<SEC-DOCUMENT>0001144204-19-029917.txt : 20190605
<SEC-HEADER>0001144204-19-029917.hdr.sgml : 20190605
<ACCEPTANCE-DATETIME>20190605172543
ACCESSION NUMBER:		0001144204-19-029917
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20190531
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190605
DATE AS OF CHANGE:		20190605

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12002
		FILM NUMBER:		19880753

	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>
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<TYPE>8-K
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<FILENAME>tv523129_8k.htm
<DESCRIPTION>FORM 8-K
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 12pt 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>FORM 8-K</B></P>

<P STYLE="font: 12pt 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>CURRENT REPORT</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>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of Earliest Event Reported):
May 31, 2019</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>ACADIA REALTY TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 32%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1-12002</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23-2715194</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of incorporation)</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">(Commission File Number)</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">(I.R.S. Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip Code)</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">(914) 288-8100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</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">(Former name or former address, if changed
since last report)</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">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</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">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<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="text-align: center; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title of class of registered securities</B></FONT></TD>
    <TD STYLE="text-align: center; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading symbol</B></FONT></TD>
    <TD STYLE="text-align: center; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of exchange on which registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common shares of beneficial interest, par value $0.001 per share</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AKR</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The New York Stock Exchange</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"></P>

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<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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8.01 Other Events.</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">On May 31, 2019, Acadia Realty Trust (the
 &ldquo;Company&rdquo;) and Acadia Realty Limited Partnership (the &ldquo;Operating Partnership&rdquo;) entered into an ATM Equity
Offering Sales Agreement (the &ldquo;Sales Agreement&rdquo;) with each of BofA Securities, Inc., Barclays Capital Inc., Citigroup
Global Markets Inc. (in its capacity as forward seller, acting as agent for Citibank, N.A.), Goldman Sachs &amp; Co. LLC, Jefferies
LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC, each as sales agent, principal and/or (except in the case
of SunTrust Robinson Humphrey, Inc.) forward seller (in such capacity, each a &ldquo;Sales Agent&rdquo;, and together, the &ldquo;Sales
Agents&rdquo;), and Bank of America, N.A., Barclays Bank PLC, Citibank, N.A., Goldman Sachs &amp; Co. LLC, Jefferies LLC and Wells
Fargo Bank, National Association, each as forward purchaser (in such capacity, each a &ldquo;Forward Purchaser&rdquo;, and together,
the &ldquo;Forward Purchasers&rdquo;) to sell, from time to time, common shares of beneficial interest of the Company, par value
$0.001 per share (&ldquo;Common Shares&rdquo;), having an aggregate sale price up to $250,000,000, through an &ldquo;at-the-market&rdquo;
(&ldquo;ATM&rdquo;) equity offering program. The Common Shares will be issued pursuant to the Company&rsquo;s shelf registration
statement on Form S-3 ASR (File No. 333-217594). The Company filed a prospectus supplement, dated May 31, 2019, with the Securities
and Exchange Commission in connection with the offer and sale of the Common Shares being sold under the program.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Sales Agreement, the Common Shares may be offered
and sold through any of the Sales Agents in negotiated transactions or transactions that are deemed to be &ldquo;at-the-market&rdquo;
offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including sales made by means of ordinary brokers&rsquo;
transactions on the New York Stock Exchange or another 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.<SUP></SUP></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, the Company may enter into
one or more forward sale agreements with one or more of the Forward Purchasers. In connection with any forward sale agreement,
the relevant Sales Agent, acting as forward seller, will, at the Company&rsquo;s 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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sales Agreement provides that each
Sales Agent will be entitled to compensation of up to 2.0% of the gross sales price of the Common Shares sold through such Sales
Agent.&nbsp;&nbsp;The Sales Agreement also provides that a forward seller will be entitled to 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 the applicable forward seller, which commissions will be in the form of a reduced initial forward sale price
under the related forward sale agreement with the related Forward Purchaser. The Company may also sell Common Shares to a Sales
Agent as principal for its own account, at a price and discount to be agreed upon at the time of sale pursuant to a separate terms
agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has no obligation to sell any
of the Common Shares under the Sales Agreement and may at any time suspend solicitation and offers under the Sales Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will contribute the net proceeds
from this offering to the Operating Partnership, which intends to use the net proceeds for general corporate purposes, which may
include, among other things, repayment of debt, purchasing notes, entering into loans, future acquisitions, directly (or indirectly
through joint ventures) and through opportunity funds, and redevelopments of, and capital improvements to, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Company expects to
physically settle any forward sale agreement into which it enters (by the delivery of Common Shares) and receive proceeds
from the sale of such 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, the Company may also elect to cash settle or net share settle all or a
portion of its obligations under any forward sale agreement. If the Company elects to cash settle any forward sale agreement,
it may not receive any proceeds, and may owe cash to the relevant Forward Purchaser in certain circumstances. If the Company
elects to net share settle any forward sale agreement, it will not receive any proceeds and may owe Common Shares to the
relevant Forward Purchaser in certain circumstances. Any forward sale agreement is subject to early termination or settlement
under certain circumstances.</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">Some or all of the Sale Agents, Forward
Purchasers and/or their respective affiliates have engaged in, and/or may in the future engage in, investment banking, commercial
banking, financial advisory and/or other commercial dealings in the ordinary course of business with the Company and/or the Company&rsquo;s
subsidiaries, for which they have received and/or in the future may receive fees and commissions for these transactions or services.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Sales
Agreement is a summary and is qualified in its entirety by reference to the Sales Agreement (which includes as an exhibit thereto
the form of forward sale agreement), which is filed as Exhibit&nbsp;1.1 to this Current Report on Form&nbsp;8-K and is incorporated
herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the filing of
the prospectus supplement,  the Company&rsquo;s counsel, Venable LLP delivered its legality opinion with respect to the
Common Shares to be issued pursuant to the Sales Agreement. A copy of the legality opinion is attached hereto as Exhibit 5.1
and is incorporated herein by reference.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 8%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number&nbsp;</B></P></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 90%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Description</B></P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><A HREF="tv523129_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tv523129_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
    Agreement, dated as of May 31, 2019, among Acadia Realty Trust, Acadia Realty Limited Partnership and 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, as agents, principals and/or (except in the case of SunTrust Robinson Humphrey, Inc.)
    forward sellers, and Bank of America, N.A., Barclays Bank PLC, Citibank, N.A., Goldman Sachs &amp; Co. LLC, Jefferies LLC and
    Wells Fargo Bank, National Association, as forward purchasers.</FONT></A></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><A HREF="tv523129_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tv523129_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Venable LLP. </FONT></A></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><A HREF="tv523129_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tv523129_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Venable LLP (included in Exhibit 5.1). </FONT></A></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">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACADIA REALTY TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: June 5, 2019</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John Gottfried</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Gottfried</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sr. Vice President and Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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

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

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tv523129_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Shares of Beneficial Interest<BR>
($0.001 par value per share)</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>ATM EQUITY OFFERING SALES AGREEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">May 31, 2019</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">BofA Securities, Inc.<BR>
One Bryant Park<BR>
New York, New York 10036</TD>
    <TD STYLE="width: 60%">Barclays Capital Inc.<BR>
745 Seventh Avenue<BR>
New York, New York 10019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Citigroup Global Markets Inc.<BR>
388 Greenwich Street<BR>
New York, New York 10013</TD>
    <TD>Goldman Sachs &amp; Co. LLC<BR>
200 West Street<BR>
New York, New York 10282</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jefferies LLC<BR>
520 Madison Avenue<BR>
New York, New York 10022</TD>
    <TD>SunTrust Robinson Humphrey, Inc.<BR>
3333 Peachtree Road NE, 11<SUP>th</SUP> Floor <BR>
Atlanta, Georgia 30326</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Wells Fargo Securities, LLC<BR>
375 Park Avenue<BR>
New York, New York 10152</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>As Agents</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Bank of America, N.A.<BR>
One Bryant Park<BR>
New York, New York 10036</TD>
    <TD>Barclays Bank PLC<BR>
c/o Barclays Capital Inc.<BR>
745 Seventh Avenue<BR>
New York, NY 10019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Citibank, N.A.<BR>
390 Greenwich Street, 6th Floor<BR>
New York, New York 10013</TD>
    <TD>Goldman Sachs &amp; Co. LLC<BR>
200 West Street<BR>
New York, New York 10282</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jefferies LLC<BR>
520 Madison Avenue<BR>
New York, New York 10022</TD>
    <TD>Wells Fargo Bank, National Association<BR>
375 Park Avenue, 4th Floor<BR>
New York, New York 10152</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>As Forward Purchasers</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 41.75pt">Acadia Realty Trust,
a Maryland real estate investment trust (the &ldquo;<U>Company</U>&rdquo;), confirms its agreement with BofA Securities, Inc.,
Barclays Capital Inc., Citigroup Global Markets Inc. (in its capacity as forward seller, acting as agent for Citibank, N.A.), Goldman
Sachs &amp; Co. LLC, Jefferies LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC, each as sales agent, principal
and/or (except in the case of SunTrust Robinson Humphrey, Inc.) forward seller (in such capacity, each an &ldquo;<U>Agent</U>,&rdquo;
and together, the &ldquo;<U>Agents</U>&rdquo;), and Bank of America, N.A., Barclays Bank PLC, Citibank, N.A., Goldman Sachs &amp;
Co. LLC, Jefferies LLC and Wells Fargo Bank, National Association, each as forward purchaser (in such capacity, each a &ldquo;<U>Forward
Purchaser</U>,&rdquo; and together, the &ldquo;<U>Forward Purchasers</U>&rdquo;). For purposes of clarity, it is understood and
agreed by the parties hereto that, if Shares (as defined below) are offered or sold through any Agent acting as forward seller
for the applicable Forward Purchaser, then such Agent, as forward seller, shall be acting solely in its capacity as sales agent
for such Forward Purchaser and not as sales agent for the Company with respect to the offering and sale of such Shares, and, except
in cases where this Agreement (as defined below) expressly refers to an Agent acting as sales agent for the Company or unless otherwise
expressly stated or the context otherwise requires, references in this Agreement to any Agent acting as sales agent shall also
be deemed to apply to such Agent when acting as forward seller, <I>mutatis mutandis</I>; provided that SunTrust Robinson Humphrey,
Inc. is not acting as forward seller. It is also understood and agreed by the parties hereto that, if Shares are offered or sold
through any Agent acting as sales agent for the Company, then such Agent shall be acting solely in its capacity as sales agent
for the Company, and not as sales agent for any Forward Purchaser, with respect to the offering and sale of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 41.75pt">&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: justify; text-indent: 41.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 41.75pt">The Company proposes
subject to the terms and conditions stated herein, to issue and sell from time to time to or through the Agents, severally and
not jointly, up to $250,000,000 of shares (the &ldquo;<U>Shares</U>&rdquo;) of the Company&rsquo;s common shares of beneficial
interest, par value $0.001 per share (the &ldquo;<U>Common Shares</U>&rdquo;), on the terms set forth in Section&nbsp;2 of this
ATM Equity Offering Sales Agreement (the &ldquo;<U>Agreement</U>&rdquo;). The Company agrees that whenever it determines to sell
Shares directly to an Agent as principal, it will enter into a separate agreement (each a &ldquo;<U>Terms Agreement</U>&rdquo;)
in substantially the form of <U>Annex I</U> hereto, relating to such sale in accordance with Section&nbsp;3 of this Agreement.
For the avoidance of doubt, any reference in this Agreement to &ldquo;Shares&rdquo; shall not include any &ldquo;Confirmation Shares&rdquo;
(as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 41.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may also
enter into one or more forward stock purchase transactions with any of the Forward Purchasers as set forth in separate forward
sale confirmations, each in substantially the form attached hereto as <U>Annex III</U> (each, a &ldquo;<U>Confirmation</U>,&rdquo;
and together, the &ldquo;<U>Confirmations</U>&rdquo;). In connection therewith, the Company and each Agent understand that such
Agent or an affiliate thereof will attempt to borrow and then offer, as forward seller on behalf of the applicable Forward Purchaser,
the applicable Shares for sale on the terms set forth under this Agreement.</P>

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

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

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

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

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


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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-indent: 0.5in; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The Company and the transactions contemplated by this Agreement meet all of the requirements for using Form S-3 under the Securities
Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;) pursuant to the standards for such form in effect currently and
immediately prior to October 21, 1992. The registration statement on Form S-3 (No. 333-217594), including any exhibits thereto
and any prospectus or prospectus supplement deemed a part thereof, each at the time of effectiveness (the &ldquo;<U>Registration
Statement</U>&rdquo;), filed by the Company with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) on
May 2, 2017 (including any Rule 462(b) registration statement) became effective upon filing with the Commission in accordance with
Rule 462(e) of the rules and regulations of the Commission under the Securities Act (the &ldquo;<U>Securities Act Regulations</U>&rdquo;)
on May 2, 2017, and no stop order suspending the effectiveness of the Registration Statement or any part thereof has been issued
under the Securities Act and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company,
are contemplated by the Commission or by the state securities authority of any jurisdiction, and any request on the part of the
Commission for additional information has been complied with. The Registration Statement was filed by the Company with the Commission
not earlier than three years prior to the date hereof. The Registration Statement is an &ldquo;automatic shelf registration statement,&rdquo;
as defined in Rule 405 of the Securities Act Regulations. The Shares, since their registration on the Registration Statement, have
been and remain eligible for registration by the Company on the Registration Statement.</P>

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Base Prospectus</U>&rdquo;
means the base prospectus dated May 2, 2017 filed as part of the Registration Statement, as amended, in the form first furnished
to the Agents and the Forward Purchasers for use in connection with the offering of the Shares, including the documents incorporated
by reference therein pursuant to Item 12 of Form S-3 under the Securities Act at the time of the execution of this Agreement.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Prospectus
Supplement</U>&rdquo; means the most recent prospectus supplement relating to the Shares, to be filed by the Company with the Commission
pursuant to Rule 424(b) of the Securities Act Regulations, in the form furnished by the Company to the Agents and the Forward Purchasers
in connection with the offering of the 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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the offering of Shares
under this Agreement or until any earlier date that the Company notified or notifies the Agents and the Forward Purchasers as described
in the next sentence, did not, does not and will not include any information that conflicted, conflicts or will conflict with the
information contained in the Registration Statement or the Prospectus, including any document incorporated by reference therein
and any other prospectus deemed to be a part thereof, that has not been superseded or modified. If at any time following issuance
of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing
Prospectus included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances, not misleading, the Company has notified or will notify
the Agents and the Forward Purchasers promptly so that any use of such Issuer Free Writing Prospectus may cease until it is amended
or supplemented. The foregoing two sentences do not apply to statements in or omissions from any Issuer Free Writing Prospectus
based upon and in conformity with written information furnished to the Company by the Agents or the Forward Purchasers expressly
for use therein.</P>

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

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

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

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

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

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

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

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

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO
USA, LLP, who has expressed its opinion with respect to certain financial statements (which term as used in this Agreement includes
the related notes and schedules, if any, thereto) and supporting schedules filed with the Commission and included or incorporated
by reference or deemed to be included or incorporated by reference in the Registration Statement, the Disclosure Package and the
Prospectus, is an independent registered public accounting firm as required by the Securities Act, the Exchange Act and the rules
and regulations of the Public Company Accounting Oversight Board.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company, the Partnership and their subsidiaries has been duly incorporated, formed or organized, as the case may be, and
is validly existing as a real estate investment trust, corporation, partnership, limited liability company or other legal entity
in good standing under the laws of the jurisdiction of its incorporation, organization or formation and has full real estate investment
trust, corporate, partnership or other power and authority to own, lease and operate its properties and to conduct its business
as described in the Registration Statement, the Disclosure Package and the Prospectus and, in the case of the Company and the Partnership,
to enter into and perform their respective obligations under this Agreement and to consummate the transactions contemplated herein.
Each of the Company, the Partnership and each of their subsidiaries is duly qualified as a foreign corporation or other legal entity
to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of
the ownership or leasing of property or the conduct of business, except for such jurisdictions where the failure to so qualify
or to be in good standing would not, individually or in the aggregate, result in a Material Adverse Change. All of the issued and
outstanding capital stock, membership interests, partnership interests or similar equity interests of each subsidiary have been
duly authorized and validly issued, are fully paid and non-assessable and the equity interests in each subsidiary which are owned
by the Company, directly or through subsidiaries, are free and clear of any security interest, mortgage, pledge, lien, encumbrance
or claim. The Company does not own or control, directly or indirectly, any corporation, association or other entity other than
the subsidiaries listed on Exhibit 21.1 of the Company&rsquo;s most recently filed Annual Report on Form 10-K, subject to any immaterial
additions and deletions (collectively, the &ldquo;<U>Subsidiaries</U>&rdquo;). There are no Subsidiaries, except for the Partnership,
Acadia Strategic Opportunity Fund II, LLC, Acadia Strategic Opportunity Fund III, LLC and Acadia Strategic Opportunity Fund, IV
LLC, of the Company that meet the definition of &ldquo;significant subsidiaries&rdquo; under Regulation S-X under the Securities
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
authorized, issued and outstanding capital shares of the Company are as described in the Registration Statement, the Disclosure
Package and the Prospectus (other than for subsequent issuances, if any, pursuant to this Agreement, employee benefit plans described
in the Registration Statement, the Disclosure Package and the Prospectus or upon exercise of outstanding options described in the
Registration Statement, the Disclosure Package and the Prospectus). The Common Shares (including the Shares) conform in all material
respects to the description thereof contained in the Registration Statement, the Disclosure Package and the Prospectus. All of
the issued and outstanding Common Shares have been duly authorized and validly issued, are fully paid and non-assessable and have
been offered, sold and issued in compliance with federal and state securities laws. The issuance of the Shares has been duly and
validly authorized and, upon being delivered and paid for pursuant to this Agreement, the Shares will be fully paid, validly issued
and non-assessable, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim. All of the issued and
outstanding units of limited partnership interest in the Partnership (the &ldquo;<U>OP Units</U>&rdquo;) have been duly authorized
by the Partnership. As of the date of this Agreement, the Company is the sole general partner of the Partnership and owns OP Units
representing an approximately 94% interest in the Partnership. None of the outstanding Common Shares were issued in violation of
any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company,
and the holders of the outstanding capital shares of the Company are not entitled to preemptive or other rights to subscribe for
the Shares. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights
to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital shares or ownership
interests in the Company or any of its subsidiaries other than those accurately described in the Registration Statement, the Disclosure
Package and the Prospectus. The description of the Company&rsquo;s share option, share bonus and other share plans or arrangements,
and the options or other rights granted thereunder, set forth in the Registration Statement, the Disclosure Package and the Prospectus
accurately and fairly presents the information required to be shown with respect to such plans, arrangements, options and rights.
The issuance and sale of the Common Shares issuable pursuant to each Confirmation, if any (collectively, the &ldquo;<U>Confirmation
Shares</U>&rdquo;) have been duly and validly authorized and, upon being delivered and paid for (if applicable) pursuant to such
Confirmation, such Confirmation Shares will be fully paid, validly issued and non-assessable, free and clear of any security interest,
mortgage, pledge, lien, encumbrance or claim.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company, the Partnership nor any of their subsidiaries is in violation of its respective charter, declaration of trust, by-laws,
certificate of formation, partnership agreement, operating agreement or similar documents or is in default (or, with the giving
of notice or lapse of time, would be in default) (&ldquo;<U>Default</U>&rdquo;) under any indenture, mortgage, loan or credit agreement,
note, contract, franchise, lease or other agreement, obligation, condition, covenant or instrument to which the Company, the Partnership
or any of their subsidiaries is a party or by which it or any of them may be bound, or to which any of the property or assets of
the Company, the Partnership or any of their subsidiaries is subject (each, an &ldquo;<U>Existing Instrument</U>&rdquo;), except
for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change. The Company&rsquo;s and
the Partnership&rsquo;s execution, delivery and performance of this Agreement and any Confirmation, the application of the proceeds
from the issuance of the Shares or any Confirmation Shares as described under &ldquo;Use of Proceeds&rdquo; in the Disclosure Package
and the Prospectus and the consummation of the transactions contemplated hereby and thereby and by the Registration Statement (i)&nbsp;will
not result in any violation of the provisions of the respective charter, declaration of trust, by-laws, certificate of formation,
partnership agreement, operating agreement or similar documents of the Company, the Partnership or any subsidiary, (ii)&nbsp;will
not conflict with or constitute a breach of, or Default or a Debt Repayment Triggering Event (as defined in this Section 1(m))
under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company, the
Partnership or any of their subsidiaries pursuant to, or require the consent of any other party to, any Existing Instrument, except
for such conflicts, breaches, Defaults, Debt Repayment Triggering Events, liens, charges or encumbrances as would not, individually
or in the aggregate, result in a Material Adverse Change and (iii)&nbsp;will not result in any violation of any law, statute, rule,
regulation, judgment, order or decree, administrative regulation or administrative or court decree applicable to the Company, the
Partnership or any subsidiary or any of its or their property. No consent, approval, authorization or other order of, or registration
or filing with, any court or other governmental or regulatory authority or agency, is required for the Company&rsquo;s or the Partnership&rsquo;s
execution, delivery and performance of this Agreement and any Confirmation, and consummation of the transactions contemplated hereby
and thereby and by the Registration Statement and the Prospectus, except such consents, approvals, authorizations, orders, filings,
registrations or qualifications as may be required under applicable state securities or Blue Sky laws and from the Financial Industry
Regulatory Authority, Inc. (&ldquo;<U>FINRA</U>&rdquo;). As used herein, a &ldquo;<U>Debt Repayment Triggering Event</U>&rdquo;
means any event or condition which gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture
or other evidence of indebtedness (or any person acting on such holder&rsquo;s behalf) the right to require the repurchase, redemption
or repayment of all or a portion of such indebtedness by the Company, the Partnership or any of its subsidiaries;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company, the Partnership and each of their subsidiaries owns or leases all such properties as are necessary to the conduct
of their respective operations as presently conducted. The Company, the Partnership and each of their subsidiaries has good and
marketable title to all the properties and assets reflected as owned in the Company&rsquo;s consolidated financial statements (and
schedules thereto) or elsewhere in the Registration Statement, the Disclosure Package and the Prospectus, in each case free and
clear of any security interests, mortgages, liens, encumbrances, equities, claims and other defects, except as disclosed in the
Registration Statement, the Disclosure Package and the Prospectus or where the existence of any security interest, mortgage, lien,
encumbrance, equity, claim or other defect would not, individually or in the aggregate, result in a Material Adverse Change. The
real property, improvements, equipment and personal property held under lease by the Company, the Partnership or any of their subsidiaries
are held under valid and enforceable leases, except where the invalidity or unenforceability of any leases would not, individually
or in the aggregate, result in a Material Adverse Change.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and the Partnership is not, and after giving effect to the offer and sale of the Shares and any Confirmation Shares,
as applicable, and after receipt of payment for the Shares on any Settlement Date and any proceeds received pursuant to any Confirmation,
and the application of the proceeds therefrom as described under &ldquo;Use of Proceeds&rdquo; in each of the Registration Statement,
the Disclosure Package and the Prospectus will not be, required to be registered as, an &ldquo;investment company&rdquo; or a company
 &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of&nbsp;1940,
as amended (the &ldquo;<U>Investment Company Act</U>&rdquo;), and will conduct its business in a manner so that it will not become
subject to the Investment Company Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Partnership have not taken and will not take, directly or indirectly, any action designed to or that might be reasonably
expected to cause or result in, or which has constituted or which might reasonably be expected to constitute, the stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the ordinary course of its business, the Company and the Partnership conduct a periodic review of the effect of Environmental Laws
on the business, operations and properties of the Company, the Partnership and their subsidiaries, in the course of which it identifies
and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for
clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints
on operating activities and any potential liabilities to third parties). On the basis of such review and the amount of its established
reserves, the Company and the Partnership have reasonably concluded that such associated costs and liabilities would not, individually
or in the aggregate, result in a Material Adverse Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, the Partnership and their subsidiaries and any &ldquo;Employee Benefit Plan&rdquo; (as defined under the Employee Retirement
Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, &ldquo;<U>ERISA</U>&rdquo;))
established or maintained by the Company, the Partnership and their subsidiaries or their ERISA Affiliates (as defined in this
Section 1(ff)) are in compliance in all material respects with ERISA. &ldquo;<U>ERISA Affiliate</U>&rdquo; means, with respect
to the Company, the Partnership or a subsidiary, any member of any group of organizations described in Sections&nbsp;414(b), (c),
(m) or (o) of the Code, of which the Company, the Partnership or such subsidiary is a member. No &ldquo;reportable event&rdquo;
(as defined under ERISA) has occurred or is reasonably expected to occur with respect to any Employee Benefit Plan established
or maintained by the Company, the Partnership, their subsidiaries or any of their ERISA Affiliates. No Employee Benefit Plan established
or maintained by the Company, the Partnership, their subsidiaries or any of their ERISA Affiliates, if such Employee Benefit Plan
were terminated, would have any &ldquo;amount of unfunded benefit liabilities&rdquo; (as defined under ERISA). Neither the Company,
the Partnership, their subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability
under (i)&nbsp;Title&nbsp;IV of ERISA with respect to termination of, or withdrawal from, any Employee Benefit Plan or (ii)&nbsp;Sections&nbsp;412,
4971, 4975 or 4980B of the Code. Each Employee Benefit Plan established or maintained by the Company, the Partnership, their subsidiaries
or any of their ERISA Affiliates that is intended to be qualified under Section&nbsp;401(a) of the Code is so qualified and nothing
has occurred, whether by action or failure to act, which would cause the loss of such qualification.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the original effectiveness of the Registration Statement at the earliest time after the original effectiveness of the Registration
Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the
Securities Act Regulations) of the Shares and as of the date of the execution and delivery of this Agreement (with such date being
used as the determination date for purposes of this clause), the Company was not and is not an &ldquo;ineligible issuer&rdquo;
(as defined in Rule 405 under the Securities Act), without taking account of any determination by the Commission pursuant to Rule
405 under the Securities Act Regulations that it is not necessary that the Company be considered an ineligible issuer.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no transfer taxes or other similar fees or charges under federal law or the laws of any state, or any political subdivision
thereof, required to be paid in connection with the execution and delivery of this Agreement, any Confirmation or the issuance
or sale of the Shares or any Confirmation 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">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making
any other distribution on such subsidiary&rsquo;s capital stock, from repaying to the Company any loans or advances to such subsidiary
from the Company or from transferring any of such subsidiary&rsquo;s property or assets to the Company or any other subsidiary
of the Company, except as described in or contemplated by the Registration Statement, the Disclosure Package and the Prospectus.</P>

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

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

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

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

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

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

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

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

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

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

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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">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement is not the subject of a pending proceeding or examination under Section 8(d) or 8(e) of the Securities Act,
and the Company is not the subject of a pending proceeding under Section 8A of the Securities Act in connection with the offering
of the Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not relied upon the Agents, the Forward Purchasers or their legal counsel for any legal, tax or accounting advice in
connection with the offering and sale of the Shares or the issuance of any Confirmation 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">(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Shares are an &ldquo;actively traded security&rdquo; exempted from the requirements of Rule 101 of Regulation M under the
Exchange Act by subsection (c)(1) of such rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Confirmation (if any) will have been as of its date, duly authorized, executed and delivered by the Company, and when executed
and delivered by the Forward Purchaser, such Confirmation will constitute a valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, fraudulent conveyance,
insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors&rsquo; rights generally or by general
equity principles (regardless of whether enforcement is considered in a proceeding in equity or at law). The description of the
Confirmations set forth in the Disclosure Package, Prospectus and any Issuer Free Writing Prospectus is correct in all material
respects.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
There has been no security breach or incident, unauthorized access or disclosure, or other compromise of or relating to the Company&rsquo;s,
the Partnership&rsquo;s or their subsidiaries&rsquo; information technology and computer systems, networks, hardware, software,
data and databases (including the data and information of their respective customers, employees, suppliers, vendors and any third
party data maintained, processed or stored by the Company, the Partnership and their subsidiaries, and any such data processed
or stored by third parties on behalf of the Company, the Partnership and their subsidiaries), equipment or technology (collectively,
 &ldquo;IT Systems and Data&rdquo;): (B) none of the Company, the Partnership nor their subsidiaries have been notified of, and
have no knowledge of any event or condition that would result in, any security breach or incident, unauthorized access or disclosure
or other compromise to their IT Systems and Data and (C) the Company, the Partnership and their subsidiaries have implemented appropriate
controls, policies, procedures, and technological safeguards to maintain and protect the integrity, continuous operation, redundancy
and security of their IT Systems and Data reasonably consistent with industry standards and practices, or as required by applicable
regulatory standards, except as would not, in the case of each of (A) through (C), reasonably be expected to have a material adverse
effect on the Company, the Partnership, and their subsidiaries, taken as a whole. The Company, the Partnership and their subsidiaries
are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any
court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy
and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation
or modification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions set forth herein, the Company agrees to (1) issue and sell through the Agent acting as sales agent
or directly to the Agent acting as principal pursuant to a Terms Agreement from time to time, and each Agent agrees to use its
commercially reasonable efforts to sell as sales agent for the Company, the Shares and (2) from time to time in consultation with
a Forward Purchaser and the applicable Agent (which shall be either the same entity as the Forward Purchaser or an affiliate of
the Forward Purchaser), instruct such Agent to borrow, offer and sell Shares, as forward seller, in each case, in accordance with
the terms of this Section 2 and as contemplated by a Confirmation that the Company shall execute and deliver to the Forward Purchaser
prior to the applicable Agent&rsquo;s offer and sale of Shares. Sales of the Shares, if any, made through the Agent acting as sales
agent or by the Agent acting as principal, will be made by means of ordinary brokers&rsquo; transactions on the NYSE or other national
securities exchange, by means of negotiated transactions 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 Agent.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares are to be sold by the Company and the Agent, through whom the sale of Shares is effected on a given day, on any trading
day (other than a day on which the NYSE is scheduled to close prior to its regular weekday closing time, each, a &ldquo;<U>Trading
Day</U>&rdquo;) that the Company has satisfied its obligations under Section&nbsp;6 of this Agreement and that the Company has
instructed such Agent to make such sales pursuant to a placement notice substantially in the form attached hereto as <U>Annex II</U>.
On any Trading Day, the Company shall sell Shares through only one of the Agents, but in no event through more than one of the
Agents, and the Company shall give at least one Business Day prior written notice by facsimile or email to the Agents to notify
them of any change of the Agent through whom the sale of Shares will be effected. For the avoidance of doubt, the foregoing limitation
shall not apply to sales solely to employees or security holders of the Company or its subsidiaries, or to a trustee or other person
acquiring such securities for the accounts of such persons in which any Agent is acting for the Company in a capacity other than
as Agent under this Agreement. On any Trading Day, the Company may instruct the Agent through whom sales of Shares are effected
on that day by telephone (confirmed promptly by facsimile or email, which confirmation will be promptly acknowledged by such Agent)
as to the maximum number of Shares and aggregate gross sales price to be sold by the Agent on such day (in any event not in excess
of the number available for issuance under the Prospectus and the currently effective Registration Statement) and the minimum price
per Share at which such Shares may be sold. Such instruction shall also specify whether such Shares (i) will be sold by or through
an Agent in accordance with Section 2(a)(1) of this Agreement or (ii) borrowed and sold through the applicable Agent, as forward
seller, in connection with hedging a forward stock purchase transaction pursuant to a Confirmation in accordance with Section 2(a)(2)
of this Agreement. With respect to an instruction under Section 2(b)(ii) of this Agreement, such instruction shall also include,
for purposes of (and as defined under) the related Confirmation, the proposed &ldquo;Maturity Date,&rdquo; the percentage for purposes
of the &ldquo;Initial Forward Price,&rdquo; the proposed &ldquo;Spread,&rdquo; the proposed initial &ldquo;Stock Loan Fee,&rdquo;
the proposed maximum &ldquo;Stock Loan Fee,&rdquo; the proposed &ldquo;Hedge Completion Date,&rdquo; the proposed &ldquo;Forward
Price Reduction Dates&rdquo; and the proposed &ldquo;Forward Price Reduction Amounts&rdquo; (together, the &ldquo;<U>Proposed Confirmation
Terms</U>&rdquo;). Each placement notice and each other instruction are subject to acceptance by the applicable Agent. Subject
to the terms and conditions hereof and the receipt of written confirmation of the Company by such Agent, the Agent shall use its
commercially reasonable efforts, consistent with its normal trading and sales practices for similar transactions and applicable
law and regulation, to sell as sales agent (whether acting as agent of the Company or as forward seller on behalf of any Forward
Purchaser) all of the Shares so designated by the Company in a placement notice or other instruction accepted by such Agent. With
respect to any placement notice or other instruction accepted by an Agent as forward seller, such Agent shall use commercially
reasonable efforts, consistent with its normal trading and sales practices for similar transactions and applicable law and regulation,
to borrow the number of Shares designated by the Company. Any Confirmation to be entered into between the Company and a Forward
Purchaser under Section 2(a)(2) of this Agreement in connection with an instruction provided by the Company under Section 2(b)(ii)
of this Agreement and accepted by the applicable Agent under this Section 2 shall include each of the Proposed Confirmation Terms
when delivered by the Forward Purchaser to the Company for execution unless the Company and such Forward Purchaser have agreed
otherwise in writing prior to the delivery of such Confirmation for execution. The Company and each of the Agents acknowledge and
agree that (i)&nbsp;there can be no assurance that the Agents will be successful in selling any Shares as sales agent or in borrowing
and selling Shares as forward seller; (ii)&nbsp;the Agents will incur no liability or obligation to the Company or any other person
or entity if it does not sell Shares for any reason other than a failure by an Agent to use its commercially reasonable efforts
consistent with its normal trading and sales practices for similar transactions and applicable law and regulation to sell such
Shares as required by this Agreement; and (iii)&nbsp;the Agents shall be under no obligation to purchase Shares on a principal
basis except as otherwise specifically agreed by an Agent and the Company pursuant to a Terms Agreement. In the event of a conflict
between the terms of this Agreement and the terms of any Confirmation or any Terms Agreement, the terms of such Confirmation or
such Terms Agreement will control.</P>

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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
gross sales price of any Shares sold pursuant to this Agreement by the Agent acting as sales agent or as forward seller, or directly
to an Agent acting as principal, shall be the market price prevailing at the time of sale for shares of the Company&rsquo;s Common
Shares sold by such Agent on the NYSE or otherwise, at prices relating to prevailing market prices or at negotiated prices multiplied
by the number of Shares sold. In connection with sales pursuant to Section 2(a)(1) of this Agreement, the compensation payable
to the Agents for sales of Shares with respect to which an Agent acts as sales agent for the Company shall be at a mutually agreed
rate, not to exceed 2.0% of the gross sales price (the &ldquo;<U>Gross Proceeds</U>&rdquo;) of the Shares sold by such Agent pursuant
to this Agreement. In connection with sales pursuant to Section 2(a)(2) of this Agreement, the compensation payable to such Agent
for sales of Shares with respect to which the Agent acts as forward seller on behalf of the Forward Purchaser will not exceed 1.5%
of the Gross Proceeds and the applicable Confirmation and shall be paid by the Company through the &ldquo;Initial Forward Price&rdquo;
under the applicable Confirmation. The Company may sell Shares to the Agents as principal at a price agreed upon at the relevant
Applicable Time and pursuant to a separate Terms Agreement. The remaining proceeds, after further deduction for any transaction
fees, transfer taxes or similar taxes or fees imposed by any governmental, regulatory or self-regulatory organization in respect
of such sales, shall constitute the net proceeds to the Company or a Forward Purchaser, as applicable, for such Shares (the &ldquo;<U>Net
Proceeds</U>&rdquo;). The Agents shall notify the Company as promptly as practicable if any deduction referenced in the preceding
sentence will be required. Notwithstanding the foregoing, in the event the Company engages the Agents for a sale of Shares that
would constitute a &ldquo;distribution,&rdquo; within the meaning of Rule&nbsp;100 of Regulation&nbsp;M under the Exchange Act,
the Company and the Agents will agree to compensation that is customary for the Agent with respect to such transactions.</P>

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

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

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


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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">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
no circumstances shall the aggregate gross sales price or number, as the case may be, of Shares sold pursuant to this Agreement
or any Terms Agreement exceed the aggregate gross sales price or number, as the case may be, of Common Shares (i)&nbsp;set forth
in the second paragraph of this Agreement, (ii)&nbsp;available for issuance under the Prospectus and the then currently effective
Registration Statement or (iii)&nbsp;authorized from time to time to be issued and sold under this Agreement or any Terms Agreement
by the Company&rsquo;s board of trustees, a duly authorized committee thereof or an executive officer of the Company pursuant to
express authorization granted by the Company&rsquo;s board of trustees or a committee thereof, or approved for listing on the NYSE,
and in each case referred to in this Section 2(e)(iii), notified to the Agents and the Forward Purchasers in writing. In addition,
under no circumstances shall any Shares with respect to which the Agent acts as sales agent be sold at a price lower than the minimum
price therefor authorized from time to time by the Company&rsquo;s board of trustees, a duly authorized committee thereof or an
executive officer of the Company pursuant to express authorization granted by the Company&rsquo;s board of trustees or a committee
thereof and notified to the Agents and the Forward Purchasers in writing.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement
for sales of Shares pursuant to this Section&nbsp;2 will occur on the second Business Day that is also a Trading Day following
the trade date on which such sales are made, unless another date shall be agreed to by the Company and the Agent selling such Shares.
On each date of settlement for the sale of Shares to or through an Agent pursuant to Section 2(a)(1) of this Agreement (each such
day, a &ldquo;<U>Direct Settlement Date</U>&rdquo;), or through an Agent acting as forward seller pursuant to Section 2(a)(2) of
this Agreement (each such day, a &ldquo;<U>Forward Settlement Date</U>&rdquo; and, together with a Direct Settlement Date, each
a &ldquo;<U>Settlement Date</U>&rdquo;), the Shares sold to or through the Agent for settlement on such date shall be delivered
by the Company or by or on behalf of the Forward Purchaser, as the case may be, to the Agent against payment of the Gross Proceeds
or Net Proceeds from the sale of such Shares. Settlement for all Shares shall be effected by book-entry delivery of Shares to the
applicable Agent&rsquo;s account at The Depository Trust Company against payment by the Agent of the Gross Proceeds or Net Proceeds
from the sale of such Shares in same day funds delivered to an account designated by the Company or the Forward Purchaser, as applicable.
If the Company shall default on its obligation to deliver Shares on any Settlement Date, the Company shall (i)&nbsp;indemnify and
hold the Agent selling such Shares harmless against any loss, claim or damage arising from or as a result of such default by the
Company and (ii)&nbsp;pay such Agent any commission to which it would otherwise be entitled absent such default. If an Agent breaches
this Agreement by failing to deliver the applicable Net Proceeds on any Settlement Date for Shares delivered by the Company, such
Agent will pay the Company interest based on the effective overnight federal funds rate until such proceeds, together with such
interest, have been fully paid. In the event that the Agent delivers the Gross Proceeds to the Company or the Forward Purchaser
at a Settlement Date, the compensation payable to such Agent for sales shall be set forth and invoiced in a periodic statement
from the Agent to the Company or the Forward Purchaser, and payment of such amounts shall be made promptly by the Company or the
Forward Purchaser after its receipt thereof.</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">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Agreement and unless otherwise agreed to by the parties hereto in writing, the Company shall not offer,
sell or deliver, or request the offer or sale of, any Shares and, by notice to the Agents given by telephone (confirmed promptly
by facsimile or email), shall cancel any instructions for the offer or sale of any Shares, and the Agents shall not be obligated
to offer or sell any Shares, (i) during any period in which the Company&rsquo;s insider trading policy, as it exists on the date
of the Agreement, would prohibit the purchases or sales of the Company&rsquo;s Common Shares by its officers or trustees, (ii)&nbsp;during
any other period in which the Company is, or could be deemed to be, in possession of material non-public information or (iii)&nbsp;except
as provided in Section 2(j) below, at any time from and including the date (each, an &ldquo;<U>Announcement Date</U>&rdquo;) on
which the Company shall issue a press release containing, or shall otherwise publicly announce, its earnings, revenues or other
results of operations (each, an &ldquo;<U>Earnings Announcement</U>&rdquo;) through and including the time that is 24 hours after
the time that the Company files (a &ldquo;<U>Filing Time</U>&rdquo;) a Quarterly Report on Form 10-Q or an Annual Report on Form
10-K that includes consolidated financial statements as of and for the same period or periods, as the case may be, covered by such
Earnings Announcement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company wishes to offer, sell or deliver Shares at any time during the period from and including an Announcement Date through
and including the time that is 24 hours after the corresponding Filing Time, the Company shall (i)&nbsp;prepare and deliver to
the Agents and the Forward Purchasers (with a copy to their counsel) a Current Report on Form 8-K which shall include substantially
the same financial and related information as was set forth in the relevant Earnings Announcement (other than any earnings projections,
similar forward-looking data and officers&rsquo; quotations) (each, an &ldquo;<U>Earnings 8-K</U>&rdquo;), in form and substance
reasonably satisfactory to the Agents and the Forward Purchasers, and obtain the consent of the Agents and the Forward Purchasers
to the filing thereof (such consent not to be unreasonably withheld), (ii)&nbsp;provide the Agents and the Forward Purchasers with
the officers&rsquo; certificate, opinions and letters of counsel and accountants&rsquo; letter called for by Sections (3)(j), (k)&nbsp;and
(l)&nbsp;of this Agreement; respectively, (iii)&nbsp;afford the Agents and the Forward Purchasers the opportunity to conduct a
due diligence review in accordance with Section 3(o) of this Agreement and (iv)&nbsp;file such Earnings 8-K with the Commission,
then the provisions of Section 2(i)(iii) of this Agreement shall not be applicable for the period from and after the time at which
the foregoing conditions shall have been satisfied (or, if later, the time that is 24 hours after the time that the relevant Earnings
Announcement was first publicly released) through and including the time that is 24 hours after the Filing Time of the relevant
Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as the case may be. For purposes of clarity, the parties hereto agree
that (A) the delivery of any officers&rsquo; certificate, opinions and letters of counsel and accountants&rsquo; letter pursuant
to this Section 2(j) shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly
Report on Form 10-Q or Annual Report on Form 10-K, as the case may be, including, without limitation, the obligation to deliver
officers&rsquo; certificates, legal opinions and letters and accountants&rsquo; letters as provided in Section&nbsp;3 of this Agreement
and (B)&nbsp;this Section 2(j) shall in no way affect or limit the operation of the provisions of Section&nbsp;2(i)(i) and Section
2(i)(ii), which shall have independent application.</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">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
each Applicable Time, Settlement Date, Registration Statement Amendment Date, Company Periodic Report Date, Company Earnings Report
Date and Request Date, the Company shall be deemed to have affirmed each representation and warranty contained in this Agreement.
Any obligation of the Agents to use their commercially reasonable efforts to sell the Shares on behalf of the Company as sales
agent shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance
by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&nbsp;6
of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees that any offer to sell, any solicitation of an offer to buy, or any sales or delivery of Shares shall only be effected
by or through one Agent on any single given day, and the Company shall in no event request that multiple Agents sell Shares on
the same 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">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that either (i) an Agent, as forward seller, is unable to borrow and deliver any Shares for sale with respect to an instruction
under this Agreement after using commercially reasonable efforts, consistent with its normal trading and sales practices for similar
transactions and applicable law and regulation, or (ii) in the commercially reasonable judgment of such Agent, such Agent would
incur a stock loan fee that is greater than the rate specified in the applicable Confirmation under &ldquo;Stock Borrow Event,&rdquo;
then the obligation herein of the applicable Agent with respect to sales of Shares as forward seller with respect to such instruction
shall only extend to the aggregate number of Shares that such Agent is able to so borrow below such fee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants</U>.
The Company agrees with the Agents and the Forward 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">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any period when the delivery of a prospectus is required in connection with the offering or sale of Shares (whether physically
or through compliance with Rule&nbsp;153 or 172, or in lieu thereof, a notice referred to in Rule 173(a) under the Securities Act),
(i)&nbsp;to make no further amendment or any supplement to the Registration Statement or the Prospectus prior to any Settlement
Date which shall be disapproved by the Agents or the Forward Purchasers promptly after reasonable notice thereof and to advise
the Agents and the Forward Purchasers, promptly after it receives notice thereof, of the time when any amendment to the Registration
Statement has been filed or becomes effective or any amendment or supplement to the Prospectus has been filed and to furnish the
Agents and the Forward Purchasers with copies thereof, (ii)&nbsp;to file promptly all other material required to be filed by the
Company with the Commission pursuant to Rule 433(d) under the Securities Act, (iii)&nbsp;to file promptly all reports and any definitive
proxy or information statements required to be filed by the Company with the Commission pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act, (iv)&nbsp;to advise the Agents and the Forward Purchasers, promptly after it receives notice thereof,
of the issuance by the Commission of any stop order or of any order preventing or suspending the use of the Prospectus or other
prospectus in respect of the Shares, of any notice of objection of the Commission to the use of the form of the Registration Statement
or any post-effective amendment thereto pursuant to Rule&nbsp;401(g)(2) under the Securities Act, of the suspension of the qualification
of the Shares or any Confirmation Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding
for any such purpose, or of any request by the Commission for the amending or supplementing of the form of the Registration Statement
or the Prospectus or for additional information, and (v)&nbsp;in the event of the issuance of any such stop order or of any such
order preventing or suspending the use of the Prospectus in respect of the Shares or suspending any such qualification, to promptly
use its commercially reasonable efforts to obtain the withdrawal of such order; and in the event of any such issuance of a notice
of objection, promptly to take such reasonable steps as may be necessary to permit offers and sales of the Shares by the Agents,
which may include, without limitation, amending the Registration Statement or filing a new registration statement, at the Company&rsquo;s
expense (references herein to the Registration Statement shall include any such amendment or new registration statement).</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company consents to the Agents and the Forward Purchasers trading in the Company&rsquo;s Common Shares for the Agents&rsquo; and
the Forward Purchasers&rsquo; own accounts and for the account of their respective clients at the same time as sales of Shares
occur pursuant to this Agreement, any Confirmation or any Terms 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">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
to the knowledge of the Company, all filings required by Rule&nbsp;424 of the Securities Act Regulations in connection with this
offering shall not have been made or the representations and warranties in Section 1 shall not be true and correct on the applicable
Settlement Date, the Company will offer to any person who has agreed to purchase Shares from the Company as the result of an offer
to purchase solicited by the Agents the right to refuse to purchase and pay for such Shares.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with entering into any Confirmation, the Company will not acquire any long position (either directly or indirectly,
including through an Affiliate or through a derivative transaction) with respect to Common Shares. For purposes of the foregoing,
 &ldquo;Affiliate&rdquo; means, with respect to any person or entity, any other person or entity directly or indirectly controlling,
controlled by, or under common control with such person or entity. For purposes of this definition, &quot;control&quot; when used
with respect to any person or entity means ownership of 50% or more of the voting power or value of such person or entity.</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">Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Free
Writing Prospectus</U>.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees to pay all costs, fees and expenses incurred in connection with the performance of its obligations hereunder, under
each Confirmation and under each Terms Agreement, as applicable, and in connection with the transactions contemplated hereby and
thereby, including without limitation (i) all expenses incident to the issuance and delivery of the Shares and any Confirmation
Shares (including all printing and engraving costs), (ii) all fees and expenses of the registrar and transfer agent of the Common
Shares, (iii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Shares to the
Agents and any Confirmation Shares to the Forward Purchasers, (iv) all fees and expenses of the Company&rsquo;s counsel, independent
public or certified public accountants and other advisors, (v) all costs and expenses incurred in connection with the preparation,
printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules,
consents and certificates of experts), each Issuer Free Writing Prospectus and the Prospectus, and all amendments and supplements
thereto, this Agreement and any Confirmations, (vi) all filing fees and expenses incurred by the Company (including attorneys&rsquo;
fees), the Agents or the Forward Purchasers in connection with qualifying or registering (or obtaining exemptions from the qualification
or registration of) all or any part of the Shares and any Confirmation Shares for offer and sale under the state securities or
blue sky laws or the provincial securities laws of Canada, and, if requested by the Agents or Forward Purchasers, preparing and
printing a &ldquo;Blue Sky Survey&rdquo; or memorandum, and any supplements thereto, advising the Agents and the Forward Purchasers
of such qualifications, registrations and exemptions, but not, however, legal fees and expenses of counsel for the Agents and the
Forward Purchasers incurred in connection with any of the foregoing, (vii) the filing fees incident to, and the reasonable fees
and expenses of counsel for the Agents and the Forward Purchasers in connection with, FINRA&rsquo;s review and approval of the
Agents&rsquo; and the Forward Purchasers&rsquo; participation in the offering and distribution of the Shares, (viii) the fees and
expenses associated with listing of the Shares and any Confirmation Shares on the NYSE; and (ix)&nbsp;all other costs and expenses
incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section 5. It
is understood, however, that, except as provided in this Section 5 and Section&nbsp;7 of this Agreement, the Agents will pay all
of their own costs and expenses, including the fees of their counsel, transfer taxes on resale of any of the Shares by it, and
any advertising expenses connected with any offers it may make.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Prospectus Supplement shall have been filed with the Commission pursuant to Rule 424(b) under the Securities Act on or prior to
the date hereof and in accordance with Section 3(a) of this Agreement, any other material required to be filed by the Company pursuant
to Rule 433(d) under the Securities Act shall have been filed with the Commission within the applicable time periods prescribed
for such filings by Rule&nbsp;433; the Registration Statement shall have been filed by the Company with the Commission not earlier
than three years prior to the date hereof and became effective upon filing in accordance with Rule 462(e) of the Securities Act
Regulations, and no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued
and no proceeding for that purpose shall have been initiated or threatened by the Commission and no notice of objection of the
Commission to the use of the form of the Registration Statement or any post-effective amendment thereto pursuant to Rule&nbsp;401(g)(2)
under the Securities Act shall have been received; no stop order suspending or preventing the use of the Prospectus or any Issuer
Free Writing Prospectus shall have been initiated or threatened by the Commission; and all requests for additional information
on the part of the Commission shall have been complied with to the reasonable satisfaction of the Agents and the Forward 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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
every date specified in Section 3(k) of this Agreement (including, without limitation, on every Request Date), Sidley Austin <FONT STYLE="font-size: 10pt">LLP</FONT>,
counsel for the Agents and the Forward Purchasers, shall have furnished to the Agents and the Forward Purchasers such written opinion
or opinions, dated as of such date, with respect to such matters as the Agents and the Forward Purchasers may reasonably request,
and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such
matters. In said opinion, Sidley Austin <FONT STYLE="font-size: 10pt">LLP</FONT> may rely as to all matters of Maryland law on
the opinion of Venable LLP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
every date specified in Section 3(k) of this Agreement (including, without limitation, on every Request Date), Goodwin Procter
LLP, counsel for the Company, shall have furnished to the Agents and the Forward Purchasers a written opinion or opinions, dated
as of such date, substantially in the forms set forth in <U>Exhibits A-1-A</U> and <U>A-1-B</U> attached hereto and in form and
substance satisfactory to the Agents and the Forward 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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
every date specified in Section 3(k) of this Agreement (including, without limitation, on every Request Date), Jason Blacksberg,
Esq., General Counsel for the Company, shall have furnished to the Agents and the Forward Purchasers a written opinion or opinions,
dated as of such date, substantially in the form set forth in <U>Exhibit A-2</U> attached hereto and in form and substance satisfactory
to the Agents and the Forward 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">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
every date specified in Section 3(k) of this Agreement (including, without limitation, on every Request Date), Seyfarth Shaw LLP,
counsel for the Company, shall have furnished to the Agents and the Forward Purchasers a written opinion or opinions, dated as
of such date, substantially in the form set forth in <U>Exhibit&nbsp;A-3</U> attached hereto and in form and substance satisfactory
to the Agents and the Forward Purchasers.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
every date specified in Section 3(k) of this Agreement (including, without limitation, on every Request Date), Venable LLP, Maryland
counsel for the Company, shall have furnished to the Agents and the Forward Purchasers a written opinion or opinions, dated as
of such date, substantially in the form set forth in <U>Exhibit A-4</U> attached hereto and in form and substance satisfactory
to the Agents and the Forward 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">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the dates specified in Section 3(l) of this Agreement (including, without limitation, on every Request Date), BDO USA LLP, the
independent accountants of the Company who have certified the financial statements of the Company and its subsidiaries included
or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus, shall have furnished to
the Agents and the Forward Purchasers a letter dated as of the date of delivery thereof and addressed to the Agents and the Forward
Purchasers in form and substance reasonably satisfactory to the Agents and the Forward Purchasers and their counsel, containing
statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to agents and underwriters
with respect to the financial statements of the Company and its subsidiaries included or incorporated by reference in the Registration
Statement, the Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Upon commencement of the offering of Shares under this Agreement and on such other dates as reasonably requested by the Agents
and the Forward Purchasers, the Company will furnish or cause to be furnished promptly to the Agents and the Forward Purchasers
a placement notice in the form attached hereto as <U>Annex II</U> stating the maximum number of Shares and aggregate gross sales
price to be sold by the Agent on such day (in any event not in excess of the number or aggregate gross sales price available for
issuance under the Prospectus and the currently effective Registration Statement, as authorized from time to time to be issued
and sold under this Agreement or any Terms Agreement by the Company&rsquo;s board of trustees, or a duly authorized committee thereof,
or in a number in excess of the number of Shares and any Confirmation Shares approved for listing on the NYSE) the minimum price
per Share at which such Shares may be sold and such other terms as contemplated by Annex II, or, in connection with any amendment,
revision or modification of such minimum price or maximum Share number or amount, a new certificate with respect thereto and (ii)&nbsp;on
each date specified in Section 3(j) or other term (including, without limitation, on every Request Date), the Agents and the Forward
Purchasers shall have received a certificate of executive officers of the Company, one of whom shall be the Chief Financial Officer,
Chief Accounting Officer, Treasurer, or Executive Vice President in the area of capital markets and investments, dated as of the
date thereof, to the effect that (A)&nbsp;there has been no Material Adverse Change since the date as of which information is given
in the Prospectus as then amended or supplemented or the Disclosure Package, (B)&nbsp;the representations and warranties in Section&nbsp;1
of this Agreement are true and correct as of such date. (C)&nbsp;the Company has complied with all of the agreements entered into
in connection with the transactions contemplated herein and satisfied all conditions on its part to be performed or satisfied and
(D) the condition set forth in Section&nbsp;6(a) has been satisfied.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
such dates as reasonably requested by the Agents and the Forward Purchasers, the Company shall have conducted due diligence sessions,
in form and substance satisfactory to the Agents and the Forward 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">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
filings with the Commission required by Rule&nbsp;424 under the Securities Act to have been filed by each Applicable Time or related
Settlement Date shall have been made within the applicable time period prescribed for such filing by Rule&nbsp;424 (without reliance
on Rule&nbsp;424(b)(8)).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to any offers or sales of Shares by an Agent as forward seller, the Company shall have executed and delivered the completed Confirmation
for such sales to the applicable Forward Purchaser and such Agent, in a form satisfactory to such Forward Purchaser and Agent.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agents agree, severally and not jointly, to indemnify, defend and hold harmless the Company, its officers, employees and trustees,
the Partnership and any person who controls the Company or the Partnership within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act from and against any loss, damage, expense, liability or claim (including, but not limited to,
the reasonable cost of investigation), as incurred,&nbsp;which, jointly or severally, the Company, the Partnership or any such
person may incur under the Securities Act, the Exchange Act, federal or state statutory law or regulation, the common law or otherwise,
insofar as such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue
statement of a material fact contained in and in conformity with information furnished in writing by or on behalf of an Agent or
its related Forward Purchaser to the Company expressly for use with reference to the Agent or such Forward Purchaser in the Disclosure
Package or the Prospectus Supplement or arising out of or based upon any&nbsp;omission or alleged omission to state in any such
document a material fact in connection with such information required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading.</P>

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

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

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

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

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

<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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in this Agreement, no termination of this Agreement shall effect the validity, effectiveness
or enforceability of any executed Confirmation, and any such executed Confirmation shall remain in full force and effect notwithstanding
such termination (subject to the terms and conditions of such Confirmation).</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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 1in">BofA Securities, Inc.<BR>
One Bryant Park<BR>
New York, New York 10036<BR>
Facsimile: 646-855-3073<BR>
Attention: Syndicate Department and ECM Legal</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Barclays Capital Inc.<BR>
745 Seventh Avenue<BR>
New York, New York 10019<BR>
Facsimile: 646-834-8133<BR>
Attention: Syndicate Registration</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Barclays Capital Inc.<BR>
745 Seventh Avenue<BR>
New York, New York 10019<BR>
Attention: Director of Litigation, Office of the General Counsel</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Wells Fargo Securities, LLC<BR>
375 Park Avenue<BR>
New York, New York 10152<BR>
Facsimile: 212-214-5918<BR>
Attention: Equity Syndicate Department and the Special Equities Desk</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">3333 Peachtree Road NE, 11th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Atlanta, Georgia 30326</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Facsimile: (404) 926-5872</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Bank of America, N.A.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: <U>rohan.handa@baml.com</U></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: <U>syed.imteaz@barclays.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Facsimile: (+1) 917-522-0458</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: syed.imteaz@barclays.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">390 Greenwich Street, 6th Floor</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Telephone: (212) 723-5770</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: <U>dustin.c.cheppard@citi.com</U></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Equity Derivatives Middle Office</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: <U>eqderiv_mo@jefferies.com</U>; <U>CorpEqDeriv@jefferies.com</U>;
<U>shan@jefferies.com</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">375 Park Avenue, 4th Floor</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Facsimile: (212) 214-5918</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">and if to the Company to:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Rye, New York 10580<BR>
White Plains, New York 10605<BR>
Facsimile: 914-288-2138<BR>
Attention: General Counsel</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">and if to the Partnership:</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 0pt 1in">Acadia Realty Limited Partnership<BR>
411 Theodore Fremd Avenue, Suite 300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Rye, New York 10580<BR>
Facsimile: 914-288-2138<BR>
Attention: General Counsel</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any such statements, requests, notices
or agreements shall take effect upon receipt thereof.</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">Section 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Parties</U>.
Subject to the last sentence of this Section 14, this Agreement shall be binding upon, and inure solely to the benefit of, the
Agents, the Forward Purchasers and the Company and, to the extent provided in Sections&nbsp;7 and 8 of this Agreement, the officers
and trustees of the Company, the Agents or the Forward Purchasers and each person who controls the Company, the Agents or the Forward
Purchasers, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or
have any right under or by virtue of this Agreement.</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;&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recognition
of the U.S. Special Resolution Regimes.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
the event that any Agent or any Forward Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special
Resolution Regime, the transfer from such Agent or Forward Purchaser of this Agreement, and any interest and obligation in or under
this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United
States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 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="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
the event that any Agent or any Forward Purchaser that is a Covered Entity or a BHC Act Affiliate of such Agent becomes subject
to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such
Agent or Forward Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under
the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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">For purposes of this Section 16, a &ldquo;BHC
Act Affiliate&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with,
12 U.S.C. &sect; 1841(k). &ldquo;Covered Entity&rdquo; means any of the following: (i) a &ldquo;covered entity&rdquo; as that term
is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii) a &ldquo;covered bank&rdquo; as that term is
defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii) a &ldquo;covered FSI&rdquo; as that term is
defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b). &ldquo;Default Right&rdquo; has the meaning assigned
to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable. &ldquo;U.S.
Special Resolution Regime&rdquo; means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

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


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

<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">If the foregoing is in accordance with your understanding of
our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts,
will become a binding agreement among the Agents, the Forward Purchasers and the Company in accordance with its terms.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">ACADIA REALTY TRUST</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Jason Blacksberg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:&#9;</TD>
    <TD STYLE="width: 40%">Jason Blacksberg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>Senior Vice President, General Counsel, Chief Compliance Officer and Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">ACADIA REALTY LIMITED PARTNERSHIP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD COLSPAN="2">ACADIA REALTY TRUST</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Its sole general partner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Jason Blacksberg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#9;</TD>
    <TD>Jason Blacksberg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD>
    <TD>Senior Vice President and General Counsel</TD></TR>
</TABLE>
<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">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">BofA Securities, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Barclays Capital Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid">/s/ William Conkling</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid">/s/ Nicholas Cunningham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: William Conkling</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Nicholas Cunningham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: <FONT STYLE="font-size: 10pt">Managing Director, Investment Banking</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Citigroup Global Markets Inc.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Goldman Sachs &amp; Co. LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Zhifeng Tao</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Goldman Sachs &amp; Co. LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Zhifeng Tao</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Todd Eagle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: VP</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Jefferies LLC</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SunTrust Robinson Humphrey, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Michael Ludlowe</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Keith Carpenter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Michael Ludlowe</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Keith Carpenter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director, ECM</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Wells Fargo Securities, LLC</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Thomas Yates</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Thomas Yates</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">As Agents</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Bank of America, N.A.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Barclays Bank PLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ William Conkling</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Nicholas Cunningham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: William Conkling</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Nicholas Cunningham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director, Investment Banking</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Citibank, N.A.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Goldman Sachs &amp; Co. LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Zhifeng Tao</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Goldman Sachs &amp; Co. LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Zhifeng Tao</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Todd Eagle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: VP</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<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 COLSPAN="2">Jefferies LLC</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Wells Fargo Bank, National Association</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid">/s/ Michael Judlowe</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid">/s/ Thomas Yates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Michael Judlowe</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Thomas Yates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director, ECM</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</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 Forward Purchasers, solely as the recipients
and/or beneficiaries of certain representations, warranties, covenants and indemnities set forth in this Agreement</P>

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

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

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

<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>Exhibit A-1-A</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">[Omitted]</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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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit A-1-B</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">[Omitted]</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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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>Exhibit A-2</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">[Omitted]</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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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule&nbsp;A<BR>
Significant Subsidiaries of the Company</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">Acadia Realty Limited Partnership</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acadia Strategic Opportunity Fund V LLC</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: center"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit A-3</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">[Omitted]</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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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit A-4</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">[Omitted]</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"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ACADIA REALTY TRUST</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">Common Shares of Beneficial Interest<BR>
($0.001 par value)</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>TERMS AGREEMENT </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">[ADDRESS OF AGENT]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Acadia
Realty Trust, a Maryland real estate investment trust (the &ldquo;<U>Company</U>&rdquo;), proposes, subject to the terms and conditions
stated herein and in the ATM Equity Offering Sales Agreement, dated [</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">],
2019 (the &ldquo;<U>Sales Agreement</U>&rdquo;), between the Company, Acadia Realty Limited Partnership, [AGENT], as agent, forward
seller and/or principal (the &ldquo;<U>Agent</U>&rdquo;) and [FORWARD PURCHASER], as forward purchaser (the &ldquo;<U>Forward Purchaser</U>&rdquo;),
to issue and sell to the Agent the securities specified in the Schedule hereto (the &ldquo;<U>Purchased Securities</U>&rdquo;),
and solely for the purpose of covering overallotments, to grant to the Agent the option to purchase the additional securities specified
in the Schedule hereto (the &ldquo;<U>Additional Securities</U>&rdquo;)<SUP>*</SUP>. Capitalized terms used herein and not defined
have the respective meanings ascribed thereto in the Sales Agreement. </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 Agent shall have
the right to purchase from the Company all or a portion of the Additional Securities as may be necessary to cover over-allotments
made in connection with the offering of the Purchased Securities, at the same purchase price per share to be paid by the Agent
to the Company for the Purchased Securities; <I>provided</I> that the purchase price payable by the Agent for any Additional Securities
shall be reduced by an amount per share equal to any dividends or distributions paid or payable by the Company on the Purchased
Securities but not payable on such Additional Securities. This option may be exercised by the Agent at any time (but not more
than once) on or before the thirtieth day following the date hereof, by written notice to the Company. Such notice shall set forth
the aggregate number of shares of Additional Securities as to which the option is being exercised, and the date and time when
the Additional Securities are to be delivered (such date and time being herein referred to as the &ldquo;<U>Option Closing Date</U>&rdquo;);
<I>provided, however</I>, that the Option Closing Date shall not be earlier than the Time of Delivery (as set forth in the Schedule
hereto) nor earlier than the second Business Day after the date on which the option shall have been exercised nor later than the
fifth Business Day after the date on which the option shall have been exercised. Payment of the purchase price for the Additional
Securities shall be made at the Option Closing Date in the same manner and at the same office as the payment for the Purchased
Securities. For purposes of clarity, the parties hereto agree that any Option Closing Date shall be a &ldquo;time on which Shares
are delivered to the Agent&rdquo; within the meaning of Sections 3(i), (j), (k)&nbsp;and (l)&nbsp;of the Sales Agreement.<SUP>1</SUP></P>

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

<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"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>1</SUP></TD><TD>Include only if the Agent has an over-allotment option.</TD>
</TR></TABLE>

<P STYLE="font: 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;&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Each of the provisions
of the Sales Agreement not specifically related to (a) the solicitation by the Agent, as agent of the Company, of offers to purchase
securities or (b) the Confirmations, Confirmation Shares and related transactions is incorporated herein by reference in its entirety,
and shall be deemed to be part of this Terms Agreement to the same extent as if such provisions had been set forth in full herein.
Each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Terms
Agreement [and] [,] the Applicable Time [and any Option Closing Date]*, except that each representation and warranty in Section&nbsp;1
of the Sales Agreement which makes reference to the Prospectus (as therein defined) shall be deemed to be a representation and
warranty as of the date of the Sales Agreement in relation to the Prospectus, and also a representation and warranty as of the
date of this Terms Agreement [and] [,] the Settlement Date [and any Option Closing Date]1 in relation to the Prospectus as amended
and supplemented to relate to the Purchased Securities.</P>

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

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

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

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

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

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

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

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


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

<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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">ACADIA REALTY TRUST</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in; text-indent: -0.25in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</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">Accepted as of the date hereof:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">[AGENT]</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in; text-indent: -0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Billy Wright, bwright@eastdilsecured.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rohit Mehta, Rohit.Mehta2@wellsfargo.com</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">From:</TD>
    <TD STYLE="width: 85%">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Cc:</TD>
    <TD>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>To:</TD>
    <TD>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Subject:</TD>
    <TD>Equity Distribution&mdash;Placement Notice</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">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the terms
and subject to the conditions contained in the ATM Equity Offering Sales Agreement among Acadia Realty Trust (the &ldquo;<U>Company</U>&rdquo;),
Acadia Realty Limited Partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;)<FONT STYLE="font-family: Times New Roman, Times, Serif">,
BofA Securities, Inc., Barclays Capital Inc., Wells Fargo Securities, LLC, </FONT>Goldman Sachs &amp; Co. LLC, <FONT STYLE="font-family: Times New Roman, Times, Serif">Citigroup
Global Markets Inc., Jefferies LLC and SunTrust Robinson Humphrey, Inc. </FONT>(each an &ldquo;<U>Agent</U>&rdquo;) and <FONT STYLE="font-family: Times New Roman, Times, Serif">[&#9679;],
[&#9679;], [&#9679;], [&#9679;], [&#9679;] and [&#9679;] (each a &ldquo;<U>Forward Purchaser</U>&rdquo;)</FONT>, dated <FONT STYLE="font-family: Times New Roman, Times, Serif">[&#9679;],
2019</FONT> (the &ldquo;<U>Agreement</U>&rdquo;), I hereby request on behalf of the Company that [SPECIFY AGENT] sell common shares
of beneficial interest, par value $0.01 per share of the Company, subject to the following terms:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 62%; text-align: justify; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number of Shares to be sold</FONT></TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; text-align: justify">[&#9679;]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Minimum gross sales price at which each Share may be sold</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">$[&#9679;]</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Agency or Principal Basis </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Agency]</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">[Principal]</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Regular Settlement or Forward Basis</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Regular Settlement][Forward Basis]</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Compensation to Agent (if different than the Agreement)]</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&#9679;]</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Date(s) on which Shares may be sold]</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&#9679;]</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Maturity Date]</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&#9679;]</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Initial Forward Price]</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&#9679;]%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Spread]</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&#9679;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<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: 80%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 62%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Initial Stock Loan Fee]</FONT></TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&#9679;] basis points</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Maximum Stock Loan Fee]</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&#9679;] basis points</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Hedge Completion Date]</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&#9679;]</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[Forward Price Reduction Dates]</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>[Forward Price Reduction Amounts]</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">[&#9679;], 20[&#9679;]</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$[&#9679;]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">[&#9679;], 20[&#9679;]</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$[&#9679;]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">[&#9679;], 20[&#9679;]</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$[&#9679;]</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">The Company hereby
confirms that, as of the date of this Placement Notice, neither the Prospectus, nor any Issuer Free Writing Prospectus, when taken
together with the Prospectus, includes an untrue statement of a material fact or omits to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[ADDITIONAL SALES PARAMETERS
MAY BE ADDED]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-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
your instructions that we sell up to [&#9679;]<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>AKR Common
Shares at prices not less than $[&#9679;] per share, pursuant to Section 2 of the ATM Equity Offering Sales Agreement, dated <FONT STYLE="font-family: Times New Roman, Times, Serif">[&#9679;]</FONT>,
2019 (the &ldquo;Agreement&rdquo;), among Acadia Realty Trust (the &ldquo;Company&rdquo;), Acadia Realty Limited Partnership, <FONT STYLE="font-family: Times New Roman, Times, Serif">BofA
Securities, Inc., Barclays Capital Inc., Wells Fargo Securities, LLC, </FONT>Goldman Sachs &amp; Co. LLC, <FONT STYLE="font-family: Times New Roman, Times, Serif">Citigroup
Global Markets Inc., Jefferies LLC and SunTrust Robinson Humphrey, Inc.</FONT> (each an &ldquo;<U>Agent</U>&rdquo;) and <FONT STYLE="font-family: Times New Roman, Times, Serif">[&#9679;],
[&#9679;], [&#9679;], [&#9679;], [&#9679;] and [&#9679;], </FONT><B>please confirm by reply e-mail</B> that the Company&rsquo;s
Prospectus (as defined in the Agreement), including the documents incorporated by reference therein, as of the date of this e-mail,
does not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rohit Mehta, rohit.mehta2@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jennifer Lynch, Jennifer.lynch@wellsfargo.com]<SUP>2</SUP></P>

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

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>2</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wells
Fargo to confirm contacts</FONT></TD>
</TR></TABLE>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Form of Confirmation begins on following
page]</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">&nbsp;</P>

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

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

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

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

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

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



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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Date:</TD><TD STYLE="text-align: justify">[*], 20[*]</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">To:</TD><TD STYLE="text-align: justify">Acadia Realty Trust</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">411 Theodore Fremd Avenue, Suite 300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Rye, New York, 10580</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">From:</TD><TD STYLE="text-align: justify">[DEALER NAME AND NOTICE INFORMATION]</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Re:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered Forward Transaction</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">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of this letter agreement (this
 &ldquo;Confirmation&rdquo;) is to confirm the terms and conditions of the transaction entered into between us on the Trade Date
specified below (the &ldquo;Transaction&rdquo;). This Confirmation constitutes a &ldquo;Confirmation&rdquo; as referred to in the
ISDA Master Agreement specified below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The definitions and provisions contained in the 2006 ISDA Definitions (the &ldquo;2006 Definitions&rdquo;)
and the 2002 ISDA Equity Derivatives Definitions (the &ldquo;2002 Definitions&rdquo; and, together with the 2006 Definitions, the
 &ldquo;Definitions&rdquo;), each as published by the International Swaps and Derivatives Association, Inc., are incorporated into
this Confirmation. In the event of any inconsistency between the 2002 Definitions and the 2006 Definitions, the 2002 Definitions
will govern. In the event of any inconsistency between the Definitions and this Confirmation, this Confirmation will govern.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Each party
further agrees that this Confirmation, the Pricing Supplement (as defined below) delivered hereunder and the Agreement (as defined
below) together evidence a complete binding agreement between Party A and Party B as to the subject matter and terms of the Transaction
to which this Confirmation relates, and shall supersede all prior or contemporaneous written or oral communications with respect
thereto. This Confirmation, together with any other Confirmations for registered forward transactions entered into between Party
A and Party B in connection with the Sales Agreement (as defined below) (each, an &ldquo;Additional Confirmation&rdquo;) shall
supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the &ldquo;Agreement&rdquo;)
as if Party A and Party B had executed an agreement in such form on the Trade Date. In the event of any inconsistency between the
Agreement, this Confirmation, the Pricing Supplement, the 2006 Definitions and the 2002 Definitions, the following will prevail
for purposes of the Transaction in the order of precedence indicated: (i) the Pricing Supplement, (ii) this Confirmation; (iii)
the 2002 Definitions; (iv) the 2006 Definitions and (v) the Agreement. The parties hereby agree that no Transaction other than
the Transaction to which this Confirmation relates and the Transactions to which the Additional Confirmations, if any, relate (each,
an &ldquo;Additional Transaction&rdquo;), shall be governed by the Agreement. For purposes of the 2002 Definitions, the Transaction
is a Share Forward Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Party A and
Party B each represent to the other that it has entered into the Transaction in reliance upon such tax, accounting, regulatory,
legal, and financial advice as it deems necessary and not upon any view expressed by the other.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The terms of the particular Transaction to which this Confirmation relates are as follows:</TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 3in; text-align: justify"><FONT STYLE="font-size: 10pt">Party A:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[DEALER NAME]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party B:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Acadia Realty Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[*], 20[*]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

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



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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&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: 1in">&nbsp;</TD>
    <TD STYLE="width: 3in; text-align: justify"><FONT STYLE="font-size: 10pt">Effective Date:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The first day occurring on or after the Trade Date on which Shares that are sold through [AGENT NAME], acting as forward seller for Party A (in such capacity, the &ldquo;Agent&rdquo;) pursuant to the ATM Equity Offering Sales Agreement, dated May 31, 2019 between Party A, Party B, the Agent and the other parties thereto (the &ldquo;Sales Agreement&rdquo;), settle.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Base Amount:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The aggregate number of Shares sold through the Agent, acting as forward seller for Party A pursuant to the Sales Agreement, during the period from and including the Trade Date through and including the Hedge Completion Date; provided, however, that on each Settlement Date, the Base Amount shall be reduced by the number of Settlement Shares for such Settlement Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The earlier of (i) [DATE]<SUP>1</SUP> (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day) and (ii) the date on which the Base Amount is reduced to zero.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Hedge Completion Date:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The earliest of (i) the date specified in writing as the Hedge Completion Date by Party B, (ii) any &ldquo;Settlement Date&rdquo; (under and as defined in the Sales Agreement) with respect to the full Base Amount and (iii) the 20th Scheduled Trading Day following, but not including, the Trade Date. No later than 7:00 pm, New York time, on the Hedge Completion Date, Party A will furnish Party B with a pricing supplement (the &ldquo;Pricing Supplement&rdquo;) substantially in the form of Annex B hereto specifying the Hedge Completion Date, the Base Amount as of the Hedge Completion Date (the &ldquo;Initial Base Amount&rdquo;) and the Initial Forward Price, each determined in accordance with the terms hereof. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Forward Price:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On the Hedge Completion Date, the Initial Forward Price, and on any other day, the Forward Price as of the immediately preceding calendar day multiplied by the sum of (i) 1 and (ii) the Daily Rate for such day; provided that on each Forward Price Reduction Date, the Forward Price in effect on such date shall be the Forward Price otherwise in effect on such date, minus the Forward Price Reduction Amount for such Forward Price Reduction Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding anything to the contrary contained herein, to the extent Party B delivers Shares hereunder on or after a Forward Price Reduction Date and at or before the record date for an ordinary cash dividend with an ex-dividend date corresponding to such Forward Price Reduction Date, the Calculation Agent shall adjust the Forward Price, in a good faith and commercially reasonable manner, to preserve the economic intent of the parties hereto (taking into account Party A&rsquo;s commercially reasonable hedge positions in respect of the Transaction).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 2in">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><SUP>1</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insert
Maturity Date specified by Party B in instruction under the Sales Agreement. To be a date no later than the second anniversary
of the Trade Date.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&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: 1in">&nbsp;</TD>
    <TD STYLE="width: 3in"><FONT STYLE="font-size: 10pt">Initial Forward Price:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[*]%<SUP>2</SUP> of the volume weighted average price at which the Shares are sold through the Agent acting as forward seller for Party A pursuant to the Sales Agreement during the period from and including the Trade Date through and including the Hedge Completion Date; provided that, the Calculation Agent shall adjust, in a good faith and commercially reasonable manner, such price to (x) reflect on each day during such period (i) the sum of 1 and the Daily Rate for such day multiplied by the then-Initial Forward Price as of such day and (ii) the number of Shares sold on or prior to such day and (y) reduce the then-Initial Forward Price by the relevant Forward Price Reduction Amount on each Forward Price Reduction Date occurring on or before the Hedge Completion Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Daily Rate:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For any day, a rate equal to (i)(A) the Overnight Bank Rate for such day, minus (B) the Spread, divided by (ii) 360.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Overnight Bank Rate:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For any day, the rate set forth for such day opposite the caption &ldquo;Overnight Bank Funding Rate&rdquo;, as such rate is displayed on the page &ldquo;OBFR01 &lt;Index&gt; &lt;GO&gt;&rdquo; on the BLOOMBERG Professional Service, or any successor page; provided that, if no rate appears on any day on such page, the rate for the immediately preceding day for which a rate does so appear shall be used for such day.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Spread:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[*]<SUP>3</SUP> basis points.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Prepayment:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Not Applicable. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Variable Obligation:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Not Applicable. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Forward Price Reduction Date:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each date (other than the Trade Date) set forth on Schedule I under the heading &ldquo;Forward Price Reduction Date.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Forward Price Reduction</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Amount:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For each Forward Price Reduction Date, the Forward Price Reduction Amount set forth opposite such date on Schedule I.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Shares:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Common stock, USD 0.001 par value per share, of Party B (also referred to herein as the &ldquo;Issuer&rdquo;) (Exchange identifier: &ldquo;AKR&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Exchange:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">New York Stock Exchange.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Related Exchange(s):</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All Exchanges.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -1.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Insert percentage equal to 100 minus the agreed
upon commission (which shall not exceed 2%), as specified by Party B in instruction under the Sales Agreement.</P>

<P STYLE="margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insert Spread
specified by Party B in instruction under the Sales Agreement.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -1.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -1.5in"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 3in; text-align: justify"><FONT STYLE="font-size: 10pt">Clearance System:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">DTC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Calculation Agent:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party A. In the event the Calculation Agent makes any calculations, adjustments or determinations pursuant to this Confirmation, the Agreement or the Equity Definitions, the Calculation Agent shall promptly provide an explanation in reasonable detail of the basis for any such calculation, adjustment or determination to Party B (including any quotations, market data or information from external sources used in making such calculation, adjustment or determination, as the case may be, but without disclosing its proprietary models or other information that is subject to contractual, legal or regulatory obligations to not disclose such information); provided that following the occurrence of an Event of Default under Section 5(a)(vii) of the Agreement with respect to which Party A is the Defaulting Party, Party B shall have the right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to act, during the period commencing on the date such Event of Default occurred and ending on the Early Termination Date with respect to such Event of Default, as the Calculation Agent. Whenever the Calculation Agent is required or permitted to act or to exercise judgment in any way with respect to any Transaction hereunder, including, without limitation, with respect to calculations, adjustments and determinations that are made in its sole discretion or otherwise, the Calculation Agent shall do so in good faith and in a commercially reasonable manner.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; padding-left: 0.5in"><FONT STYLE="font-size: 10pt"><U>Settlement Terms:</U></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Settlement Date:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any Scheduled Trading Day following the Effective Date and up to and including the Maturity Date, as designated by (a) Party A pursuant to &ldquo;Termination Settlement&rdquo; below or (b) Party B in a written notice (a &ldquo;Settlement Notice&rdquo;) that satisfies the Settlement Notice Requirements and is delivered to Party A at least (i) two Scheduled Trading Days prior to such Settlement Date, which may be the Maturity Date, if Physical Settlement applies, and (ii) 20 Scheduled Trading Days prior to such Settlement Date, which may be the Maturity Date, if Cash Settlement or Net Share Settlement applies; provided that (i) the Maturity Date shall be a Settlement Date if on such date the Base Amount is greater than zero and (ii) if Cash Settlement or Net Share Settlement applies and Party A shall have fully unwound its hedge during an Unwind Period by a date that is more than two Scheduled Trading Days prior to a Settlement Date specified above, Party A may, by written notice to Party B, specify any Scheduled Trading Day prior to such originally specified Settlement Date as the Settlement Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Settlement Shares:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">With respect to any Settlement Date, a number of Shares, not to exceed the Base Amount, designated as such by Party B in the related Settlement Notice or by Party A pursuant to &ldquo;Termination Settlement&rdquo; below; provided that on the Maturity Date the number of Settlement Shares shall be equal to the Base Amount on such date.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">&nbsp;</P>


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<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: 1in">&nbsp;</TD>
    <TD STYLE="width: 3in; text-align: justify"><FONT STYLE="font-size: 10pt">Settlement:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Physical Settlement, Cash Settlement or Net Share Settlement, at the election of Party B as set forth in a Settlement Notice delivered on or after the Effective Date (if applicable) that satisfies the Settlement Notice Requirements; provided that Physical Settlement shall apply (i) if no Settlement Method is validly selected, (ii) with respect to any Settlement Shares in respect of which Party A is unable, in its good faith and commercially reasonable judgment, to unwind its hedge for the Transaction by the end of the Unwind Period in a manner that, in the reasonable judgment of Party A, based on the advice of counsel, is consistent with Rule 10b-18 under the Exchange Act or due to the occurrence of Disrupted Days or to the lack of sufficient liquidity in the Shares on any Exchange Business Day during the Unwind Period relative to the liquidity on the Effective Date, (iii) to any Termination Settlement Date (as defined below under &ldquo;Termination Settlement&rdquo;), (iv) if the Maturity Date is a Settlement Date other than as the result of a valid Settlement Notice in respect of such Settlement Date or (v) if Party B has entered into an additional Share Forward or other equity derivative transaction (each, an &ldquo;Additional Equity Derivative Transaction&rdquo;), Party A determines, based on the advice of counsel, that it is unable to unwind its hedge for the Transaction in a manner consistent with Rule 10b-18 under the Exchange Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Settlement Notice </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Requirements:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding any other provision hereof, a Settlement Notice delivered by Party B that specifies Cash Settlement or Net Share Settlement will not be effective unless the Settlement Notice includes a representation by Party B substantially in the form set forth in clause (a) under the heading &ldquo;Representations, Warranties and Agreements of Party B&rdquo;.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Unwind Period:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The period from and including the first Exchange Business Day following the date Party B provides Settlement Notice for a valid election of Cash Settlement or Net Share Settlement in respect of a Settlement Date through the second Scheduled Trading Day preceding such Settlement Date (or the immediately preceding Exchange Business Day if such Scheduled Trading Day is not an Exchange Business Day and excluding any Disrupted Day); subject to &ldquo;Termination Settlement&rdquo; below. If any Exchange Business Day during an Unwind Period is a Disrupted Day, the Calculation Agent shall make commercially reasonable adjustments to the terms of the Transaction (including, without limitation, the Cash Settlement Amount, the number of Net Share Settlement Shares and the 10b-18 VWAP) to account for the occurrence of such Disrupted Day.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Market Disruption Event:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Section 6.3(a) of the 2002 Definitions is hereby amended by replacing the first sentence in its entirety with the following: &ldquo;&lsquo;Market Disruption Event&rsquo; means in respect of a Share, the occurrence or existence of (i) a Trading Disruption, (ii) an Exchange Disruption, (iii) an Early Closure or (iv) a Regulatory Disruption, in each case, that the Calculation Agent determines in its good faith and commercially reasonable manner, is material at any time during a Scheduled Trading Day.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">&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: 1in">&nbsp;</TD>
    <TD STYLE="width: 3in; text-align: justify"><FONT STYLE="font-size: 10pt">Early Closure:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Section 6.3(d) of the 2002 Definitions is hereby amended by deleting the remainder of the provision following the term &ldquo;Scheduled Closing Time&rdquo; in the fourth line thereof.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Regulatory Disruption:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any event that Party A, in its good faith and commercially reasonable discretion, based on advice of counsel, determines makes it appropriate with regard to any legal, regulatory or self-regulatory requirements or related policies and procedures (that apply broadly to similar transactions for other issuers) for Party A to refrain from or decrease any market activity in connection with the Transaction. Subject to applicable legal requirements and Party A&rsquo;s internal policies and guidelines, Party A shall promptly notify Party B upon the occurrence of a Regulatory Disruption and shall subsequently promptly notify Party B on the day Party A determines that the circumstances giving rise to such Regulatory Disruption have changed. Party A shall make its determination of a Regulatory Disruption in a manner consistent with the determinations made with respect to other issuers under similar facts and circumstances.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exchange Act:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Securities Exchange Act of 1934, as amended from time to time.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Securities Act:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Securities Act of 1933, as amended from time to time.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Physical Settlement:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On any Settlement Date in respect of which Physical Settlement applies, Party B shall deliver to Party A through the Clearance System the Settlement Shares for such Settlement Date, and Party A shall pay to Party B, by wire transfer of immediately available funds to an account designated by Party B, an amount in cash equal to the Physical Settlement Amount for such Settlement Date, on a delivery versus payment basis. If, on any Settlement Date, the Shares to be delivered by Party B to Party A hereunder are not so delivered (the &ldquo;Deferred Shares&rdquo;), and a Forward Price Reduction Date occurs during the period from, and including, such Settlement Date to, but excluding, the date such Shares are actually delivered to Party A, then the portion of the Physical Settlement Amount payable by Party A to Party B in respect of the Deferred Shares shall be reduced by an amount equal to the Forward Price Reduction Amount for such Forward Price Reduction Date, multiplied by the number of Deferred Shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Physical Settlement Amount:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For any Settlement Date in respect of which Physical Settlement applies, an amount in cash equal to the product of (i) the Forward Price on such Settlement Date and (ii) the number of Settlement Shares for such Settlement Date.</FONT></TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 3in"><FONT STYLE="font-size: 10pt">Cash Settlement:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On any Settlement Date in respect of which Cash Settlement applies, if the Cash Settlement Amount for such Settlement Date is a positive number, Party A will pay such Cash Settlement Amount to Party B. If the Cash Settlement Amount is a negative number, Party B will pay the absolute value of such Cash Settlement Amount to Party A. Such amounts shall be paid on the Settlement Date by wire transfer of immediately available funds.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">&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: 1in">&nbsp;</TD>
    <TD STYLE="width: 3in; text-align: justify"><FONT STYLE="font-size: 10pt">Cash Settlement Amount:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For any Settlement Date in respect of which Cash Settlement applies, an amount determined by the Calculation Agent equal to the difference between (1) the product of (i) the difference between (A) the average Forward Price over the period beginning on, and including, the date that is one Settlement Cycle following the first day of the applicable Unwind Period and ending on, and including, such Settlement Date (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during the Unwind Period), minus USD 0.015, and (B) the average of the 10b-18 VWAP prices per Share on each Exchange Business Day during such Unwind Period, and (ii) the number of Settlement Shares for such Settlement Date, and (2) the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period, and (ii) the number of Settlement Shares with respect to which Party A has not unwound its hedge for the Transaction as of such Forward Price Reduction Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Net Share Settlement:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On any Settlement Date in respect of which Net Share Settlement applies, if the number of Net Share Settlement Shares is a (i) negative number, Party A shall deliver a number of Shares to Party B equal to the absolute value of the Net Share Settlement Shares, or (ii) positive number, Party B shall deliver to Party A the Net Share Settlement Shares; provided that if Party A determines in its good faith and commercially reasonable judgment that it would be required to deliver Net Share Settlement Shares to Party B, Party A may elect to deliver a portion of such Net Share Settlement Shares on one or more dates prior to the applicable Settlement Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Net Share Settlement Shares:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For any Settlement Date in respect of which Net Share Settlement applies, a number of Shares equal to (a) the number of Settlement Shares for such Settlement Date, minus (b) the quotient of (A) the difference between (1) the product of (i) the average Forward Price over the period beginning on, and including, the date that is one Settlement Cycle following the first day of the applicable Unwind Period and ending on, and including, such Settlement Date (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during the Unwind Period), minus USD 0.015, and (ii) the number of Settlement Shares for such Settlement Date, and (2) the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period, and (ii) the number of Shares with respect to which Party A has not unwound its hedge as of such Forward Price Reduction Date and (B) the average of the 10b-18 VWAP prices per Share on each Exchange Business Day during such Unwind Period.</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in">&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: 1in">&nbsp;</TD>
    <TD STYLE="width: 3in; text-align: justify"><FONT STYLE="font-size: 10pt">10b-18 VWAP:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For any Exchange Business Day during the Unwind Period which is not a Disrupted Day, the volume-weighted average price reported on the Bloomberg Page &ldquo;AKR &lt;Equity&gt; AQR SEC&rdquo; (or any successor thereto) for such Exchange Business Day; provided, however, that if such price is unavailable for an Exchange Business Day or the Calculation Agent determines that such price does not correctly reflect the volume-weighted average price at which the Shares trade as reported in the composite transactions for the Exchange on such Exchange Business Day, excluding (i) trades that do not settle regular way, (ii) opening (regular way) reported trades on the Exchange on such Exchange Business Day, (iii) trades that occur in the last ten minutes before the scheduled close of trading on the Exchange on such Exchange Business Day and ten minutes before the scheduled close of the primary trading session in the market where the trade is effected, and (iv) trades on such Exchange Business Day that do not satisfy the requirements of Rule 10b-18(b)(3), the Calculation Agent shall, in a good faith, commercially reasonable manner, determine the 10b-18 VWAP for such Exchange Business Day based on the criteria specified above in this proviso.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Settlement Currency:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">USD.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Failure to Deliver:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Inapplicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.5in"><FONT STYLE="font-size: 10pt"><U>Adjustments:</U></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Method of Adjustment:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Calculation Agent Adjustment.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Additional Adjustment:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If, in Party A&rsquo;s commercially reasonable judgment, the
    stock loan fee to Party A (or an affiliate thereof), excluding the federal funds or other interest rate component payable
    by the relevant stock lender to Party A or such affiliate (the &ldquo;Stock Loan Fee&rdquo;), over the immediately preceding
    one month period, of borrowing a number of Shares equal to the Base Amount to hedge its exposure to the Transaction exceeds
    a weighted average rate equal to [*]<SUP>4</SUP> basis points per annum, the Calculation Agent shall reduce the Forward Price
    in order to compensate Party A for the amount by which the Stock Loan Fee exceeded a weighted average rate equal to [*]<SUP>5
    </SUP>basis points per annum during such period. The Calculation Agent shall notify Party B in writing prior to making any
    such adjustment to the Forward Price and, upon the request of Party B, Party A shall provide an itemized list in reasonable
    detail of the Stock Loan Fees for the applicable one month period (including any quotations, market data or information from
    external sources used by Party A in developing such list, but without disclosing its proprietary models or other information
    that is subject to contractual, legal or regulatory obligations to not disclose such information).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 217pt; text-align: justify; text-indent: -163pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 217pt; text-align: justify; text-indent: -163pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 2in">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 217pt; text-align: justify; text-indent: -163pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4 </SUP></FONT>Insert
Initial Stock Loan Rate specified by Party B in instruction under the Sales Agreement.</P>

<P STYLE="margin: 0pt 0"><SUP>5</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insert Initial
Stock Loan Rate specified by Party B in instruction under the Sales Agreement.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 217pt; text-align: justify; text-indent: -163pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 217pt; text-align: justify; text-indent: -163pt"></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 217pt; text-align: justify; text-indent: -163pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 223.9pt; text-align: justify; text-indent: -223.9pt">&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: 1in">&nbsp;</TD>
    <TD STYLE="width: 3in; text-align: justify"><FONT STYLE="font-size: 10pt">Payments to Party A:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To be advised under separate cover or telephone confirmed prior to each Settlement Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Payments to Party B:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To be advised under separate cover or telephone confirmed prior to each Settlement Date.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delivery of Shares to Party A:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To be advised. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Delivery of Shares to Party B:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To be advised. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.5in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><U>Conditions to Effectiveness</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">This Transaction shall be effective
if and only if Shares are sold by the Agent acting as forward seller for Party A on or after the Trade Date and on or before the
Hedge Completion Date pursuant to the Sales Agreement. If the Sales Agreement is terminated prior to any such sale of Shares thereunder,
the parties shall have no further obligations in connection with this Transaction, other than in respect of breaches of representations
or covenants on or prior to such date. For the avoidance of doubt, if the Sales Agreement is terminated prior to the Hedge Completion
Date, this Confirmation shall remain in effect with respect to any Shares that had been sold by the Agent acting as forward seller
for Party A on or after the Trade Date and prior to such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 431.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><U>Interpretive Letter</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Party B agrees and acknowledges
that the Transaction is being entered into in accordance with the October 9, 2003 interpretive letter from the staff of the Securities
and Exchange Commission to Goldman, Sachs &amp; Co. (the &ldquo;Interpretive Letter&rdquo;). Party B represents that it is eligible
to conduct a primary offering of Shares on Form S-3 and that the offering contemplated by the Sales Agreement complies with Rule
415 under the Securities Act.</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 0pt 0.75in; text-align: justify"><U>Representations, Warranties
and Agreements of Party B</U>: Party B hereby represents and warrants to, and agrees with, Party A as of the date hereof that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Party B represents to Party A on the Trade Date and on any date that Party B notifies Party A that
Cash Settlement or Net Share Settlement applies to this Transaction, that (A) Party B is not aware of any material nonpublic information
regarding Party B or the Shares, (B) each of its filings under the Securities Act, the Exchange Act or other applicable securities
laws that were required to be filed have been filed in the prior 12 months and that, as of the date of this representation, when
considered as a whole (with the more recent such filings deemed to amend inconsistent statements contained in any earlier such
filings), there is no misstatement of material fact contained therein or omission of a material fact required to be stated therein
or necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading
and (C) Party B is not entering into this Confirmation nor making any election hereunder to create actual or apparent trading activity
in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the
price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&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: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any Shares, when issued and delivered in accordance with the terms of the Transaction, will be
duly authorized and validly issued, fully paid and nonassessable, and the issuance thereof will not be subject to any preemptive
or similar rights.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Party B has reserved and will keep available at all times, free from preemptive rights, out of
its authorized but unissued Shares, solely for the purpose of issuance upon settlement of the Transaction as herein provided, the
maximum number of Shares as shall be issuable at such time upon settlement of the Transaction as set forth below under the heading
 &ldquo;Maximum Share Delivery&rdquo;. All Shares so issuable shall, upon such issuance, be accepted for listing or quotation on
the Exchange.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Party B agrees to provide Party A prior written notice (an &ldquo;Issuer Repurchase Notice&rdquo;)
prior to executing any repurchase of Shares by Party B or any of its subsidiaries (or entering into any contract that would require,
or give the option to, Party B or any of its subsidiaries, to purchase or repurchase Shares), whether out of profits or capital
or whether the consideration for such repurchase is cash, securities or otherwise (an &ldquo;Issuer Repurchase&rdquo;), that alone
or in the aggregate would result in the Base Amount Percentage (as defined below) being (i) equal to or greater than 4.5% of the
outstanding Shares or (ii) greater by 0.5% or more than the Base Amount Percentage at the time of the immediately preceding Issuer
Repurchase Notice (or in the case of the first such Issuer Repurchase Notice, greater than the Base Amount Percentage as of the
later of the date hereof or the immediately preceding Settlement Date, if any). The &ldquo;Base Amount Percentage&rdquo; as of
any day is the fraction (1) the numerator of which is the aggregate of the Base Amount and each &ldquo;Base Amount&rdquo; (as defined
in the applicable Additional Confirmation and any Additional Equity Derivative Transaction) under any outstanding Additional Transactions
and (2) the denominator of which is the number of Shares outstanding on such day.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">No filing with, or approval, authorization, consent, license registration, qualification, order
or decree of, any court or governmental authority or agency, domestic or foreign, is necessary or required for the execution, delivery
and performance by Party B of this Confirmation and the consummation of the Transaction (including, without limitation, the issuance
and delivery of Shares on any Settlement Date) except (i) such as have been obtained under the Securities Act, and (ii) as may
be required to be obtained under state securities laws.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">Party B agrees not to make any Issuer Repurchase if, immediately following such Issuer Repurchase,
the Base Amount Percentage would be equal to or greater than 4.9%.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">Party B is not insolvent, nor will Party B be rendered insolvent as a result of the Transaction.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">Neither Party B nor any of its affiliated purchasers shall take any action (including, without
limitation, any direct purchases by Party B or any of its affiliated purchasers or any purchases by a party to a derivative transaction
with Party B or any of its affiliated purchasers), either under this Confirmation, under an agreement with another party or otherwise,
that in the reasonable judgment of Party B is reasonably likely to cause any purchases of Shares by Party A or any of its affiliates
in connection with any Cash Settlement or Net Share Settlement of the Transaction not to meet the conditions of the safe harbor
provided by Rule 10b-18 under the Exchange Act if such purchases were made by Party B.</TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">Party B will not engage in any &ldquo;distribution&rdquo; (as defined in Regulation M under the
Exchange Act (&ldquo;Regulation M&rdquo;)) that would cause a &ldquo;restricted period&rdquo; (as defined in Regulation M) to occur
during any Unwind Period.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">Party B (i) is capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities, (ii) will exercise independent judgment in evaluating
the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing
and (iii) has total assets of at least USD 50 million as of the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&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: 1in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify">Party B acknowledges and agrees that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&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: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>during the term of the Transaction, Party A and its Affiliates may buy or sell Shares or other securities or buy or sell options
or futures contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position
with respect to the Transaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>Party A and its Affiliates may also be active in the market for the Shares and Share-linked transactions other than in connection
with hedging activities in relation to the Transaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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: 1.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>Party A shall make its own determination as to whether, when or in what manner any hedging or market activities in Party B&rsquo;s
securities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect
to the Forward Price and the 10b-18 VWAP;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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: 1.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>any market activities of Party A and its Affiliates with respect to the Shares may affect the market price and volatility of
the Shares, as well as the Forward Price and 10b-18 VWAP, each in a manner that may be adverse to Party B; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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: 1.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD>the Transaction is a derivatives transaction in which it has granted Party A the right, under certain circumstances, to receive
cash or Shares, as the case may be; Party A may purchase Shares for its own account at an average price that may be greater than,
or less than, the effective price paid by Party B under the terms of the Transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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: 1in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD STYLE="text-align: justify">The assets of Party B do not constitute &ldquo;plan assets&rdquo; under the Employee Retirement
Income Security Act of 1974, as amended, the Department of Labor Regulations promulgated thereunder or similar law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&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: 1in"></TD><TD STYLE="width: 0.25in">(m)</TD><TD STYLE="text-align: justify">Party B shall, at least one day prior to the first day of any Unwind Period, notify Party A of
the total number of Shares purchased in Rule 10b-18 purchases of blocks pursuant to the once-a-week block exception contained in
Rule 10b-18(b)(4) by or for Party B or any of its affiliated purchasers during each of the four calendar weeks preceding the first
day of the Unwind Period and during the calendar week in which the first day of the Unwind Period occurs (&ldquo;Rule 10b-18 purchase&rdquo;,
 &ldquo;blocks&rdquo; and &ldquo;affiliated purchaser&rdquo; each being used as defined in Rule 10b-18).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(n)</TD><TD STYLE="text-align: justify">During any Unwind Period, Party B shall (i) notify Party A prior to the opening of trading in the
Shares on any day on which Party B makes, or expects to be made, any public announcement (as defined in Rule 165(f) under the Securities
Act) of any merger, acquisition, or similar transaction involving a recapitalization relating to Party B (other than any such transaction
in which the consideration consists solely of cash and there is no valuation period), (ii) promptly notify Party A following any
such announcement that such announcement has been made, and (iii) promptly deliver to Party A following the making of any such
announcement information indicating (A) Party B&rsquo;s average daily Rule 10b-18 purchases (as defined in Rule 10b-18) during
the three full calendar months preceding the date of the announcement of such transaction and (B) Party B&rsquo;s block purchases
(as defined in Rule 10b-18) effected pursuant to paragraph (b)(4) of Rule 10b-18 during the three full calendar months preceding
the date of the announcement of such transaction. In addition, Party B shall promptly notify Party A of the earlier to occur of
the completion of such transaction and the completion of the vote by target shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&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: 1in"></TD><TD STYLE="width: 0.25in">(o)</TD><TD STYLE="text-align: justify">Party B is not, and after giving effect to the transactions contemplated hereby will not be, required
to register as an &ldquo;investment company&rdquo; as such term is defined in the Investment Company Act of 1940, as amended.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(p)</TD><TD STYLE="text-align: justify">Without limiting the generality of Section 13.1 of the 2002 Definitions, Party B acknowledges that
Party A is not making any representations or warranties or taking any position or expressing any view with respect to the treatment
of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging,
or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging &ndash; Contracts in Entity&rsquo;s
Own Equity (or any successor issue statements) or under FASB&rsquo;s Liabilities &amp; Equity Project.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(q)</TD><TD STYLE="text-align: justify">Party B understands no obligations of Party A to it hereunder will be entitled to the benefit of
deposit insurance and that such obligations will not be guaranteed by any affiliate of Party A or any governmental agency.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(r)</TD><TD STYLE="text-align: justify">No federal, state or local law, rule, regulation or regulatory order applicable to the Shares would
give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior
approval from any person or entity) as a result of Party A or its affiliates owning or holding (however defined) Shares, other
than Sections 13 and 16 under the Exchange Act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(s)</TD><TD STYLE="text-align: justify">On or prior to the Hedge Completion Date, upon obtaining knowledge of the occurrence of any event
that would constitute an Event of Default or Potential Event of Default, Party B will so notify Party A in writing within one Scheduled
Trading Day.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(t)</TD><TD STYLE="text-align: justify">Party B (i) has such knowledge and experience in financial and business affairs as to be capable
of evaluating the merits and risks of entering into the Transaction, (ii) has consulted with its own legal, financial, accounting
and tax advisors in connection with the Transaction and (iii) is entering into the Transaction for a bona fide business purpose.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(u)</TD><TD STYLE="text-align: justify">On or prior to the Hedge Completion Date, Party B is not and has not been the subject of any civil
proceeding of a judicial or administrative body of competent jurisdiction that could reasonably be expected to impair materially
Party B&rsquo;s ability to perform its obligations hereunder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD STYLE="text-align: justify">Ownership positions of Party B&rsquo;s common stock held by Party A or any of its affiliates solely
in its capacity as a nominee or fiduciary do not constitute &ldquo;beneficial ownership&rdquo; or &ldquo;direct or indirect ownership&rdquo;
Party A for the purposes of Article VI of the Declaration of Trust of Party B, as amended (the &ldquo;Articles&rdquo;), including
without limitation Section 6.6 thereof.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><U>Covenant of Party B</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">Subject to the
circumstances described under &ldquo;Private Placement Procedures&rdquo;, Party B acknowledges and agrees that any Shares delivered
by Party B to Party A on any Settlement Date will be newly issued Shares and when delivered by Party A (or an affiliate of Party
A) to securities lenders from whom Party A (or an affiliate of Party A) borrowed Shares in connection with hedging its exposure
to the Transaction will be freely saleable without further registration or other restrictions under the Securities Act, in the
hands of those securities lenders, irrespective of whether such stock loan is effected by Party A or an affiliate of Party A. Accordingly,
Party B agrees that the Shares that it delivers to Party A on each Settlement Date will not bear a restrictive legend and that
such Shares will be deposited in, and the delivery thereof shall be effected through the facilities of, the Clearance System.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><U>Covenants of Party A</U>:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Unless the provisions set forth below under &ldquo;Private Placement Procedures&rdquo; shall be
applicable, Party A shall use any Shares delivered by Party B to Party A on any Settlement Date to return to securities lenders
to close out open Share loans created by Party A or an affiliate of Party A in the course of Party A&rsquo;s or such affiliate&rsquo;s
hedging activities related to Party A&rsquo;s exposure under this Confirmation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">In connection with bids and purchases of Shares in connection with any Cash Settlement or Net Share
Settlement of the Transaction, Party A shall use good faith efforts to conduct its activities, or cause its affiliates to conduct
their activities, in a manner consistent with the requirements of the safe harbor provided by Rule 10b-18 under the Exchange Act,
as if such provisions were applicable to such purchases aggregated with any analogous purchases occurring on the same day under
any Additional Transaction.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; text-indent: -4.5pt"><U>Deadline
for Designating an Early Termination Date and Payment Suspension:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; text-indent: -4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If either party provides notice
to the other party that there has occurred (1) an Event of Default as to which Party B is the Defaulting Party; (2) a Potential
Event of Default with respect to Party B or (3) a Termination Event as to which Party B is the sole Affected Party, then, notwithstanding
Section 9(f) of the Agreement and unless Party A and Party B otherwise agree in writing, after 30 calendar days have elapsed following
such notice, (i) Party A shall have no further right to designate an Early Termination Date by reason of the aforementioned Event
of Default or Termination Event and (ii) the aforementioned Event of Default or Potential Event of Default shall be deemed to cease
to be continuing for the purposes of Section 2(a)(iii)(1) of the Agreement. Party A hereby agrees to provide any notice referred
to in the preceding sentence as promptly as practicable after it determines, acting in good faith, that the aforementioned Event
of Default, Potential Event of Default or Termination Event has occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -2.25in"><U>Insolvency
Filing</U>:&#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Notwithstanding anything to the
contrary herein, in the Agreement, in the 2006 Definitions or in the 2002 Definitions, upon any Insolvency Filing in respect of
the Issuer, the Transaction shall automatically terminate on the date thereof without further liability of either party to this
Confirmation to the other party (except for any liability in respect of any breach of representation or covenant by a party under
this Confirmation prior to the date of such Insolvency Filing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><U>Extraordinary Dividends</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If an ex-dividend date for an Extraordinary
Dividend occurs on or after the Trade Date and on or prior to the Maturity Date (or, if later, the last date on which Shares are
delivered by Party B to Party A in settlement of the Transaction), Party B shall pay an amount in cash equal to the product of
such Extraordinary Dividend and the Base Amount to Party A on the earlier of (i) the date on which such Extraordinary Dividend
is paid by the Issuer to holders of record of the Shares or (ii) the Maturity Date. &ldquo;Extraordinary Dividend&rdquo; means
the per Share amount of any cash dividend or distribution declared by the Issuer with respect to the Shares that is specified by
the board of directors of the Issuer as an &ldquo;extraordinary&rdquo; dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><U>Acceleration Events</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">The following events shall each constitute an &ldquo;Acceleration
Event&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Stock Borrow Events</U>. In the good faith and commercially reasonable
judgment of Party A (i) Party A (or its affiliate) is unable, after using commercially reasonable efforts, to hedge its exposure
to the Transaction because of the lack of sufficient Shares being made available for Share borrowing by lenders, or (ii) Party
A (or its affiliate) would incur a Stock Loan Fee to borrow a number of Shares equal to the Base Amount of more than a rate of
[*]</FONT><SUP>6</SUP> <FONT STYLE="font-size: 10pt">basis points per annum (each, a &ldquo;Stock Borrow Event&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Dividends and Other Distributions</U>. On any day occurring after the Trade Date Party B declares
a distribution, issue or dividend to existing holders of the Shares of (i) any cash dividend (other than an Extraordinary Dividend)
to the extent all cash dividends having an ex-dividend date during the period from and including any Forward Price Reduction Date
(with the Trade Date being a Forward Price Reduction Date for purposes of this clause only) to but excluding the next subsequent
Forward Price Reduction Date exceeds, on a per Share basis, the Forward Price Reduction Amount set forth opposite the first date
of any such period on Schedule I, (ii) share capital or securities of another issuer acquired or owned (directly or indirectly)
by Party B as a result of a spin-off or other similar transaction or (iii) any other type of securities (other than Shares), rights
or warrants or other assets, for payment (cash or other consideration) at less than the prevailing market price as determined by
Party A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 2in">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><SUP>6</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insert
Maximum Stock Loan Rate specified by Party B in instruction under the Sales Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in"></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 1.25in; 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: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>ISDA Early Termination Date</U>. Party A notifies Party B that Party A has designated an Early
Termination Date pursuant to Section 6 of the Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; 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: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>Other ISDA Events</U>. The public announcement of any event that if consummated would result
in an Extraordinary Event or the occurrence of any Change in Law or a Delisting; <I>provided</I> that in case of a Delisting, in
addition to the provisions of Section 12.6(a)(iii) of the 2002 Definitions, it will also constitute a Delisting if the Exchange
is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock
Exchange, the Nasdaq Global Select Market or the Nasdaq Global Market (or their respective successors); and <I>provided further
</I>that the definition of &ldquo;Change in Law&rdquo; provided in Section 12.9(a)(ii) of the 2002 Definitions is hereby amended
by (i) replacing the phrase &ldquo;the interpretation&rdquo; in the third line thereof with the phrase &ldquo;, or public announcement
of, the formal or informal interpretation&rdquo; and (ii) replacing the parenthetical beginning after the word &ldquo;regulation&rdquo;
in the second line thereof the words &ldquo;(including, for the avoidance of doubt and without limitation, (x) any tax law or (y)
adoption, effectiveness or promulgation of new regulations authorized or mandated by existing statute)&rdquo;; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; 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: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>Ownership Event</U>. In the reasonable judgment of Party A, on any day, the Share Amount for
such day exceeds the Applicable Share Limit for such day (if any applies).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">For purposes of clause (e) above,
the &ldquo;Share Amount&rdquo; as of any day is the number of Shares that Party A and any person whose ownership position would
be aggregated with that of Party A (Party A or any such person, a &ldquo;Party A Person&rdquo;) under any law, rule, regulation,
regulatory order or organizational documents or contracts of Party B (including without limitation Article VI of the Articles)
that are, in each case, applicable to ownership of Shares (&ldquo;Applicable Restrictions&rdquo;), owns, beneficially owns, constructively
owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction,
as determined by Party A in its reasonable discretion. The &ldquo;Applicable Share Limit&rdquo; means a number of Shares equal
to (A) the minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including
obtaining prior approval from any person or entity) other than pursuant to the Exchange Act of a Party A Person, or could reasonably
be expected to result in an adverse effect on a Party A Person, under any Applicable Restriction, as determined by Party A in its
reasonable discretion, <I>minus</I> (B) 1% of the number of Shares outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><U>Termination Settlement</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Upon the occurrence of any Acceleration
Event, Party A shall have the right to designate, upon at least two Scheduled Trading Days&rsquo; notice, any Scheduled Trading
Day following such occurrence to be a Settlement Date hereunder (a &ldquo;Termination Settlement Date&rdquo;) to which Physical
Settlement shall apply, and to select the number of Settlement Shares relating to such Termination Settlement Date; <I>provided</I>
that (i) in the case of an Acceleration Event arising out of an Ownership Event, the number of Settlement Shares so designated
by Party A shall not exceed the number of Shares necessary to reduce the Share Amount to the Applicable Share Limit and (ii) in
the case of an Acceleration Event arising out of a Stock Borrow Event the number of Settlement Shares so designated by Party A
shall not exceed the number of Shares as to which such Stock Borrow Event exists. If, upon designation of a Termination Settlement
Date by Party A pursuant to the preceding sentence, Party B fails to deliver the Settlement Shares relating to such Termination
Settlement Date when due or otherwise fails to perform obligations within its control in respect of the Transaction, it shall be
an Event of Default with respect to Party B and Section 6 of the Agreement shall apply. If an Acceleration Event occurs during
an Unwind Period relating to a number of Settlement Shares to which Cash Settlement or Net Share Settlement applies, then on the
Termination Settlement Date relating to such Acceleration Event, notwithstanding any election to the contrary by Party B, Cash
Settlement or Net Share Settlement shall apply to the portion of the Settlement Shares relating to such Unwind Period as to which
Party A has unwound its hedge and Physical Settlement shall apply in respect of (x) the remainder (if any) of such Settlement Shares
and (y) the Settlement Shares designated by Party A in respect of such Termination Settlement Date. If an Acceleration Event occurs
after Party B has designated a Settlement Date to which Physical Settlement applies but before the relevant Settlement Shares have
been delivered to Party A, then Party A shall have the right to cancel such Settlement Date and designate a Termination Settlement
Date in respect of such Shares pursuant to the first sentence hereof. If an event or circumstance is an Acceleration Event under
both this Confirmation and any Additional Confirmation and the designation of a Termination Settlement Date under one such confirmation
would cure the Acceleration Event under the other such confirmation, then Party A shall first designate a Termination Settlement
Date under the confirmation with the first occurring Maturity Date before designating a Termination Settlement Date under the other
confirmation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><U>Private Placement Procedures:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If Party B is unable to comply
with the provisions of &ldquo;Covenant of Party B&rdquo; above because of a change in law or a change in the policy of the Securities
and Exchange Commission or its staff, or Party A otherwise reasonably determines, based on advice of counsel, that any Settlement
Shares to be delivered to Party A by Party B may not be freely returned by Party A or its affiliates to securities lenders as described
under &ldquo;Covenant of Party B&rdquo; above, then delivery of any such Settlement Shares (the &ldquo;Restricted Shares&rdquo;)
shall be effected pursuant to Annex A hereto, unless waived by Party A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><U>Rule 10b5-1</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">It is the intent of Party A and
Party B that following any election of Cash Settlement or Net Share Settlement by Party B, the purchase of Shares by Party A during
any Unwind Period comply with the requirements of Rule 10b5-1(c)(1)(i)(B) of the Exchange Act and that this Confirmation shall
be interpreted to comply with the requirements of Rule 10b5-1(c).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Party B acknowledges that (i) during
any Unwind Period Party B shall not attempt to exercise any influence over how, when or whether to effect purchases of Shares by
Party A (or its agent or affiliate) in connection with this Confirmation and (ii) Party B is entering into the Agreement and this
Confirmation in good faith and not as part of a plan or scheme to evade compliance with federal securities laws including, without
limitation, Rule 10b-5 promulgated under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Party B hereby agrees with Party
A that during any Unwind Period Party B shall not communicate, directly or indirectly, any Material Non-Public Information (as
defined herein) to any Derivatives Personnel (as defined below). For purposes of the Transaction, &ldquo;Material Non-Public Information&rdquo;
means information relating to Party B or the Shares that (a) has not been widely disseminated by wire service, in one or more newspapers
of general circulation, by communication from Party B to its shareholders or in a press release, or contained in a public filing
made by Party B with the Securities and Exchange Commission and (b) a reasonable investor might consider to be of importance in
making an investment decision to buy, sell or hold Shares. For the avoidance of doubt and solely by way of illustration, information
should be presumed &ldquo;material&rdquo; if it relates to such matters as dividend increases or decreases, earnings estimates,
changes in previously released earnings estimates, significant expansion or curtailment of operations, a significant increase or
decline of orders, significant merger or acquisition proposals or agreements, significant new products or discoveries, extraordinary
borrowing, major litigation, liquidity problems, extraordinary management developments, purchase or sale of substantial assets,
or other similar information For purposes of the Transaction, &ldquo;Derivatives Personnel&rdquo; means any employee on the trading
side of the Equity Derivatives of Party A and does not include [*] or [*] (or any other person or persons designated from time
to time by the Compliance Group of Party A).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><U>Maximum Share Delivery</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Notwithstanding any other provision
of this Confirmation, in no event will Party B be required to deliver on any Settlement Date, whether pursuant to Physical Settlement,
Net Share Settlement, Termination Settlement or any Private Placement Settlement, more than a number of Shares equal to 1.5 times
the Initial Base Amount, subject to reduction by the number of any Shares delivered by Party B on any prior Settlement Date and
subject to adjustment from time to time in accordance with the provisions of this Confirmation and the Equity Definitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><U>Transfer and Assignment</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Party A may assign or transfer
all (but not less than all) of its rights or delegate all (but not less than all) of its duties hereunder to any affiliate of Party
A; <I>provided</I> that, under the applicable law effective on the date of such transfer or assignment, Party B will not be required,
as a result of such transfer or assignment, to pay to the transferee an amount in respect of an Indemnifiable Tax greater than
the amount, if any, that Party B would have been required to pay Party A in the absence of such transfer or assignment; and Party
B will not receive a payment from which an amount has been withheld or deducted, on account of a Tax in respect of which the other
party is not required to pay an additional amount, unless Party B would not have been entitled to receive any additional amount
in respect of such payment in the absence of such transfer or assignment; <I>provided further</I> that (A) the affiliate&rsquo;s
obligations hereunder are fully and unconditionally guaranteed by Party A or its parent or (B) the affiliate&rsquo;s long-term
issuer rating is equal to or better than the credit rating of Party A at the time of such assignment or transfer. Notwithstanding
the above or any other provision in this Confirmation to the contrary requiring or allowing Party A to purchase, sell, receive
or deliver any Shares or other securities to or from Party B, Party A may designate any of its affiliates to purchase, sell, receive
or deliver such Shares or other securities and otherwise to perform Party A&rsquo;s obligations in respect of the Transaction and
any such designee may assume such obligations. Party A shall be discharged of its obligations to Party B to the extent of any such
performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&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: 1in">&nbsp;</TD>
    <TD STYLE="width: 3in; text-align: right; padding-right: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #010000">Notice:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; color: #010000">Non-Reliance:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #010000">Applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; color: #010000">Additional Acknowledgments:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #010000">Applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; color: #010000">Agreements and Acknowledgments</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; color: #010000">Regarding Hedging Activities:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; color: #010000">Applicable.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<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: 0pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify">The Agreement is further supplemented by the following provisions:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><U>No Collateral or Setoff:</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Notwithstanding Section 6(f) or
any other provision of the Agreement or any other agreement between the parties to the contrary, the obligations of Party B hereunder
are not secured by any collateral. Obligations under the Transaction shall not be set off against any other obligations of the
parties, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation
of law or otherwise, and no other obligations of the parties shall be set off against obligations under the Transaction, whether
arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise,
and each party hereby waives any such right of setoff. In calculating any amounts under Section 6(e) of the Agreement, notwithstanding
anything to the contrary in the Agreement, (a) separate amounts shall be calculated as set forth in such Section 6(e) with respect
to (i) the Transaction and (ii) all other Transactions, and (b) such separate amounts shall be payable pursuant to Section 6(d)(ii)
of the Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><U>Status
of Claims in Bankruptcy</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">Party A acknowledges
and agrees that this confirmation is not intended to convey to Party A rights with respect to the transactions contemplated hereby
that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings of Party B; <I>provided, however, </I>that
nothing herein shall limit or shall be deemed to limit Party A&rsquo;s right to pursue remedies in the event of a breach by Party
B of its obligations and agreements with respect to this Confirmation and the Agreement; and <I>provided further</I> that nothing
herein shall limit or shall be deemed to limit Party A&rsquo;s rights in respect of any transaction other than the Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><U>Limit
on Beneficial Ownership</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">Notwithstanding
any other provisions hereof, Party A shall not have the &ldquo;right to acquire&rdquo; (within the meaning of NYSE Rule 312.04(g))
Shares hereunder and Party A shall not be entitled to take delivery of any Shares deliverable hereunder (in each case, whether
in connection with the purchase of Shares on any Settlement Date or any Termination Settlement Date, any Private Placement Settlement
or otherwise) to the extent (but only to the extent) that, after such receipt of any Shares hereunder, (i) the Share Amount would
exceed the Applicable Share Limit, (ii) the Section 16 Percentage would exceed 4.9% or (iii) Party A and each person subject to
aggregation of Shares with Party A under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder (the &ldquo;Party
A Group&rdquo;) would directly or indirectly beneficially own (as such term is defined for purposes of Section 13 or Section 16
of the Exchange Act and rules promulgated thereunder) in excess of [*] Shares<SUP>7</SUP> (the &ldquo;Threshold Number of Shares&rdquo;).
Any purported delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery,
(i) the Share Amount would exceed the Applicable Share Limit, (ii) the Section 16 Percentage would exceed 4.9% or (iii) Party A
Group would directly or indirectly so beneficially own in excess of the Threshold Number of Shares. If any delivery owed to Party
A hereunder is not made, in whole or in part, as a result of this provision, Party B&rsquo;s obligation to make such delivery shall
not be extinguished and Party B shall make such delivery as promptly as practicable after, but in no event later than one Exchange
Business Day after, Party A gives notice to Party B that, after such delivery, (i) the Share Amount would not exceed the Applicable
Share Limit, (ii) the Section 16 Percentage would not exceed 4.9% and (iii) Party A Group would not directly or indirectly so beneficially
own in excess of the Threshold Number of Shares. The &ldquo;Section 16 Percentage&rdquo; as of any day is the fraction, expressed
as a percentage, (A) the numerator of which is the number of Shares that Party A and any of its affiliates or any other person
subject to aggregation with Party A for purposes of the &ldquo;beneficial ownership&rdquo; test under Section 13 of the Exchange
Act, or any &ldquo;group&rdquo; (within the meaning of Section 13 of the Exchange Act) of which Party A is or may be deemed to
be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the
extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder
results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">In addition,
notwithstanding anything herein to the contrary, if any delivery owed to Party A hereunder is not made, in whole or in part, as
a result of the immediately preceding paragraph, Party A shall be permitted to make any payment due in respect of such Shares to
Party B in two or more tranches that correspond in amount to the number of Shares delivered by Party B to Party A pursuant to the
immediately preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"><U>Delivery
of Cash:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">For the avoidance
of doubt, nothing in this Confirmation shall be interpreted as requiring Party B to deliver cash in respect of the settlement of
this Transaction, except in circumstances where the required cash settlement thereof is permitted for classification of the contract
as equity by ASC 815-40 (formerly EITF 00-19) as in effect on the Trade Date (including, without limitation, where Party B so elects
to deliver cash or fails timely to elect to deliver Shares in respect of such settlement).</P>

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 2in">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>7</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insert
number equal to 4.9% of the outstanding Shares as of the relevant Trade Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"><U>Wall
Street Transparency and Accountability Act</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">In connection with Section 739
of the Wall Street Transparency and Accountability Act of 2010 (the &ldquo;WSTAA&rdquo;), the parties hereby agree that neither
the enactment of the WSTAA or any regulation under the WSTAA, nor any requirement under the WSTAA or an amendment made by the WSTAA,
shall limit or otherwise impair either party&rsquo;s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement
this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs,
regulatory change or similar event under this Confirmation, the 2002 Definitions incorporated herein, or the Agreement (including,
but not limited to, rights arising from any Acceleration Event or Illegality (as defined in the Agreement)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"><U>Miscellaneous</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Addresses for Notices. For the purpose of Section 12(a) of the Agreement:</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 0pt 1.25in; text-align: justify">Address for notices or communications
to Party A:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in">[INSERT DEALER NAME AND NOTICE INFORMATION]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in">Address for notices or communications
to Party B:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in">Acadia Realty Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in">411 Theodore Fremd Avenue, Suite 300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in">Rye, New York 10580</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in">Attn: [*]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in">Telephone: [*]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in">Facsimile: [*]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; 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: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><B>Waiver of Right to Trial by Jury. Each party waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to this Confirmation. </B>Each
party (i) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise, that
such other party would not, in the event of such a suit action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it and the other party have been induced to enter into this Confirmation by, among other things, the mutual waivers and certifications
herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; 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: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Offices:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">The Office of Party A for the
Transaction is: [New York] [London] [OTHER]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">The Office of Party B for the
Transaction is: Inapplicable, Party B is not a Multibranch Party</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the Transaction to be a &ldquo;securities contract&rdquo; as defined in Section 741(7) of Title
11 of the United States Code (the &ldquo;Bankruptcy Code&rdquo;), qualifying for the protections under Section 555 of the Bankruptcy
Code;</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">a party&rsquo;s right to liquidate the Transaction and to exercise any other remedies upon the
occurrence of any Event of Default under the Agreement with respect to the other party to constitute a &ldquo;contractual right&rdquo;
as defined in the Bankruptcy Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; 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: 72.9pt"></TD><TD STYLE="width: 17.55pt">(c)</TD><TD STYLE="text-align: justify">Party A to be a &ldquo;financial [institution] [participant]&rdquo; within the meaning of Section
101(22) of the Bankruptcy Code; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; 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: 72.9pt"></TD><TD STYLE="width: 17.55pt">(d)</TD><TD STYLE="text-align: justify">all payments for, under or in connection with the Transaction, all payments for the Shares and
the transfer of such Shares to constitute &ldquo;settlement payments&rdquo; as defined in the Bankruptcy Code.</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 0pt 0.75in; text-align: justify"><U>Severability:</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If any term, provision, covenant
or condition of this Confirmation, or the application thereof to any party or circumstance, shall be held to be invalid or unenforceable
in whole or in part for any reason, the remaining terms, provisions, covenants, and conditions hereof shall continue in full force
and effect as if this Confirmation had been executed with the invalid or unenforceable provision eliminated, so long as this Confirmation
as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of
this Confirmation and the deletion of such portion of this Confirmation will not substantially impair the respective benefits or
expectations of parties to the Agreement; provided, however, that this severability provision shall not be applicable if any provision
of Section 2, 5, 6 or 13 of the Agreement (or any definition or provision in Section 14 to the extent that it relates to, or is
used in or in connection with any such Section) shall be so held to be invalid or unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><U>Governing Law/Jurisdiction:</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">This Confirmation and any claim,
controversy or dispute arising under or related to this Confirmation shall be governed by the laws of the State of New York without
reference to the conflict of laws provisions thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of the
courts of the State of New York and the United States Court for the Southern District of New York in connection with all matters
relating hereto and waive any objection to the laying of venue in, and any claim of inconvenient forum with respect to, these courts.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Effective from the date of commencement
of discussions concerning the Transaction, each of Party A and Party B and each of their employees, representatives, or other agents
may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and
all materials of any kind (including opinions or other tax analyses) relating to such tax treatment and tax structure.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">[<U>Risk Disclosure:</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Party B represents and warrants
that it has received, read and understands Party A&rsquo;s &ldquo;Risk Disclosure Statement Regarding OTC Derivatives Products&rdquo;
and acknowledges the terms thereof as if it had signed the Risk Disclosure Statement Verification contained therein as of the date
hereof.]<SUP>8</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><U>Commodity Exchange Act and
Accredited Investor Status:</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">[Each of Party A and Party B agrees
and represents that it is an &ldquo;eligible contract participant&rdquo; as defined in Section 1a(18) of the U.S. Commodity Exchange
Act, as amended (the &ldquo;CEA&rdquo;), the Agreement and the Transaction are subject to individual negotiation by the parties
and have not been executed or traded on a &ldquo;trading facility&rdquo; as defined in Section 1a(51) of the CEA.][Each of Party
A and Party B agrees and represents that it is an &ldquo;eligible contract participant&rdquo; as defined in Section 1a(18) of the
U.S. Commodity Exchange Act, as amended (the &ldquo;CEA&rdquo;), and an &ldquo;accredited investor&rdquo; as defined in Section
2(a)(15)(ii) of the Securities Act, and is entering into each Transaction hereunder as principal and not for the benefit of any
third party.]<SUP>9</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><U>Tax Matters:</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">For the purpose of Section 3(f) of the Agreement:</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: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">Party A makes the following representations:</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: 1.5in"></TD><TD STYLE="width: 0.25in">(A)</TD><TD STYLE="text-align: justify">[It [(or its regarded owner for U.S. federal income tax purposes)] is a &ldquo;U.S. person&rdquo;
(as that term is used in section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for U.S. federal income tax purposes.]<SUP>10</SUP></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: 1.5in"></TD><TD STYLE="width: 0.25in">(B)</TD><TD STYLE="text-align: justify">[It is a national banking association organized and existing under the laws of the United States
of America, and is an exempt recipient under section 1.6049-4(c)(1)(ii)(M) of the United States Treasury Regulations.]</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: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">Party B makes the following representations:</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: 1.5in"></TD><TD STYLE="width: 0.25in">(A)</TD><TD STYLE="text-align: justify">It is a &ldquo;U.S. person&rdquo; (as that term is used in section 1.1441-4(a)(3)(ii) of the United
States Treasury Regulations) for U.S. federal income tax purposes.</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: 1.5in"></TD><TD STYLE="width: 0.25in">(B)</TD><TD STYLE="text-align: justify">It is a real estate investment trust for U.S. federal income tax purposes and is organized under
the laws of the State of Maryland, and is an exempt recipient under section 1.6049-4(c)(1)(ii)(J) of the United States Treasury
Regulations.</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: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Withholding Tax imposed on payments to non-US counterparties under the United States Foreign
Account Tax Compliance Act</U>. &ldquo;Tax&rdquo; and &ldquo;Indemnifiable Tax&rdquo;, each as defined in Section 14 of the Agreement,
shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal
Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), any current or future regulations or official interpretations thereof,
any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the
Code (a &ldquo;FATCA Withholding Tax&rdquo;). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding
of which is required by applicable law for the purposes of Section 2(d) of the Agreement.</TD></TR></TABLE>

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 2in">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> To be customized for relevant Dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> To be customized for relevant Dealer.</P>

<P STYLE="margin: 0pt 0"><SUP>10</SUP> Tax provisions to be customized for relevant Dealer.</P>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>HIRE Act</U>. To the extent that either party to the Agreement with respect to this Transaction
is not an adhering party to the ISDA 2015 Section 871(m) Protocol published by the International Swaps and Derivatives Association,
Inc. on November 2, 2015 and available at www.isda.org, as may be amended, supplemented, replaced or superseded from time to time
(the &ldquo;871(m) Protocol&rdquo;), the parties agree that the provisions and amendments contained in the Attachment to the 871(m)
Protocol are incorporated into and apply to the Agreement with respect to this Transaction as if set forth in full herein. The
parties further agree that, solely for purposes of applying such provisions and amendments to the Agreement with respect to this
Transaction, references to &ldquo;each Covered Master Agreement&rdquo; in the 871(m) Protocol will be deemed to be references to
the Agreement with respect to this Transaction, and references to the &ldquo;Implementation Date&rdquo; in the 871(m) Protocol
will be deemed to be references to the Trade Date of this Transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; 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: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>Tax documentation</U>. For the purposes of Sections 4(a)(i) and 4(a)(ii) of the Agreement, each
of Party A and Party B shall provide to the other party a valid and duly executed U.S. Internal Revenue Service Form W-9 or, in
the case of Party A, Form [*]<SUP>11</SUP>, or any successor thereto, (i) on or before the date of execution of this Confirmation;
(ii) promptly upon reasonable demand by the other party; and (iii) promptly upon learning that any such tax form previously provided
by Party A or Party B, respectively, has become invalid, obsolete, or incorrect. Additionally, each of Party A and Party B shall,
promptly upon request by the other party, provide such other tax forms and documents requested by the other party.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><U>[U.S. Resolutions Stay Protocol:</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The parties agree that the terms
of Section 1 and Section 2 and the related defined terms (together, the &ldquo;Bilateral Terms&rdquo;) of the form of bilateral
template entitled &ldquo;Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)&rdquo; published by ISDA on November
2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol (the &ldquo;Protocol&rdquo;) page at www.isda.org and,
a copy of which is available upon request), the effect of which is to amend the qualified financial contracts between the parties
thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of the Agreement,
and for such purposes the Agreement shall be deemed a &ldquo;Covered Agreement,&rdquo; Party A shall be deemed a &ldquo;Covered
Entity&rdquo; and Party B shall be deemed a &ldquo;Counterparty Entity.&rdquo; In the event that, after the date of the Agreement,
both parties hereto become adhering parties to the Protocol, the terms of the Protocol will replace the terms of this paragraph.
In the event of any inconsistencies between the Agreement and the terms of the Protocol, the Bilateral Agreement or the Bilateral
Terms (each, the &ldquo;QFC Stay Terms&rdquo;), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without
definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph, references to &ldquo;the
Agreement&rdquo; include any related credit enhancements entered into between the parties or provided by one to the other. In addition,
the parties agree that the terms of this paragraph shall be incorporated into any related covered affiliate credit enhancements,
with all references to Party A replaced by references to the covered affiliate support provider.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;QFC Stay Rules&rdquo; means
the regulations codified at 12 C.F.R. 252.2, 252.81&ndash;8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited
exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act
and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override
of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions
on the transfer of any covered affiliate credit enhancements.]</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>11</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
form to be customized for relevant Dealer.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><U>[QFC Stay Rules:</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The parties agree that (i) to the
extent that prior to the date hereof all parties have adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the &ldquo;Protocol&rdquo;),
the terms of the Protocol are incorporated into and form a part of the Agreement, and for such purposes the Agreement shall be
deemed a Protocol Covered Agreement and each party shall be deemed to have the same status as Regulated Entity and/or Adhering
Party as applicable to it under the Protocol; (ii) to the extent that prior to the date hereof the parties have executed a separate
agreement the effect of which is to amend the qualified financial contracts between them to conform with the requirements of the
QFC Stay Rules (the &ldquo;Bilateral Agreement&rdquo;), the terms of the Bilateral Agreement are incorporated into and form a part
of the Agreement and each party shall be deemed to have the status of &ldquo;Covered Entity&rdquo; or &ldquo;Counterparty Entity&rdquo;
(or other similar term)&nbsp; as applicable to it under the Bilateral Agreement; or (iii) if clause (i) and clause (ii) do not
apply, the terms of Section 1 and Section 2 and the related defined terms (together, the &ldquo;Bilateral Terms&rdquo;) of the
form of bilateral template entitled &ldquo;Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)&rdquo; published
by ISDA on November 2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and, a copy
of which is available upon request), the effect of which is to amend the qualified financial contracts between the parties thereto
to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of the Agreement, and for
such purposes the Agreement shall be deemed a &ldquo;Covered Agreement,&rdquo; Party A shall be deemed a &ldquo;Covered Entity&rdquo;
and Party B shall be deemed a &ldquo;Counterparty Entity.&rdquo; In the event that, after the date of the Agreement, all parties
hereto become adhering parties to the Protocol, the terms of the Protocol will replace the terms of this paragraph. In the event
of any inconsistencies between the Agreement and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each,
the &ldquo;QFC Stay Terms&rdquo;), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without definition
shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph, references to &ldquo;the Agreement&rdquo;
include any related credit enhancements entered into between the parties or provided by one to the other.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;QFC Stay Rules&rdquo; means
the regulations codified at 12 C.F.R. 252.2, 252.81&ndash;8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited
exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act
and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override
of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions
on the transfer of any covered affiliate credit enhancements.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><U>Other Forwards / Dealers:
</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Party A acknowledges that Party B has entered or may
enter in the future into one or more similar forward transactions for the Shares (each, an &ldquo;Other Forward&rdquo; and collectively,
the &ldquo;Other Forwards&rdquo;) with one or more dealers, and/or affiliates thereof (each, an &ldquo;Other Dealer&rdquo; and
collectively, the &ldquo;Other Dealers&rdquo;). Party A and Party B agree that if Party B designates a &ldquo;Settlement Date&rdquo;
with respect to one or more Other Forwards for which &ldquo;Cash Settlement&rdquo; or &ldquo;Net Share Settlement&rdquo; is applicable,
and the resulting &ldquo;Unwind Period&rdquo; for such Other Forwards coincides for any period of time with an Unwind Period for
this Transaction (the &ldquo;Overlap Unwind Period&rdquo;), Party B shall notify Party A at least one Scheduled Trading Day prior
to the commencement of such Overlap Unwind Period of the first Scheduled Trading Day and length of such Overlap Unwind Period,
and Party A shall be permitted to purchase Shares to unwind its hedge in respect of this Transaction only on alternating Scheduled
Trading Days during such Overlap Unwind Period, commencing on the first, second, third or later Scheduled Trading Day of such Overlap
Unwind Period, as notified to Party A by Party B at least one Scheduled Trading Day prior to such Overlap Unwind Period (which
alternating Scheduled Trading Days, for the avoidance of doubt, may be every other Scheduled Trading Day if there is only one Other
Dealer, every third Scheduled Trading Day if there are two Other Dealers, etc.).</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Remainder of page intentionally left blank]</P>

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please confirm that the foregoing correctly
sets forth the terms of our agreement by signing and returning this Confirmation.</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: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt">Yours faithfully,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>[DEALER NAME] </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:___________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title: </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9in; text-align: justify; text-indent: -2.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9in; text-align: justify; text-indent: -2.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Confirmed as of the date first written
above:</P>

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

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

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

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

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

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

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

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>SCHEDULE 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: center">FORWARD PRICE REDUCTION DATES AND AMOUNTS</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: 47%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Forward Price Reduction Date</U></B><SUP>12</SUP></FONT></TD>
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Forward Price Reduction Amount</U></B><SUP>13</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Trade Date</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">USD 0.000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">USD [*]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">USD [*]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">USD [*]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">USD [*]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">[*]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">USD [*]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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

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

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 2in">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> Insert Forward Price Reduction Dates specified
by Party B in instruction under the Sales Agreement.</P>

<P STYLE="margin: 0pt 0"><SUP>13</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insert Forward
Price Reduction Amounts specified by Party B in instruction under the Sales Agreement.</FONT><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">If Party B delivers the Restricted Shares pursuant to this clause (i) (a &ldquo;Private Placement
Settlement&rdquo;), then delivery of Restricted Shares by Party B shall be effected in customary private placement procedures with
respect to such Restricted Shares reasonably acceptable to Party A; <I>provided</I> that if, on or before the date that a Private
Placement Settlement would occur, Party B has taken, or caused to be taken, any action that would make unavailable either the exemption
pursuant to Section 4(a)(2) of the Securities Act for the sale by Party B to Party A (or any affiliate designated by Party A) of
the Restricted Shares or the exemption pursuant to Section 4(a)(1) or Section 4(a)(3) of the Securities Act for resales of the
Restricted Shares by Party A (or any such affiliate of Party A) or Party B fails to deliver the Restricted Shares when due or otherwise
fails to perform obligations within its control in respect of a Private Placement Settlement, it shall be an Event of Default with
respect to Party B and Section 6 of the Agreement shall apply. The Private Placement Settlement of such Restricted Shares shall
include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Party
A, due diligence rights (for Party A or any designated buyer of the Restricted Shares by Party A), opinions and certificates, and
such other documentation as is customary for private placement agreements, all reasonably acceptable to Party A. In the case of
a Private Placement Settlement, Party A shall, in its good faith discretion, adjust the number of Restricted Shares to be delivered
to Party A hereunder and/or the Forward Price in a commercially reasonable manner to reflect the fact that such Restricted Shares
may not be freely returned to securities lenders by Party A and may only be saleable by Party A at a discount to reflect the lack
of liquidity in Restricted Shares. Notwithstanding the Agreement or this Confirmation, the date of delivery of such Restricted
Shares shall be the Clearance System Business Day following notice by Party A to Party B of the number of Restricted Shares to
be delivered pursuant to this clause (i). For the avoidance of doubt, delivery of Restricted Shares shall be due as set forth in
the previous sentence and not be due on the Settlement Date or Termination Settlement Date that would otherwise be applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">If Party B delivers any Restricted Shares in respect of the Transaction, Party B agrees that (i)
such Shares may be transferred by and among Party A and its affiliates and (ii) after the minimum &ldquo;holding period&rdquo;
within the meaning of Rule 144(d) under the Securities Act has elapsed after the applicable Settlement Date, Party B shall promptly
remove, or cause the transfer agent for the Shares to remove, any legends referring to any transfer restrictions from such Shares
upon delivery by Party A (or such affiliate of Party A) to Party B or such transfer agent of seller&rsquo;s and broker&rsquo;s
representation letters customarily delivered by Party A or its affiliates in connection with resales of restricted securities pursuant
to Rule 144 under the Securities Act, each without any further requirement for the delivery of any certificate, consent, agreement,
opinion of counsel, notice or any other document, any transfer tax stamps or payment of any other amount or any other action by
Party A (or such affiliate of Party A).</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 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<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: right">ANNEX B</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRICING SUPPLEMENT</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">[DEALER NAME AND ADDRESS]<BR>
<BR>
</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">Acadia Realty Trust</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Pricing Supplement is the Pricing Supplement
contemplated by the Registered Forward Transaction dated as of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[ ] (the &ldquo;Confirmation&rdquo;) between Acadia Realty
Trust (&ldquo;Party B&rdquo;) and [DEALER NAME] (&ldquo;Party A&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Hedge Completion Date is [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ];</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Base Amount shall be [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], subject to further adjustment in accordance with the terms of the Confirmation; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Initial Forward Price shall be USD [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">[DEALER NAME]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

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

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



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<DOCUMENT>
<TYPE>EX-5.1
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<FILENAME>tv523129_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Re:&#9;<U>Registration
Statement on Form S-3 </U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to Acadia
Realty Trust, a Maryland real estate investment trust (the &ldquo;Trust&rdquo;), in connection with certain matters of Maryland
law relating to the sale and issuance of common shares (the &ldquo;Shares&rdquo;) of beneficial interest, par value $.001 per share,
of the Trust (the &ldquo;Common Shares&rdquo;) having an aggregate gross sales price of up to $250,000,000, which may be sold from
time to time pursuant to that certain ATM Equity Offering Sales Agreement, dated as of the date hereof (the &ldquo;Agreement&rdquo;),
by and among the Trust, Acadia Realty Limited Partnership, a Delaware limited partnership for which the Trust is the sole general
partner, and BofA Securities, Inc., Barclays Capital Inc., Citigroup Global Markets Inc. (in its capacity as forward seller, acting
as agent for Citibank, N.A.), Goldman Sachs &amp; Co. LLC, Jefferies LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities,
LLC, each as sales agent, forward seller and/or principal, and Bank of America, N.A., Barclays Bank PLC, Citibank, N.A., Goldman
Sachs &amp; Co. LLC, Jefferies LLC and Wells Fargo Bank, National Association, each as forward purchaser. The Shares are covered
by the above-referenced Registration Statement, and all amendments related thereto (the &ldquo;Registration Statement&rdquo;),
filed by the Trust with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities
Act of 1933, as amended (the &ldquo;1933 Act&rdquo;). The Shares will be issued from time to time in public offerings at market
or negotiated prices pursuant to a Prospectus Supplement, dated May 31, 2019 (the &ldquo;Prospectus Supplement&rdquo;).</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_002.jpg" ALT="SecondPage" STYLE="height: 64px; width: 623px"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 31, 2019</P>

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



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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Declaration of Trust of the Trust, as amended (the &ldquo;Declaration of Trust&rdquo;), certified by the State Department of
Assessments and Taxation of Maryland (the &ldquo;SDAT&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Amended and Restated Bylaws of the Trust, as amended, certified as of the date hereof by an officer of the Trust;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A certificate of the SDAT as to the good standing of the Trust, dated as of a recent date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The letter agreement in substantially the form attached as Annex III to the Agreement (the &ldquo;Confirmation&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Resolutions adopted by the Board of Trustees of the Trust, or a duly authorized committee thereof (the &ldquo;Resolutions&rdquo;),
relating to, among other matters, (i) the authorization of the registration, sale and issuance of the Shares and the delegation
to specified trustees and a specified officer of the Trust (the &ldquo;Authorized Persons&rdquo;) to determine certain terms of
the Shares in accordance with the Resolutions and (ii) the authorization of the execution and delivery by the Company of the Agreement
and any Confirmation, certified as of the date hereof by an officer of the Trust;</P>

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

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

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

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

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

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

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

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

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

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

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

<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: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_002.jpg" ALT="SecondPage" STYLE="height: 64px; width: 623px"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 31, 2019</P>

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_002.jpg" ALT="SecondPage" STYLE="height: 64px; width: 623px"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 31, 2019</P>

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



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

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">Very truly yours,</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; text-indent: 5in">/s/ Venable LLP</P>



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

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

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</SEC-DOCUMENT>
