<SEC-DOCUMENT>0001104659-22-051687.txt : 20220428
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<ACCEPTANCE-DATETIME>20220428084532
ACCESSION NUMBER:		0001104659-22-051687
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20220428
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220428
DATE AS OF CHANGE:		20220428

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:		22862456

	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
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<p style="margin: 0"></p>

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES<br />
SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><b>Washington, D.C. 20549</b></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#160;<span id="xdx_906_edei--DocumentType_c20220428__20220428_zAwaj97nf1nc"><ix:nonNumeric contextRef="From2022-04-28to2022-04-28" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;<b><br />
Pursuant to Section&#160;13 or 15(d)&#160;of the Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest event reported):</b>&#160;
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of Registrant as Specified in
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former Name or Former Address, if Changed
Since Last Report)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&#160;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">&#160;</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">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_903_edei--SolicitingMaterial_c20220428__20220428_zPj3nk5yYNoe"><ix:nonNumeric contextRef="From2022-04-28to2022-04-28" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span></td><td style="text-align: justify">Soliciting material pursuant to Rule&#160;14a-12 under
the Exchange Act (17 CFR 240.14a-12)</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">
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the Exchange Act (17 CFR 240.14d-2(b))</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">
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the Exchange Act (17 CFR 240.13e-4(c))</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-align: center; text-indent: 0%; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><b>Securities
registered pursuant to Section 12(b) of the Act:</b></p>

<p style="font: 400 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); text-align: justify; text-indent: 0%; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255)"><span style="font-size: 10pt">&#160;</span></p>

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    <td style="border-bottom: Black 1pt solid; width: 32%; text-align: center"><b>Title of each class</b></td>
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Symbol(s)</b></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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 Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of
the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company <span style="font-family: Wingdings"><span id="xdx_904_edei--EntityEmergingGrowthCompany_c20220428__20220428_zeVnYACGO2x5"><ix:nonNumeric contextRef="From2022-04-28to2022-04-28" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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&#160;13(a)&#160;of the Exchange Act. <span style="font-family: Wingdings"><span style="font-family: Wingdings">&#168;</span></span></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">&#160;</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">&#160;</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"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 1in; text-align: left"><b>Item 5.03</b></td><td style="text-align: justify"><b>A<span style="background-color: white">mendments to Articles
of Incorporation or Bylaws; Change in Fiscal Year.</span></b></td>
</tr></table>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 28, 2022, the board of trustees
(the &#8220;Board&#8221;) of Acadia Realty Trust, a Maryland real estate investment trust (the &#8220;Company&#8221;), adopted a
governance enhancement empowering shareholders to alter or repeal any provision of the bylaws of the Company (the
&#8220;Bylaws&#8221;) and to adopt new Bylaws, in each case by the affirmative vote of a majority of all votes entitled to be cast
on the matter. The Board continues to have the power to alter or repeal any provision of the Bylaws and to adopt new Bylaws,
co-extensive with the right of the shareholders. In addition to the amendment described above, the Amended and Restated Bylaws include certain ministerial changes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Bylaws does not
purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Bylaws, which is included
as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in; text-align: left"><b>Item 9.01</b></td><td style="text-align: justify"><b>Financial Statements and Exhibits.</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</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">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: left; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit<br />
Number&#160;</b></span></td>
    <td style="text-align: justify; width: 1%">&#160;</td>
    <td style="text-align: center; width: 88%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><a href="tm2213826d1_ex3-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></a></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="tm2213826d1_ex3-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Bylaws of Acadia Realty Trust (as adopted on April 28, 2022)</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><br />
&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></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></b>&#160;</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">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 5%">&#160;</td>
    <td style="width: 44%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 5%">&#160;</td>
    <td style="width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACADIA REALTY TRUST</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2022</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/John Gottfried</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Gottfried</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>Title:</td>
    <td>Executive Vice President and Chief Financial Officer&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OFFICES</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-indent: 1in">Section&nbsp;1.&nbsp;<U>PRINCIPAL OFFICE</U>. The
principal office of the Trust shall be located at 1311 Mamaroneck Avenue, Suite&nbsp;260, White Plains, NY 10605 or at such other place
or places as the Board of Trustees may designate.</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">Section&nbsp;2.&nbsp;<U>ADDITIONAL OFFICES</U>. The
Trust may have additional offices at such places as the Board of Trustees may from time to time determine or the business of the Trust
may require.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.&nbsp;<U>PLACE</U>.
All meetings of shareholders shall be held at the principal office of the Trust or at such other place as shall be set in accordance with
these Bylaws and stated in the notice of the meeting.</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">Section&nbsp;2.&nbsp;<U>ANNUAL
MEETING</U>. An annual meeting of shareholders for the election of Trustees and the transaction of any business within the powers of the
Trust shall be held on the date and at the time and place set by the Board of Trustees.</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">Section&nbsp;3.&nbsp;<U>SPECIAL MEETINGS</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; text-align: justify; text-indent: 1in">(a)&nbsp;<U>General</U>. Each
of the chairman of the board, chief executive officer, president and Board of Trustees may call a special meeting of shareholders. Except
as provided in subsection (b)(4)&nbsp;of this Section&nbsp;3, a special meeting of shareholders shall be held on the date and at the time
and place set by the chairman of the board, chief executive officer, president or Board of Trustees, whoever has called the meeting. Subject
to subsection (b)&nbsp;of this Section&nbsp;3, a special meeting of shareholders shall also be called by the secretary of the Trust to
act on any matter that may properly be considered at a meeting of shareholders upon the written request of shareholders entitled to cast
not less than 40% of all the votes entitled to be cast on such matter at such meeting (the &ldquo;Special Meeting Percentage&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"></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: 1in">(b)&nbsp;<U>Shareholder-Requested
Special Meetings</U>. (1)&nbsp;Any shareholder of record seeking to have shareholders request a special meeting shall, by sending
written notice to the secretary (the &ldquo;Record Date Request Notice&rdquo;) by registered mail, return receipt requested, request
the Board of Trustees to fix a record date to determine the shareholders entitled to request a special meeting (the &ldquo;Request
Record Date&rdquo;). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted
on at it, shall be signed by one or more shareholders of record as of the date of signature (or their agents duly authorized in a
writing accompanying the Record Date Request Notice), shall bear the date of signature of each such shareholder (or such agent) and
shall set forth all information relating to each such shareholder and each matter proposed to be acted on at the meeting that would
be required to be disclosed in connection with the solicitation of proxies for the election of Trustees in an election contest (even
if an election contest is not involved), or would otherwise be required in connection with such a solicitation, in each case
pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended, and the
rules&nbsp;and regulations promulgated thereunder (the &ldquo;Exchange Act&rdquo;). Upon receiving the Record Date Request Notice,
the Board of Trustees may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten days
after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board of Trustees.
If the Board of Trustees, within ten days after the date on which a valid Record Date Request Notice is received, fails to adopt a
resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth day after the first
date on which a Record Date Request Notice is received by the secretary.</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">(2)&nbsp;In order for any shareholder
to request a special meeting to act on any matter that may properly be considered at a meeting of shareholders, one or more written requests
for a special meeting (collectively, the &ldquo;Special Meeting Request&rdquo;) signed by shareholders of record (or their agents duly
authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than the Special Meeting Percentage
shall be delivered to the secretary. In addition, the Special Meeting Request shall (a)&nbsp;set forth the purpose of the meeting and
the matters proposed to be acted on at it (which shall be limited to those lawful matters set forth in the Record Date Request Notice
received by the secretary), (b)&nbsp;bear the date of signature of each such shareholder (or such agent) signing the Special Meeting Request,
(c)&nbsp;set forth (i)&nbsp;the name and address, as they appear in the Trust&rsquo;s books, of each shareholder signing such request
(or on whose behalf the Special Meeting Request is signed), (ii)&nbsp;the class, series and number of all shares of beneficial interest
of the Trust which are owned beneficially or of record by each such shareholder, and (iii)&nbsp;the nominee holder for, and number of,
shares of beneficial interest of the Trust owned beneficially but not of record by such shareholder, (d)&nbsp;be sent to the secretary
by registered mail, return receipt requested, and (e)&nbsp;be received by the secretary within 60 days after the Request Record Date.
Any requesting shareholder (or agent duly authorized in a writing accompanying the revocation of the Special Meeting Request) may revoke
his, her or its request for a special meeting at any time by written revocation delivered to the secretary.</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">(3)&nbsp;The secretary shall
inform the requesting shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting (including
the Trust&rsquo;s proxy materials). The secretary shall not be required to call a special meeting upon shareholder request and such meeting
shall not be held unless, in addition to the documents required by paragraph (2)&nbsp;of this Section&nbsp;3(b), the secretary receives
payment of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the meeting.</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; text-align: justify; text-indent: 1in">(4)&nbsp;In the case of any
special meeting called by the secretary upon the request of shareholders (a &ldquo;Shareholder-Requested Meeting&rdquo;), such meeting
shall be held at such place, date and time as may be designated by the Board of Trustees;&nbsp;<U>provided</U>, however, that the date
of any Shareholder-Requested Meeting shall be not more than 90 days after the record date for such meeting (the &ldquo;Meeting Record
Date&rdquo;); and&nbsp;<U>provided</U>&nbsp;<U>further</U>&nbsp;that if the Board of Trustees fails to designate, within ten days after
the date that a valid Special Meeting Request is actually received by the secretary (the &ldquo;Delivery Date&rdquo;), a date and time
for a Shareholder-Requested Meeting, then such meeting shall be held at 2:00 p.m., local time, on the 90<SUP>th</SUP>&nbsp;day after
the Meeting Record Date or, if such 90<SUP>th</SUP>&nbsp;day is not a Business Day (as defined below), on the first preceding Business
Day; and&nbsp;<U>provided</U>&nbsp;<U>further</U>&nbsp;that in the event that the Board of Trustees fails to designate a place for a
Shareholder-Requested Meeting within ten days after the Delivery Date, then such meeting shall be held at the principal executive office
of the Trust. In fixing a date for a Shareholder-Requested Meeting, the Board of Trustees may consider such factors as it deems relevant,
including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for the
meeting and any plan of the Board of Trustees to call an annual meeting or a special meeting. In the case of any Shareholder-Requested
Meeting, if the Board of Trustees fails to fix a Meeting Record Date that is a date within 30 days after the Delivery Date, then the
close of business on the 30<SUP>th</SUP>&nbsp;day after the Delivery Date shall be the Meeting Record Date. The Board of Trustees may
revoke the notice for any Shareholder-Requested Meeting in the event that the requesting shareholders fail to comply with the provisions
of paragraph (3)&nbsp;of this Section&nbsp;3(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(5)&nbsp;If written revocations
of the Special Meeting Request have been delivered to the secretary and the result is that shareholders of record (or their agents duly
authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not
revoked, requests for a special meeting on the matter to the secretary: (i)&nbsp;if the notice of meeting has not already been delivered,
the secretary shall refrain from delivering the notice of the meeting and send to all requesting shareholders who have not revoked such
requests written notice of any revocation of a request for a special meeting on the matter, or (ii)&nbsp;if the notice of meeting has
been delivered and if the secretary first sends to all requesting shareholders who have not revoked requests for a special meeting on
the matter written notice of any revocation of a request for the special meeting and written notice of the Trust&rsquo;s intention to
revoke the notice of the meeting or for the chairman of the meeting to adjourn the meeting without action on the matter, (A)&nbsp;the
secretary may revoke the notice of the meeting at any time before ten days before the commencement of the meeting or (B)&nbsp;the chairman
of the meeting may call the meeting to order and adjourn the meeting without acting on the matter. Any request for a special meeting received
after a revocation by the secretary of a notice of a meeting shall be considered a request for a new special meeting.</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">(6)&nbsp;The chairman of
the board, chief executive officer, president or Board of Trustees may appoint regionally or nationally recognized independent
inspectors of elections to act as the agent of the Trust for the purpose of promptly performing a ministerial review of the validity
of any purported Special Meeting Request received by the secretary. For the purpose of permitting the inspectors to perform such
review, no such purported Special Meeting Request shall be deemed to have been received by the secretary until the earlier of
(i)&nbsp;five Business Days after actual receipt by the secretary of such purported request and (ii)&nbsp;such date as the
independent inspectors certify to the Trust that the valid requests received by the secretary represent, as of the Request Record
Date, shareholders of record entitled to cast not less than the Special Meeting Percentage. Nothing contained in this paragraph
(6)&nbsp;shall in any way be construed to suggest or imply that the Trust or any shareholder shall not be entitled to contest the
validity of any request, whether during or after such five Business Day period, or to take any other action (including, without
limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in
such litigation).</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; text-align: justify; text-indent: 1in">(7)&nbsp;For purposes of these
Bylaws, &ldquo;Business Day&rdquo; shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State
of New York are authorized or obligated by law or executive order to close.</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">Section&nbsp;4.&nbsp;<U>NOTICE</U>.
Not less than ten nor more than 90 days before each meeting of shareholders, the secretary shall give to each shareholder entitled to
vote at such meeting and to each shareholder not entitled to vote who is entitled to notice of the meeting notice in writing or by electronic
transmission stating the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by any statute,
the purpose for which the meeting is called, by mail, by presenting it to such shareholder personally, by leaving it at the shareholder&rsquo;s
residence or usual place of business, by electronic transmission or by any other means permitted by Maryland law. If mailed, such notice
shall be deemed to be given when deposited in the United States mail addressed to the shareholder at the shareholder&rsquo;s address as
it appears on the records of the Trust, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be
given when transmitted to the shareholder by an electronic transmission to any address or number of the shareholder at which the shareholder
receives electronic transmissions. The Trust may give a single notice to all shareholders who share an address, which single notice shall
be effective as to any shareholder at such address, unless such shareholder objects to receiving such single notice or revokes a prior
consent to receiving such single notice. Failure to give notice of any meeting to one or more shareholders, or any irregularity in such
notice, shall not affect the validity of any meeting fixed in accordance with this Article&nbsp;II or the validity of any proceedings
at any such meeting.</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">Subject to Section&nbsp;12(a)&nbsp;of
this Article&nbsp;II, any business of the Trust may be transacted at an annual meeting of shareholders without being specifically designated
in the notice, except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special
meeting of shareholders except as specifically designated in the notice. The Trust may postpone or cancel a meeting of shareholders by
making a &ldquo;public announcement&rdquo; (as defined in Section&nbsp;12(c)(3)&nbsp;of this Article&nbsp;II) of such postponement or
cancellation prior to the meeting. Notice of the date, time and place to which the meeting is postponed shall be given not less than ten
days prior to such date and otherwise in the manner set forth in this section.</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; text-align: justify; text-indent: 1in">Section&nbsp;5.&nbsp;<U>ORGANIZATION
AND CONDUCT</U>. Every meeting of shareholders shall be conducted by an individual appointed by the Board of Trustees to be chairman
of the meeting or, in the absence of such appointment or appointed individual, by the chairman of the board or, in the case of a vacancy
in the office or absence of the chairman of the board, by one of the following officers present at the meeting in the following order:
the vice chairman of the board, if there is one, the chief executive officer, the president, the vice presidents in their order of rank
and seniority, the secretary or, in the absence of such officers, a chairman chosen by the shareholders by the vote of a majority of
the votes cast by shareholders present in person or by proxy. The secretary or, in the secretary&rsquo;s absence, an assistant secretary,
or, in the absence of both the secretary and assistant secretaries, an individual appointed by the Board of Trustees or, in the absence
of such appointment, an individual appointed by the chairman of the meeting shall act as secretary. In the event that the secretary presides
at a meeting of shareholders, an assistant secretary or, in the absence of all assistant secretaries, an individual appointed by the
Board of Trustees or the chairman of the meeting, shall record the minutes of the meeting. The order of business and all other matters
of procedure at any meeting of shareholders shall be determined by the chairman of the meeting. The chairman of the meeting may prescribe
such rules, regulations and procedures and take such action as, in the discretion of the chairman and without any action by the shareholders,
are appropriate for the proper conduct of the meeting, including, without limitation, (a)&nbsp;restricting admission to the time set
for the commencement of the meeting; (b)&nbsp;limiting attendance at the meeting to shareholders of record of the Trust, their duly authorized
proxies and such other individuals as the chairman of the meeting may determine; (c)&nbsp;limiting participation at the meeting on any
matter to shareholders of record of the Trust entitled to vote on such matter, their duly authorized proxies and other such individuals
as the chairman of the meeting may determine; (d)&nbsp;limiting the time allotted to questions or comments; (e)&nbsp;determining when
and for how long the polls should be opened and when the polls should be closed; (f)&nbsp;maintaining order and security at the meeting;
(g)&nbsp;removing any shareholder or any other individual who refuses to comply with meeting procedures, rules&nbsp;or guidelines as
set forth by the chairman of the meeting; (h)&nbsp;concluding a meeting or recessing or adjourning the meeting to a later date and time
and at a place announced at the meeting; and (i)&nbsp;complying with any state and local laws and regulations concerning safety and security.
Unless otherwise determined by the chairman of the meeting, meetings of shareholders shall not be required to be held in accordance with
the rules&nbsp;of parliamentary procedure.</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">Section&nbsp;6.&nbsp;<U>QUORUM</U>.
At any meeting of shareholders, the presence in person or by proxy of shareholders entitled to cast a majority of all the votes entitled
to be cast at such meeting on any matter shall constitute a quorum; but this section shall not affect any requirement under any statute
or the Declaration of Trust of the Trust (the &ldquo;Declaration of Trust&rdquo;) for the vote necessary for the approval of any matter.
If such quorum is not established at any meeting of the shareholders, the chairman of the meeting may adjourn the meeting&nbsp;<I>sine
die</I>&nbsp;or from time to time to a date not more than 120 days after the original record date without notice other than announcement
at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted
at the meeting as originally notified. If the adjournment is for more than 120 days, or if after the adjournment a new record date is
fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each shareholder of record entitled to vote at the
meeting.</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">The shareholders present either
in person or by proxy, at a meeting which has been duly called and at which a quorum has been established, may continue to transact business
until adjournment, notwithstanding the withdrawal from the meeting of enough shareholders to leave fewer than would be required to establish
a quorum.</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; text-align: justify; text-indent: 1in">Section&nbsp;7.&nbsp;<U>VOTING</U>.
(a)&nbsp;<U>Trustees</U>. Except as otherwise required by law or by the Declaration of Trust, each Trustee shall be elected by the vote
of the majority of the votes cast by shareholders entitled to vote with respect to the election of Trustees at a meeting duly called at
which a quorum is present; provided that if the number of nominees exceeds the number of Trustees to be elected, the Trustees shall be
elected by the vote of a plurality of the votes cast by shareholders entitled to vote with respect to the election of Trustees at a meeting
duly called at which a quorum is established. For purposes of this Section, a majority of the votes cast means that the number of shares
voted &ldquo;for&rdquo; a nominee must exceed 50% of the sum of the votes cast &ldquo;for&rdquo; plus the votes cast &ldquo;against&rdquo;
or &ldquo;withheld&rdquo; with respect to that nominee. Votes &ldquo;against&rdquo; or &ldquo;withheld&rdquo; with respect to a nominee
will count as votes cast with respect to that&nbsp;nominee, but &ldquo;abstentions&rdquo; and broker non-votes, if any, with respect to
that nominee will not count as votes cast with respect to that nominee. If a nominee that is already serving as a Trustee is not elected,
such Trustee shall offer to tender his or her resignation to the Board. The Nominating and Corporate Governance Committee will make a
recommendation to the Board on whether to accept or reject the resignation, or whether other action should be taken. The Board will act
on the Nominating and Corporate Governance Committee&rsquo;s recommendation and publicly disclose its decision and the rationale behind
it within 90 days from the date of the certification of the election results. The Trustee who tenders his or her resignation will not
participate in the Board&rsquo;s decision. Each Trustee shall hold office until his or her successor shall be duly elected and qualified,
or until death, resignation or removal in the manner hereinafter provided, or until he or she shall cease to qualify. Each share entitles
the holder thereof to vote for as many individuals as there are Trustees to be elected and for whose election the holder is entitled to
vote.</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">(b)&nbsp;<U>Matters other than
Trustees</U>. A majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient
to approve any other matter which may properly come before the meeting, unless more than a majority of the votes cast is required by statute
or by the Declaration of Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;<U>General</U>. Unless
otherwise provided by statute or by the Declaration of Trust, each outstanding share of beneficial interest, regardless of class, entitles
the holder thereof to cast one vote on each matter submitted to a vote at a meeting of shareholders.</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">Section&nbsp;8.&nbsp;<U>PROXIES</U>.
A holder of record of shares of beneficial interest of the Trust may cast votes in person or by proxy executed by the shareholder or by
the shareholder&rsquo;s duly authorized agent in any manner permitted by law. Such proxy or evidence of authorization of such proxy shall
be filed with the secretary of the Trust before or at the meeting. No proxy shall be valid more than eleven months after its date unless
otherwise provided in the proxy.</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">Section&nbsp;9.&nbsp;<U>VOTING
OF SHARES BY CERTAIN HOLDERS</U>. Shares of beneficial interest of the Trust registered in the name of a corporation, partnership, trust,
limited liability company, joint venture or other entity, if entitled to be voted, may be voted by the president or a vice president,
general partner, trustee, managing member or manager thereof, as the case may be, or a proxy appointed by any of the foregoing individuals,
unless some other person who has been appointed to vote such shares pursuant to a bylaw or a resolution of the governing body of such
corporation or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement,
in which case such person may vote such shares. Any trustee or fiduciary may vote shares of beneficial interest registered in the name
of such person in the capacity of such trustee or fiduciary, either in person or by proxy.</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; text-align: justify; text-indent: 0.5in">Shares of beneficial interest
of the Trust directly or indirectly owned by it shall not be voted at any meeting and shall not be counted in determining the total number
of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may
be voted and shall be counted in determining the total number of outstanding shares at any given time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Trustees may
adopt by resolution a procedure by which a shareholder may certify in writing to the Trust that any shares of beneficial interest registered
in the name of the shareholder are held for the account of a specified person other than the shareholder. The resolution shall set forth
the class of shareholders who may make the certification, the purpose for which the certification may be made, the form of certification
and the information to be contained in it; if the certification is with respect to a record date, the time after the record date within
which the certification must be received by the Trust; and any other provisions with respect to the procedure which the Board of Trustees
considers necessary or desirable. On receipt by the Trust of such certification, the person specified in the certification shall be regarded
as, for the purposes set forth in the certification, the holder of record of the specified shares of beneficial interest in place of the
shareholder who makes the certification.</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">Section&nbsp;10.&nbsp;<U>INSPECTORS</U>.
The Board of Trustees or the chairman of the meeting may appoint, before or at the meeting, one or more inspectors for the meeting and
any successor to the inspector. Except as otherwise provided by the chairman of the meeting, the inspectors, if any, shall (i)&nbsp;determine
the number of shares of beneficial interest represented at the meeting in person or by proxy and the validity and effect of proxies, (ii)&nbsp;receive
and tabulate all votes, ballots or consents, (iii)&nbsp;report such tabulation to the chairman of the meeting, (iv)&nbsp;hear and determine
all challenges and questions arising in connection with the right to vote, and (v)&nbsp;do such acts as are proper to fairly conduct the
election or vote. Each such report shall be in writing and signed by the inspector or by a majority of them if there is more than one
inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors.
The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be&nbsp;<U>prima</U>&nbsp;<U>facie</U>&nbsp;evidence
thereof.</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">Section&nbsp;11.&nbsp;<U>REPORTS
TO SHAREHOLDERS</U>. The president or some other executive officer designated by the Board of Trustees shall prepare annually a full
and correct statement of the affairs of the Trust, which shall include a balance sheet and a financial statement of operations for
the preceding fiscal year. The statement of affairs shall be submitted at the annual meeting of the shareholders and, within 20 days
after the annual meeting of shareholders, placed on file at the principal office of the Trust. The Trustees shall deliver or cause
to be delivered to the shareholders such further information as the Trustees may determine is required pursuant to any law or
regulation to which the Trust is subject.</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; text-align: justify; text-indent: 1in">Section&nbsp;12.<B>&nbsp;</B><U>ADVANCE
NOTICE OF SHAREHOLDER NOMINEES FOR TRUSTEE AND OTHER SHAREHOLDER PROPOSALS</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; text-align: justify; text-indent: 1in">(a)&nbsp;<U>Annual Meetings
of Shareholders</U>. (1)&nbsp;Nominations of individuals for election to the Board of Trustees and the proposal of other business to be
considered by the shareholders may be made at an annual meeting of shareholders (i)&nbsp;pursuant to the Trust&rsquo;s notice of meeting,
(ii)&nbsp;by or at the direction of the Board of Trustees or (iii)&nbsp;by any shareholder of the Trust who was a shareholder of record
both at the time of giving of notice by the shareholder as provided for in this Section&nbsp;12(a)&nbsp;and at the time of the annual
meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business and who
has complied with this Section&nbsp;12(a).</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">(2)&nbsp;For any nomination
or other business to be properly brought before an annual meeting by a shareholder pursuant to clause (iii)&nbsp;of paragraph (a)(1)&nbsp;of
this Section&nbsp;12, the shareholder must have given timely notice thereof in writing to the secretary of the Trust and any such other
business must otherwise be a proper matter for action by the shareholders. To be timely, a shareholder&rsquo;s notice shall set forth
all information required under this Section&nbsp;12 and shall be delivered to the secretary at the principal executive office of the Trust
not earlier than the 150<SUP>th</SUP>&nbsp;day nor later than 5:00 p.m., Eastern Time, on the 120<SUP>th</SUP>&nbsp;day prior to the first
anniversary of the date of the proxy statement (as defined in Section&nbsp;12(c)(3)&nbsp;of this Article&nbsp;II) for the preceding year&rsquo;s
annual meeting; provided, however, that in the event that the date of the annual meeting is advanced or delayed by more than 30 days from
the first anniversary of the date of the preceding year&rsquo;s annual meeting, in order for notice by the shareholder to be timely, such
notice must be so delivered not earlier than the 150<SUP>th</SUP>&nbsp;day prior to the date of such annual meeting and not later than
5:00 p.m., Eastern Time, on the later of the 120<SUP>th</SUP>&nbsp;day prior to the date of such annual meeting, as originally convened,
or the tenth day following the day on which public announcement of the date of such meeting is first made. The public announcement of
a postponement or adjournment of an annual meeting shall not commence a new time period for the giving of a shareholder&rsquo;s notice
as described above.</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">(3)&nbsp;Such shareholder&rsquo;s
notice shall set forth:</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: 1.5in">(i)&nbsp;as to each
individual whom the shareholder proposes to nominate for election or reelection as a Trustee (each, a &ldquo;Proposed
Nominee&rdquo;), all information relating to the Proposed Nominee that would be required to be disclosed in connection with the
solicitation of proxies for the election of the Proposed Nominee as a Trustee in an election contest (even if an election contest is
not involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any
successor provision) under the Exchange 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-align: justify; text-indent: 1.5in">(ii)&nbsp;as to any other
business that the shareholder proposes to bring before the meeting, a description of such business, the shareholder&rsquo;s reasons for
proposing such business at the meeting and any material interest in such business of such shareholder or any Shareholder Associated Person
(as defined below), individually or in the aggregate, including any anticipated benefit to the shareholder or the Shareholder Associated
Person therefrom;</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; text-align: justify; text-indent: 1.5in">(iii)&nbsp;as to the shareholder
giving the notice, any Proposed Nominee and any Shareholder Associated Person,</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: 2in">(A)&nbsp;the class, series and
number of all shares of beneficial interest or other securities of the Trust or any affiliate thereof (collectively, the &ldquo;Company
Securities&rdquo;), if any, which are owned (beneficially or of record) by such shareholder, Proposed Nominee or Shareholder Associated
Person, the date on which each such Company Security was acquired and the investment intent of such acquisition, and any short interest
(including any opportunity to profit or share in any benefit from any decrease in the price of such shares or other security) in any Company
Securities of any such person,</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: 2in">(B)&nbsp;the nominee holder
for, and number of, any Company Securities owned beneficially but not of record by such shareholder, Proposed Nominee or Shareholder Associated
Person,</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: 2in">(C)&nbsp;whether and the extent
to which such shareholder, Proposed Nominee or Shareholder Associated Person, directly or indirectly (through brokers, nominees or otherwise),
is subject to or during the last six months has engaged in any hedging, derivative or other transaction or series of transactions or entered
into any other agreement, arrangement or understanding (including any short interest, any borrowing or lending of securities or any proxy
or voting agreement), the effect or intent of which is to (I)&nbsp;manage risk or benefit of changes in the price of Company Securities
for such shareholder, Proposed Nominee or Shareholder Associated Person or (II)&nbsp;increase or decrease the voting power of such shareholder,
Proposed Nominee or Shareholder Associated Person in the Trust or any affiliate thereof disproportionately to such person&rsquo;s economic
interest in the Company Securities and</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: 2in">(D)&nbsp;any substantial interest,
direct or indirect (including, without limitation, any existing or prospective commercial, business or contractual relationship with the
Trust), by security holdings or otherwise, of such shareholder, Proposed Nominee or Shareholder Associated Person, in the Trust or any
affiliate thereof, other than an interest arising from the ownership of Company Securities where such shareholder, Proposed Nominee or
Shareholder Associated Person receives no extra or special benefit not shared on a&nbsp;<I>pro rata</I>&nbsp;basis by all other holders
of the same class or series;</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: 1.5in">(iv)&nbsp;as to the shareholder
giving the notice, any Shareholder Associated Person with an interest or ownership referred to in clauses (ii)&nbsp;or (iii)&nbsp;of this
paragraph (3)&nbsp;of this Section&nbsp;12(a)&nbsp;and any Proposed Nominee,</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: 2in">(A)&nbsp;the name and address
of such shareholder, as they appear on the Trust&rsquo;s share ledger, and the current name and business address, if different, of each
such Shareholder Associated Person and any Proposed Nominee, and</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: 2in">(B)&nbsp;the investment strategy
or objective, if any, of such shareholder and each such Shareholder Associated Person who is not an individual and a copy of the prospectus,
offering memorandum or similar document, if any, provided to investors or potential investors in such shareholder and each such Shareholder
Associated Person;</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; text-align: justify; text-indent: 1.5in">(v)&nbsp;the name and address
of any person who contacted or was contacted by the shareholder giving the notice or any Shareholder Associated Person about the Proposed
Nominee or other business proposal prior to the date of such shareholder&rsquo;s notice; and</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: 1.5in">(vi)&nbsp;to the extent known
by the shareholder giving the notice, the name and address of any other shareholder supporting the Proposed Nominee or the proposal of
other business on the date of such shareholder&rsquo;s notice.</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">(4)&nbsp;Such shareholder&rsquo;s
notice shall, with respect to any Proposed Nominee, be accompanied by a certificate executed by the Proposed Nominee (i)&nbsp;certifying
that such Proposed Nominee (a)&nbsp;is not, and will not become, a party to any agreement, arrangement or understanding with any person
or entity other than the Trust in connection with service or action as a Trustee that has not been disclosed to the Trust and (b)&nbsp;will
serve as a Trustee of the Trust if elected; and (ii)&nbsp;attaching a completed Proposed Nominee questionnaire (which questionnaire shall
be provided by the Trust, upon request, to the shareholder providing the notice and shall include all information relating to the Proposed
Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee
as a Trustee in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such
solicitation in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules&nbsp;thereunder,
or would be required pursuant to the rules&nbsp;of any national securities exchange on which any securities of the Trust are listed or
over-the-counter market on which any securities of the Trust are traded).</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">(5)&nbsp;Notwithstanding
anything in this subsection (a)&nbsp;of this Section&nbsp;12 to the contrary, in the event that the number of Trustees to be elected
to the Board of Trustees is increased, and there is no public announcement of such action at least 130 days prior to the first
anniversary of the date of the proxy statement (as defined in Section&nbsp;12(c)(3)&nbsp;of this Article&nbsp;II) for the preceding
year&rsquo;s annual meeting, a shareholder&rsquo;s notice required by this Section&nbsp;12(a)&nbsp;shall also be considered timely,
but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the secretary at the
principal executive office of the Trust not later than 5:00 p.m., Eastern Time, on the tenth day following the day on which such
public announcement is first made by the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(6)&nbsp;For purposes of this
Section&nbsp;12, &ldquo;Shareholder Associated Person&rdquo; of any shareholder shall mean (i)&nbsp;any person acting in concert with
such shareholder, (ii)&nbsp;any beneficial owner of shares of beneficial interest of the Trust owned of record or beneficially by such
shareholder (other than a shareholder that is a depositary) and (iii)&nbsp;any person that directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, such shareholder or such Shareholder Associated Person.</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; text-align: justify; text-indent: 1in">(b)&nbsp;<U>Special Meetings
of Shareholders</U>. Only such business shall be conducted at a special meeting of shareholders as shall have been brought before the
meeting pursuant to the Trust&rsquo;s notice of meeting. Nominations of individuals for election to the Board of Trustees may be made
at a special meeting of shareholders at which Trustees are to be elected only (i)&nbsp;by or at the direction of the Board of Trustees
or<B>&nbsp;</B>(ii)&nbsp;provided that the special meeting has been called in accordance with Section&nbsp;3(a)&nbsp;of this Article&nbsp;II
for the purpose of electing Trustees, by any shareholder of the Trust who is a shareholder of record both at the time of giving of notice
provided for in this Section&nbsp;12 and at the time of the special meeting, who is entitled to vote at the meeting in the election of
each individual so nominated and who has complied with the notice procedures set forth in this Section&nbsp;12. In the event the Trust
calls a special meeting of shareholders for the purpose of electing one or more individuals to the Board of Trustees, any shareholder
may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Trust&rsquo;s notice of meeting,
if the shareholder&rsquo;s notice, containing the information required by paragraphs (a)(3)&nbsp;and (a)(4)&nbsp;of this Section&nbsp;12
is delivered to the secretary at the principal executive office of the Trust not earlier than the 120<SUP>th</SUP>&nbsp;day prior to such
special meeting and not later than 5:00 p.m., Eastern Time,<B>&nbsp;</B>on the later of the 90<SUP>th</SUP>&nbsp;day prior to such special
meeting or the tenth day following the day on which public announcement is first made of the date of the special meeting and of the nominees
proposed by the Board of Trustees to be elected at such meeting. The public announcement of a postponement or adjournment of a special
meeting shall not commence a new time period for the giving of a shareholder&rsquo;s notice as described above.</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">(c)&nbsp;<U>General</U>.
(1)&nbsp;If information submitted pursuant to this Section&nbsp;12 by any shareholder proposing a nominee for election as a Trustee
or any proposal for other business at a meeting of shareholders shall be inaccurate in any material respect, such information may be
deemed not to have been provided in accordance with this Section&nbsp;12. Any such shareholder shall notify the Trust of any
inaccuracy or change (within two Business Days of becoming aware of such inaccuracy or change) in any such information. Upon written
request by the secretary or the Board of Trustees, any such shareholder shall provide, within five Business Days of delivery of such
request (or such other period as may be specified in such request), (A)&nbsp;written verification, satisfactory, in the discretion
of the Board of Trustees or any authorized officer of the Trust, to demonstrate the accuracy of any information submitted by the
shareholder pursuant to this Section&nbsp;12 and (B)&nbsp;a written update of any information (including, if requested by the Trust,
written confirmation by such shareholder that it continues to intend to bring such nomination or other business proposal before the
meeting) submitted by the shareholder pursuant to this Section&nbsp;12 as of an earlier date.&nbsp; If a shareholder fails to
provide such written verification or written update within such period, the information as to which written verification or a
written update was requested may be deemed not to have been provided in accordance with this Section&nbsp;12.</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">(2)&nbsp;Only such individuals
who are nominated in accordance with this Section&nbsp;12 shall be eligible for election by shareholders as Trustees, and only such business
shall be conducted at a meeting of shareholders as shall have been brought before the meeting in accordance with this Section&nbsp;12.
The chairman of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before
the meeting was made or proposed, as the case may be, in accordance with this Section&nbsp;12.</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; text-align: justify; text-indent: 1in">(3)&nbsp;For purposes of this
Section&nbsp;12, &ldquo;the date of the proxy statement&rdquo; shall have the same meaning as &ldquo;the date of the company&rsquo;s proxy
statement released to shareholders&rdquo; as used in Rule&nbsp;14a-8(e)&nbsp;promulgated under the Exchange Act, as interpreted by the
Securities and Exchange Commission from time to time. &ldquo;Public announcement&rdquo; shall mean disclosure (A)&nbsp;in a press release
reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire service or
(B)&nbsp;in a document publicly filed by the Trust with the Securities and Exchange Commission pursuant to the Exchange 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-align: justify; text-indent: 1in">(4)<B>&nbsp;</B>Notwithstanding
the foregoing provisions of this Section&nbsp;12, a shareholder shall also comply with all applicable requirements of state law and of
the Exchange Act and the rules&nbsp;and regulations thereunder with respect to the matters set forth in this Section&nbsp;12. Nothing
in this Section&nbsp;12 shall be deemed to affect any right of a shareholder to request inclusion of a proposal in, or the right of the
Trust to omit a proposal from, any proxy statement filed by the Trust with the Securities and Exchange Commission pursuant to Rule&nbsp;14a-8
(or any successor provision) under the Exchange Act. Nothing in this Section&nbsp;12 shall require disclosure of revocable proxies received
by the shareholder or Shareholder Associated Person pursuant to a solicitation of proxies after the filing of an effective Schedule 14A
by such shareholder or Shareholder Associated Person under Section&nbsp;14(a)&nbsp;of the Exchange 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-align: justify; text-indent: 1in">Section&nbsp;13.&nbsp;<U>SHAREHOLDERS&rsquo;
CONSENT IN LIEU OF MEETING</U>. Any action required or permitted to be taken at a meeting of shareholders may be taken without a meeting
if a consent setting forth such action is given in writing or by electronic transmission by each shareholder entitled to vote on the matter
and filed with the minutes of proceedings of the shareholders.</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">Section&nbsp;14.&nbsp;<U>VOTING
BY BALLOT</U>. Voting on any question or in any election may be viva voce unless the chairman of the meeting shall order that voting be
by ballot or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;15.&nbsp;<U>CONTROL
SHARE ACQUISITION ACT</U>. Notwithstanding any other provision of the Declaration of Trust or these Bylaws, Title 3, Subtitle 7 of
the Maryland General Corporation Law, or any successor statute (the &ldquo;MGCL&rdquo;), shall not apply to any acquisition by any
person of shares of beneficial interest of the Trust. This section may be repealed, in whole or in part, at any time, whether before
or after an acquisition of control shares and, upon such repeal, may, to the extent provided by any successor bylaw, apply to any
prior or subsequent control share acquisition.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.&nbsp;<U>GENERAL
POWERS; QUALIFICATIONS; TRUSTEES HOLDING OVER</U>. The business and affairs of the Trust shall be managed under the direction of its Board
of Trustees. A Trustee shall be an individual at least 21 years of age who is not under legal disability. In case of failure to elect
Trustees at the designated time, the Trustees holding over shall continue to manage the business and affairs of the Trust until their
successors are elected and qualify.</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; text-align: justify; text-indent: 1in">Section&nbsp;2.&nbsp;<U>ANNUAL
AND REGULAR MEETINGS</U>. An annual meeting of the Board of Trustees shall be held immediately after and at the same place as the annual
meeting of shareholders, no notice other than this Bylaw being necessary. In the event such meeting is not so held, the meeting may be
held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board of Trustees.
The Board of Trustees may provide, by resolution, the time and place, either within or without the State of Maryland, for the holding
of regular meetings of the Board of Trustees without other notice than such resolution.</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">Section&nbsp;3.&nbsp;<U>SPECIAL
MEETINGS</U>. Special meetings of the Board of Trustees may be called by or at the request of the chairman of the board, the chief executive
officer,<B>&nbsp;</B>the president or a majority of the Trustees then in office. The person or persons authorized to call special meetings
of the Board of Trustees may fix any place, either within or without the State of Maryland, as the place for holding any special meeting
of the Board of Trustees called by them. The Board of Trustees may provide, by resolution, the time and place for the holding of special
meetings of the Board of Trustees without other notice than such resolution.</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">Section&nbsp;4.&nbsp;<U>NOTICE</U>.
Notice of any special meeting of the Board of Trustees shall be delivered personally or by telephone, electronic mail, facsimile
transmission, courier or United States mail to each Trustee at his or her business or residence address. Notice by personal
delivery, telephone, electronic mail or facsimile transmission shall be given at least 24 hours prior to the meeting. Notice by
courier shall be given at least two days prior to the meeting. Notice by United States mail shall be given at least three days prior
to the meeting. Telephone notice shall be deemed to be given when the Trustee or his or her agent is personally given such notice in
a telephone call to which the Trustee or his or her agent is a party. Electronic mail notice shall be deemed to be given upon
transmission of the message to the electronic mail address given to the Trust by the Trustee. Facsimile transmission notice shall be
deemed to be given upon completion of the transmission of the message to the number given to the Trust by the Trustee and receipt of
a completed answer-back indicating receipt. Notice by courier shall be deemed to be given when deposited with or delivered to a
courier properly addressed. Notice by United States mail shall be deemed to be given when deposited in the United States mail
properly addressed, with postage thereon prepaid. Neither the business to be transacted at, nor the purpose of, any annual, regular
or special meeting of the Board of Trustees need be stated in the notice, unless specifically required by statute or these
Bylaws.</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">Section&nbsp;5.&nbsp;<U>QUORUM</U>.
A majority of the Trustees shall constitute a quorum for transaction of business at any meeting of the Board of Trustees, provided that,
if less than a majority of such Trustees is present at such meeting, a majority of the Trustees present may adjourn the meeting from time
to time without further notice, and provided further that if, pursuant to applicable law, the Declaration of Trust or these Bylaws, the
vote of a majority or other percentage of a particular group of Trustees is required for action, a quorum must also include a majority
or such other percentage of such group.</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">The Trustees present at a meeting
which has been duly called and at which a quorum has been established may continue to transact business until adjournment, notwithstanding
the withdrawal from the meeting of enough Trustees to leave fewer than required to establish a quorum.</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; text-align: justify; text-indent: 1in">Section&nbsp;6.&nbsp;<U>VOTING</U>.
The action of a majority of the Trustees present at a meeting at which a quorum is present shall be the action of the Board of Trustees,
unless the concurrence of a greater proportion is required for such action by applicable law, the Declaration of Trust or these Bylaws.
If enough Trustees have withdrawn from a meeting to leave fewer than required to establish a quorum, but the meeting is not adjourned,
the action of the majority of that number of Trustees necessary to constitute a quorum at such meeting shall be the action of the Board
of Trustees, unless the concurrence of a greater proportion is required for such action by applicable law, the Declaration of Trust or
these Bylaws.</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">Section&nbsp;7.&nbsp;<U>ORGANIZATION</U>.
At each meeting of the Board of Trustees, the chairman of the board or, in the absence of the chairman, the vice chair-man of the board,
if any, shall act as chairman of the meeting. In the absence of both the chairman and vice chairman of the board, the chief executive
officer or, in the absence of the chief executive officer, the president or, in the absence of the president, a trustee chosen by a majority
of the trustees present, shall act as chair-man of the meeting. The secretary or, in his or her absence, an assistant secretary of the
Trust or, in the absence of the secretary and all assistant secretaries, an individual ap-pointed by the chairman of the meeting, shall
act as secretary of the meeting.</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">Section&nbsp;8.&nbsp;<U>TELEPHONE
MEETINGS</U>. Trustees may participate in a meeting by means of a conference telephone or other communications equipment if all persons
participating in the meeting can hear each other at the same time. Participation in a meeting by these means shall constitute presence
in person at the meeting.</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">Section&nbsp;9.&nbsp;<U>CONSENT
BY TRUSTEES WITHOUT A MEETING</U>. Any action required or permitted to be taken at any meeting of the Board of Trustees may be taken
without a meeting, if a consent in writing or by electronic transmission to such action is given by not less than two-thirds of the Trustees
then in office and is filed with the minutes of proceedings of the Board of Trustees; provided, however, that if the concurrence of a
greater proportion is required for such action by applicable law, the Declaration of Trust or these Bylaws, any such consent must be
given by such proportion of the Board of Trustees.</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">Section&nbsp;10.&nbsp;<U>VACANCIES</U>.
If for any reason any or all of the Trustees cease to be Trustees, such event shall not terminate the Trust or affect these Bylaws or
the powers of the remaining Trustees hereunder. Except as may be provided by the Board of Trustees in setting the terms of any class or
series of preferred shares of beneficial interest, any vacancy on the Board of Trustees (including a vacancy created by an increase in
the number of Trustees) may be filled, at any regular meeting or at any special meeting called for that purpose, only by a majority of
the remaining Trustees, even if the remaining Trustees do not constitute a quorum. Any individual so elected as Trustee shall serve for
the remainder of the full term of the trusteeship in which the vacancy occurred and until a successor is elected and qualifies.</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; text-align: justify; text-indent: 1in">Section&nbsp;11.&nbsp;<U>COMPENSATION</U>.
Trustees shall not receive any stated salary for their services as Trustees but, by resolution of the Board of Trustees, may receive compensation
per year and/or per meeting and/or per visit to real property or other facilities owned or leased by the Trust and for any service or
activity they performed or engaged in as Trustees. Trustees may be reimbursed for expenses of attendance, if any, at each annual, regular
or special meeting of the Board of Trustees or of any committee thereof and for their expenses, if any, in connection with each property
visit and any other service or activity they perform or engage in as Trustees; but nothing herein contained shall be construed to preclude
any Trustees from serving the Trust in any other capacity and receiving compensation therefor.</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">Section&nbsp;12.&nbsp;<U>REMOVAL
OF TRUSTEES</U>. The shareholders may, at any time, remove any Trustee, with or without cause, by the affirmative vote of the holders
of not less than two-thirds of the shares of beneficial interest of the Trust then outstanding and entitled to vote in the election of
Trustees.</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">Section&nbsp;13.&nbsp;<U>RELIANCE</U>.
Each Trustee and officer of the Trust shall, in the performance of his or her duties with respect to the Trust, be entitled to rely on
any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by an
officer or employee of the Trust whom the Trustee or officer reasonably believes to be reliable and competent in the matters presented,
by a lawyer, certified public accountant or other person, as to a matter which the Trustee or officer reasonably believes to be within
the person&rsquo;s professional or expert competence, or, with respect to a Trustee, by a committee of the Board of Trustees on which
the Trustee does not serve, as to a matter within its designated authority, if the Trustee reasonably believes the committee to merit
confidence.</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">Section&nbsp;14.&nbsp;<U>RATIFICATION</U>.
The Board of Trustees or the shareholders may ratify and make binding on the Trust any action or inaction by the Trust or its
officers to the extent that the Board of Trustees or the shareholders could have originally authorized the matter. Moreover, any
action or inaction questioned in any shareholders&rsquo; derivative proceeding or any other proceeding on the ground of lack of
authority, defective or irregular execution, adverse interest of a Trustee, officer or shareholder, non-disclosure, miscomputation,
the application of improper principles or practices of accounting or otherwise, may be ratified, before or after judgment, by the
Board of Trustees or by the shareholders, and if so ratified, shall have the same force and effect as if the questioned action or
inaction had been originally duly authorized, and such ratification shall be binding upon the Trust and its shareholders and shall
constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.</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">Section&nbsp;15.&nbsp;<U>INTERESTED
TRUSTEE TRANSACTIONS</U>. Section&nbsp;2-419 of the MGCL<B>&nbsp;</B>shall be available for and apply to any contract or other transaction
between the Trust and any of its Trustees or between the Trust and any other trust, corporation, firm or other entity in which any of
its Trustees is a trustee or director or has a material financial interest.</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">Section&nbsp;16.&nbsp;<U>CERTAIN
RIGHTS OF TRUSTEES, OFFICERS, EMPLOYEES AND AGENTS</U>. Any Trustee or officer, employee or agent of the Trust, in his or her personal
capacity or in a capacity as an affiliate, employee, or agent of any other person, or otherwise, may have business interests and engage
in business activities similar to or in addition to those of or relating to the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 1in">Section&nbsp;17.&nbsp;<U>LEAD
TRUSTEE</U>. The independent Trustees shall elect annually, from among themselves, a Lead Trustee. The duties of the Lead Trustee shall
be to chair discussions among the independent Trustees, to facilitate their communication with each other and management, and to be the
spokesperson on behalf of the independent Trustees in matters dealing with the press and public when called upon.</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">Section&nbsp;18.&nbsp;<U>EMERGENCY
PROVISIONS</U>. Notwithstanding any other provision in the Declaration of Trust or these Bylaws, this Section&nbsp;18 shall apply during
the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board of Trustees under Article&nbsp;III
of these Bylaws cannot readily be obtained (an &ldquo;Emergency&rdquo;). During any Emergency, unless otherwise provided by the Board
of Trustees, (i)&nbsp;a meeting of the Board of Trustees or a committee thereof may be called by any Trustee or officer by any means feasible
under the circumstances; (ii)&nbsp;notice of any meeting of the Board of Trustees during such an Emergency may be given less than 24 hours
prior to the meeting to as many Trustees and by such means as may be feasible at the time, including publication, television or radio;
and (iii)&nbsp;the number of Trustees necessary to constitute a quorum shall be one-third of the entire Board of Trustees.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.&nbsp;<U>NUMBER,
TENURE AND QUALIFICATIONS</U>. The Board of Trustees may appoint from among its members an Executive Committee, an Audit Committee, a
Compensation Committee, a Nominating and Corporate Governance Committee and one or more other committees, composed of one or more Trustees,
to serve at the pleasure of the Board of Trustees.</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">Section&nbsp;2.&nbsp;<U>POWERS</U>.
The Board of Trustees may delegate to committees appointed under Section&nbsp;1 of this Article&nbsp;any of the powers of the Board of
Trustees, except as prohibited by law.</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">Section&nbsp;3.&nbsp;<U>MEETINGS</U>.
Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board of Trustees. A majority of
the members of the committee shall constitute a quorum for the transaction of business at any meeting of the committee. The act of a majority
of the committee members present at a meeting shall be the act of such committee. The Board of Trustees may designate a chairman of any
committee, and such chairman or, in the absence of a chairman, any two members of any committee (if there are at least two members of
the committee) may fix the time and place of its meeting unless the Board shall otherwise provide. In the absence of any member of any
such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another Trustee to act
in the place of such absent member.</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; text-align: justify; text-indent: 1in">Section&nbsp;4.&nbsp;<U>TELEPHONE
MEETINGS</U>. Members of a committee of the Board of Trustees may participate in a meeting by means of a conference telephone or other
communications equipment if all persons participating in the meeting can hear each other at the same time. Participation in a meeting
by these means shall constitute presence in person at the meeting.</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">Section&nbsp;5.&nbsp;<U>CONSENT
BY COMMITTEES WITHOUT A MEETING</U>. Any action required or permitted to be taken at any meeting of a committee of the Board of Trustees
may be taken without a meeting, if a consent in writing or by electronic transmission to such action is given by each member of the committee
and is filed with the minutes of proceedings of such committee.</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">Section&nbsp;6.&nbsp;<U>VACANCIES</U>.
Subject to the provisions hereof, the Board of Trustees shall have the power at any time to change the membership of any committee, to
fill any vacancy, to designate an alternate member to replace any absent or disqualified member or to dissolve any such committee.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.&nbsp;<U>GENERAL
PROVISIONS</U>. The officers of the Trust shall include a president, a secretary and a treasurer and may include a chairman of the
board, a vice chairman of the board, a chief executive officer, one or more vice presidents, a chief operating officer, a chief
financial officer, one or more assistant secretaries and one or more assistant treasurers. In addition, the Board of Trustees may
from time to time elect such other officers with such powers and duties as it shall deem necessary or desirable. The officers of the
Trust shall be elected annually by the Board of Trustees, except that the chief executive officer or president may from time to time
appoint one or more vice presidents, assistant secretaries and assistant treasurers or other officers. Each officer shall serve
until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal in the manner
hereinafter provided. Any two or more offices except president and vice president may be held by the same person. In their
discretion, the Trustees may leave unfilled any office except that of president, treasurer and secretary. Election of an officer or
agent shall not of itself create contract rights between the Trust and such officer or 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; text-align: justify; text-indent: 1in">Section&nbsp;2.&nbsp;<U>REMOVAL
AND RESIGNATION</U>. Any officer or agent of the Trust may be removed, with or without cause, by the Board of Trustees if in its judgment
the best interests of the Trust would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of
the person so removed. Any officer of the Trust may resign at any time by delivering his or her resignation to the Board of Trustees,
the chairman of the board, the chief executive officer, the president or the secretary. Any resignation shall take effect immediately
upon its receipt or at such later time specified in the resignation. The acceptance of a resignation shall not be necessary to make it
effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the
Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 1in">Section&nbsp;3.&nbsp;<U>VACANCIES</U>.
A vacancy in any office may be filled by the Board of Trustees for the balance of the term.</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">Section&nbsp;4.&nbsp;<U>CHIEF
EXECUTIVE OFFICER</U>. The Board of Trustees may designate a chief executive officer. The chief executive officer shall have responsibility
for implementation of the policies of the Trust, as determined by the Board of Trustees, and for the management of the business and affairs
of the Trust. The chief executive officer may execute any deed, mortgage, bond, contract or other instrument, except in cases where the
execution thereof shall be expressly delegated by the Board of Trustees or by these Bylaws to some other officer or agent of the Trust
or shall be required by law to be otherwise executed; and in general shall perform all duties incident to the office of chief executive
officer and such other duties as may be prescribed by the Board of Trustees from time to time.</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">Section&nbsp;5.&nbsp;<U>CHIEF
OPERATING OFFICER</U>. The Board of Trustees may designate a chief operating officer. Said officer shall have the responsibilities and
duties as determined by the Board of Trustees or the chief executive officer.</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">Section&nbsp;6.&nbsp;<U>CHIEF
FINANCIAL OFFICER</U>. The Board of Trustees may designate a chief financial officer. Said officer shall have the responsibilities and
duties as determined by the Board of Trustees or the chief executive officer.</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">Section&nbsp;7.&nbsp;<U>CHAIRMAN
AND VICE CHAIRMAN OF THE BOARD</U>. The Board of Trustees may designate from among its members a chairman of the board, who shall
not, solely by reason of these Bylaws, be an officer of the Trust. The Board of Trustees may designate the chairman of the board as
an executive or non-executive chairman. The chairman of the board shall preside over the meetings of the Board of Trustees at which
he shall be present and shall in general oversee all of the business and affairs of the Trust. In the absence of the chairman of the
board, the vice chairman of the board shall preside at such meetings at which he shall be present. The chairman and the vice
chairman of the board may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution
thereof shall be expressly delegated by the Board of Trustees or by these Bylaws to some other officer or agent of the Trust or
shall be required by law to be otherwise executed. The chairman of the board and the vice chairman of the board shall perform such
other duties as may be assigned to them by these Bylaws or the Board of Trustees.</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">Section&nbsp;8.&nbsp;<U>PRESIDENT</U>.
In the absence of both the chairman and the vice chairman of the board, the president shall preside over the meetings of the Board of
Trustees at which he shall be present. In the absence of a designation of a chief executive officer by the Trustees, the president shall
be the chief executive officer. The president may execute any deed, mortgage, bond, contract or other instrument, except in cases where
the execution thereof shall be expressly delegated by the Board of Trustees or by these Bylaws to some other officer or agent of the Trust
or shall be required by law to be otherwise executed; and in general shall perform all duties incident to the office of president and
such other duties as may be prescribed by the Board of Trustees from time to time.</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; text-align: justify; text-indent: 1in">Section&nbsp;9.&nbsp;<U>VICE
PRESIDENTS</U>. In the absence of the president or in the event of a vacancy in such office, the vice president (or in the event there
be more than one vice president, the vice presidents in the order designated at the time of their election or, in the absence of any designation,
then in the order of their election) shall perform the duties of the president and when so acting shall have all the powers of and be
subject to all the restrictions upon the president; and shall perform such other duties as from time to time may be assigned to such vice
president by the chief executive officer, the president or the Board of Trustees. The Board of Trustees may designate one or more vice
presidents as executive vice president, senior vice president or assistant vice president or as vice president with any other similar
title or for particular areas of responsibility.</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">Section&nbsp;10.&nbsp;<U>SECRETARY</U>.
The secretary shall (a)&nbsp;keep the minutes of the proceedings of the shareholders, the Board of Trustees and committees of the Board
of Trustees in one or more books provided for that purpose; (b)&nbsp;see that all notices are duly given in accordance with the provisions
of these Bylaws or as required by law; (c)&nbsp;be custodian of the trust records and of the seal of the Trust; (d)&nbsp;keep a register
of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e)&nbsp;have general charge
of the share transfer books of the Trust; and (f)&nbsp;in general perform such other duties as from time to time may be assigned to him
or her by the chief executive officer, the president or the Board of Trustees.</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">Section&nbsp;11.&nbsp;<U>TREASURER</U>.
The treasurer shall have the custody of the funds and securities of the Trust, shall keep full and accurate accounts of receipts and
disbursements in books belonging to the Trust, shall deposit all moneys and other valuable effects in the name and to the credit of the
Trust in such depositories as may be designated by the Board of Trustees and in general perform such other duties as from time to time
may be assigned to him or her by the chief executive officer, the president or the Board of Trustees. In the absence of a designation
of a chief financial officer by the Board of Trustees, the treasurer shall be the chief financial officer of the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The treasurer shall disburse
the funds of the Trust as may be ordered by the Board of Trustees, taking proper vouchers for such disbursements, and shall render to
the president and Board of Trustees, at the regular meetings of the Board of Trustees or whenever it may so require, an account of all
his or her transactions as treasurer and of the financial condition of the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;12.&nbsp;<U>ASSISTANT
SECRETARIES AND ASSISTANT TREASURERS</U>. The assistant secretaries and assistant treasurers, in general, shall perform such duties as
shall be assigned to them by the secretary or treasurer, respectively, or by the chief executive officer, the president or the Board of
Trustees.</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">Section&nbsp;13.&nbsp;<U>COMPENSATION</U>.
The compensation of the officers shall be fixed from time to time by or under the authority of the Board of Trustees and no officer shall
be prevented from receiving such compensation by reason of the fact that he or she is also a Trustee.</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; text-align: center"><B>ARTICLE&nbsp;VI</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.&nbsp;<U>CONTRACTS</U>.
The Board of Trustees may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name
of and on behalf of the Trust and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease
or other document executed by one or more of the Trustees or by an authorized person shall be valid and binding upon the Trust when authorized
or ratified by action of the Board of Trustees.</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">Section&nbsp;2.&nbsp;<U>CHECKS
AND DRAFTS</U>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name
of the Trust shall be signed by such officer or officers, agent or agents of the Trust and in such manner as shall from time to time be
determined by the Board of Trustees.</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">Section&nbsp;3.&nbsp;<U>DEPOSITS</U>.
All funds of the Trust not otherwise employed shall be deposited or invested from time to time to the credit of the Trust as the Board
of Trustees, the chief executive officer, the president, the chief financial officer, or any other officer designated by the Board of
Trustees may determine.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.&nbsp;<U>CERTIFICATES</U>.
Except as may be otherwise provided by the Board of Trustees, shareholders of the Trust are not entitled to certificates evidencing
the shares of beneficial interest held by them. In the event that the Trust<B>&nbsp;</B>issues shares of beneficial interest
evidenced by certificates, such certificates shall be in such form as prescribed by the Board of Trustees or a duly authorized
officer, shall contain the statements and information required by the Maryland REIT Law (the &ldquo;MRL&rdquo;) and shall be signed
by the officers of the Trust in any manner permitted by the MRL. In the event that the Trust issues shares of beneficial interest
without certificates, to the extent then required by the MRL, the Trust shall provide to the record holders of such shares a written
statement of the information required by the MRL to be included on share certificates. There shall be no differences in the rights
and obligations of shareholders based on whether or not their shares are evidenced by certificates.</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">Section&nbsp;2.&nbsp;<U>TRANSFERS</U>.
All transfers of shares shall be made on the books of the Trust, by the holder of the shares, in person or by his or her attorney, in
such manner as the Board of Trustees or any officer of the Trust may prescribe and, if such shares are certificated, upon surrender of
certificates duly endorsed. The issuance of a new certificate upon the transfer of certificated shares is subject to the determination
of the Board of Trustees that such shares shall no longer be evidenced by certificates. Upon the transfer of any uncertificated shares,
to the extent then required by the MRL, the Trust shall provide to the record holders of such shares a written statement of the information
required by the MRL to be included on share certificates.</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; text-align: justify; text-indent: 1in">The Trust shall be entitled
to treat the holder of record of any share of beneficial interest as the holder in fact thereof and, accordingly, shall not be bound to
recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express
or other notice thereof, except as otherwise expressly provided by the laws of the State of Maryland.</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">Notwithstanding the foregoing,
transfers of shares of any class or series of beneficial interest will be subject in all respects to the Declaration of Trust and all
of the terms and conditions contained therein.</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">Section&nbsp;3.&nbsp;<U>REPLACEMENT
CERTIFICATE</U>. Any officer of the Trust may direct a new certificate or certificates to be issued in place of any certificate or certificates
theretofore issued by the Trust alleged to have been lost, destroyed, stolen or mutilated, upon the making of an affidavit of that fact
by the person claiming the certificate to be lost, destroyed, stolen or mutilated; provided, however, if such shares have ceased to be
certificated, no new certificate shall be issued unless requested in writing by such shareholder and the Board of Trustees has determined
that such certificates may be issued. Unless otherwise determined by an officer of the Trust, the owner of such lost, destroyed, stolen
or mutilated certificate or certificates, or his or her legal representative, shall be required, as a condition precedent to the issuance
of a new certificate or certificates, to give the Trust a bond in such sums as it may direct as indemnity against any claim that may be
made against the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;4.&nbsp;<U>FIXING
OF RECORD DATE</U>. The Board of Trustees may set, in advance, a record date for the purpose of determining shareholders entitled to
notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the
allotment of any other rights, or in order to make a determination of shareholders for any other proper purpose. Such date, in any
case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than 90 days and, in the
case of a meeting of shareholders, not less than ten days, before the date on which the meeting or particular action requiring such
determination of shareholders of record is to be held or taken.</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">When a record date for the determination
of shareholders entitled to notice of and to vote at any meeting of shareholders has been set as provided in this section, such record
date shall continue to apply to the meeting if adjourned or postponed, except if the meeting is adjourned or postponed to a date more
than 120 days after the record date originally fixed for the meeting, in which case a new record date for such meeting may be determined
as set forth 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-align: justify; text-indent: 1in">Section&nbsp;5.&nbsp;<U>SHARE
LEDGER</U>. The Trust shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original
or duplicate share ledger containing the name and address of each shareholder and the number of shares of each class held by such shareholder.</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; text-align: justify; text-indent: 1in">Section&nbsp;6.&nbsp;<U>FRACTIONAL
SHARES; ISSUANCE OF UNITS</U>. The Board of Trustees may authorize the Trust to issue fractional shares or authorize the issuance of scrip,
all on such terms and under such conditions as it may determine. Notwithstanding any other provision of the Declaration of Trust or these
Bylaws, the Board of Trustees may issue units consisting of different securities of the Trust. Any security issued in a unit shall have
the same characteristics as any identical securities issued by the Trust, except that the Board of Trustees may provide that for a specified
period securities of the Trust issued in such unit may be transferred on the books of the Trust only in such unit.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ACCOUNTING YEAR</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-indent: 1in">The Board of Trustees shall have the power, from
time to time, to fix the fiscal year of the Trust by a duly adopted resolution.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.&nbsp;<U>AUTHORIZATION</U>.
Dividends and other distributions upon the shares of beneficial interest of the Trust may be authorized by the Board of Trustees, subject
to the provisions of law and the Declaration of Trust. Dividends and other distributions may be paid in cash, property or shares of beneficial
interest of the Trust, subject to the provisions of law and the Declaration of Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;2.&nbsp;<U>CONTINGENCIES</U>.
Before payment of any dividends or other distributions, there may be set aside out of any assets of the Trust available for
dividends or other distributions such sum or sums as the Board of Trustees may from time to time, in its absolute discretion, think
proper as a reserve fund for contingencies, for equalizing dividends, for repairing or maintaining any property of the Trust or for
such other purpose as the Board of Trustees shall determine, and the Board of Trustees may modify or abolish any such reserve.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything to
the contrary in the Declaration of Trust, the Trust will not, without the approval of a majority of the disinterested Trustees, (i)&nbsp;acquire
from or sell to any Trustee, officer or employee of the Trust, or any corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise in which a Trustee, officer or employee of the Trust owns more than a one percent interest or any affiliate of
any of the foregoing, any of the assets or other property of the Trust, except for the acquisition of certain properties in connection
with the initial public offering of shares by the Trust, which properties shall be described in the prospectus relating to such initial
public offering, (ii)&nbsp;make any loan to or borrow from any of the foregoing persons or (iii)&nbsp;engage in any other transaction
with any of the foregoing persons. Each such transaction will be in all respects on such terms as are, at the time of the transaction
and under the circumstances then prevailing, fair and reasonable to the Trust. Subject to the provisions of the Declaration of Trust,
the Board of Trustees may from time to time adopt, amend, revise or terminate any policy or policies with respect to investments by the
Trust as it shall deem appropriate in its sole discretion.</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; text-align: center"><B>ARTICLE&nbsp;XI</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.&nbsp;<U>SEAL</U>.
The Board of Trustees may authorize the adoption of a seal by the Trust. The seal shall contain the name of the Trust and the year of
its formation. The Board of Trustees may authorize one or more duplicate seals and provide for the custody thereof.</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">Section&nbsp;2.&nbsp;<U>AFFIXING
SEAL</U>. Whenever the Trust is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements
of any law, rule&nbsp;or regulation relating to a seal to place the word &ldquo;(SEAL)&rdquo; adjacent to the signature of the person
authorized to execute the document on behalf of the Trust.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">To the maximum extent permitted
by Maryland law in effect from time to time, the Trust, without requiring a preliminary determination of the ultimate entitlement to
indemnification, shall indemnify (a)&nbsp;any Trustee, officer or shareholder or any former Trustee, officer or shareholder who has been
successful, on the merits or otherwise, in the defense of a proceeding to which he or she was made a party by reason of such status,
against reasonable expenses incurred by him or her in connection with the proceeding, (b)&nbsp;any Trustee or officer or any former Trustee
or officer (including without limitation any individual who, while a Trustee or officer and at the request of the Trust, serves or has
served another corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit
plan or any other enterprise as a director, officer, partner, member, manager or trustee of such corporation, real estate investment
trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise) against any claim or
liability to which he or she may become subject by reason of such status unless it is established that (i)&nbsp;his or her act or omission
was committed in bad faith or was the result of active and deliberate dishonesty, (ii)&nbsp;he or she actually received an improper personal
benefit in money, property or services or (iii)&nbsp;in the case of a criminal proceeding, he or she had reasonable cause to believe
that his or her act or omission was unlawful and (c)&nbsp;each shareholder or former shareholder against any claim or liability to which
he or she may become subject by reason of his or her status as a shareholder or former shareholder. In addition, the Trust shall pay
or reimburse, in advance of final disposition of a proceeding, reasonable expenses incurred by a Trustee, officer or shareholder or former
Trustee, officer or shareholder made or threatened to be made a party to a proceeding by reason of his or her status as a Trustee, officer
or shareholder provided that, in the case of a Trustee or officer, the Trust shall have received (i)&nbsp;a written affirmation by the
Trustee or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the
Trust as authorized by these Bylaws and (ii)&nbsp;a written undertaking by or on his or her behalf to repay the amount paid or reimbursed
by the Trust if it shall ultimately be determined that the standard of conduct was not met. The rights to indemnification and advance
of expenses provided by the Declaration of Trust and these Bylaws shall vest immediately upon election of a Trustee or officer. The Trust
may, with the approval of its Trustees, provide such indemnification and advance for expenses to an individual who served a predecessor
of the Trust in any of the capacities described in clause (b)&nbsp;above and to any employee or agent of the Trust or a predecessor of
the Trust. The indemnification and payment or reimbursement of expenses provided in these Bylaws shall not be deemed exclusive of or
limit in any way other rights to which any person seeking indemnification or payment or reimbursement of expenses may be or may become
entitled under any bylaw, resolution, insurance, agreement or otherwise. Neither the amendment nor repeal of this Article, nor the adoption
or amendment of any other provision of the Declaration of Trust or these Bylaws inconsistent with this Article, shall apply to or affect
in any respect the applicability of this paragraph with respect to any act or failure to act which occurred prior to such amendment,
repeal or adoption. Any indemnification or payment or reimbursement of the expenses permitted by these Bylaws shall be furnished in accordance
with the procedures provided for indemnification and payment or reimbursement of expenses under Section&nbsp;2-418 of the MGCL for directors
of Maryland corporations. The Trust may provide to Trustees, officers and shareholders such other and further indemnification or payment
or reimbursement of expenses as may be permitted by the MGCL, as in effect from time to time, for directors of Maryland corporations.</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: 1in"></P>

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<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: center"><B>ARTICLE&nbsp;XIII</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Whenever any notice of a meeting
is required to be given pursuant to the Declaration of Trust or these Bylaws or pursuant to applicable law, a waiver thereof in writing
or by electronic transmission, given by the person or persons entitled to such notice, whether before or after the time stated therein,
shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need
be set forth in the waiver of notice of such meeting, unless specifically required by statute. The attendance of any person at any meeting
shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to
the transaction of any business on the ground that the meeting has not been lawfully called or convened.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Unless the Trust consents in
writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction,
the United States District Court for the District of Maryland, Baltimore Division, shall be the sole and exclusive forum for (a)&nbsp;any
derivative action or proceeding brought on behalf of the Trust, (b)&nbsp;any action asserting a claim of breach of any duty owed by any
trustee or officer or other employee of the Trust to the Trust or to the shareholders of the Trust, (c)&nbsp;any action asserting a claim
against the Trust or any trustee or officer or other employee of the Trust arising pursuant to any provision of the MRL or the MGCL or
the Declaration of Trust or these Bylaws, or (d)&nbsp;any action asserting a claim against the Trust or any trustee or officer or other
employee of the Trust that is governed by the internal affairs doctrine.</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; text-align: center"><B>ARTICLE&nbsp;XV</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Board of Trustees shall
have the power to alter or repeal any provision of these Bylaws and to adopt new Bylaws. In addition, pursuant to a binding proposal that
is properly submitted by shareholders for approval at a duly called annual meeting or special meeting of shareholders, the shareholders
shall have the power, by the affirmative vote of a majority of all votes entitled to be cast on the matter, to alter or repeal any provision
of these Bylaws and to adopt new Bylaw provisions, in any such case to the extent permitted by and consistent with the Declaration of
Trust, these Bylaws (including, without limitation, Sections 3 and 12 of Article&nbsp;II of these Bylaws) and applicable law.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All references to the Declaration
of Trust shall include all amendments and supplements thereto and any other documents filed with and accepted for record by the State
Department of Assessments and Taxation of Maryland related thereto.</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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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>akr-20220428_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>6
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140005788017704">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Apr. 28, 2022</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Apr. 28,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-12002<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Acadia
Realty Trust<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000899629<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">23-2715194<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">411 Theodore Fremd Avenue<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Rye<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10580<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">914<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">288-3100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common shares of beneficial interest, par value $0.001 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AKR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td>dei_</td>
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<td>dei:securityTitleItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
