<SEC-DOCUMENT>0001104659-19-072599.txt : 20191213
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<ACCEPTANCE-DATETIME>20191213163227
ACCESSION NUMBER:		0001104659-19-072599
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		19
CONFORMED PERIOD OF REPORT:	20191213
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191213
DATE AS OF CHANGE:		20191213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Global Net Lease, Inc.
		CENTRAL INDEX KEY:			0001526113
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				452771978
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37390
		FILM NUMBER:		191284970

	BUSINESS ADDRESS:	
		STREET 1:		630 FIFTH AVE
		STREET 2:		30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-415-6500

	MAIL ADDRESS:	
		STREET 1:		630 FIFTH AVE
		STREET 2:		30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Realty Capital Global Trust, Inc.
		DATE OF NAME CHANGE:	20120810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Realty Capital Global Daily Net Asset Value Trust, Inc.
		DATE OF NAME CHANGE:	20111014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Realty Capital Global Trust, Inc.
		DATE OF NAME CHANGE:	20110719
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF THE</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to section 12(b) of the Act:</p>

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

<p style="color: rgb(35, 31, 32); font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 0">Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter)
or Rule 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 0pt 4in; text-indent: 0.5in">&#160;</p>

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

<p style="color: rgb(35, 31, 32); font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160; <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0">&#160;</p>

<!-- Field: Page; Sequence: 1 -->
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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 0.75in"><span style="font-size: 10pt"><b>Item 1.01.</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b>Entry into a Material Definitive Agreement.</b></span></td></tr>
</table>
<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: justify"><i>Implementation of &#8220;At-the-Market&#8221;
Program</i></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: left">On December 13, 2019, Global Net Lease, Inc.
(the &#8220;Company&#8221;) and Global Net Lease Operating Partnership, L.P. (the &#8220;Operating Partnership&#8221;), the Company&#8217;s
operating partnership, entered into an Equity Distribution Agreement (the &#8220;Equity Distribution Agreement&#8221;) with BMO
Capital Markets Corp., B. Riley FBR, Inc., Ladenburg Thalmann &#38; Co. Inc., D.A. Davidson &#38; Co., and KeyBanc Capital Markets
Inc. (each, an &#8220;Agent&#8221; and collectively, the &#8220;Agents&#8221;), pursuant to which the Company may, from time to
time, offer, issue and sell to the public, through the Agents, shares (the &#8220;Shares&#8221;) of the Company&#8217;s 6.875%
Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (&#8220;Series B Preferred Stock&#8221;) having
an aggregate offering price of up to $200,000,000.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Subject to the terms and conditions of the
Equity Distribution Agreement, the Agents will use their commercially reasonable efforts to sell, on the Company&#8217;s behalf,
shares of the Series B Preferred Stock offered by the Company under and in accordance with the Equity Distribution Agreement. The
sales, if any, of the Series B Preferred Stock, made under the Equity Distribution Agreement will be made by means of ordinary
brokers&#8217; transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market
prices or at negotiated prices. Actual sales will depend on a variety of factors to be determined by the Company from time to time.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company intends to use the net proceeds from this offering for general corporate purposes, which may include purchases
of additional properties. The Company may also repay amounts borrowed under its credit facility used for, among other purposes,
the purchase of additional properties.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Shares will be issued pursuant to the
Company&#8217;s shelf registration statement on Form S-3 (Registration No. 333-234631). The Company filed a prospectus supplement
(the &#8220;Prospectus Supplement&#8221;), dated December 13, 2019, with the Securities and Exchange Commission in connection
with the offer and sale of the Shares.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Equity Distribution Agreement contains
customary representations, warranties, and agreements of the Company and the Agents, indemnification rights and obligations of
the parties and termination provisions. The foregoing description of the Equity Distribution Agreement does not purport to be a
complete description and is qualified in its entirety by reference to the Equity Distribution Agreement, which is filed as Exhibit
1.1 to this Current Report on Form 8-K and incorporated herein by reference.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Certain of the Agents or their affiliates
are or have been lenders under the Company&#8217;s credit facility or agents under the Company&#8217;s existing &#8220;at-the-market&#8221;
program for shares of its common stock.</p>

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

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    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --><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: left">This Current Report on Form 8-K shall not
constitute an offer to sell or the solicitation of an offer to buy any security nor shall there be any sale of these securities
in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such state.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A copy of the opinion of Venable LLP relating
to Preferred Stock Offering is attached to this Current Report on Form 8-K as Exhibit 5.1.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Amendment to the Operating Partnership
Agreement</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On December 13, 2019, the Company, in its
capacity as the general partner of the Operating Partnership, entered into a Seventh Amendment to the Second Amended and Restated
Agreement of Limited Partnership of the Operating Partnership (the &#8220;Seventh Amendment&#8221;), increasing by 8,000,000 the
number of authorized 6.875% Series B Cumulative Redeemable Perpetual Preferred Units, which are units of limited partnership in
the Operating Partnership that have economic interests that are substantially similar to the designations, preferences and other
rights of the Series B Preferred Stock.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The foregoing description of the Seventh Amendment
does not purport to be a complete description and is qualified in its entirety by reference to the Seventh Amendment, which is
filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.&#160;</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%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 0.75in"><span style="font-size: 10pt"><b>Item 3.03.</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b>Material Modifications to Rights of Security Holders.</b></span></td></tr>
</table>
<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: justify"><i>Charter Amendment</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On December 13, 2019, the Company filed an
amendment to its charter (the &#8220;Articles of Amendment&#8221;) with the State Department of Assessments and Taxation of Maryland
(the &#8220;SDAT&#8221;), which became effective upon acceptance for record. Pursuant to the Articles of Amendment, the Company
increased the number of shares of stock the Company&#8217;s charter authorizes the Company to issue from 166,670,000 shares of
stock, consisting of 150,000,000 shares of common stock<span style="font-family: Times New Roman, Times, Serif">, $0.01 par value
per share,</span> and 16,670,000 shares of preferred stock<span style="font-family: Times New Roman, Times, Serif">, $0.01 par
value per share</span>, to 280,000,000 shares of stock, consisting of 250,000,000 shares of common stock and 30,000,000 shares
of preferred stock.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Series B Preferred Stock</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On December 13, 2019, the Company filed its
Articles Supplementary (the &#8220;Articles Supplementary&#8221;) with the SDAT, which became effective upon acceptance for record.
The Articles Supplementary classified an additional 8,000,000 shares of the Company&#8217;s authorized shares of preferred stock
as shares of Series B Preferred Stock.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The foregoing description of the Articles
Supplementary does not purport to be a complete description and is qualified in its entirety by reference to the Articles Supplementary,
which is filed as Exhibit 3.2 to this Current Report on Form 8-K and incorporated herein by reference.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 0.75in; text-align: left"><span style="font-size: 10pt"><b>Item 5.03.</b></span></td>
    <td style="text-align: left"><span style="font-size: 10pt"><b>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</b></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The information about the Articles of Amendment
and the Articles Supplementary set forth under Item 3.03 of this Current Report on Form 8-K is hereby incorporated by reference
into this Item 5.03.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 0.75in"><span style="font-size: 10pt"><b>Item 9.01.</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b>Financial Statements and Exhibits.</b></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">(d)
Exhibits</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%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 8%; border-bottom: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt"><b>Exhibit <br />
No.</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 91%; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Description</b></span></td></tr>
<tr>
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    <td style="text-align: left"><a href="tm1925115d1_ex1-1.htm"><span style="font-size: 10pt">Equity Distribution Agreement, dated December 13, 2019, by and among Global Net Lease, Inc., Global Net Lease Operating Partnership, L.P. and B. Riley FBR, Inc., BMO Capital Markets Corp., Ladenburg Thalmann &#38; Co. Inc., D.A. Davidson &#38; Co., and KeyBanc Capital Markets Inc. </span></a></td></tr>
<tr>
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<tr>
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    <td style="text-align: left"><a href="tm1925115d1_ex3-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Articles Supplementary classifying additional shares of 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share filed on December 13, 2019.</span></a></td></tr>
<tr>
    <td style="vertical-align: top; text-align: left"><a href="tm1925115d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">5.1</span></a></td>
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<tr>
    <td style="vertical-align: top; text-align: left"><a href="tm1925115d1_ex10-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">10.1</span></a></td>
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    <td style="text-align: left"><a href="tm1925115d1_ex10-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Seventh Amendment, dated December 13, 2019, to the Second Amended and Restated Agreement of Limited Partnership of Global Net Lease Operating Partnership, L.P., dated June 2, 2015.</span></a></td></tr>
<tr>
    <td style="vertical-align: top; text-align: left"><a href="tm1925115d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">23.1</span></a></td>
    <td>&#160;</td>
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<tr>
    <td style="vertical-align: top; text-align: left"><span style="font-size: 10pt">104</span></td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<!-- Field: Page; Sequence: 2 -->
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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --><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>SIGNATURES</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: left">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&#160;</td>
    <td colspan="3" style="padding-right: 0.8pt"><span style="font-size: 10pt"><b>Global Net Lease, Inc.</b></span></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td colspan="2" style="padding-right: 1.8pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td colspan="2" style="padding-right: 1.8pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Date: December 13, 2019</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">By:&#160;&#160;&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 1.8pt"><span style="font-size: 10pt">/s/ James L. Nelson&#160;</span></td></tr>
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    <td style="width: 43%; padding-right: 0.8pt"><span style="font-size: 10pt">James L. Nelson</span></td></tr>
<tr style="vertical-align: top">
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    <td style="padding-right: 0.8pt"><span style="font-size: 10pt">Title:</span></td>
    <td style="padding-right: 0.8pt"><span style="font-size: 10pt"><i>Chief Executive Officer and President</i></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<TYPE>EX-1.1
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<FILENAME>tm1925115d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0"></P>

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

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

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

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>GLOBAL NET LEASE, INC.</B></P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$200,000,000<BR>
Shares of 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock<BR>
(Liquidation Preference $25.00 Per Share)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">December 13, 2019</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">B. Riley FBR, Inc.<BR>
299 Park Avenue 21<SUP>st</SUP> Floor<BR>
New York, New York 10171</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">BMO Capital Markets Corp.<BR>
3 Times Square, 25<SUP>th</SUP> Floor<BR>
New York, New York 10036</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Ladenburg Thalmann &amp; Co. Inc.<BR>
277 Park Avenue, 26<SUP>th</SUP> Floor<BR>
New York, New York 10172</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">D.A. Davidson &amp; Co.<BR>
8 Third Street North<BR>
Great Falls, Montana 59401</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">KeyBanc Capital Markets Inc.<BR>
127 Public Square, 4<SUP>th</SUP> Floor<BR>
Cleveland, Ohio 44114</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Global Net Lease, Inc.,
a Maryland corporation (the &ldquo;<I>Company</I>&rdquo;), and Global Net Lease Operating Partnership, L.P., a Delaware limited
partnership (the &ldquo;<I>Operating Partnership</I>&rdquo;), each confirms its agreement (this &ldquo;<I>Agreement</I>&rdquo;)
with B. Riley FBR, Inc., BMO Capital Markets Corp., Ladenburg Thalmann &amp; Co. Inc., D.A. Davidson &amp; Co. and KeyBanc Capital
Markets Inc. (each an &ldquo;<I>Agent</I>&rdquo; and collectively, the &ldquo;<I>Agents</I>&rdquo;), as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Description
of Securities</U>. The Company proposes to issue and sell through or to the Agents, as sales agents and/or principals, shares
of the Company&rsquo;s 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share (the &ldquo;<I>Preferred
Stock</I>&rdquo;), having an aggregate gross sales price of up to $200,000,000 (the &ldquo;<I>Shares</I>&rdquo;) on the terms
set forth in Section 3 of this Agreement. The Company agrees that whenever it determines to sell the Shares directly to any Agent
as principal, it will enter into a separate agreement in form and substance satisfactory to such Agent, in substantially the form
set forth in Exhibit A hereto (each, a &ldquo;<I>Terms Agreement</I>&rdquo;), relating to such sale in accordance with Section
3 of this Agreement. In connection with any sale of Shares under this Agreement, the Company will contribute the net proceeds
from the sale of the Shares to the Operating Partnership in exchange for units of limited partnership interest of the Operating
Partnership designated as &ldquo;6.875% Series B Cumulative Redeemable Perpetual Preferred Units&rdquo; (the &ldquo;<I>Preferred
Units</I>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations and Warranties of the Company and the Operating Partnership</U>. The Company and the Operating Partnership,
jointly and severally, represent and warrant to and agree with each Agent that:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>An
&ldquo;automatic shelf registration statement&rdquo; (the &ldquo;<I>registration statement</I>&rdquo;) as defined in Rule 405
under the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively called the &ldquo;<I>Act</I>&rdquo;),
on Form S-3 (File No. 333-234631) in respect of the Shares, including a form of prospectus, has been prepared and filed by the
Company not earlier than three years prior to the date hereof, in conformity with the requirements of the Act, and the rules and
regulations of the Securities and Exchange Commission (the &ldquo;<I>Commission</I>&rdquo;) thereunder (the &ldquo;<I>Rules and
Regulations</I>&rdquo;). The registration statement contains, or incorporates by reference to documents that the Company has filed
or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder (collectively, the &ldquo;<I>Exchange Act</I>&rdquo;), certain information concerning the offering and
sale of the Preferred Stock, including the Shares, and contains or incorporates by reference additional information concerning
the Company and its business; the Commission has not issued an order preventing or suspending the use of the Basic Prospectus
(as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or any Permitted Free Writing
Prospectus (as defined below), or the effectiveness of the Registration Statement, and no proceeding for that purpose or pursuant
to Section 8A of the Act has been instituted or, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, threatened
by the Commission. Except where the context otherwise requires, &ldquo;<I>Registration Statement</I>,&rdquo; as used herein, means
the registration statement, as amended at the time of such registration statement&rsquo;s effectiveness for purposes of Section
11 of the Act, as such section applies to the Agents, as well as any new registration statement, post-effective amendment or new
automatic shelf registration statement as may have been filed pursuant to Sections 4(f) or (g) of this Agreement, including (1)
all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2) any information contained
or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 424(b) under the Act, to the extent such
information is deemed, pursuant to Rule 430B or Rule 430C under the Act, to be part of the registration statement at the time
of such registration statement&rsquo;s effectiveness for purposes of Section 11 of the Act, as such section applies to the Agents,
and (3) any registration statement filed to register the offer and sale of Shares pursuant to Rule 462(b) under the Act. Except
where the context otherwise requires, &ldquo;<I>Basic Prospectus</I>,&rdquo; as used herein, means the prospectus filed as part
of each Registration Statement, together with any amendments or supplements thereto (other than a prospectus supplement relating
solely to an offering of securities other than the Shares), as of the date of this Agreement. Except where the context otherwise
requires, &ldquo;<I>Prospectus Supplement</I>,&rdquo; as used herein, means the final prospectus supplement, relating to the Shares,
filed by the Company with the Commission pursuant to Rule 424(b) under the Act on or before the second business day after the
date hereof (or such earlier time as may be required under the Act), in the form furnished by the Company to the Agents in connection
with the offering of the Shares. Except where the context otherwise requires, &ldquo;<I>Prospectus</I>,&rdquo; as used herein,
means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement. Notwithstanding
the foregoing, if any revised basic prospectus, prospectus supplement or prospectus shall be provided to the Agents by the Company
for use in connection with the offering and sale of the Shares which differs from the Basic Prospectus, Prospectus Supplement
or Prospectus, as the case may be (whether or not such revised basic prospectus, prospectus supplement or prospectus is required
to be filed by the Company pursuant to Rule 424(b) of the Act), the terms &ldquo;<I>Basic Prospectus</I>,&rdquo; &ldquo;<I>Prospectus
Supplement</I>&rdquo; and &ldquo;<I>Prospectus</I>&rdquo; shall refer to such revised basic prospectus, prospectus supplement
or prospectus, as the case may be, from and after the time it is first provided to the Agents for such use. &ldquo;<I>Permitted
Free Writing Prospectuses</I>,&rdquo; as used herein, means the documents listed on <B><U>Schedule A</U></B> attached hereto and
any other &ldquo;issuer free writing prospectus&rdquo; (as defined in Rule 433 of the Act) that the Company and the Agents shall
agree from time to time is a Permitted Free Writing Prospectus. Any reference herein to the registration statement, the Registration
Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall be deemed
to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the
&ldquo;<I>Incorporated Documents</I>&rdquo;), including, unless the context otherwise requires, the documents, if any, filed as
exhibits to such Incorporated Documents. Any reference herein to the terms &ldquo;<I>amend</I>,&rdquo; &ldquo;<I>amendment</I>&rdquo;
or &ldquo;<I>supplement</I>&rdquo; with respect to the Registration Statement, the Basic Prospectus, the Prospectus Supplement,
the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under
the Exchange Act on or after the initial effective date of the Registration Statement, or the date of the Basic Prospectus, the
Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated
therein by reference.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each
deemed effective date with respect to the Agents pursuant to Rule 430(B)(f)(2) of the Act, and at each Settlement Date (as defined
in Section 3(a)(vi) hereof) and on each Representation Date (as defined in Section 4(p)) will comply, in all material respects,
with the requirements of the Act, and the Registration Statement did not and will not, at such times, contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading; the conditions to the use of Form S-3 in connection with the offering and sale of the Shares as contemplated hereby
have been satisfied; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby comply with,
the requirements of Rule 415 under the Act (including, without limitation, Rule 415(a)(5)); the Basic Prospectus complied or will
comply, at the time it was or will be filed with the Commission, complies as of the date hereof (if filed with the Commission
on or prior to the date hereof) and, as of the time of each sale of Shares pursuant to this Agreement (each, a &ldquo;<I>Time
of Sale</I>&rdquo;), at each Settlement Date and on each Representation Date, will comply, in all material respects, with the
requirements of the Act; on each Representation Date and each Settlement Date, the Basic Prospectus, as then amended or supplemented,
did not and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading; the Prospectus will comply,
as of the date that it is filed with the Commission, the date of the Prospectus Supplement, each Time of Sale, each Representation
Date and each Settlement Date, in all material respects, with the requirements of the Act (including, without limitation, Section
10(a) of the Act); on each Representation Date, the Prospectus, as then amended or supplemented, will not, either alone or together
with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; each Permitted Free Writing Prospectus will comply, as of its date, as of each Time
of Sale, each Representation Date and each Settlement Date, in all material respects with the requirements of the Act; on the
date of each Permitted Free Writing Prospectus, such Permitted Free Writing Prospectus will not include any information that will
conflict with any information contained in the Registration Statement, the Prospectus or any Incorporated Document, except as
a result of changes subsequent to the filing of such documents, or include an untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; <I>provided</I>, <I>however</I>, that the Company and the Operating Partnership make no representation or warranty
with respect to any statement contained in the Registration Statement, the Basic Prospectus, the Prospectus or any Permitted Free
Writing Prospectus in reliance upon and in conformity with information concerning any Agent and furnished in writing by or on
behalf of such Agent expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus or such Permitted Free
Writing Prospectus, as the case may be; each Incorporated Document, at the time such document was filed with the Commission or
at the time such document became effective, as applicable, complied, in all material respects, with the requirements of the Exchange
Act and did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. For all purposes of this Agreement
(including, without limitation, the provisions of this paragraph and of Section 7 of this Agreement), the Company, the Operating
Partnership and each Agent agree that the only information furnished or to be furnished by or on behalf of such Agent expressly
for use in the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing
Prospectus or any amendment or supplement to any of the foregoing is the legal and marketing name of each Agent and the last sentence
in the first paragraph under the section titled &ldquo;Plan of Distribution.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
At the time of filing the Registration Statement, (ii) at the time of the most recent amendment thereto for the purposes of complying
with Section 10(a)(3) of the Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to
Section 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the Company made any offer relating to the Shares
in reliance on the exemption of Rule 163 of the Rules and Regulations and (iv) at the date hereof, the Company was and is a &ldquo;well-known
seasoned issuer&rdquo; as defined in Rule 405 of the Rules and Regulations (&ldquo;Rule 405&rdquo;). The Registration Statement
is an &ldquo;automatic shelf registration statement,&rdquo; as defined in Rule 405, and the Shares, since their registration on
the Registration Statement, have been and remain eligible for registration by the Company on a Rule 405 &ldquo;automatic shelf
registration statement.&rdquo; The Company has not received from the Commission any notice pursuant to Rule 401(g)(2) of the Rules
and Regulations objecting to the use of the automatic shelf registration statement form.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Prior
to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares by means of any &ldquo;prospectus&rdquo;
or &ldquo;free writing prospectus&rdquo; (in each case within the meaning of the Act) or used any &ldquo;prospectus&rdquo; or
&ldquo;free writing prospectus&rdquo; (in each case within the meaning of the Act) in connection with the offer or sale of the
Shares, and from and after the execution of this Agreement, the Company will not, directly or indirectly, offer or sell any Shares
by means of any &ldquo;prospectus&rdquo; or &ldquo;free writing prospectus&rdquo; (in each case within the meaning of the Act)
or use any &ldquo;prospectus&rdquo; or &ldquo;free writing prospectus&rdquo; (in each case within the meaning of the Act) in connection
with the offer or sale of the Shares, other than the Prospectus, as amended or supplemented from time to time in accordance with
the provisions of this Agreement, and any Permitted Free Writing Prospectuses; the Company has not, directly or indirectly, prepared,
used or referred to any Permitted Free Writing Prospectus except in compliance with Rule 163 or with Rules 164 and 433 under the
Act; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with
the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule 433(d) under the Act, filed
with the Commission), the sending or giving, by each Agent, of any Permitted Free Writing Prospectus will satisfy the provisions
of Rule 164 or Rule 433 (without reliance on subsections (b), (c) and (d) of Rule 164); the conditions set forth in one or more
of subclauses (i) through (iv), inclusive, of Rule 433(b)(1) under the Act are satisfied, and the Registration Statement relating
to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than
by reason of Rule 433 or Rule 431 under the Act, satisfies the requirements of Section 10 of the Act; neither the Company nor
any Agent is disqualified, by reason of subsection (f) or (g) of Rule 164 under the Act, from using, in connection with the offer
and sale of the Shares, &ldquo;free writing prospectuses&rdquo; (as defined in Rule 405 under the Act) pursuant to Rules 164 and
433 under the Act; the Company is not an &ldquo;ineligible issuer&rdquo; (as defined in Rule 405 under the Act) as of the eligibility
determination date for purposes of Rules 164 and 433 under the Act with respect to the offering of the Shares contemplated by
the Registration Statement; the parties hereto agree and understand that the content of any and all &ldquo;road shows&rdquo; (as
defined in Rule 433 under the Act) related to the offering of the Shares contemplated hereby are &ldquo;issuer free writing prospectuses&rdquo;
as defined in Rule 433 of the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As
of September 30, 2019, the Company has an authorized and outstanding capitalization as set forth in the consolidated balance sheet
as of September 30, 2019 or as of the Company&rsquo;s then most recently completed quarter or fiscal year, contained in the Company&rsquo;s
Quarterly Report on Form 10-Q or the Company&rsquo;s Annual Report on Form 10-K, as applicable, at the indicated date, and, except
as described in the Registration Statement and the Prospectus, there has been no material change in such information since September
30, 2019 or the Company&rsquo;s then most recently completed quarter or fiscal year (subject to the issuance of shares of the
Company&rsquo;s common stock, par value $0.01 per share (&ldquo;<I>Common Stock</I>&rdquo;), upon exercise of stock options and
warrants, or upon exchange of units of limited partnership interest of the Operation Partnership (&ldquo;<I>OP Units</I>&rdquo;),
disclosed as outstanding in the Registration Statement (excluding the exhibits thereto) and the Prospectus and the grant of options
under existing stock option plans described in the Registration Statement (excluding the exhibits thereto), the Basic Prospectus
and the Prospectus).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All
of the issued and outstanding shares of capital stock, including the Common Stock, the Company&rsquo;s 7.25% Series A Cumulative
Redeemable Preferred Stock, par value $0.01 per share (the &ldquo;<I>Series A Preferred Stock</I>&rdquo;), and the Preferred Stock,
of the Company have been duly authorized and validly issued and are fully paid and non-assessable, have been issued in compliance
with all applicable securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal
or similar right; the Shares are duly listed, and admitted and authorized for trading, subject to official notice of issuance,
on the New York Stock Exchange (the &ldquo;<I>NYSE</I>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Maryland,
with full corporate power and authority to own, lease and operate its properties and conduct its business as described in the
Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and, in the case of the Company and
the Operating Partnership, to execute and deliver this Agreement and to issue, sell and deliver the Shares as contemplated herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction where the ownership
or leasing of its properties or the conduct of its business requires such qualification, except where the failure to be so qualified
and in good standing would not, individually or in the aggregate, (i) have a material adverse effect on the business, properties,
financial condition, results of operations or prospects of the Company and the Subsidiaries (as defined below) taken as a whole,
(ii) prevent or materially interfere with the consummation of the transactions contemplated hereby or (iii) result in the delisting
of shares of Preferred Stock or Common Stock from the NYSE (the occurrence of any such effect or any such prevention or interference
or any such result described in the foregoing clauses (i), (ii) and (iii) being herein referred to as a &ldquo;<I>Material Adverse
Effect</I>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company has no subsidiaries (as defined under the Act) other than those subsidiaries listed on <B><U>Schedule B</U></B> hereto
(collectively, the &ldquo;<I>Subsidiaries</I>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
for the units of limited partnership interest of the Operating Partnership designated as &ldquo;LTIP Units&rdquo; (&ldquo;<I>LTIP
Units</I>&rdquo;) as described in the Registration Statement and the Prospectus, the Company owns all of the issued and outstanding
capital stock or other equity interests of each of the Subsidiaries, including the Operating Partnership; other than the capital
stock or other equity interests of the Subsidiaries, the Company and the Operating Partnership do not own, directly or indirectly,
any shares of stock or any other equity interests or long-term debt securities of any corporation, firm, partnership, joint venture,
association or other entity. Complete and correct copies of the charters and the bylaws of the Company and the charters, the bylaws,
the limited liability company agreements, partnership agreements or other organizational documents of each Subsidiary and all
amendments thereto have been delivered to the Agents. Each Subsidiary has been duly incorporated or organized and is validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, with full corporate or partnership
(as applicable) power and authority to own, lease and operate its properties and to conduct its business as described in the Registration
Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any. Each Subsidiary is duly qualified to do business
as a foreign entity and is in good standing in each jurisdiction where the ownership or leasing of its properties or the conduct
of its business requires such qualification, except where the failure to be so qualified and in good standing would not, individually
or in the aggregate, have a Material Adverse Effect. All of the outstanding shares of capital stock or other equity interests
of each of the Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable, have been issued
in compliance with all applicable securities laws, were not issued in violation of any preemptive right, resale right, right of
first refusal or similar right and are owned by the Company subject to no security interest, other encumbrance or adverse claims.
Other than with respect to the LTIP Units, no options, warrants or other rights to purchase, agreements or other obligations to
issue or other rights to convert any obligation into shares of capital stock or other equity interests in the Subsidiaries are
outstanding; and the Company has no &ldquo;significant subsidiary,&rdquo; as that term is defined in Rule 1-02(w) of Regulation
S-X under the Act, other than Subsidiaries listed on Exhibit 21.1 of the Company&rsquo;s Annual Report on Form 10-K for the year
ended December 31, 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Shares have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will
be duly and validly issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, first refusal
rights or similar rights; the Shares, when issued and delivered against payment therefor as provided herein, will be free of any
restriction upon the voting or transfer thereof pursuant to the Company&rsquo;s charter or bylaws or any agreement or other instrument
to which the Company is a party other than the restrictions on ownership and transfer set forth in the Company&rsquo;s charter.
All of the other issued and outstanding shares of capital stock, including the Series A Preferred Stock and the Common Stock,
have been duly authorized and validly issued and are fully paid and non-assessable, have been issued in compliance with all applicable
securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
capital stock of the Company, including the Shares, conforms in all material respects to each description thereof contained or
incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and the Operating Partnership have full power and authority to enter into this Agreement. This Agreement has been duly
authorized, executed and delivered by the Company and the Operating Partnership. This Agreement constitutes a valid and binding
agreement of the Company and the Operating Partnership and is enforceable against the Company and the Operating Partnership in
accordance with its terms, except as the enforceability hereof and thereof may be limited by applicable bankruptcy, insolvency,
reorganization and similar laws affecting creditors&rsquo; rights generally and moratorium laws in effect from time to time and
by equitable principles restricting the availability of equitable remedies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company&rsquo;s charter (the &ldquo;<I>Charter</I>&rdquo;) set forth the preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of the
Preferred Stock and reflect the classification of 3,450,000 shares as shares of Preferred Stock. The new Articles Supplementary
classify 8,000,000 additional shares of authorized but unissued preferred stock, $0.01 par value per share, of the Company as
additional shares of Preferred Stock (the &ldquo;<I>New Articles Supplementary</I>&rdquo;). The New Articles Supplementary will
have been filed with the State Department of Assessments and Taxation of Maryland (the &ldquo;<I>SDAT</I>&rdquo;), will have become
effective under the Maryland General Corporation Law (the &ldquo;<I>MGCL</I>&rdquo;) and will comply with all applicable requirements
under the MGCL on or prior to any sale under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Sixth Amendment, dated as of November 22, 2019, to the Second Amended and Restated Agreement of Limited Partnership
of the Operating Partnership, dated as of June 2, 2015 (as amended from time to time, the &ldquo;<I>Operating Partnership Agreement</I>&rdquo;),
sets forth the designations, preferences and other rights and terms of the Preferred Units. An amendment to the Operating Partnership
Agreement increasing the number of authorized Preferred Units (the &ldquo;<I>Operating Partnership Agreement Amendment</I>&rdquo;)
will be, prior to any sale under this Agreement, duly authorized, executed and delivered. The Company, as the sole general partner
of the Operating Partnership, will duly authorize, execute and deliver the Operating Partnership Agreement Amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company has reserved for future issuance, and will keep available at all times, a sufficient number of shares of Common Stock,
to be issued upon conversion of the shares of Preferred Stock then outstanding and the shares of Common Stock when issued upon
conversion and surrender of such shares of Preferred Stock in accordance with the Charter and the New Articles Supplementary will
be validly issued, fully paid and non-assessable, will have been issued in compliance with all applicable state and federal securities
laws and will not have been issued in violation of or subject to any preemptive rights, first refusal rights or similar rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the Company nor any of the Subsidiaries is in breach or violation of or in default under (nor has any event occurred that, with
notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder of any
indebtedness (or a person acting on such holder&rsquo;s behalf) the right to require the repurchase, redemption or repayment of
all or a part of such indebtedness under) (i) its charter or bylaws; or (ii) any indenture, mortgage, deed of trust, bank loan
or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which
it is a party or by which it or any of its properties may be bound or affected; or (iii) any federal, state, local or foreign
law, regulation or rule, or (iv) any rule or regulation of any self-regulatory organization or other non-governmental regulatory
authority (including, without limitation, the rules and regulations of the NYSE); or (v) any decree, judgment or order applicable
to it or any of its properties, except for any of the foregoing in (ii), (iii), (iv) or (v) as would not, individually or in the
aggregate, have a Material Adverse Effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
execution, delivery and performance of this Agreement, the execution and filing of the New Articles Supplementary, the issuance
and sale of the Shares and the consummation of the transactions contemplated hereby will not conflict with, result in any breach
or violation of or constitute a default under (nor constitute any event that, with notice, lapse of time or both, would result
in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder&rsquo;s
behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in
the creation or imposition of a lien, charge or encumbrance on any property or assets of the Company or any Subsidiary pursuant
to) (i) the charter or bylaws of the Company or the charters, the bylaws, the limited liability company agreements, partnership
agreements or other organizational documents of any of the Subsidiaries, or (ii) any indenture, mortgage, deed of trust, bank
loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to
which the Company or any of the Subsidiaries is a party or by which any of them or any of their respective properties may be bound
or affected, or (iii) any federal, state, local or foreign law, regulation or rule, or (iv) any rule or regulation of any self-regulatory
organization or other non-governmental regulatory authority (including, without limitation, the rules and regulations of the NYSE),
or (v) any decree, judgment or order applicable to the Company or any of the Subsidiaries or any of their respective properties,
except for any of the foregoing in (ii), (iii), (iv) or (v) as would not, individually or in the aggregate, have a Material Adverse
Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission,
board, body, authority or agency, or of or with any self-regulatory organization or other non-governmental regulatory authority
(including, without limitation, the NYSE), or approval of the stockholders of the Company, is required in connection with the
issuance and sale of the Shares or the consummation by the Company and the Operating Partnership of the transactions contemplated
hereby, other than (i) registration of the Shares under the Act and filing the New Articles Supplementary with the SDAT, which
has been or will be effected, and the listing of the Shares on the NYSE, (ii) any necessary notice or qualification under the
securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Agents or (iii) under the
Conduct Rules of the Financial Industry Regulatory Authority, Inc. (&ldquo;<I>FINRA</I>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except as described in the Registration Statement (excluding the exhibits thereto) and the Prospectus, (i) no person has
the right, contractual or otherwise, to cause the Company to issue or sell to it any shares of Preferred Stock or shares of any
other capital stock or other equity interests of the Company, (ii) no person has any preemptive rights, resale rights, rights of
first refusal or other rights to purchase any shares of Preferred Stock or shares of any other capital stock of or other equity
interests in the Company and (iii) no person has the right to act as an underwriter, agent, financial advisor to the Company or
in any similar capacity in connection with the offer and sale of the Shares; no person has the right, contractual or otherwise,
to cause the Company to register under the Act any shares of Preferred Stock or shares of any other capital stock of or other equity
interests in the Company, or to include any such shares or interests in the Registration Statement or the offering contemplated
thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
of the Company and the Subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary
filings required under any applicable law, regulation or rule, and has obtained all necessary licenses, authorizations, consents
and approvals from other persons, in order to conduct their respective businesses, except where failure to obtain or maintain
such licenses, authorizations, consents or approvals or make such filings would not, individually or in the aggregate, have a
Material Adverse Effect. Neither the Company nor any of the Subsidiaries is in violation of, or in default under, or has received
notice of any proceedings relating to revocation or modification of, any such license, authorization, consent or approval or any
federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of
the Subsidiaries, except where such violation, default, revocation or modification would not, individually or in the aggregate,
have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as described in the Registration Statement and the Prospectus, there are no actions, suits, claims, investigations or proceedings
pending or, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, threatened, to which the Company or any of
the Subsidiaries or any of their respective directors or officers is or would be a party or of which any of their respective properties
is or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission,
board, body, authority or agency, or before or by any self-regulatory organization or other nongovernmental regulatory authority
(including, without limitation, the NYSE), except any such action, suit, claim, investigation or proceeding that, if resolved
adversely to the Company or any Subsidiary, would not, individually or in the aggregate, have a Material Adverse Effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>PricewaterhouseCoopers
LLP (the &ldquo;<I>Accountants</I>&rdquo;), whose report on the consolidated financial statements of the Company and the Subsidiaries
is included or incorporated by reference in the Registration Statement and the Prospectus, are independent registered public accountants
as required by the Act and by the rules of the Public Company Accounting Oversight Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
financial statements included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free
Writing Prospectus, together with the related notes and schedules, present fairly the consolidated financial position of the Company
and the Subsidiaries as of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders&rsquo;
equity of the Company and the Subsidiaries for the periods specified and have been prepared in compliance with the applicable
requirements of the Act and Exchange Act and in conformity with U.S. generally accepted accounting principles (&ldquo;<I>GAAP</I>&rdquo;)
applied on a consistent basis during the periods involved; all pro forma financial statements or data, if any, included or incorporated
by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus comply with the applicable
requirements of the Act and the Exchange Act, and the assumptions used in the preparation of such pro forma financial statements
and data are reasonable, the pro forma adjustments used therein are appropriate to give effect to the transactions or circumstances
described therein and the pro forma adjustments have been properly applied to the historical amounts in the compilation of those
statements and data; the other financial and statistical data contained or incorporated by reference in the Registration Statement,
the Prospectus or any Permitted Free Writing Prospectus are accurately and fairly presented and prepared on a basis consistent
with the financial statements and books and records of the Company and the Subsidiaries; there are no financial statements (historical
or pro forma) that are required to be included or incorporated by reference in the Registration Statement or the Prospectus that
are not included or incorporated by reference as required. Neither the Company nor any of the Subsidiaries has any material liabilities
or obligations, direct or contingent (including any off-balance sheet obligations), required to be disclosed in the Registration
Statement, not described in the Registration Statement (excluding the exhibits thereto) and the Prospectus; and all disclosures
contained or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus
regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules and regulations of the Commission) comply
with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Act, to the extent applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subsequent
to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free
Writing Prospectuses, if any, there has not been (i) any material adverse change in the business, prospects, properties, management,
financial condition, or results of operations of the Company and the Subsidiaries taken as a whole, (ii) any transaction which
is material to the Company and the Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent (including
any off-balance sheet obligations), incurred by the Company or any Subsidiary, which is material to the Company and the Subsidiaries
taken as a whole, (iv) any change in the capital stock or outstanding indebtedness of the Company or any Subsidiaries
or (v) any dividend or other distribution of any kind declared, paid or made on the capital stock of the Company or any Subsidiary;
except in each case as otherwise disclosed in the Registration Statement and the Prospectus, and except as would not, individually
or in the aggregate, have a Material Adverse Effect<B><I>.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither the Company nor any Subsidiary is, and at no time during which a prospectus is required by the Act to be delivered
(whether physically or through compliance with Rule 172 under the Act or any similar rule) in connection with any sale of Shares
will any of them be, and, after giving effect to the offering and sale of the Shares, neither of them will be, an &ldquo;investment
company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company,&rdquo; as such terms are defined in the Investment
Company Act of 1940, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as described in the Registration Statement and the Prospectus, the Company and each of the Subsidiaries have good and marketable
title to all property (real and personal) described in the Registration Statement, the Prospectus or any Permitted Free Writing
Prospectus as being owned by any of them, free and clear of all liens, claims, security interests or other encumbrances; all the
property described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as being held under
lease by the Company or a Subsidiary is held thereby under valid, subsisting and enforceable leases.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and the Subsidiaries own or possess sufficient trademarks, trade names, patent rights, copyrights, domain names, licenses,
approvals, trade secrets and other similar rights (collectively, &ldquo;<I>Intellectual Property</I>&rdquo;) reasonably necessary
to conduct their businesses as now conducted. Neither the Company nor any of the Subsidiaries has received any notice of infringement
or conflict with asserted Intellectual Property of others. The Company is not a party to or bound by any options, licenses or
agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be described in
the Registration Statement or the Prospectus and are not described therein. None of the technology employed by the Company or
any of the Subsidiaries has been obtained or is being used by the Company or any of the Subsidiaries in violation of any contractual
obligation binding on the Company or any of the Subsidiaries or any of its or the Subsidiaries&rsquo; officers, directors or employees
or otherwise in violation of the rights of any persons, except for such violations that would not, individually or in the aggregate,
have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(cc)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the Company nor any of the Subsidiaries is engaged in any unfair labor practice. Except for matters that would not, individually
or in the aggregate, have a Material Adverse Effect, (i) there is (A) no unfair labor practice complaint pending or, to the Company&rsquo;s
or the Operating Partnership&rsquo;s knowledge, threatened against the Company or any of the Subsidiaries before the National
Labor Relations Board, and no grievance or arbitration proceeding arising out of or under collective bargaining agreements is
pending or, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, threatened, (B) no strike, labor dispute, slowdown
or stoppage pending or, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, threatened against the Company
or any of the Subsidiaries and (C) no union representation dispute currently existing concerning the employees of the Company
or any of the Subsidiaries, (ii) to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, no union organizing activities
are currently taking place concerning the employees of the Company or any of the Subsidiaries and (iii) there has been no violation
of any federal, state, local or foreign law relating to discrimination in the hiring, promotion or pay of employees, any applicable
wage or hour laws or any provision of the Employee Retirement Income Security Act of 1974 (&ldquo;<I>ERISA</I>&rdquo;) or the
rules and regulations promulgated thereunder concerning the employees of the Company or any of the Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(dd)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and the Subsidiaries and their respective properties, assets and operations are in compliance with, and the Company and
each of the Subsidiaries hold all permits, authorizations and approvals required under, Environmental Laws (as defined below),
except to the extent that failure to so comply or to hold such permits, authorizations or approvals would not, individually or
in the aggregate, have a Material Adverse Effect; except as would not, individually or in the aggregate, be expected to have a
Material Adverse Effect, there are no past, present or, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge,
reasonably anticipated future events, conditions, circumstances, activities, practices, actions, omissions or plans that could
reasonably be expected to give rise to any costs or liabilities to the Company or any Subsidiary under, or to interfere with or
prevent compliance by the Company or any Subsidiary with, Environmental Laws; except as would not, individually or in the aggregate,
have a Material Adverse Effect, neither the Company nor any of the Subsidiaries (i) is, to the Company&rsquo;s or the Operating
Partnership&rsquo;s knowledge, the subject of any investigation; (ii) has received any notice or claim; (iii) is a party to or
affected by any pending or, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, threatened action, suit or
proceeding; (iv) is bound by any judgment, decree or order or (v) has entered into any agreement, in each case relating to any
alleged violation of any Environmental Law or any actual or alleged release or threatened release or cleanup at any location of
any Hazardous Materials (as defined below) (as used herein, &ldquo;<I>Environmental Law</I>&rdquo; means any federal, state or
local law, statute, ordinance, rule, regulation, order, decree, judgment or injunction, or common law, relating to the protection,
cleanup or restoration of the environment or natural resources, including those relating to the distribution, processing, generation,
treatment, storage, disposal, transportation, other handling or release or threatened release of Hazardous Materials, and &ldquo;<I>Hazardous
Materials</I>&rdquo; means any material (including, without limitation, pollutants, contaminants, hazardous or toxic substances
or wastes) that is regulated by or may give rise to liability under any Environmental Law).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ee)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All
income and other material foreign, federal, state and local tax returns that are filed or required to be filed by the Company
or any of the Subsidiaries have been timely filed (taking into account any extension of time within which to file such tax returns),
and all material foreign, federal, state and local taxes and other assessments of a similar nature (whether imposed directly or
through withholding) including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such
entities have been timely paid, other than those being contested in good faith that have not been finally determined and for which
adequate reserves have been provided in accordance with GAAP, or that would not be required to be disclosed in the Registration
Statement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ff)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Commencing
with the Company&rsquo;s taxable year ended on December 31, 2013, the Company has been organized in conformity with the requirements
for qualification and taxation as a real estate investment trust (a &ldquo;REIT&rdquo;) under the Internal Revenue Code of 1986,
as amended (the &ldquo;Code&rdquo;) and all applicable regulations under the Code, and the Company&rsquo;s actual method of operation
through the date hereof has enabled it to meet, and the Company&rsquo;s proposed method of operation will enable it to continue
to meet, the requirements for qualification and taxation as a REIT under the Code and all applicable regulations under the Code
for its taxable year ending on December 31, 2019 and thereafter; all statements in the Registration Statement and the Prospectus
under the caption &ldquo;Material U.S. Federal Income Tax Considerations&rdquo; regarding the Company&rsquo;s qualification and
taxation as a REIT are correct in all material respects. The Company intends to continue to qualify as a REIT under the Code and
all applicable regulations under the Code for all subsequent years, and the Company, after reasonable inquiry and diligence, does
not know of any event that would reasonably be expected to cause the Company to fail to qualify as a REIT at any time. The Operating
Partnership has been and will be taxed as a partnership or as a &ldquo;disregarded entity&rdquo; (within the meaning of Treasury
Regulation Section 301.7701-2(c)(2)) and not as an association or publicly traded partnership (within the meaning of Section 7704)
subject to tax as a corporation, for U.S. federal income tax purposes beginning with its first taxable year; the Company does
not know of any event that would cause or would reasonably be expected to cause the Operating Partnership to cease being taxed
as a partnership or as a &ldquo;disregarded entity&rdquo; (within the meaning of Treasury Regulation Section 301.7701-2(c)(2))
for U.S. federal income tax purposes, and the Company does not know of any event that would cause or would reasonably be expected
to cause the Operating Partnership to be treated as an association or publicly traded partnership subject to tax as a corporation
for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(gg)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and each of the Subsidiaries maintain insurance covering their respective properties, operations, personnel and businesses
as the Company reasonably deems adequate; such insurance insures against such losses and risks to an extent which is adequate
in accordance with customary industry practice to protect the Company and the Subsidiaries and their respective businesses. All
such insurance is fully in force on the date hereof and will be fully in force at each Time of Sale and Settlement Date. Neither
the Company nor any Subsidiary has reason to believe that it will not be able to renew any such insurance as and when such insurance
expires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(hh)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the Company nor any of the Subsidiaries has sustained since the date of the last audited consolidated financial statements of
the Company included or incorporated by reference in the Registration Statement and the Prospectus any loss or interference with
its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or
court or governmental action, order or decree, except as would not, individually or in the aggregate, be expected to have a Material
Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as described in the Registration Statement and the Prospectus, neither the Company nor any Subsidiary has sent or received any
communication regarding termination of, or intent not to renew, any of the contracts or agreements referred to or described in
the Registration Statement and the Prospectus, and no such termination or non-renewal has been threatened by the Company or any
Subsidiary or, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, any other party to any such contract or
agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(jj)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Unless
the Company has otherwise promptly notified the Agents in writing prior to the time when such representation is required to be
made (or deemed to have been affirmed pursuant to Section 4(aa) hereof), the Preferred Stock is an &ldquo;actively-traded security&rdquo;
excepted from the requirements of Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(kk)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and each of the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance
that (i) transactions are executed in accordance with management&rsquo;s general or specific authorization; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability
for assets; access to assets is permitted only in accordance with management&rsquo;s general or specific authorization; and the
recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with
respect to any differences.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ll)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company has established and maintains and evaluates &ldquo;disclosure controls and procedures&rdquo; (as such term is defined
in Rule 13a-15 and 15d-15 under the Exchange Act) and &ldquo;internal control over financial reporting&rdquo; (as such term is
defined in Rule 13a-15 and 15d-15 under the Exchange Act); such disclosure controls and procedures are designed to ensure that
material information relating to the Company and the Subsidiaries, is made known to the Company&rsquo;s Chief Executive Officer
and its Chief Financial Officer by others within those entities, and such disclosure controls and procedures are effective to
perform the functions for which they were established. The Company&rsquo;s independent auditors and the Audit Committee of the
Company&rsquo;s board of directors have been advised of: (i) all significant deficiencies, if any, in the design or operation
of internal controls which could adversely affect the Company&rsquo;s ability to record, process, summarize and report financial
data; and (ii) all fraud, if any, whether or not material, that involves management or other employees who have a role in the
Company&rsquo;s internal controls; all material weaknesses, if any, in internal controls have been identified to the Company&rsquo;s
independent auditors. Since the date of the most recent evaluation of such disclosure controls and procedures and internal controls,
there have been no significant changes in internal controls or in other factors that could significantly affect internal controls,
including any corrective actions with regard to significant deficiencies and material weaknesses. The principal executive officers
(or their equivalents) and principal financial officers (or their equivalents) of the Company have made all applicable certifications
required by the Sarbanes-Oxley Act of 2002 (the &ldquo;<I>Sarbanes-Oxley Act</I>&rdquo;) and any related rules and regulations
promulgated by the Commission, and the statements contained in each such certification are complete and correct. The Company,
the Subsidiaries and the Company&rsquo;s directors and officers are each in compliance in all material respects with all applicable
effective provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission and the NYSE promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(mm)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each &ldquo;forward-looking statement&rdquo; (within the meaning of Section 27A of the Act or Section 21E of the Exchange
Act) contained or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus
has been made with a reasonable basis and in good faith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(nn)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All
statistical or market-related data included or incorporated by reference in the Registration Statement, the Prospectus or any
Permitted Free Writing Prospectus are based on or derived from sources that the Company believes to be reliable and accurate,
and the Company has obtained the written consent to the use of such data from such sources to the extent required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(oo)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither the Company nor any of the Subsidiaries nor, to the knowledge of the Company or the Operating Partnership, any director,
officer, agent, employee or affiliate of the Company or any of the Subsidiaries is aware of or has taken any action, directly or
indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the
rules and regulations thereunder; and the Company, the Subsidiaries and, to the knowledge of the Company and the Operating Partnership,
their affiliates have instituted and maintain policies and procedures designed to ensure continued compliance therewith.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(qq)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the Company nor any of the Subsidiaries nor, to the knowledge of the Company or the Operating Partnership, any director, officer,
agent, employee or affiliate of the Company or any of the Subsidiaries, nor Global Net Lease Advisors, LLC, a Delaware limited
liability company (the &ldquo;<I>Advisor</I>&rdquo;), or its affiliates acting on behalf of the Company or the Operating Partnership,
is currently subject to any U.S.&nbsp;sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department
(&ldquo;<I>OFAC</I>&rdquo;); and the Company will not directly or indirectly use the proceeds of the offering of the Shares contemplated
hereby, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person
or entity for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(rr)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
Subsidiary is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution
on such Subsidiary&rsquo;s capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company
or from transferring any of such Subsidiary&rsquo;s property or assets to the Company or any other Subsidiary of the Company,
except as described in the Registration Statement (excluding the exhibits thereto) and the Prospectus, and except as such limitations
would not, taken as a whole, be material to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ss)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
issuance and sale of the Shares as contemplated hereby will not cause any holder of any shares of capital stock, securities convertible
into or exchangeable or exercisable for capital stock or options, warrants or other rights to purchase capital stock or any other
securities of the Company to have any right to acquire any shares of preferred stock of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(tt)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company is in compliance in all material respects with the rules of the NYSE, including, without limitation, the requirements
for continued listing of the Preferred Stock, the Series A Preferred Stock and the Common Stock on the NYSE and the Company has
not received any notice from the NYSE regarding the delisting of the Preferred Stock, the Series A Preferred Stock or the Common
Stock from the NYSE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(uu)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
pursuant to this Agreement, neither the Company nor any of the Subsidiaries has incurred any liability for any finder&rsquo;s
or broker&rsquo;s fee or agent&rsquo;s commission in connection with the execution and delivery of this Agreement or the consummation
of the transactions contemplated hereby or by the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company has not entered into any other sales agency or distribution agreements or similar arrangements with any agent or other
representative similar in nature to the equity shelf program established by this Agreement for the offer and sale of shares of
Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ww)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the Company nor any of the Subsidiaries nor, to the Company&rsquo;s knowledge, any of their respective directors, officers, affiliates
or controlling persons has taken, directly or indirectly, any action designed or which has constituted or might reasonably be
expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the
sale or resale of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xx)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
the Company&rsquo;s and the Operating Partnership&rsquo;s knowledge, there are no affiliations or associations between (i) any
member of the FINRA and (ii) the Company or any of the Company&rsquo;s officers, directors or 5% or greater security holders or
any beneficial owner of the Company&rsquo;s unregistered equity securities that were acquired at any time on or after the 180th
day immediately preceding the date the Registration Statement was initially filed with the Commission, except as disclosed in
the Registration Statement and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(yy)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There
are no outstanding loans, extensions of credit or advances or guarantees of indebtedness by the Company or any of the Subsidiaries
to or for the benefit of any of the officers or directors of the Company or any of the Subsidiaries or any of the members of the
families of any of them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(zz)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There
is no relationship, direct or indirect, that exists between or among the Company or any of the Subsidiaries on the one hand, and
the directors, officers, stockholders, customers or suppliers of the Company or any of the Subsidiaries on the other hand, which
is required by the Act to be described in the Registration Statement or the Prospectus, which is not so described.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(aaa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Fourth Amended and Restated Advisory Agreement between the Company and the Advisor has been duly authorized, executed and delivered
by the Company and is a legal, valid and binding agreement of the Company enforceable in accordance with its terms, except as
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally,
and by general equitable principles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(bbb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)(x)Except as disclosed in the Registration Statement and the Prospectus, there has not, to the Company&rsquo;s or the
Operating Partnership&rsquo;s knowledge, been any security breach or other compromise of or relating to any of the Company&rsquo;s
information technology and computer systems, networks, hardware, software, data (including the data of their respective tenants,
customers, employees, suppliers, vendors and any third party data maintained by or on behalf of them), or equipment (collectively,
&ldquo;IT <I>Systems and Data</I>&rdquo;) and (y) the Company has not been notified of, and have no knowledge of any event or
condition that would reasonably be expected to result in, any security breach or other compromise to their IT Systems and Data;
(ii) the Company is presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations
of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to
the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access,
misappropriation or modification, except as would not, in the case of this clause (ii), individually or in the aggregate, have
a Material Adverse Effect; and (iii)&nbsp;the backup and disaster recovery technology systems that have been implemented for the
Company are consistent with industry standards and practices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In addition,
any certificate signed by any officer of the Company or any of the Subsidiaries and delivered to any of the Agents or counsel for
such Agents in connection with the offering of the Shares shall be deemed to be a representation and warranty by the Company or
the Operating Partnership, as to matters covered thereby, to such Agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Sale
and Delivery of Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set
forth, the Company agrees to issue and sell through the Agents, as sales agents, and each Agent agrees to use its commercially
reasonable efforts to sell, as sales agent for the Company, the Shares on the following terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.6in">&nbsp;(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and such Agent on any day that (A) is
a trading day for the NYSE (a &ldquo;<I>Trading Day</I>&rdquo;) (other than a Trading Day on which the NYSE is scheduled to close
prior to its regular weekday closing time), (B) the Company has instructed such Agent by electronic mail or by telephone (confirmed
promptly by electronic mail) from any of the individuals listed as authorized representatives of the Company on Schedule C hereto
(as may be amended from time to time by the Company by written notice to the Agents) (the &ldquo;<I>Authorized Company Representatives</I>&rdquo;)
to make such sales and (C) the Company has satisfied its obligations under Section 6 of this Agreement. The Company will designate
the maximum number of Shares to be sold by such Agent daily as agreed to by such Agent and in any event not in excess of the amount
of Shares available for issuance under the currently effective Registration Statement or in excess of the amount of Shares authorized
from time to time to be issued and sold under this Agreement by the Company&rsquo;s board of directors, or a duly authorized committee
thereof, and notified to such Agent in writing. Subject to the terms and conditions hereof, the Agent shall use its commercially
reasonable efforts to offer and sell all of the Shares designated on any day; <I>provided</I>, <I>however</I>, that such Agent
shall have no obligation to offer or sell any Shares, and the Company and the Operating Partnership acknowledge and agree that
such Agent shall have no such obligation, in the event an offer or sale of the Shares on behalf of the Company may in the judgment
of such Agent constitute the sale of a &ldquo;block&rdquo; under Rule&nbsp;10b-18(a)(5) under the Exchange Act or a &ldquo;distribution&rdquo;
within the meaning of Rule 100 of Regulation M under the Exchange Act or such Agent reasonably believes it may be deemed an &ldquo;underwriter&rdquo;
under the Act in a transaction that is other than by means of ordinary brokers&rsquo; transactions between members of the NYSE
that qualify for delivery of a Prospectus to the NYSE in accordance with Rule 153 under the Act (such ordinary brokers&rsquo;
transactions are hereinafter referred to as &ldquo;<I>At the Market Offerings</I>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.6in">&nbsp;(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
the foregoing, the Company, through any of the Authorized Company Representatives, may instruct such Agent by electronic mail
or by telephone (confirmed promptly by electronic mail) not to sell the Shares if such sales cannot be effected at or above the
price designated by the Company in any such instruction. In addition, the Company or such Agent may, upon notice to the other
party hereto by electronic mail or by telephone (confirmed promptly by electronic mail), suspend the offering of the Shares; provided,
however, that such suspension shall not affect or impair the parties&rsquo; respective obligations with respect to the Shares
sold hereunder prior to the giving of such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.6in">&nbsp;(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
Agent hereby covenants and agrees not to make any sales of the Shares on behalf of the Company, pursuant to this Section 3(a),
other than (A) by means of At the Market Offerings and (B) such other sales of the Shares on behalf of the Company in its capacity
as agent of the Company as shall be agreed by the Company and such Agent. Further, each Agent hereby covenants and agrees not
to make any sale of the Shares not in accordance with the applicable instructions provided by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.6in">&nbsp;(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
compensation to each Agent, as an agent of the Company, for sales of the Shares shall be 1.5% of the gross sales price of the
Shares sold pursuant to this Section 3(a). The remaining proceeds, after further deduction for any transaction fees imposed by
any governmental or self-regulatory organization in connection with such sales, shall constitute the net proceeds to the Company
for such Shares (the &ldquo;<I>Net Proceeds</I>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.6in">&nbsp;(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each Agent shall provide written confirmation to the Company following the close of trading on the NYSE each day in which
the Shares are sold under this Section 3(a) setting forth the aggregate amount of the Shares sold on such day, the gross sales
price per share, the aggregate gross sales proceeds, the aggregate Net Proceeds to the Company, and the aggregate compensation
payable by the Company to such Agent with respect to such sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.6in">&nbsp;(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Settlement
for sales of the Shares pursuant to this Section 3(a) will occur on the second Trading Day following the date on which such sales
are made (<I>provided</I> that, if such second Trading Day is not a business day (as defined below), then settlement will occur
on the next succeeding Trading Day that is also a business day), unless another date shall be agreed upon by the Company and such
Agent (each such date, a &ldquo;<I>Settlement Date</I>&rdquo;). As used in the preceding sentence and in Section 7 below, the
term &ldquo;<I>business day</I>&rdquo; means any day other than a Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law, regulation or executive order to close. On each Settlement Date, the Shares
sold through such Agent for settlement on such date shall be issued and delivered by the Company to such Agent against payment
of the Net Proceeds for the sale of such Shares. Settlement for all such Shares shall be effected by free delivery of the Shares
by the Company or its transfer agent to such Agent&rsquo;s account, or to the account of such Agent&rsquo;s designee, at The Depository
Trust Company (&ldquo;<I>DTC</I>&rdquo;) through its Deposit and Withdrawal at Custodian System (&ldquo;<I>DWAC</I>&rdquo;) or
by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all cases shall be freely tradable,
transferable, registered shares eligible for delivery through DTC, in return for payments in same day funds delivered to the account
designated by the Company. If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the
Shares on any Settlement Date, the Company and the Operating Partnership shall (A) indemnify and hold such Agent harmless against
any loss, claim or damage arising from or as a result of such default by the Company and (B) pay such Agent any commission to
which it would otherwise be entitled absent such default. The Authorized Company Representatives shall be the contact persons
for the Company for all matters related to the settlement of the transfer of the Shares through DWAC for purposes of this Section
3(a)(vi).</P>

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

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

<!-- Field: Page; Sequence: 14; Value: 2 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.6in">&nbsp;(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At each Time of Sale, Settlement Date and Representation Date (as defined in Section 4(p)), the Company and the Operating
Partnership shall be deemed to have affirmed each representation and warranty contained in this Agreement, other than those contained
in Sections 2(e) and 2(i) above. Any obligation of any Agent to use its commercially reasonable efforts to sell the Shares on behalf
of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company and the Operating
Partnership herein, to the performance by the Company and the Operating Partnership of their obligations hereunder and to the continuing
satisfaction of the additional conditions specified in Section 6 of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.6in">&nbsp;(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;</FONT>The
Company agrees that any offer to sell Shares, any solicitation of an offer to buy Shares, or any sales of Shares shall only be
effected by or through only one Agent on any single given day, but in no event by more than one, and the Company shall in no event
request that multiple Agents sell Shares on the same day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
the Company wishes to issue and sell the Shares other than as set forth in Section 3(a) of this Agreement (each, a &ldquo;<I>Placement</I>&rdquo;),
it will notify an Agent of the proposed terms of such Placement. If such Agent, acting as principal, wishes to accept such proposed
terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the Company, wishes to
accept amended terms, such Agent and the Company will enter into a Terms Agreement setting forth the terms of such Placement.
In the event of a conflict between the terms of this Agreement and the terms of any Terms Agreement, the terms of such Terms Agreement
will control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)
Under no circumstances shall the Company cause or request the offer or sale of any Shares if, after giving effect to the sale
of such Shares, the aggregate gross sales proceeds or the aggregate number of the Shares sold pursuant to this Agreement would
exceed the lesser of (A) the amount set forth in Section 1, (B) the amount then available for offer and sale under the currently
effective Registration Statement and (C) the amount authorized from time to time to be offered and sold under this Agreement by
the Company&rsquo;s board of directors, or a duly authorized committee thereof, and notified to the Agents in writing. Under no
circumstances shall the Company cause or request the offer or sale of any Shares at a price lower than the minimum price authorized
from time to time by the Company&rsquo;s board of directors or a duly authorized committee thereof, and notified to the Agents
in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.6in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
either party has reason to believe that the exemptive provisions set forth in Rule&nbsp;101(c)(1) of Regulation M under the Exchange
Act are not satisfied with respect to the Shares, it shall promptly notify the other party and sales of the Shares under this
Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
sale of the Shares to or through any Agent shall be made in accordance with the terms of this Agreement or, if applicable, a Terms
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to such further limitations on offers and sales of Shares or delivery of instructions to offer and sell Shares as are set forth
herein and as may be mutually agreed upon by the Company and any Agent, offers and sales of Shares pursuant to this Agreement
shall not be requested by the Company and need not be made by such Agent at any time when or during any period in which the Company&rsquo;s
insider trading or similar policy, as it exists on the date of this Agreement, would prohibit the purchase or sale of Preferred
Stock by persons subject to such policy, or during any other period in which the Company is, or could be deemed to be, in possession
of material non-public information with respect to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and the Operating Partnership acknowledge and agree that (i) there can be no assurance that any Agent will be successful
in selling the Shares, (ii) no Agent will incur any liability or obligation to the Company or any other person or entity if it
does not sell Shares for any reason other than a failure by such Agent to use its commercially reasonable efforts consistent with
its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of
this Agreement, and (iii) each Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement,
except as otherwise specifically agreed in writing by such Agent and the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Covenants
of the Company and the Operating Partnership</U>. The Company and the Operating Partnership, jointly and severally, agree with
each Agent:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To notify the Agents promptly of the time on or after the date of this Agreement when the Registration Statement or any
amendment to the Registration Statement has been filed or become effective or when the Basic Prospectus, the Prospectus or any
Permitted Free Writing Prospectus or any supplement to any of the foregoing has been filed; and to cause the Basic Prospectus,
the Prospectus Supplement and the Prospectus and each amendment or supplement to the Basic Prospectus, the Basic Prospectus or
the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Act (without
reliance on Rule 424(b)(8)) or, in the case of any Incorporated Document, to be filed with the Commission as required pursuant
to the Exchange Act, within the time period prescribed; to cause each Permitted Free Writing Prospectus to be filed with the Commission
as required by Rule 433 of the Act (to the extent such filing is required by such rule) and to retain copies of each Permitted
Free Writing Prospectus that is not required to be filed with the Commission in accordance with Rule 433 of the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
promptly advise the Agents, confirming such advice in writing, of any suspension of any Agent&rsquo;s obligations under Rule 15c2-8
under the Exchange Act or any request by the Commission for amendments or supplements to the Registration Statement, the Basic
Prospectus, the Prospectus or any Permitted Free Writing Prospectus (in each case including, without limitation, any Incorporated
Document) or for additional information with respect thereto, or of notice of examination, institution of proceedings for or the
entry of a stop order suspending the effectiveness of the Registration Statement and, if the Commission should enter a stop order
suspending the effectiveness of the Registration Statement, to use its reasonable best efforts to obtain the lifting or removal
of such order as soon as possible; to promptly advise the Agents of any proposal to amend or supplement the Registration Statement,
the Basic Prospectus, the Prospectus or any Permitted Free Writing Prospectus (other than any amendment or supplement to be effected
by the Company&rsquo;s filing of a report, document or proxy or information statement pursuant to Sections 13, 14 or 15(d) of
the Exchange Act), and to provide the Agents and their counsel copies of any such documents for review and comment a reasonable
amount of time prior to any proposed filing and not to file or use any such amendment or supplement (other than any prospectus
supplement relating to the offering of other securities) to which any Agent shall have objected in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
make available to each Agent, as soon as practicable after this Agreement becomes effective, and thereafter from time to time
to furnish to each Agent, as many copies of the Prospectus and each Permitted Free Writing Prospectus (or of the Prospectus or
any Permitted Free Writing Prospectus as amended or supplemented if the Company shall have made any amendments or supplements
thereto after the effective date of the Registration Statement) as such Agent may request for the purposes contemplated by the
Act; in case any Agent is required to deliver (whether physically, deemed to be delivered pursuant to Rule 153 or through compliance
with Rule 172 under the Act or any similar rule), in connection with the sale of the Shares, a prospectus after the nine-month
period referred to in Section 10(a)(3) of the Act, or after the time a post-effective amendment to the Registration Statement
is required pursuant to Item 512(a) of Regulation S-K under the Act, the Company will prepare, at its expense, such amendment
or amendments to the Registration Statement and the Prospectus as may be necessary to permit compliance with the requirements
of Section 10(a)(3) of the Act or Item 512(a) of Regulation S-K under the Act, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
file promptly all reports and documents (including any preliminary or definitive proxy or information statement) required to be
filed by the Company with the Commission in order to comply with the Exchange Act for so long as a prospectus is required by the
Act to be delivered (whether physically, deemed to be delivered pursuant to Rule 153 or through compliance with Rule 172 under
the Act or any similar rule) in connection with any sale of Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
pay the fees applicable to the Registration Statement in connection with the offering of the Shares within the time required by
Rule 456(b)(1)(i) under the Act (without reliance on the proviso to Rule 456(b)(1)(i) under the Act) and in compliance with Rule
456(b) and Rule 457(r) under the Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
the Company receives from the Commission a notice pursuant to Rule 401(g)(2) under the Act or otherwise ceases to be eligible
to use the automatic shelf registration statement form, the Company will (a) promptly notify each Agent, and (b) if the Company
files a new registration statement or post-effective amendment on the proper form relating to the Shares, in a form satisfactory
to the Agents, promptly notify each Agent of effectiveness of such registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
promptly notify each Agent of the happening of any event that could require the making of any change in the Prospectus then being
used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they are made, not misleading and, subject
to Section 4(b) and Section 4(d), to prepare and furnish, at the Company&rsquo;s expense, to each Agent promptly such amendments
or supplements to such Prospectus as may be necessary to reflect any such change; and to promptly notify each Agent of the happening
of any event that could require the making of any change in any Permitted Free Writing Prospectus so that such Permitted Free
Writing Prospectus would not conflict with information contained in the Registration Statement, the Prospectus or the Incorporated
Documents or so that such Permitted Free Writing Prospectus would not include an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading and, subject to Section 4(b) and Section 4(d), to prepare and furnish, at the Company&rsquo;s expense, to
each Agent promptly such amendments or supplements to such Permitted Free Writing Prospectus as may be necessary to eliminate
any such conflict or reflect any such change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the
securities or blue sky laws of such states or other jurisdictions as any Agent may designate and to maintain such qualifications
in effect so long as required for the distribution of the Shares; <I>provided</I>, <I>however</I>, that the Company shall not
be required to qualify as a foreign corporation or to consent to the service of process under the laws of any such jurisdiction
(except service of process with respect to the offering and sale of the Shares); and to promptly advise each Agent of the receipt
by the Company of any notification with respect to the suspension of the qualification of the Shares for offer or sale in any
jurisdiction or the initiation or threatening of any proceeding for such purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
make generally available to its security holders, and to deliver to each Agent, an earnings statement of the Company (which will
satisfy the provisions of Section 11(a) of the Act) covering a period of twelve months beginning after the effective date of the
Registration Statement (as defined in Rule 158(c) of the Act) as soon as is reasonably practicable after the termination of such
twelve-month period but not later than eighteen months after the effective date of the Registration Statement (as such date is
defined in Rule 158(c) under the Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
apply the net proceeds from the sale of the Shares in the manner set forth under the caption &ldquo;Use of Proceeds&rdquo; in
the Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Not to sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to sell or otherwise dispose
of or agree to dispose of, directly or indirectly, or permit the registration under the Act of, any shares of Preferred Stock or
any other securities of the Company that are substantially similar to the Preferred Stock, including the Series A Preferred Stock
(&ldquo;<I>Similar Securities</I>&rdquo;), or any securities convertible into or exchangeable or exercisable for Preferred Stock
or Similar Securities (including without limitation, any options, warrants or other rights to purchase Preferred Stock or Similar
Securities), in each case without giving the Agents at least three Trading Days&rsquo; prior written notice specifying the nature
of the proposed sale and the date of such proposed sale. Notwithstanding the foregoing, the Company may register the offer and
sale of the Shares through the Agents pursuant to this Agreement. In the event that notice of a proposed sale is provided by the
Company pursuant to this Section 4(k), any Agent may suspend activity under this Agreement for such period of time as may be requested
by the Company or as may be deemed appropriate by such Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Not,
at any time at or after the execution of this Agreement, to offer or sell any Shares by means of any &ldquo;prospectus&rdquo;
(within the meaning of the Act), or use any &ldquo;prospectus&rdquo; (within the meaning of the Act) in connection with the offer
or sale of the Shares, in each case other than the Prospectus or a Permitted Free Writing Prospectus.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
use its best efforts to cause the Preferred Stock to be listed on the NYSE and to maintain such listing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
advise each Agent immediately after it shall have received notice or obtain knowledge thereof, of any information or fact that
would alter or affect any opinion, certificate, letter and other document provided to the Agents pursuant to Section 6 herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
the date of this Agreement, and each time that (i) the Registration Statement or the Prospectus shall be amended or supplemented
(other than by the filing with the Commission of any document incorporated by reference therein (excluding supplements not related
to the Shares), which shall be subject to the provisions of subclause (ii) below, and other than a prospectus supplement filed
pursuant to Rule 424(b) under the Act relating solely to the offering of securities other than the Shares), (ii) there is filed
with the Commission any document incorporated by reference into the Prospectus (other than a Current Report on Form 8-K, unless
the Agents shall otherwise reasonably request), or (iii) the Agents may reasonably request (on the date of this Agreement and
each date referred to in subclauses (i), (ii) and (iii) above except as otherwise agreed between the Company and the Agents, each
a &ldquo;<I>Representation Date</I>&rdquo;), to furnish or cause to be furnished to the Agents forthwith a certificate of two
of the Company&rsquo;s executive officers, dated and delivered the Representation Date, in form satisfactory to the Agents to
the effect that the statements contained in the certificate referred to in Section 6(e) of this Agreement which was last furnished
to the Agents are true and correct as of such Representation Date as though made at and as of such date (except that such certificate
shall state that such statements shall be deemed to relate to the Registration Statement and the Prospectus and to all Permitted
Free Writing Prospectuses, in each case as amended and supplemented to such date) or, in lieu of such certificate, a certificate
of the same tenor as the certificate referred to in Section 6(e), modified as necessary to relate to the Registration Statement
and the Prospectus and to all Permitted Free Writing Prospectuses, in each case as amended and supplemented to the time of delivery
of such certificate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At
each Representation Date, to furnish or cause to be furnished forthwith to the Agents written opinions of Proskauer Rose LLP,
counsel to the Company (&ldquo;<I>Company Counsel</I>&rdquo;), or other counsel satisfactory to the Agents, dated and delivered
as of such Representation Date, in form and substance satisfactory to the Agents, of the same tenor as the opinions referred to
in Section 6(c) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus and to
all Permitted Free Writing Prospectuses, in each case as amended and supplemented to the time of delivery of such opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At
each Representation Date, to furnish or cause to be furnished forthwith to the Agents a written opinion of Venable LLP, Maryland
counsel the Company (&ldquo;<I>Maryland Counsel</I>&rdquo;), or other counsel satisfactory to the Agents, dated and delivered
as of such Representation Date, in form and substance satisfactory to the Agents, of the same tenor as the opinion referred to
in Section 6(d) of this Agreement, but modified as necessary to relate to the Registration Statement and the Prospectus and to
all Permitted Free Writing Prospectuses, in each case as amended and supplemented to the time of delivery of such opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At
each Representation Date, to furnish or cause to be furnished to the Agents forthwith a certificate of the Secretary of the Company,
dated and delivered as of such Representation Date, in form and substance satisfactory to the Agents, of the same tenor as the
certificate referred to in Section 6(h) of this Agreement but modified to relate to the Registration Statement and the Prospectus,
in each case, as amended and supplemented to the date of such certificate.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At
each Representation Date, Mayer Brown LLP, counsel to the Agents, shall deliver a written opinion, dated and delivered as of such
Representation Date, in form and substance satisfactory to the Agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
commencement of the offering of the Shares under this Agreement, and each time that (i) the Registration Statement or
the Prospectus shall be amended or supplemented to include additional or amended financial information (other than an
amendment or supplement effected by the filing with the Commission of any document incorporated by reference therein, which
shall be subject to the provisions of subclauses (ii) and (iii) below), (ii) the Company shall file an Annual Report on Form
10-K or a Quarterly Report on Form 10-Q, (iii) upon request by the Agents to the Company, there is filed with the Commission any
document (other than an Annual Report on Form 10-K or a Quarterly Report on Form 10-Q) incorporated by reference into the
Prospectus which contains financial information, or (iv) the Agents may reasonably request, to cause the Accountants, or
other independent accountants satisfactory to the Agents, forthwith to furnish the Agents a letter, dated the date of the
commencement of the offering, the date of effectiveness of such amendment, the date of filing of such supplement or other
document with the Commission, or the date of such request, as the case may be, or on such other date as shall be satisfactory
to the Agents, in form and substance satisfactory to the Agents, of the same tenor as the letter referred to in Section 6(d)
of this Agreement but modified to relate to the Registration Statement and the Prospectus and to all Permitted Free Writing
Prospectuses, in each case, as amended and supplemented to the date of such letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At
each Representation Date, to conduct a due diligence session, in form and substance, satisfactory to the Agents, which shall include
representatives of the management and the accountants of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>That
the Company consents to any Agent trading in the Preferred Stock for such Agent&rsquo;s own account and for the account of its
clients at the same time as sales of the Shares occur pursuant to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
to the knowledge of the Company and the Operating Partnership, any condition set forth in Section 6(a), 6(i) or 6(j) of this Agreement
shall not have been satisfied on the applicable Settlement Date, to offer to any person who has agreed to purchase the Shares
from the Company as the result of an offer to purchase solicited by any Agent the right to refuse to purchase and pay for such
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
disclose in its Quarterly Reports on Form 10-Q and in its Annual Report on Form 10-K the number of the Shares sold through or
to the Agents under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales
of the Shares pursuant to this Agreement during the most recently completed fiscal quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
ensure that prior to instructing any Agent to sell Shares the Company shall have obtained all necessary corporate authorizations
for the offer and sale of such Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>That
each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to the Agents
that the representations and warranties of the Company and the Operating Partnership contained in or made pursuant to this Agreement
are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that (i) to the
extent such representations and warranties are subject to qualifications and exceptions contained therein relating to &ldquo;materiality&rdquo;
or &ldquo;Material Adverse Effect,&rdquo; such representations and warranties will be true and correct as of the Settlement Date
for the Shares relating to such acceptance, as though made at and as of such Settlement Date, and (ii) to the extent such representations
and warranties are not subject to any such qualifications or exceptions, such representations and warranties will be true and
correct in all material respects as of the Settlement Date for the Shares relating to such acceptance, as though made at and as
of such Settlement Date; provided that, such representations and warranties shall be deemed to relate to the Registration Statement
and the Prospectus and to all Permitted Free Writing Prospectuses, in each case as amended and supplemented relating to such Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(bb)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To use its best efforts to meet the requirements to qualify as a REIT under the Code.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(cc)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If, immediately prior to the third anniversary of the initial effective date of the Registration Statement relating to the
Shares (the &ldquo;Renewal Deadline&rdquo;), any of the Shares remain unsold by the Agents and this Agreement has not expired or
been terminated, the Company shall prior to the Renewal Deadline (i) file, if it has not already done so (subject to subsections
(a) and (b) of this Section 4), a new shelf registration statement relating to the Shares or a new shelf registration statement
together with a new prospectus supplement relating to the Shares, in either case in a form reasonably satisfactory to the Agents,
(ii) use its commercially reasonable best efforts to cause such registration statement to be declared effective within 90 days
after the Renewal Deadline (if the Company is not then eligible to file an automatic shelf registration statement) and (iii) take
all other action reasonably necessary or appropriate to permit the public offering and sale of the Shares to continue as contemplated
herein and in the expired registration statement relating to the Shares. References herein to the Registration Statement relating
to the Shares shall include any new shelf registration statement contemplated by this Section 4(cc) and references to the Prospectus
Supplement relating to the Shares shall include any new prospectus supplement contemplated by this Section 4(cc).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Payment
of Expenses</U>. The Company and the Operating Partnership, jointly and severally, agree with each Agent that whether or not the
transactions contemplated hereunder are consummated or this Agreement is terminated, each party shall pay all of its own expenses
incident to the performance of the party&rsquo;s obligations hereunder, including, but not limited to, such costs, expenses, fees
and taxes in connection with (i) the preparation and filing of the Registration Statement, the Basic Prospectus, the Prospectus
Supplement, the Prospectus, each Permitted Free Writing Prospectus and any amendments or supplements thereto, and the printing
and furnishing of copies of each thereof to any Agent (including costs of mailing and shipment), (ii) the registration, issue,
sale and delivery of the Shares including any stock or transfer taxes and stamp or similar duties payable upon the sale, issuance
or delivery of the Shares, (iii) the producing, word processing and/or printing of this Agreement, any Powers of Attorney and
any closing documents (including compilations thereof) and the reproduction and/or printing and furnishing of copies of each thereof
to any Agent (including costs of mailing and shipment), (iv) the qualification of the Shares for offering and sale under state
laws and the determination of their eligibility for investment under state or foreign law (including the reasonable legal fees
and filing fees and other disbursements of U.S. and any other foreign counsel for the Agents) and the printing and furnishing
of copies of any blue sky surveys to the Agents, (v) the listing of the Shares on the NYSE and any other securities exchange and
any registration thereof under the Exchange Act, (vi) any filing with, and any review of the public offering of the Shares by
FINRA, including the reasonable legal fees and disbursements of counsel for the Agents relating to FINRA matters and (vii) the
reasonable fees and disbursements of the Company&rsquo;s and Agents&rsquo; counsel and of the Company&rsquo;s accountants; <I>provided
however </I>such fees and expenses of Agents&rsquo; counsel subject to reimbursement by the Company: (i) shall not exceed $100,000
with respect to the establishment of the at-the-market program, including the negotiation, preparation and execution of this Agreement,
and (ii) shall not exceed $25,000 per year (with the first such year commencing on the date following the date of this Agreement)
with respect to the ongoing implementation of the transactions contemplated by this Agreement of the at-the-market program. It
is understood, however, that except as provided in this Section 5 and Sections 3(a)(iv) and 7 hereof, the Agents will pay all
of their own out-of-pocket costs and expenses incurred in connection with entering into this Agreement and the transactions contemplated
by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;</FONT><U>Conditions of Agents&rsquo; Obligations</U>. The obligations of each Agent hereunder are subject to (i) the accuracy
of the representations and warranties on the part of the Company and the Operating Partnership on the date hereof, any applicable
Representation Date and as of each Settlement Date, (ii) the performance by the Company and the Operating Partnership of their
obligations hereunder and (iii) to the following additional conditions precedent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i) No stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or
proceedings initiated under Section 8(d) or 8(e) of the Act, and no order directed at or in relation to any document incorporated
by reference therein and no order preventing or suspending the use of the Prospectus has been issued by the Commission, and no
suspension of the qualification of the Shares for offering or sale in any jurisdiction, or to the knowledge of the Company, the
Operating Partnership or the Agents of the initiation or threatening of any proceedings for any of such purposes, has occurred;
(ii) the Registration Statement and all amendments thereto shall not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading; (iii) none of the
Basic Prospectus or the Prospectus, and no amendment or supplement thereto, shall include an untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they are made, not misleading; (iv) no Prospectus, together with any combination of one or more of the Permitted Free Writing Prospectuses,
if any, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading;
and (v) none of the Permitted Free Writing Prospectuses, if any, shall include an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are
made, not misleading.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subsequent
to the respective dates as of which information is given in the Registration Statement, the Basic Prospectus, the Prospectus and
the Permitted Free Writing Prospectuses, if any, no material and unfavorable change, financial or otherwise (other than as referred
to in the Registration Statement and Prospectus), in the business, condition or prospects of the Company and its Subsidiaries
taken as a whole, in the judgment of the Agents, shall occur or become known and no transaction which is material and unfavorable
to the Company (other than as referred to in the Registration Statement and Prospectus) in the judgment of the Agents, shall have
been entered into by the Company or any of its Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall furnish to the Agents, at every date specified in Section 4(q) of this Agreement, opinions of Company Counsel, addressed
to the Agents, and dated as of such date, and in form satisfactory to the Agents, in substantially the forms set forth in Exhibit
B-1, Exhibit B-2 and Exhibit B-3 hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company shall furnish to the Agents, at every date specified in Section 4(r) of this Agreement, an opinion of Maryland
Counsel, addressed to the Agents, and dated as of such date, and in form satisfactory to the Agents, in substantially the form
set forth in Exhibit C hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At
the dates specified in Section 4(u) of this Agreement, the Agents shall have received from the Accountants letters dated the date
of delivery thereof and addressed to the Agents in form and substance satisfactory to the Agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall deliver to the Agents, at every Representation Date specified in Section 4(q) of this Agreement, a certificate of
two of its executive officers to the effect that (i) the representations and warranties of the Company and the Operating Partnership
as set forth in this Agreement are true and correct as of the Representation Date, (ii) the Company has performed in all material
respects such of its obligations under this Agreement as are to be performed at or before such Representation Date, and (iii)
the conditions set forth in paragraphs (a) and (b) of Section 6 have been met. The certificate shall also state that the Shares
have been duly and validly authorized by the Company, that all corporate action required to be taken for the issuance and sale
of the Shares has been validly and sufficiently taken, and that the Company&rsquo;s board of directors or any other body with
authority has not revoked, rescinded or otherwise modified or withdrawn such authorization or corporate action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Agents shall have received, at every date specified in Section 4(t) of this Agreement, the favorable opinion of Mayer Brown LLP,
counsel to the Agents, dated as of such date, and in form and substance satisfactory to the Agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Agents shall have received, at every date specified in Section 4(s) of this Agreement, a certificate of the Secretary of the Company,
dated as of such date, and in form and substance satisfactory to the Agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All
filings with the Commission required by Rule 424 or Rule 433 under the Act shall have been made within the applicable time period
prescribed for such filing by Rule 424 (without reliance on Rule 424(b)(8)) and Rule 433, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Shares shall have been approved for listing on the NYSE, subject only to notice of issuance at or prior to the Settlement Date.</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and the Operating Partnership, jointly and severally, agree to indemnify, defend and hold harmless each Agent and its
affiliates, its and their directors, officers, employees and agents and any person who controls such Agent within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons, from
and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation), as incurred, which,
jointly or severally, such Agent or any such person may incur under the Act, the Exchange Act, the common law or otherwise, insofar
as such loss, damage, expense, liability or claim arises out of or is based upon (i) any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post effective
amendment thereof by the Company) or arises out of or is based upon any omission or alleged omission to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, except insofar as any such loss, damage,
expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact
contained in, and in conformity with information concerning any Agent furnished in writing by or on behalf of such Agent to the
Company expressly for use in, the Registration Statement or arises out of or is based upon any omission or alleged omission to
state a material fact in the Registration Statement in connection with such information, which material fact was not contained
in such information and which material fact was required to be stated in such Registration Statement or was necessary to make
such information not misleading or (ii) any untrue statement or alleged untrue statement of a material fact included in any Prospectus
(the term Prospectus for the purpose of this Section 7 being deemed to include any Basic Prospectus, any Prospectus Supplement,
any Prospectus and any amendments or supplements to the foregoing), in any Permitted Free Writing Prospectus, in any &ldquo;issuer
information&rdquo; (as defined in Rule 433 under the Act) of the Company or in any Prospectus together with any combination of
one or more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged omission
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading, except, with respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any such loss,
damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material
fact contained in, and in conformity with information concerning any Agent furnished in writing by or on behalf of such Agent
to the Company expressly for use in, such Prospectus or Permitted Free Writing Prospectus or arises out of or is based upon any
omission or alleged omission to state a material fact in such Prospectus or Permitted Free Writing Prospectus in connection with
such information, which material fact was not contained in such information and which material fact was necessary in order to
make the statements in such information, in the light of the circumstances under which they were made, not misleading.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
Agent, severally and not jointly, agrees to indemnify, defend and hold harmless the Company and the Operating Partnership, their
directors and officers, any person who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange
Act, and the successors and assigns of all of the foregoing persons from and against any loss, damage, expense, liability or claim
(including the reasonable cost of investigation) which, jointly or severally, the Company, the Operating Partnership or any such
person may incur under the Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability
or claim arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in,
and in conformity with information concerning any Agent furnished in writing by or on behalf of such Agent to the Company or the
Operating Partnership expressly for use in, the Registration Statement (or in the Registration Statement as amended by any post
effective amendment thereof by the Company), or arises out of or is based upon any omission or alleged omission to state a material
fact in such Registration Statement in connection with such information, which material fact was not contained in such information
and which material fact was required to be stated in such Registration Statement or was necessary to make such information not
misleading or (ii) any untrue statement or alleged untrue statement of a material fact contained in, and in conformity with information
concerning any Agent furnished in writing by or on behalf of such Agent to the Company or the Operating Partnership expressly
for use in, the Prospectus Supplement or a Permitted Free Writing Prospectus, or arises out of or is based upon any omission or
alleged omission to state a material fact in the Prospectus Supplement or a Permitted Free Writing Prospectus in connection with
such information, which material fact was not contained in such information and which material fact was necessary in order to
make the statements in such information, in the light of the circumstances under which they were made, not misleading.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
any action, suit or proceeding (each, a &ldquo;<I>Proceeding</I>&rdquo;) is brought against a person (an &ldquo;<I>indemnified
party</I>&rdquo;) in respect of which indemnity may be sought against the Company, the Operating Partnership or any Agent (as
applicable, the &ldquo;<I>indemnifying party</I>&rdquo;) pursuant to subsection (a) or (b), respectively, of this Section, such
indemnified party shall promptly notify such indemnifying party in writing of the institution of such Proceeding and such indemnifying
party shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified
party and payment of all fees and expenses; <U>provided</U>, <U>however</U>, that the omission to so notify such indemnifying
party shall not relieve such indemnifying party from any liability which such indemnifying party may have to any indemnified party
or otherwise. The indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the
fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless the employment of such counsel
shall have been authorized in writing by the indemnifying party in connection with the defense of such Proceeding or the indemnifying
party shall not have, within a reasonable period of time in light of the circumstances, employed counsel to defend such Proceeding
or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which
are different from, additional to or in conflict with those available to such indemnifying party (in which case such indemnifying
party shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any
of which events such fees and expenses shall be borne by such indemnifying party and paid as incurred (it being understood, however,
that such indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to any local
counsel) in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties
who are parties to such Proceeding). The indemnifying party shall not be liable for any settlement of any Proceeding effected
without its written consent but, if settled with its written consent, such indemnifying party agrees to indemnify and hold harmless
the indemnified party or parties from and against any loss or liability, as incurred, by reason of such settlement. Notwithstanding
the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified
party for fees and expenses of counsel as contemplated by the second sentence of this Section 7(c), then the indemnifying party
agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i) such settlement
is entered into more than 60 business days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying
party shall not have fully reimbursed the indemnified party in accordance with such request prior to the date of such settlement
and (iii) such indemnified party shall have given the indemnifying party at least 30 days&rsquo; prior notice of its intention
to settle. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any
pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and indemnity could have
been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified
party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault or
culpability or a failure to act by or on behalf of such indemnified party.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If the indemnification provided for in this Section 7 is unavailable to an indemnified party under subsections (a) and (b)
of this Section 7 or insufficient to hold an indemnified party harmless in respect of any losses, damages, expenses, liabilities
or claims referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, damages, expenses, liabilities or claims (i) in such proportion as is appropriate to reflect
the relative benefits received by the Company and the Operating Partnership on the one hand, and the Agents, on the other hand,
from the offering of the Shares or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault
of the Company and the Operating Partnership, on the one hand, and of the relevant Agent(s), on the other, in connection with the
statements or omissions which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant
equitable considerations. The relative benefits received by the Company and the Operating Partnership, on the one hand, and the
relevant Agents, on the other, shall be deemed to be in the same respective proportions as the total proceeds from the offering
(net of underwriting discounts and commissions but before deducting expenses) received by the Company and the Operating Partnership,
and the total underwriting discounts and commissions received by the relevant Agent, bear to the aggregate public offering price
of the Shares. The relative fault of the Company and the Operating Partnership, on the one hand, and of the relevant Agent, on
the other, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of
a material fact or omission or alleged omission relates to information supplied by the Company and the Operating Partnership or
by the relevant Agent and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and
claims referred to in this subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such
party in connection with investigating, preparing to defend or defending any Proceeding.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company, the Operating Partnership and each of the Agents agree that it would not be just and equitable if contribution pursuant
to this Section 7 were determined by pro rata allocation or by any other method of allocation that does not take account of the
equitable considerations referred to in subsection (d) above. Notwithstanding the provisions of this Section 7, no Agent shall
be required to contribute any amount in excess of commissions received by it under this Agreement. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company and the Operating Partnership, and each of the Agents agree promptly to notify each other of the commencement of any Proceeding
against it and, in the case of the Company and the Operating Partnership, against any of the Company&rsquo;s officers or directors
in connection with the issuance and sale of the Shares, or in connection with the Registration Statement, the Basic Prospectus,
the Prospectus or any Permitted Free Writing Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations
and Agreements to Survive Delivery</U>. The indemnity and contribution agreements contained in Section 7 and the covenants, warranties
and representations of the Company and the Operating Partnership contained in this Agreement or in certificates delivered pursuant
hereto shall remain in full force and effect regardless of any investigation made by or on behalf of any Agent or any of its affiliates
or its or their directors, officers, employees or agents or any person (including each director, officer, employee or agent of
such person) who controls such Agent within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, or by or on
behalf of the Company, its directors or officers or any person who controls the Company within the meaning of Section 15 of the
Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the
Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement,
in its entirety or as to any particular Agent, in its sole discretion at any time. Any such termination shall be without liability
of any party to any other party except that (i) if any of the Shares have been sold through any terminated Agent for the Company,
then Section 4(x) shall remain in full force and effect, (ii) with respect to any pending sale, through any terminated Agent for
the Company, the obligations of the Company, including in respect of compensation payable to the terminated Agent, shall remain
in full force and effect notwithstanding the termination and (iii) the provisions of Sections 5, 7, 8, 10, 11, 12, 16, 17, 18,
19 and 20 of this Agreement shall remain in full force and effect notwithstanding the termination.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating
to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without
liability of any party to any other party except that the provisions of Sections 5, 7, 8, 10, 11, 12, 16, 17, 18, 19 and 20 of
this Agreement shall remain in full force and effect notwithstanding such termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Agreement shall remain in full force and effect until the earliest to occur of (i) the date that Shares having an aggregate gross
sales price of $200,000,000 have been sold pursuant to this Agreement, or (ii) termination of this Agreement pursuant to Sections
9(a) or (b) above or otherwise by mutual agreement of the parties; <I>provided</I> that any such termination by mutual agreement
shall in all cases be deemed to provide that the provisions of Sections 5, 7, 8, 10, 11, 12, 16, 17, 18, 19 and 20 of this Agreement
shall remain in full force and effect notwithstanding such termination.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Any
termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided</I> that such
termination shall not be effective until the close of business on the date of receipt of such notice by any Agent or the Company,
as the case may be. If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall settle
in accordance with the provisions of Section 3(a)(vi) of this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notices</U>. Except as otherwise herein provided, all statements, requests, notices and agreements under this Agreement
shall be in writing and delivered by hand, overnight courier, mail or facsimile and, if to the Agents, shall be sufficient in all
respects if delivered or sent to (a) B. Riley FBR, Inc., 299 Park Avenue, 21<SUP>st</SUP> Floor, New York, New York 10171, Attention:
Larry Goldstein, Patrice McNicoll, Scott Ammaturo, Keith Pompliano, Telelphone No. (703) 312-9538, (212) 542-5866, (646) 556-9218,
(646) 556-9213 (b) BMO Capital Markets Corp., 3 Times Square, 25<SUP>th</SUP> Floor, New York, New York 10036, Attention: Equity-linked
Capital Markets, Fax No. (212) 885-4165 (c) Ladenburg Thalmann &amp; Co. Inc., 277 Park Avenue, 26<SUP>th</SUP> Floor, New York,
New York 10172, Attention: Steve Kaplan, Fax No. (212) 409-2169 (d) D.A. Davidson &amp; Co. 8 Third Street North, Great Falls,
Montana 59401, Attention: Equity Syndicate, Telephone No. (406) 791-7319 (e) KeyBanc Capital Markets Inc. 127 Public Square, 4<SUP>th</SUP>
Floor, Cleveland, Ohio 44114 Attention: Equity Syndicate, Telephone No. (800) 859-1783 and (f) and, if to the Company or the Operating
Partnership it shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at Global
Net Lease, Inc., 650 Fifth Ave., 30th Floor, New York, New York 10019-6108, Attention: Legal Department, Fax No. (646) 861-7743,
with a copy to (which shall not constitute notice) Proskauer Rose LLP, 70 West Madison, Suite 3800, Chicago, IL 60602-4342, Attention:
Michael J.&nbsp;Choate, Esq. Each party to this Agreement may change such address for notices by sending to the parties to this
Agreement written notice of a new address for such purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Parties at Interest</U>. The Agreement herein set forth has been and is made solely for the benefit of the Agents, the
Company and the Operating Partnership and to the extent provided in Section 7 of this Agreement the controlling persons, directors
and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and executors
and administrators. No other person, partnership, association or corporation (including a purchaser, as such purchaser, from any
Agent) shall acquire or have any right under or by virtue of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No Fiduciary Relationship</U>. The Company and the Operating Partnership hereby acknowledge that each Agent is acting
solely as sales agent and/or principal in connection with the purchase and sale of the Company&rsquo;s securities. The Company
and the Operating Partnership further acknowledge that each Agent is acting pursuant to a contractual relationship created solely
by this Agreement entered into on an arm&rsquo;s length basis, and in no event do the parties intend that any Agent act or be responsible
as a fiduciary to the Company, its management, stockholders or creditors or any other person in connection with any activity that
any Agent may undertake or have undertaken in furtherance of the purchase and sale of the Company&rsquo;s securities, either before
or after the date hereof. Each Agent hereby expressly disclaims any fiduciary or similar obligations to the Company and the Operating
Partnership either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions,
and the Company and the Operating Partnership hereby confirm their understanding and agreement to that effect. The Company, the
Operating Partnership, and each of the Agents agree that they are each responsible for making their own independent judgments with
respect to any such transactions and that any opinions or views expressed by any Agent to the Company or the Operating Partnership
regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company&rsquo;s
securities, do not constitute advice or recommendations to the Company or the Operating Partnership. The Company and the Operating
Partnership hereby waive and release, to the fullest extent permitted by law, any claims that the Company or the Operating Partnership
may have against any Agent with respect to any breach or alleged breach of any fiduciary or similar duty to the Company or the
Operating Partnership in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Press
Releases and Disclosure</U>. The Company may issue a press release in compliance with Rule 134 under the Act describing the material
terms of the transactions contemplated hereby as soon as practicable following the date hereof, and may file with the Commission
a Current Report on Form 8-K describing the material terms of the transaction contemplated hereby, and the Company shall consult
with the Agents prior to making such disclosures, and the parties shall use all reasonable efforts, acting in good faith, to agree
upon a text for such disclosures that is reasonably satisfactory to all parties. No party hereto shall issue thereafter any Current
Report on Form 8-K or press release or like public statement (including, without limitation, any disclosure required in reports
filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby
without the prior written approval, except pursuant to Section 4(y) of this Agreement or as may be necessary or appropriate in
the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules.
If any such press release or like public statement is so required, the party making such disclosure shall consult with the other
party prior to making such disclosure, and the parties shall use all reasonable efforts, acting in good faith, to agree upon a
text for such disclosure that is reasonably satisfactory to all parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Adjustments
for Stock Splits</U>. The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted
to take into account any stock split, subdivision or combination effected with respect to the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Entire
Agreement</U>. This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and
undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Except for any termination
of any particular Agent by the Company pursuant to Section 9(a), this Agreement may not be amended or otherwise modified or any
provision hereof waived except by an instrument in writing signed by the Agents, the Operating Partnership and the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Counterparts</U>.
This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement
among the parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Law; Construction</U>. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising
out of or in any way relating to this Agreement (&ldquo;<I>Claim</I>&rdquo;), directly or indirectly, shall be governed by, and
construed in accordance with, the internal laws of the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Headings</U>.
The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Submission
to Jurisdiction</U>. Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the
courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern
District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Company and the Operating
Partnership consent to the jurisdiction of such courts and personal service with respect thereto. The Company and the Operating
Partnership hereby consent to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any
way relating to this Agreement is brought by any third party against any Agent or any indemnified party. Each of the Agents and
the Company and the Operating Partnership (on their behalf and, to the extent permitted by applicable law, on behalf of their
stockholders and affiliates) waive all right to trial by jury in any action, proceeding or counterclaim (whether based upon contract,
tort or otherwise) in any way arising out of or relating to this Agreement. The Company and the Operating Partnership agree that
a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon
the Company and the Operating Partnership and may be enforced in any other courts to the jurisdiction of which the Company and
the Operating Partnership are or may be subject, by suit upon such judgment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Successors
and Assigns</U>. This Agreement shall be binding upon each Agent and the Company and the Operating Partnership and their successors
and assigns and any successor or assign of any substantial portion of the Company&rsquo;s and the Operating Partnership&rsquo;s
and such Agent&rsquo;s respective businesses and/or assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Obligations
of the Agents</U>. Notwithstanding any other provision of this Agreement, the obligations of each Agent under this Agreement and
any Terms Agreement shall be several and not joint.</P>

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

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

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

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

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing correctly
sets forth the understanding between the Company, the Operating Partnership and the Agents, please so indicate in the space provided
below for that purpose, whereupon this Agreement and your acceptance shall constitute a binding agreement between the Company,
the Operating Partnership and the Agents. Alternatively, the execution of this Agreement by the Company and the Operating Partnership
and its acceptance by or on behalf of the Agents may be evidenced by an exchange of telegraphic or other written communications.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">Very truly yours,</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">GLOBAL NET LEASE, INC.</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="width: 47%; border-bottom: Black 1pt solid">/s/ James L. Nelson</TD></TR>                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name: James L. Nelson</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title: Chief Executive Officer and President</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>GLOBAL NET LEASE OPERATING PARTNERSHIP,
L.P.</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>By: Global Net Lease, Inc., its
general partner</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="width: 47%; border-bottom: Black 1pt solid">/s/ James L. Nelson</TD></TR>                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name: James L. Nelson</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title: Chief Executive Officer and President</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD COLSPAN="2">ACCEPTED as of the date first above written</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">B. RILEY FBR, INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">By:</TD><TD STYLE="width: 47%; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">/s/ Patrice McNicoll</P>
                                                               <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                               <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Name: Patrice McNicoll</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Title: SMD &amp; Co-Head of Investment Banking</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD COLSPAN="2">BMO CAPITAL MARKETS CORP.</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                                                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">By:</TD><TD STYLE="width: 47%; border-bottom: Black 1pt solid">/s/ David Raff</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Name: David Raff</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Title: Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD COLSPAN="2">LADENBURG THALMANN &amp; CO.
INC.</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                                                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">By:</TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid">/s/ Steve Kaplan</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>Name: Steve Kaplan</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>Title: Head of Capital Markets</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD COLSPAN="2">D.A. DAVIDSON &amp; CO.</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                                                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">By:</TD><TD STYLE="width: 47%; border-bottom: Black 1pt solid">/s/ Keith Getter</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Name: Keith Getter</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Title: Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD COLSPAN="2">KEYBANC CAPITAL MARKETS INC.</TD>
    <TD>&nbsp;</TD></TR>
                                                                                                                                                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">By:</TD><TD STYLE="width: 47%; border-bottom: Black 1pt solid">/s/ David Blue</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Name: David Blue</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Title: Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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




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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><FONT STYLE="font-weight: normal">Schedule
A</FONT>&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None as of the date of the Equity Distribution
Agreement to which this Schedule is attached.</P>

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

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

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

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

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




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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><FONT STYLE="font-weight: normal">Schedule
B</FONT>&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>NAME OF
        SUBSIDIARY</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>PLACE OF<BR>
        INCORPORATION OR <BR>
ORGANIZATION</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ACR Global II NCR Sarl</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC ACHNETH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC ALSFDUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC AMWCHKS001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC AMWORUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC ATSNTTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC BBWYKUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC BHSBDIN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC BKSCOUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CABIRUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CCLTRUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CGFRSMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CGJNSMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CGLGNIN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CGMADIN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CGMARSC001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CGWRNMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CJHSNTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CJHSNTX002, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CRVANOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CSVBTMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CTFTMSC001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CWARANE001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CWGRDMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CWRVTIL001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CWSALKS001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CWUVLOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CWVININ001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC CWWPKMN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC DBGESRG001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC DBGWSDG001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC DFSMCUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC DG40PCK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC DINCNOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC DNDUBOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC DRINDIN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC EEMTRUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FD34PCK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FD73SLB001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FEAMOTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FEBHMNY001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FEBILMA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FECPEMA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FEGBRNC001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FEHBRKY001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FELEXKY001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FELKCLA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FEMANMN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
</TABLE>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"></P>

<!-- Field: Page; Sequence: 29; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">Sch. B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><B>NAME OF
        SUBSIDIARY</B></TD><TD STYLE="width: 2%; text-align: left; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; width: 28%; vertical-align: bottom; border-bottom: Black 1pt solid"><B>PLACE
                                         OF<BR>
                                         INCORPORATION OR <BR>
                                         ORGANIZATION</B></TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">ARC FEPIESD001, LLC</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 28%">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FESALUT001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FESANTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FEWNAMN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FEWTRNY001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FMHEPGA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FMSUMSC001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FSMCHIL001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC FUMANUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GBLMESA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GECINOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GEGRDMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GLOBAL HOLDCO, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II (France) Holdings S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II (Germany) Holdings S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II (holding)</TD>
    <TD>&nbsp;</TD>
    <TD>France</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II (Luxembourg) Holdings S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II (Midco) S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II (Netherlands) Holdings S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II (UK) Holdings S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II Amiens</TD>
    <TD>&nbsp;</TD>
    <TD>France</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II Blois</TD>
    <TD>&nbsp;</TD>
    <TD>France</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II Bordeaux</TD>
    <TD>&nbsp;</TD>
    <TD>France</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II Brest</TD>
    <TD>&nbsp;</TD>
    <TD>France</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II DB Lux S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II Foster Wheeler S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GLOBAL II HOLDCO, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II ING Netherlands S.&agrave;.r.l.**</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II ING S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GLOBAL II INTERNATIONAL HOLDCO, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II Marseille</TD>
    <TD>&nbsp;</TD>
    <TD>France</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II Rueil</TD>
    <TD>&nbsp;</TD>
    <TD>France</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II Strasbourg</TD>
    <TD>&nbsp;</TD>
    <TD>France</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global II Weilbach S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC Global Organisme de Placement Collectif en Immobilier (OPCI)</TD>
    <TD>&nbsp;</TD>
    <TD>France</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GRLBKTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GRLOUKY001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GRMSAAZ001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GRRALNC001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GSDALTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GSDVRDE001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GSFFDME001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GSFRNTN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GSGTNPA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GSIFLMN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GSMSSTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GSRNGME001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GSRPCSD001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC GSRTNNM001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC HLHSNTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC HPDFS HOLDCO, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
</TABLE>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"></P>

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">Sch. B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><B>NAME OF
        SUBSIDIARY</B></TD><TD STYLE="width: 2%; text-align: left; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; width: 28%; vertical-align: bottom; border-bottom: Black 1pt solid"><B>PLACE
                                         OF<BR>
                                         INCORPORATION OR <BR>
                                         ORGANIZATION</B></TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">ARC HPNEWUK001, LLC</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 28%">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC HVHELFI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC IAREDUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC JTCHATN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC JTCHATN002, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC KPHTNNE001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC KSFTWPA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC KUSTHMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC LPSBDIN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC MCCARUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC MEROXUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC MKMDNNJ001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC MPSTLMO001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC MSELGIL001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC NNMFBTN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC NOPLNTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC NOWILND001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC NRSLDUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC NSSNJCA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC OBMYNGER01, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC ODVLONET001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC OGHDGMD001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC PFBFDUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC PNEREPA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC PNSCRPA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC PPHHTKY001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC REXREGER01, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC RMNUSGER01, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC SANPLFL001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC SLKRFCP001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC SLSTCCA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC SPHRSNJ001 Urban Renewal Entity, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC SWWSVOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC SZPTNNJ001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC TFDPTIA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC TFKMZM1001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC TFKMZMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC TKMANUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC TOMANFI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC TRLIVMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC TWSWDUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC VALWDCO001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC VCLIVMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC WIODSTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC WKBPLUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC WKMCRUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC WKSOTUK001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC WMWSLNC001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC WNBRNMO001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARC WWHWCMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG BIJTNNY001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG BSMTONJ001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
</TABLE>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">Sch. B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><B>NAME OF
        SUBSIDIARY</B></TD><TD STYLE="width: 2%; text-align: left; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; width: 28%; vertical-align: bottom; border-bottom: Black 1pt solid"><B>PLACE
                                         OF<BR>
                                         INCORPORATION OR <BR>
                                         ORGANIZATION</B></TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">ARG CBSKSMO001, LLC</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 28%">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG CDNCNOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG CFSRSLB001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG CMGLTWY001,&nbsp;&nbsp;LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG CMOMHNE001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG CMPCRMS001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG CSBLVMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG CSHMDIN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG CSLIVMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG CSTWBOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG CSWYGMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG DI51PCK001 LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG DPSPNIA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG EHBIRAL001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG EQWBGPA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG FCSTHMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG FEBLCID001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG FEGRFMT001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG FEGRNNC001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG FEMRGWV001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG FMCHIIL001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG GASTNMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG GKCNCOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG HCCLHGA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG HISRPAZ001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG HIVRNCA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG HRTFTGA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG LKCLLAL001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG LSCHIIL001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG LSCHIIL002, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG LSCHIIL003, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG LSWYGMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG MT2PKSLB001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG NIGTNMA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG NIGVTNH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG NIJNBVT001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG NIJNBVT002, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG NIJNBVT003, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG NSALNTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG PLRMLMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG PSBRDFL001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG PSELPTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG PSGRLTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG PSHCKNC001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG PSIRVTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG PSLKCLA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG PSMRDMS001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG PSMSNTX001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG PSPRAIL001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG RMAKROH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG SNCSPCO001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG SSFSRIN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
</TABLE>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">Sch. B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><B>NAME OF
        SUBSIDIARY</B></TD><TD STYLE="width: 2%; text-align: left; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; width: 28%; vertical-align: bottom; border-bottom: Black 1pt solid"><B>PLACE
                                         OF<BR>
                                         INCORPORATION OR <BR>
                                         ORGANIZATION</B></TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">ARG TRWXMMI001, LLC</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 28%">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG UPARAIL001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG UPDBNMI001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG VAGNVFL001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG VSSRACA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG VSSRACA002, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG VSSRACA003, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG WGPTBPA001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG WPCLDOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG WPCLVTN001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG WPFBRIT001, S.r.l</TD>
    <TD>&nbsp;</TD>
    <TD>Italy</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG WPFNDOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG WPMRNOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG WPOTWOH001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Crown Portfolio S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P.</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>HC Glasgow S.&agrave; r.l.</TD>
    <TD>&nbsp;</TD>
    <TD>Luxembourg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kiinteist&ouml; Oy Vantaan Pyht&auml;&auml;nkorventien KOKE (MREC)</TD>
    <TD>&nbsp;</TD>
    <TD>Finland</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kiinteist&ouml; Oy Vantaan Teknikontien LEKO 7 (MREC)</TD>
    <TD>&nbsp;</TD>
    <TD>Finland</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kiinteist&ouml; Oy Vantaan Teknikontien MAKE (MREC)</TD>
    <TD>&nbsp;</TD>
    <TD>Finland</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Kiinteist&ouml; Oy Vantaan Teknikontien MAKO (MREC)</TD>
    <TD>&nbsp;</TD>
    <TD>Finland</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Koy M&auml;nts&auml;l&auml;n Logistiikkakeskus (MREC)</TD>
    <TD>&nbsp;</TD>
    <TD>Finland</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>MAYFLOWER ACQUISITION, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>METHAGER01, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ROCHESSGER01, LLC </TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ROCHESSGER02, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ROCHESSGER03, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ARG GRD4SLB001, LLC</TD>
    <TD>&nbsp;</TD>
    <TD>Delaware</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">Sch. B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><FONT STYLE="font-weight: normal">Schedule
C</FONT>&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">James L. Nelson, Chief Executive Officer
and President, telephone No. (212) 415-6528, e-mail: JNelson@globalnetlease.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Christopher J. Masterson, Chief Financial
Officer, Secretary and Treasurer, telephone No. (646) 626-8860, e-mail: CMasterson@globalnetlease.com.</P>

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

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

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

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




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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">6.875% Series B Cumulative Redeemable Perpetual
Preferred Stock</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">[_______], 20[__]</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">[&bull;]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Global Net Lease, Inc.,
a Maryland corporation (the &ldquo;<I>Company</I>&rdquo;), proposes, subject to the terms and conditions stated herein, in the
Schedule hereto and in the Equity Distribution Agreement, dated December [ ], 2019 (the &ldquo;<I>Equity Distribution Agreement</I>&rdquo;),
between the Company and Global Net Lease Operating Partnership, L.P., a Delaware limited partnership&nbsp;(the &ldquo;<I>Operating
Partnership</I>&rdquo;), B. Riley FBR, Inc., BMO Capital Markets Corp., Ladenburg Thalmann &amp; Co. Inc., D.A. Davidson &amp;
Co. and KeyBanc Capital Markets Inc. (each an &ldquo;<I>Agent</I>&rdquo; and collectively, the &ldquo;<I>Agents</I>&rdquo;), to
issue and sell to [&bull;] [_______] shares of the Company&rsquo;s 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock
(the &ldquo;<I>Purchased Shares</I>&rdquo;) [, and, solely for the purpose of covering over-allotments, to grant to [&bull;] the
option to purchase an additional [_______] shares of such preferred stock (the &ldquo;<I>Additional Shares</I>&rdquo;)]. Capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to them in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[[&bull;] shall have
the right to purchase from the Company all or a portion of the Additional Shares as may be necessary to cover over-allotments made
in connection with the offering of the Purchased Shares at the same purchase price per share to be paid by [&bull;] to the Company
for the Purchased Shares. This option may be exercised by [&bull;] at any time (but not more than once) on or before the thirtieth
day following the date of this Terms Agreement, by written notice to the Company. Such notice shall set forth the aggregate number
of Additional Shares as to which the option is being exercised, and the date and time when the Additional Shares are to be delivered
(such date, the &ldquo;<I>Option Settlement Date</I>&rdquo;); <I>provided</I>, <I>however</I>, that the Option Settlement Date
shall not be earlier than the Settlement Date (as set forth in the Schedule hereto) nor earlier than the second business day after
the date on which the option shall have been exercised nor later than the fifth business day after the date on which the option
shall have been exercised. Payment of the purchase price for the Additional Shares shall be made at the Option Settlement Date
in the same manner and at the same office as the payment for the Purchased Shares.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the provisions
of the Equity Distribution Agreement not specifically related to the solicitation by [&bull;], as agent of the Company, of offers
to purchase Shares pursuant to Section 3(a) of the Equity Distribution Agreement is incorporated herein by reference in its entirety,
and shall be deemed to be part of this Terms Agreement to the same extent as if such provisions had been set forth in full herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the terms
and conditions set forth herein and in the Schedule hereto and subject the terms and conditions of the Equity Distribution Agreement
incorporated herein as provided in the second immediately preceding paragraph, the Company agrees to issue and sell to [&bull;],
and [&bull;] agrees to purchase from the Company, the Purchased Shares at the time and place and at the purchase price set forth
in the Schedule hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>Remainder of Page
Intentionally Blank</I>]</P>

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

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

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is
in accordance with your understanding, please sign and return to us a counterpart hereof, whereupon this Terms Agreement, including
those provisions of the Equity Distribution Agreement incorporated herein by reference, shall constitute a binding agreement between
[&bull;] and the Company.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">GLOBAL NET LEASE, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.55in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 276pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="font-size: 10pt">Accepted and agreed as of the date first above written:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="font-size: 10pt">[&bull;]</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Name:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Title:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">USD[__.__] per share]</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">Purchase Price by [&bull;]:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">USD[__.__] per share</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">Method of and Specified Funds for Payment of Purchase Price:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">[By wire transfer to a bank account specified by the
Company in same day funds.]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">[To [&bull;]&rsquo;s account, or the account of [&bull;]&rsquo;s
designee, at The Depository Trust Company via DWAC in return for payment of the purchase price.]</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[_______], 20[__]</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">Closing Location:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[_______]</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">Documents to be Delivered:</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">The following documents referred to in the Equity Distribution
Agreement shall be delivered as a condition to the closing (which documents shall be dated on or as of the date of the Terms Agreement
to which this Scheduled is annexed):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">the officer&rsquo;s certificate referred to in Section 6(f);</TD>
</TR>                                                                                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&bull;</TD><TD STYLE="text-align: justify">the legal opinions referred to in Section 6(c) and (g);</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&bull;</TD><TD STYLE="text-align: justify">the Accountants letter referred to in Section 6(e); and</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&bull;</TD><TD STYLE="text-align: justify">such other documents as [&bull;] shall reasonably request.</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to, and without limiting the
generality of, the covenant set forth in Section 4(k) of the Equity Distribution Agreement, [________].]</P>

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

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

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

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



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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>3
<FILENAME>tm1925115d1_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 3.1</B></FONT></P>

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

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><U>GLOBAL NET LEASE, INC.</U></B></P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Global Net Lease, Inc., a Maryland corporation
(the &#8220;Company&#8221;), hereby certifies to the State Department of Assessments and Taxation of Maryland that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><U>FIRST</U>: The charter of the Company (the
&#8220;Charter&#8221;) is hereby amended by deleting therefrom in their entirety the first three sentences of Section 5.1 of Article
V and inserting in lieu thereof three new sentences to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60pt 0pt 1in; text-align: left; text-indent: 0.5in">&#8220;The
total number of Shares that the Company shall have authority to issue is 280,000,000 shares, of which (i) 250,000,000 shall be
designated as common stock, $0.01 par value per share (the &#8220;Common Shares&#8221;); and (ii) 30,000,000 shall be designated
as preferred stock, $0.01 par value per share (the &#8220;Preferred Shares&#8221;). All shares shall be fully paid and nonassessable
when issued. The aggregate par value of all authorized shares of stock having par value is $2,800,000.&#8221;</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"><U>SECOND</U>: The total number of shares
of stock which the Company had authority to issue immediately prior to the foregoing amendment of the Charter was 166,670,000 shares
of stock, consisting of 150,000,000 shares of common stock, $0.01 par value per share (the &#8220;Common Shares&#8221;), and 16,670,000
shares of preferred stock, $0.01 par value per share (the &#8220;Preferred Shares&#8221;). The aggregate par value of all authorized
shares of stock having par value was $1,666,700.</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"><U>THIRD</U>: The total number of shares of
stock which the Company has authority to issue pursuant to the foregoing amendment of the Charter is 280,000,000 shares of stock,
consisting of 250,000,000 Common Shares, and 30,000,000 Preferred Shares. The aggregate par value of all authorized shares of stock
having par value is $2,800,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><U>FOURTH</U>: The information required by
Section 2-607(b)(2)(i) of the Maryland General Corporation Law (the &#8220;MGCL&#8221;) is not changed by the foregoing amendment
of the Charter.</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"><U>FIFTH</U>: The foregoing amendment of the
Charter was approved by a majority of the entire Board of Directors of the Company as required by law and was limited to a change
expressly authorized to be made without any action by the stockholders of the Company by the Charter and Section 2-105(a)(13) of
the MGCL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The undersigned acknowledges these Articles
of Amendment to be the corporate act of the Company and, as to all matters or facts required to be verified under oath, the undersigned
acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects
and that this statement is made under the penalties for perjury.</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">-<I>Signature page follows</I>-</P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, the Company has caused
these Articles of Amendment to be executed in its name and on its behalf by its Chief Executive Officer and President and attested
by its Chief Financial Officer, Treasurer and Secretary on this 13<SUP>th</SUP> day of December, 2019.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 50%">ATTEST:</TD>
<TD STYLE="text-align: justify">GLOBAL NET LEASE, INC.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%; border-bottom: Black 1pt solid">/s/ Christopher J. Masterson</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%; border-bottom: Black 1pt solid">/s/ James L. Nelson</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Christopher J. Masterson</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: James L. Nelson</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Financial Officer, Treasurer and Secretary</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Executive Officer and President</TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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


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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>4
<FILENAME>tm1925115d1_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 3.2</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Global Net Lease, Inc., a Maryland corporation
(the &ldquo;Company&rdquo;), hereby certifies to the State Department of Assessments and Taxation of Maryland that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>FIRST</U>: Under a power contained in
Section 5.1 of Article V of the charter of the Company (the &ldquo;Charter&rdquo;), the Board of Directors of the Company (the
&ldquo;Board&rdquo;) and a duly authorized committee thereof, by duly adopted resolutions, classified 8,000,000 shares of authorized
but unissued preferred stock, $0.01 par value per share, of the Company as additional shares (the &ldquo;Additional Shares&rdquo;)
of 6.875% Series B Cumulative Redeemable Preferred Perpetual Stock (the &ldquo;Series B Preferred Stock&rdquo;), having the preferences,
conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications,
and terms and conditions of redemption set forth in the Charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>SECOND</U>: The Additional Shares have
been classified and designated by the Board under the authority contained in the Charter. After giving effect to the classification
of the Additional Shares set forth herein, the total number of shares of Series B Preferred Stock that the Company has authority
to issue is 11,450,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>THIRD</U>: These Articles Supplementary
have been approved by the Board in the manner and by the vote required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>FOURTH</U>: The undersigned acknowledges
these Articles Supplementary to be the corporate act of the Company and, as to all matters or facts required to be verified under
oath, the undersigned acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true
in all material respects and that this statement is made under the penalties for perjury.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused
these Articles Supplementary to be signed in its name and on its behalf by its Chief Executive Officer and President and attested
to by its Chief Financial Officer, Treasurer and Secretary on this 13<SUP>th</SUP> day of December, 2019.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">ATTEST:</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left">GLOBAL NET LEASE, INC.</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Christopher
    J. Masterson</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ James L. Nelson </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(SEAL)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Christopher J. Masterson</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">James L. Nelson</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Financial Officer,
    Treasurer and Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Chief Executive Officer
    and President</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">[<I>Signature Page to Articles Supplementary</I>]</P>



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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>tm1925115d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
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<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm1925115-1ex5img_01.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 13, 2019</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Global Net Lease, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">650 Fifth Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10019</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Statement on Form S-3
(File No. 333-234631)</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">We have served as Maryland
counsel to Global Net Lease, Inc., a Maryland corporation (the &#8220;Company&#8221;), in connection with certain matters of Maryland
law arising out of the registration of up to $200,000,000 aggregate offering price of shares (the &#8220;Shares&#8221;) of 6.875%
Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (the &#8220;Series B Preferred Stock&#8221;),
of the Company, covered by the above-referenced Registration Statement, and all amendments thereto (the &#8220;Registration Statement&#8221;),
filed by the Company with the United States Securities and Exchange Commission (the &#8220;Commission&#8221;) under the Securities
Act of 1933, as amended (the &#8220;1933 Act&#8221;). The Shares are to be issued pursuant to the Prospectus Supplement and the
Distribution Agreement (each as defined below) in one or more transactions deemed to be &#8220;at the market&#8221; offerings (each,
an &#8220;Offering&#8221; and, collectively, the &#8220;Offerings&#8221;) under Rule 415 of the 1933 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">In connection with our representation
of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise
identified to our satisfaction, of the following documents (hereinafter collectively referred to as the &#8220;Documents&#8221;):</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Prospectus, dated November 12, 2019, as supplemented by a Prospectus Supplement, dated as of the date hereof (the &#8220;Prospectus
Supplement&#8221;), filed with the Commission pursuant to Rule 424(b) of the General Rules and Regulations promulgated under the
1933 Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
charter of the Company (the &#8220;Charter&#8221;), certified by the State Department of Assessments and Taxation of Maryland (the
&#8220;SDAT&#8221;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Amended and Restated Bylaws of the Company (the &#8220;Bylaws&#8221;), certified as of the date hereof by an officer of the Company;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">December 13, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page 2</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions
adopted by the Board of Directors of the Company (the &#8220;Board&#8221;) relating to, among other matters, (a) the authorization
of the sale, issuance and registration of the Shares and the execution and delivery of the Distribution Agreement and (b) the delegation
to a Trading Authorization Committee (the &#8220;Committee&#8221;) of the power to determine, subject to certain parameters, the
number of Shares and the offering price of each Share to be sold in each Offering (the &#8220;Resolutions&#8221;), certified as
of the date hereof by an officer of the Company;</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">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Equity Distribution Agreement, dated as of the date hereof (the &#8220;Distribution Agreement&#8221;), by and among the Company,
Global Net Lease Operating Partnership, L.P., a Delaware limited partnership, and B. Riley FBR, Inc., BMO Capital Markets Corp.,
Ladenburg Thalmann &amp; Co. Inc., D.A. Davidson &amp; Co. and KeyBanc Capital Markets Inc., as agents;</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">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate executed by an officer of the Company, dated as of the date hereof; 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-indent: 1in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered
each of the Documents to which such party is a signatory, and such party&#8217;s obligations set forth therein are legal, valid
and binding and are enforceable in accordance with all stated terms.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">Global Net Lease, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">December 13, 2019</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shares will not be issued in violation of any restriction or limitation contained in Section 5.7 of Article V of the
Charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the issuance of any of the Shares, the total number of shares of Series B Preferred Stock issued and outstanding will
not exceed the total number of shares of Series B Preferred Stock that the Company is then authorized to issue under the Charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The number of Shares, and the offering price of each Share, to be issued by the Company from time to time pursuant to the
Distribution Agreement will be authorized and approved by the Board or the Committee in accordance with the Maryland General Corporation
Law, the Charter, the Bylaws and the Resolutions (with such approvals referred to hereinafter as the &#8220;Corporate Proceedings&#8221;)
prior to the issuance thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and
is in good standing with the SDAT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The issuance of the Shares has been duly authorized by the Company and, when issued and delivered against payment therefor
in accordance with the Distribution Agreement, the Resolutions and the Corporate Proceedings, the Shares will be validly issued,
fully paid and nonassessable.</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 foregoing opinion is limited to the laws
of the State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to compliance
with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws
regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by
the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed
herein is subject to the effect of judicial decisions which may permit the introduction of parol evidence to modify the terms or
the interpretation of agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">December 13, 2019</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">This opinion is being furnished
to you for submission to the Commission as an exhibit to the Company&#8217;s Current Report on Form 8-K relating to the Offerings
(the &#8220;Current Report&#8221;), which is incorporated by reference in the Registration Statement. We hereby consent to the
filing of this opinion as an exhibit to the Current Report and the said incorporation by reference and to the use of the name of
our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required
by Section 7 of the 1933 Act.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Venable LLP</TD></TR>
</TABLE>


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



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

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<TYPE>EX-10.1
<SEQUENCE>6
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<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>SEVENTH <FONT STYLE="font-size: 10pt">AMENDMENT</FONT></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF GLOBAL NET LEASE OPERATING PARTNERSHIP,
L.P.</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 30pt 0pt 0.5in; text-align: left; text-indent: 0.5in">THIS SEVENTH
AMENDMENT TO SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P. (this
&#8220;<U>Amendment</U>&#8221;), dated as of December 13, 2019, is entered into by GLOBAL NET LEASE, INC., a Maryland corporation,
as general partner (the &#8220;<U>General Partner</U>&#8221;) of GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P., a Delaware limited
partnership (the &#8220;<U>Partnership</U>&#8221;), for itself and on behalf of any limited partners of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>,
the Second Amended and Restated Agreement of Limited Partnership of the Partnership was entered into on June 2, 2015 (as now or
hereafter amended, restated, modified, supplemented or replaced, the &#8220;<U>Partnership Agreement</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>,
on November 22, 2019, the General Partner, for itself and on behalf of any limited partners of the Partnership, entered into the
Sixth Amendment to the Partnership Agreement (the &#8220;<U>Sixth Amendment</U>&#8221;) to set forth the designations, allocations,
preferences, conversion and other special rights, powers and duties of a new series of Preferred Units (as defined in the Sixth
Amendment) of the Partnership designated as &#8220;6.875% Series B Cumulative Redeemable Perpetual Preferred Units&#8221; (the
&#8220;<U>Series B Preferred Units</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>,
the Series B Preferred Units were created and were initially issued in conjunction with the General Partner&#8217;s initial issuance
and sale of shares of its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share (the &#8220;<U>Series
B Preferred Stock</U>&#8221;), and, as such, the Series B Preferred Units are intended to have designations, preferences and other
rights and terms that are substantially the same as those of the Series B Preferred Stock, all such that the economic interests
of the Series B Preferred Units and the Series B Preferred Stock are substantially similar;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>,
on November 26, 2019, the General Partner issued and sold 3,450,000 shares of Series B Preferred Stock in an underwritten public
offering, and, in connection therewith, the General Partner, pursuant to Section 4.02(b) of the Partnership Agreement, has contributed
the net proceeds of such issuance and sale to the Partnership in exchange for, and has caused the Partnership to issue to the General
Partner, 3,450,000 Series B Preferred Units;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>,
the General Partner has authorized the issuance and sale from time to time of up to 8,000,000 additional shares of Series B Preferred
Stock in an at-the-market offering, and, in connection therewith, the General Partner, pursuant to Section 4.02(b) of the Partnership
Agreement, will, upon the issuance and sale of any shares of Series B Preferred Stock in such offering, contribute the net proceeds
of such issuances and sales to the Partnership in exchange for, and will cause the Partnership to issue to the General Partner,
a number of Series B Preferred Units equal to the number of shares of Series B Preferred Stock actually issued in such offering
from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>,
pursuant to the authority granted to the General Partner pursuant to Section 4.02(a) and Article 11 of the Partnership Agreement,
and as authorized by resolutions of the Board of Directors of the General Partner, pursuant to the unanimous written consent dated
as of December 6, 2019, the General Partner desires to amend the Partnership Agreement to increase the number of Series B Preferred
Units it is authorized to issue and to issue additional Series B Preferred Units to the General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: left; text-indent: 0.5in"><B>NOW,
THEREFORE</B>, in consideration of good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged,
the General Partner hereby amends the Partnership Agreement as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: left; text-indent: 0.5in"><B><U>Annex
B</U></B> to the Partnership Agreement is hereby amended by deleting Section 1 thereof and replacing such Section with the following
new Section 1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 1in; text-align: left; text-indent: 0.5in">&#8220;1.
<U>Designation and Number</U>. A series of Preferred Units (as defined below) of Global Net Lease Operating Partnership, L.P.,
a Delaware limited partnership (the &#8220;<B>Partnership</B>&#8221;), designated as &#8220;6.875% Series B Cumulative Redeemable
Perpetual Preferred Units&#8221; (the &#8220;<B>Series B Preferred Units</B>&#8221;), is hereby established. The number of authorized
Series B Preferred Units shall be 11,450,000.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: left; text-indent: 0.5in">Except
as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and
conditions the General Partner hereby ratifies and confirms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: center">[SIGNATURE PAGE FOLLOWS]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned
has executed this Amendment as of the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 30pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GENERAL
    PARTNER:</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GLOBAL
    NET LEASE, INC.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    James L. Nelson</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James
    L. Nelson</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and President</FONT></TD></TR>
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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">[<I>Signature Page to Seventh Amendment
to Second Amended and Restated Agreement of Limited Partnership</I>]</P>



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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>gnl-20191213_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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      <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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <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/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <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/2019/dei-2019-01-31.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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>gnl-20191213_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<th class="th"><div>Dec. 13, 2019</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " 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>
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<td class="pl " 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>
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<td class="pl " 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">Dec. 13,  2019<span></span>
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<td class="text">--12-31<span></span>
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<td class="pl " 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">001-37390<span></span>
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<td class="pl " 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">Global Net Lease, Inc.<span></span>
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<td class="pl " 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">0001526113<span></span>
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<td class="pl " 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>
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<td class="pl " 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>
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<td class="pl " 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">30th Floor<span></span>
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<td class="pl " 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">New York<span></span>
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<td class="pl " 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>
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<td class="pl " 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">10019<span></span>
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<td class="text">212<span></span>
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<td class="text">415-6500<span></span>
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<td class="text">false<span></span>
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<td class="text">false<span></span>
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<td class="text">false<span></span>
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<td class="text">false<span></span>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " 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 Stock, $0.01 par value<span></span>
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<td class="pl " 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">GNL<span></span>
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<td class="pl " 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>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " 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">7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value<span></span>
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<td class="pl " 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">GNL PR A<span></span>
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<td class="pl " 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>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " 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">6.875%
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<td class="pl " 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">GNL PR B<span></span>
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<td class="text">NYSE<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">405 Park Ave.<span></span>
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<td class="text">3rd Floor<span></span>
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<td class="pl " 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">New York<span></span>
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<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_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_DocumentInformationLineItems">
<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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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_DocumentInformationLineItems</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_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>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-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 Regulation 12B<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 Regulation 12B<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 Regulation 12B<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 Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<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>
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<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>
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<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>
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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>
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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>
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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>
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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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