prospective shareholders should consult their own tax advisors regarding the
effect of state and local tax laws on an investment in our common shares.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_018"></A>SELLING
SECURITYHOLDERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Information about the selling securityholders
may be added to this prospectus pursuant to a prospectus supplement.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="l_019"></A>PLAN
OF DISTRIBUTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">This prospectus relates
to the initial issuance by us and/or selling securityholders of securities described in this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell the securities
being offered by this prospectus in one or more of the following ways from time to time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through
                                         one or more underwriters or dealers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through
                                         agents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">directly
                                         to agents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in
                                         &ldquo;at the market offerings&rdquo; to or through a market maker or into an existing
                                         trading market, or a securities exchange or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">directly
                                         to purchasers; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through
                                         a combination of any of these methods of sale.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common shares
or any class or series of our preferred shares may be issued as share distributions, upon conversion of debt securities or our
preferred shares or in exchange for Units. Securities may also be issued upon exercise of our warrants. We reserve the right to
sell securities directly to investors on our own behalf in those jurisdictions where we are authorized to do so.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A distribution of
the securities offered by this prospectus may also be effected through the issuance of derivative securities, including without
limitation, warrants, subscriptions, exchangeable securities, forward delivery contracts and the writing of options. In addition,
the manner in which we and/or selling securityholders may sell some or all of the securities covered by this prospectus includes,
without limitation, through:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                         block trade in which a broker-dealer will attempt to sell as agent, but may position
                                         or resell a portion of the block, as principal, in order to facilitate the transaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">purchases
                                         by a broker-dealer, as principal, and resale by the broker-dealer for its account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ordinary
                                         brokerage transactions and transactions in which a broker solicits purchasers; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">privately
                                         negotiated transactions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also enter
into hedging transactions. For example, we may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">enter
                                         into transactions with a broker-dealer or affiliate thereof in connection with which
                                         such broker-dealer or affiliate will engage in short sales of the common shares pursuant
                                         to this prospectus, in which case such broker-dealer or affiliate may use common shares
                                         received from us to close out its short positions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">sell
                                         securities short and redeliver such shares to close out our short positions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">enter
                                         into option or other types of transactions that require us to deliver common shares to
                                         a broker-dealer or an affiliate thereof, who will then resell or transfer the common
                                         shares under this prospectus; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">loan
                                         or pledge the common shares to a broker-dealer or an affiliate thereof, who may sell
                                         the loaned shares or, in an event of default in the case of a pledge, sell the pledged
                                         shares pursuant to this prospectus.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we may
enter into derivative or hedging transactions with third parties, or sell securities not covered by this prospectus to third parties
in privately negotiated transactions. In connection with such a transaction, the third parties may sell securities covered by
and pursuant to this prospectus and an applicable prospectus supplement or pricing supplement, as the case may be. If so, the
third party may use securities borrowed from us or others to settle such sales and may use securities received from us to close
out any related short positions. We may also loan or pledge securities covered by this prospectus and an applicable prospectus
supplement to third parties, who may sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged
securities pursuant to this prospectus and the applicable prospectus supplement or pricing supplement, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A prospectus supplement
with respect to each series of securities will state the terms of the offering of the securities, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         terms of the offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         name or names of any underwriters or agents and the amounts of securities underwritten
                                         or purchased by each of them, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         public offering price or purchase price of the securities and the net proceeds to be
                                         received by us from the sale;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         delayed delivery arrangements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         terms of any subscription rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         initial public offering price;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         underwriting discounts or agency fees and other items constituting underwriters&rsquo;
                                         or agents&rsquo; compensation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         discounts or concessions allowed or reallowed or paid to dealers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         securities exchange on which the securities may be listed.</TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The offer and sale
of the securities described in this prospectus by us, the underwriters or the third parties described above may be effected from
time to time in one or more transactions, including privately negotiated transactions, either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at
                                         a fixed price or prices, which may be changed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at
                                         market prices prevailing at the time of sale, including in &ldquo;at the market offerings;&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at
                                         prices related to the prevailing market prices; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at
                                         negotiated prices.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling securityholders
may offer our securities in one or more offerings, and if required by applicable law or in connection with an underwritten offering,
pursuant to one or more prospectus supplements, and any such prospectus supplement will set forth the terms of the relevant offering
as described above. To the extent our securities are either offered pursuant to a prospectus supplement, or otherwise remain unsold,
the selling securityholders may offer those securities on different terms pursuant to another prospectus supplement or in a private
transaction. Sales by the selling securityholders may not require the provision of a prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
foregoing, each of the selling securityholders may offer our securities at various times in one or more of the following transactions:
through short sales, derivative and hedging transactions; by pledge to secure debts and other obligations; through offerings of
securities exchangeable, convertible or exercisable for our securities; under forward purchase contracts with trusts, investment
companies or other entities (which may, in turn, distribute their own securities); through distribution to its members, partners
or shareholders; in exchange or over-the-counter market transactions; and/or in private transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the selling
securityholders also may resell all or a portion of our securities that it owns in open market transactions in reliance upon Rule
144 under the Securities Act, or any other available exemption from required registration under the Securities Act, provided it
meets the criteria and conforms to the requirements of Rule 144.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any public offering
price and any fees, discounts, commissions, concessions or other items constituting compensation allowed or reallowed or paid
to underwriters, dealers, agents or remarketing firms may be changed from time to time. Underwriters, dealers, agents and remarketing
firms that participate in the distribution of the offered securities may be &lsquo;&lsquo;underwriters&rsquo;&rsquo; as defined
in the Securities Act. Any discounts or commissions they receive from us and/or the selling securityholders and any profits they
receive on the resale of the offered securities may be treated as underwriting discounts and commissions under the Securities
Act. We will identify any underwriters, agents or dealers and describe their fees, commissions or discounts in the applicable
prospectus supplement or pricing supplement, as the case may be.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If underwriters are
used in a sale, they will acquire the offered securities for their own account. The underwriters may resell the offered securities
in one or more transactions, including negotiated transactions. We and/or the selling stockholders may offer the securities to
the public either through an underwriting syndicate represented by one or more managing underwriters or through one or more underwriter(s).
The underwriters in any particular offering will be identified in the applicable prospectus supplement or pricing supplement,
as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in connection with any particular offering of securities, the obligations of the underwriters to purchase the offered securities
will be subject to certain conditions contained in an underwriting agreement that we and/or the selling securityholders will enter
into with the underwriters at the time of the sale to them. The underwriters will be obligated to purchase all of the securities
of the series offered if any of the securities are purchased, unless otherwise specified in connection with any particular offering
of securities. Any initial offering price and any discounts or concessions allowed, reallowed or paid to dealers may be changed
from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and/or the selling
securityholders may designate agents to sell the offered securities. Unless otherwise specified in connection with any particular
offering of securities, the agents will agree to use their best efforts to solicit purchases for the period of their appointment.
We and/or the selling securityholders may also sell the offered securities to one or more remarketing firms, acting as principals
for their own accounts or as agents for us. These firms will remarket the offered securities upon purchasing them in accordance
with a redemption or repayment pursuant to the terms of the offered securities. A prospectus supplement or pricing supplement,
as the case may be, will identify any remarketing firm and will describe the terms of its agreement, if any, with us and/or the
selling securityholders and its compensation.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
offerings made through underwriters or agents, we and/or the selling securityholders may enter into agreements with such underwriters
or agents pursuant to which we and/or the selling securityholders receive our outstanding securities in consideration for the
securities being offered to the public for cash. In connection with these arrangements, the underwriters or agents may also sell
securities covered by this prospectus to hedge their positions in these outstanding securities, including in short sale transactions.
If so, the underwriters or agents may use the securities received from us under these arrangements to close out any related open
borrowings of securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and/or the selling
securityholders may sell the offered securities to dealers as principals. We and/or the selling securityholders may negotiate
and pay dealers&rsquo; commissions, discounts or concessions for their services. The dealer may then resell such securities to
the public either at varying prices to be determined by the dealer or at a fixed offering price agreed to with us and/or the selling
securityholders at the time of resale. Dealers engaged by us and/or the selling securityholders may allow other dealers to participate
in resales.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and/or the selling
securityholders may choose to sell the offered securities directly to multiple purchasers or a single purchaser. In this case,
no underwriters or agents would be involved.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and/or the selling
securityholders may authorize agents, dealers or underwriters to solicit certain institutional investors to purchase offered securities
on a delayed delivery basis pursuant to delayed delivery contracts providing for payment and delivery on a specified future date.
The applicable prospectus supplement or pricing supplement, as the case may be, will provide the details of any such arrangement,
including the offering price and commissions payable on the solicitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and/or the selling
securityholders may enter into such delayed contracts only with institutional purchasers that we and/or the selling securityholders
approve. These institutions may include commercial and savings banks, insurance companies, pension funds, investment companies
and educational and charitable institutions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Direct sales to investors
or our shareholders may be accomplished through subscription offerings or through shareholder subscription rights distributed
to shareholders. In connection with subscription offerings or the distribution of shareholder subscription rights to shareholders,
if all of the underlying securities are not subscribed for, we may sell any unsubscribed securities to third parties directly
or through underwriters or agents. In addition, whether or not all of the underlying securities are subscribed for, we may concurrently
offer additional securities to third parties directly or through underwriters or agents. If securities are to be sold through
shareholder subscription rights, the shareholder subscription rights will be distributed as a dividend to the shareholders for
which they will pay no separate consideration. The prospectus supplement with respect to the offer of securities under shareholder
subscription rights will set forth the relevant terms of the shareholder subscription rights, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether
                                         common shares, preferred shares, or warrants for those securities will be offered under
                                         the shareholder subscription rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         number of those securities or warrants that will be offered under the shareholder subscription
                                         rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         period during which and the price at which the shareholder subscription rights will be
                                         exercisable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         number of shareholder subscription rights then outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         provisions for changes to or adjustments in the exercise price of the shareholder subscription
                                         rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">special
                                         share dividends; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         other material terms of the shareholder subscription rights.</TD></TR></TABLE>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and/or the selling
securityholders have agreed to indemnify the selling shareholder and we may agree to indemnify underwriters, dealers, agents and
remarketing firms against civil liabilities, including liabilities under the Securities Act and to make contribution to them in
connection with those liabilities. Underwriters, dealers, agents and remarketing firms, and their affiliates, may engage in transactions
with, or perform services for us and our affiliates, in the ordinary course of business, including commercial banking transactions
and services.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market Making, Stabilization and
Other Transactions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each series of securities
will be a new issue of securities and will have no established trading market other than our common shares and preferred shares
which are listed on the New York Stock Exchange (the &ldquo;NYSE&rdquo;). Any common shares sold pursuant to a prospectus supplement
will be listed on the NYSE, subject to official notice of issuance. Any underwriters to whom we and/or the selling securityholders
sell securities for public offering and sale may make a market in the securities, but such underwriters will not be obligated
to do so and may discontinue any market making at any time without notice. The securities, other than the common shares, may or
may not be listed on a national securities exchange, and any such listing if pursued will be described in the applicable prospectus
supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To facilitate the
offering of the securities, certain persons participating in the offering may engage in transactions that stabilize, maintain,
or otherwise affect the price of the securities. This may include over-allotments or short sales of the securities, which involves
the sale by persons participating in the offering of more securities than we sold to them. In these circumstances, these persons
would cover the over-allotments or short positions by making purchases in the open market or by exercising their over-allotment
option. In addition, these persons may stabilize or maintain the price of the securities by bidding for or purchasing securities
in the open market or by imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may
be reclaimed if securities sold by them are repurchased in connection with stabilization transactions. The effect of these transactions
may be to stabilize or maintain the market price of the securities at a level above that which might otherwise prevail in the
open market. These transactions may be discontinued at any time.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="l_020"></A>LEGAL
MATTERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Legal matters, excluding
tax matters, relating to this prospectus, will be passed upon for us by Goodwin Procter LLP, New York, New York. The legal matters
described under &ldquo;Material United States Federal Income Tax Considerations&rdquo; beginning on page&nbsp;20 of this prospectus
will be passed upon for us by Seyfarth Shaw LLP, New York, New York. Certain legal matters under Maryland law, including the legality
of the securities covered by this prospectus, other than the debt securities, which will be passed on for us by Goodwin Procter
LLP, New York, New York, will be passed on for us by Venable LLP, Baltimore, Maryland.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="l_021"></A>INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements and schedules as of December 31, 2016 and 2015 and for each of the years in the three-year period ended December 31,
2016 and management&rsquo;s assessment of the effectiveness of internal control over financial reporting as of December 31, 2016,
incorporated by reference in this prospectus have been so incorporated in reliance on the reports of BDO USA, LLP, an independent
registered public accounting firm, incorporated herein by reference, given on the authority of said firm as experts in auditing
and accounting.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="l_022"></A>WHERE
YOU CAN FIND MORE INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We file annual, quarterly
and current reports, proxy statements and other information with the SEC. Our filings with the SEC are available to the public
on the Internet at the SEC&rsquo;s website at http://www.sec.gov. You may also read and copy any document that we file with the
SEC at its Public Reference Room, 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the Public Reference Room and its copy charges.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information incorporated
by reference herein is an important part of this prospectus. Any statement contained in a document which is incorporated by reference
in this prospectus is automatically updated and superseded if information contained in a subsequent filing or in this prospectus,
or information that we later file with the SEC prior to the termination of this offering, modifies or replaces this information.
The following documents filed with the SEC are incorporated by reference into this prospectus, except for any document or portion
thereof &ldquo;furnished&rdquo; to the SEC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/899629/000089962917000009/akr2016123110k.htm">our Annual Report on Form 10-K for the year ended December 31, 2016;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/899629/000089962917000012/akr2016123110ka.htm">our Annual Report on Form 10-K/A for the year ended December 31, 2016;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/899629/000089962917000049/akr2017-03x3110xq.htm">our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/899629/000089962917000042/a2017-03x288xkdocument.htm">our Current Report on Form 8-K filed on March 29, 2017 (Item 8.01 only);</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/899629/000089962917000040/a2017proxy.htm">our Definitive Proxy Statement dated March 28, 2017;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         description of our shares contained in our Registration Statement on Form 8-A dated May
                                         21, 1993, (File No. 33-6008) filed on May 26, 1993 pursuant to Section 12(g) of the Exchange
                                         Act, including any amendment or report filed for the purpose of updating such description;
                                         and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all
                                         documents that we file with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of
                                         the Exchange Act, after the date of this prospectus and prior to the termination of this
                                         offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">To receive a free
copy of any of the documents incorporated by reference in this prospectus (other than exhibits, unless they are specifically incorporated
by reference in the documents), write us at the following address or call us at the telephone number listed below:</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(914) 288-8100</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We maintain an Internet
website at http://www.acadiarealty.com. We are not incorporating by reference in this prospectus any material from our website.
The reference to our website is an inactive textual reference to the uniform resource locator (URL) and is for your reference
only. Information on our website is not and will not be deemed to be a part of this prospectus.</P>

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

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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$250,000,000</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<IMG SRC="logo2.jpg" ALT=""></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares</B></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Goldman Sachs &amp; Co. LLC</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May 31, 2019</P>

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

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

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

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

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