# EDGAR Filing Document

**Accession Number:** 0000899629
**File Stem:** 0001104659-26-073037
**Filing Date:** 2026-6
**Character Count:** 544131
**Document Hash:** ff456279f6ffa90a2d486130482ddd46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-073037.hdr.sgml**: 20260612

**ACCESSION NUMBER**: 0001104659-26-073037

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260609

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260612

**DATE AS OF CHANGE**: 20260611

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ACADIA REALTY TRUST
- **CENTRAL INDEX KEY:** 0000899629
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 232715194
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12002
- **FILM NUMBER:** 261084402

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARK CENTERS TRUST
- **DATE OF NAME CHANGE:** 19930329

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of Earliest Event Reported): June 9, 2026

**Acadia Realty Trust**

(Exact name of registrant as specified in its charter)

Maryland 1-12002 23-2715194 <br> (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

(Address of principal executive offices) (Zip Code)

(914) 288-8100

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| **Title of class of registered<br> securities** | **Trading <br> symbol** | **Name of exchange on which <br> registered** |
| Common shares of beneficial interest, par value $0.001 per share | AKR | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

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. ◻

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

---

On June 9, 2026, Acadia Realty Trust (the "Company") and its operating partnership, Acadia Realty Limited Partnership (the "Operating Partnership"), entered into an underwriting agreement (the "Underwriting Agreement") with BofA Securities, Inc., Jefferies LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, in their capacity as underwriters and/or forward sellers, as applicable (collectively, the "Underwriters"), and Bank of America, N.A., Jefferies LLC, Truist Bank and Wells Fargo Bank, National Association, in their capacity as forward purchasers (collectively, the "Forward Purchasers"), relating to the offer and sale (the "Offering") of 9,000,000 common shares of beneficial interest, par value $0.001 per share ("Common Shares"), of the Company by the Underwriters in connection with the forward sale agreements described below. The Underwriters were granted an option to purchase up to an additional 1,350,000 Common Shares within 30 days from June 9, 2026. The Company will not initially receive any proceeds from the sale of the Common Shares by the Underwriters. The Underwriting Agreement contains customary representations, warranties and covenants among the parties.

In connection with the Offering, on June 9, 2026, the Company also entered into separate forward sale agreements (collectively, the "Forward Sale Agreements") with each of the Forward Purchasers. On the same day, the Forward Purchasers borrowed from third parties and sold to the Underwriters an aggregate of 9,000,000 Common Shares (subject to increase if the Underwriters exercise their option to purchase additional shares). The Company expects to physically settle the Forward Sale Agreements and receive proceeds, subject to certain adjustments, from the sale of the Common Shares upon one or more such physical settlements no later than June 9, 2027. Although the Company expects to settle the Forward Sale Agreements entirely by the physical delivery of Common Shares for cash proceeds, the Company may also elect to cash settle or net share settle all or a portion of its obligations under the Forward Sale Agreements, in which case, the Company may not receive any proceeds, and the Company may owe cash or Common Shares to the Forward Purchasers.

Assuming full physical settlement of the Forward Sale Agreements at an initial forward sale price of $21.80 per share (which is the price at which the Underwriters agreed to buy the Common Shares), the Company expects to receive net proceeds of approximately $195.6 million (or approximately $225.0 million if the Underwriters exercise their option to purchase additional Common Shares in full), after deducting estimated expenses related to the Forward Sale Agreements and the Offering. The initial forward sale price is subject to certain adjustments pursuant to the terms of the Forward Sale Agreements. The Forward Sale Agreements are subject to early termination or settlement under certain circumstances.

The Company will contribute the net proceeds it receives upon the settlement of the Forward Sale Agreements to the Operating Partnership, which intends to use the net proceeds to fund acquisition opportunities arising in the Company's existing street portfolio markets and/or for other general corporate purposes, which may include the repayment of outstanding indebtedness, working capital and other general corporate purpose activities. Pending such usage, the Operating Partnership expects to invest the net proceeds in short-term instruments.

The Offering was made pursuant to the Company's effective shelf registration statement on Form S-3 (Registration No. 333-275356) filed with the Securities and Exchange Commission on November 7, 2023, and a prospectus supplement dated June 9, 2026.

The closing of the Offering occurred on June 11, 2026. The foregoing description of the Underwriting Agreement and the Forward Sale Agreements does not purport to be complete and is qualified in its entirety by reference to the exhibits filed with this Current Report on Form 8-K.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit <br> Number** | **Description** |
| [1.1](tm2617384d4_ex1-1.htm) | [Underwriting Agreement, dated as of June 9, 2026, by and among Acadia Realty Trust, Acadia Realty Limited Partnership, and BofA Securities, Inc., Jefferies LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, in their capacity as underwriters and/or forward sellers, and Bank of America, N.A., Jefferies LLC, Truist Bank and Wells Fargo Bank, National Association, in their capacity as forward purchasers](tm2617384d4_ex1-1.htm) |
| [1.2](tm2617384d4_ex1-2.htm) | [Forward Sale Agreement, dated June 9, 2026, between the Company and Bank of America, N.A.](tm2617384d4_ex1-2.htm) |
| [1.3](tm2617384d4_ex1-3.htm) | [Forward Sale Agreement, dated June 9, 2026, between the Company and Jefferies LLC](tm2617384d4_ex1-3.htm) |
| [1.4](tm2617384d4_ex1-4.htm) | [Forward Sale Agreement, dated June 9, 2026, between the Company and Truist Bank](tm2617384d4_ex1-4.htm) |
| [1.5](tm2617384d4_ex1-5.htm) | [Forward Sale Agreement, dated June 9, 2026, between the Company and Wells Fargo Bank, National Association](tm2617384d4_ex1-5.htm) |
| [5.1](tm2617384d4_ex5-1.htm) | [Opinion of Venable LLP](tm2617384d4_ex5-1.htm) |
| [23.1](tm2617384d4_ex5-1.htm) | [Consent of Venable LLP (included in Exhibit 5.1)](tm2617384d4_ex5-1.htm) |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **ACADIA REALTY TRUST** | **ACADIA REALTY TRUST** |
| Dated: June 11, 2026 |  |  |
|  | By: | /s/ John Gottfried |
|  | Name: | John Gottfried |
|  | Title: | Executive Vice President and Chief Financial Officer |

---

## Exhibit 1.1

**Exhibit 1.1**

***Execution Version***

ACADIA REALTY TRUST

9,000,000 Common Shares of Beneficial Interest

(par value $0.001 per share)

Underwriting Agreement

June 9, 2026

BofA Securities, Inc.

Jefferies LLC

Truist Securities, Inc.

Wells Fargo Securities, LLC

c/o BofA Securities, Inc.

One Bryant Park

New York, New York 10036

c/o Jefferies LLC

520 Madison Avenue

New York, New York 10022

c/o Truist Securities, Inc.

740 Battery Ave SE, 3rd Floor

Atlanta, Georgia 30339

c/o Wells Fargo Securities, LLC

500 West 33rd Street, 14th Floor

New York, NY 10001

*As Underwriters and Forward Sellers*

Bank of America, N.A.

Jefferies LLC

Truist Bank

Wells Fargo Bank, National Association

c/o Bank of America, N.A.

One Bryant Park

New York, New York 10036

c/o Jefferies LLC

520 Madison Avenue

New York, New York 10022

c/o Truist Bank

740 Battery Ave SE, 3rd Floor

Atlanta, Georgia 30339

c/o Wells Fargo Bank, National Association

500 West 33rd Street, 14th Floor

New York, New York 10001

*As Forward Purchasers*

Acadia Realty Trust, a Maryland real estate investment trust (the "Company"), and Acadia Realty Limited Partnership, a Delaware limited partnership (the "Partnership"), BofA Securities, Inc., Jefferies LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC (in such agency capacities, each, a "Forward Seller" and collectively, the "Forward Sellers") and Bank of America, N.A., Jefferies LLC, Truist Bank and Wells Fargo Bank, National Association at the request of the Company in connection with the Confirmation (as defined below) (in such capacities, each, a "Forward Purchaser" and collectively, the "Forward Purchasers") confirm their agreement with each of BofA Securities, Inc., Jefferies LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC (each, an Underwriter and collectively, the "Underwriters") with respect to (i) the sale by the Forward Sellers and the purchase by the Underwriters, acting severally and not jointly, of an aggregate of 9,000,000 shares (the "Borrowed Firm Shares") of the Company's common shares of beneficial interest, par value $0.001 per share ("Common Shares"), and (ii) the grant to the Underwriters, acting severally and not jointly, of the option described in Section 2 hereof to purchase all or any part of 1,350,000 additional Common Shares (the "Option Shares").

Any Option Shares sold to the Underwriters by a Forward Seller pursuant to Section 2 hereof upon exercise of the option described therein are herein referred to as the "Borrowed Option Shares." Any Option Shares sold to the Underwriters by the Company pursuant to Section 2 hereof upon exercise of such option and any Company Top-Up Option Shares (as defined in Section 3(a) hereof) are herein referred to as the "Company Option Shares." The Borrowed Firm Shares and the Company Top-Up Firm Shares (as defined in Section 3(a) hereof) are herein referred to collectively as the "Firm Shares." The Company Top-Up Firm Shares and the Company Top-Up Option Shares are herein referred to collectively as the "Company Shares." The Borrowed Firm Shares and the Borrowed Option Shares are herein referred to collectively as the "Borrowed Shares." The Borrowed Shares and the Company Shares are herein referred to as the "Shares." The Shares are described in the Prospectus which is referred to below.

As used herein, "Confirmation" means each letter agreement, dated the date hereof, between the Company and each Forward Purchaser, relating to the forward sale by the Company, subject to the Company's right to elect Cash Settlement or Net Share Settlement (as such terms are defined in the Confirmation), of a number of Common Shares equal to the number of Borrowed Firm Shares sold by the Forward Seller to the Underwriters pursuant to this Agreement. References herein to the "Confirmation" are to the initial Confirmation and/or the Additional Confirmation (as defined in Section 2 hereof) as the context requires.

The Company understands that the Underwriters propose to make a public offering of the Shares on the terms set forth herein as soon as the Underwriters deem advisable after this Agreement has been executed and delivered.

The Company and the Partnership hereby confirm their agreement with each of the Forward Sellers, Forward Purchasers and Underwriters concerning the purchase and sale of the Shares, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Registration Statement.</u> The Company has prepared and filed with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the "Securities Act"), a registration statement (File No. 333-275356), including a base prospectus contained therein (the "Base Prospectus"), relating to the Shares. Such registration statement, including the information, if any, deemed pursuant to Rule 430A, 430B or 430C under the Securities Act to be part of the registration statement at the time of its effectiveness ("Rule 430 Information"), is referred to herein as the "Registration Statement". No post-effective amendment to the Registration Statement has been filed as of the date of this Agreement. If the Company has filed an abbreviated registration statement pursuant to Rule 462(b) under the Securities Act (the "Rule 462 Registration Statement"), then any reference herein to the term "Registration Statement" shall be deemed to include such Rule 462 Registration Statement. Any preliminary prospectus relating to the Shares, including any preliminary prospectus supplement relating to the Shares filed with the Commission, together with the Base Prospectus is herein referred to as a "Preliminary Prospectus". "Prospectus" means the Base Prospectus together with the final prospectus supplement filed with the Commission pursuant to and within the time limits described in Rule 424(b) under the Securities Act. Any reference in this Agreement to the Registration Statement, any Preliminary Prospectus or the Prospectus, or to any amendment or supplement thereto, shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (the "Exchange Act"), which is or is deemed to be incorporated by reference in the Registration Statement, any Preliminary Prospectus or the Prospectus, as the case may be, and, in the case of any reference herein to the Prospectus, also shall be deemed to include any documents incorporated by reference therein, and any supplements or amendments thereto, filed with the Commission after the date of filing of the final prospectus supplement under Rule 424(b) under the Securities Act, and prior to the termination of the offering of the Shares by the Underwriters. At or prior to the Applicable Time (as defined below), the Company had prepared the following information (collectively with the pricing information set forth on Item (b) of Annex A, the "Pricing Disclosure Package"): a Preliminary Prospectus dated June 9, 2026 and each "free-writing prospectus" (as defined pursuant to Rule 405 under the Securities Act) listed on Annex A hereto.

"<u>Applicable Time</u>" means 7:00 P.M., New York City time, on June 9, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Agreement to Sell and Purchase.</u>

Upon the basis of the warranties and representations and subject to the terms and conditions herein set forth, each Forward Seller (with respect to the Borrowed Firm Shares) and the Company (with respect to any Company Top-Up Firm Shares), severally and not jointly, agrees to sell to the Underwriters, and each Underwriter agrees, severally and not jointly, to purchase from each such Forward Sellers (with respect to the Borrowed Firm Shares) and the Company (with respect to any Company Top-Up Firm Shares), at a purchase price of $21.80 (the "Purchase Price") per Firm Share, the number of Firm Shares set forth in <u>Schedule 1</u> hereto opposite the name of such Underwriter. Each Forward Seller's obligations extend solely to the respective number of Borrowed Firm Shares set forth opposite the name of such Forward Seller in <u>Schedule 1</u> hereto under the heading "Number of Borrowed Firm Shares To Be Sold" at the Purchase Price.

In addition, the several Underwriters shall have the option to purchase pursuant to clause (a) or clause (b) below as applicable, severally and not jointly, ratably in accordance with the number of Firm Shares to be purchased by each of them, all or a portion of the Option Shares at a purchase price per Option Share equal to the Purchase Price (the "Option Shares Purchase Price"). This option may be exercised by the Underwriters at any time, and from time to time, on or before the thirtieth day following the date hereof, by written notice to the Company and the Forward Sellers. Such notice shall set forth the aggregate number of Option Shares as to which the option is being exercised and the date and time when the Option Shares are to be delivered (such date and time being herein referred to as the "Additional Closing Date"); *provided, however*, that the Additional Closing Date shall not be (i) earlier than the Closing Date (as defined below) or (ii) unless otherwise agreed to by the Company, the Forward Sellers and the Underwriters, earlier than the second or later than the tenth Business Day after the date on which the option shall have been exercised. Any such notice shall be given at least two Business Days prior to the date and time of delivery specified therein. As used herein "Business Day" shall mean a day on which the New York Stock Exchange ("NYSE") is open for trading or commercial banks in the City of New York are open for business.

Following delivery of an exercise notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company agrees that it will use its commercially reasonable best efforts to, within two Business
 Days after such notice is given, execute and deliver to each Forward Seller an additional
 letter agreement between the Company and such Forward Purchaser (each, an "Additional
 Confirmation") relating to the forward sale by the Company, subject to the Company's
 right to elect Cash Settlement or Net Share Settlement (as such terms are defined in such
 Additional Confirmation), of a number of Common Shares equal to the aggregate number of Option
 Shares being purchased by the Underwriters from each Forward Seller pursuant to the exercise
 of such option, on terms substantially similar to the initial Confirmation *, mutatis mutandis*,
 as agreed by the parties. Upon the Company's execution and delivery to each Forward
 Purchaser of such Additional Confirmation, each Forward Purchaser shall promptly execute
 and deliver such Additional Confirmation to the Company, and upon such execution and delivery
 to the Company, upon the basis of the warranties and representations and subject to the terms
 and conditions herein set forth, each Forward Seller (or, in the case of any Company Top-Up
 Option Shares, the Company), severally and not jointly, hereby agrees to sell to the several
 Underwriters such number of Option Shares at the Option Shares Purchase Price. Each Forward
 Seller's obligations extend solely to the number of Borrowed Option Shares, which shall
 be not more than the number set forth opposite the name of such Forward Seller in <u>Schedule 1</u> hereto under the heading "Maximum Number of Borrowed Option Shares To Be Sold,"
 at the Option Shares Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Company does not timely execute and deliver an Additional Confirmation pursuant to clause
 (a) above, then, upon the basis of the warranties and representations and subject to
 the terms and conditions herein set forth, the Company agrees to sell to the several Underwriters
 the aggregate number of Option Shares with respect to which the option is being exercised
 at the Option Shares Purchase Price.

If (i) any of the representations and warranties of the Company contained herein or any certificate delivered by the Company pursuant hereto are not true and correct as of the Closing Date or any Additional Closing Date, as the case may be, as if made as of the Closing Date or such Additional Closing Date, (ii) the Company has not performed all of the obligations required to be performed by it under this Agreement on or prior to the Closing Date or such Additional Closing Date, (iii) any of the conditions set forth in Section 7 hereof have not been satisfied on or prior to the Closing Date or such Additional Closing Date, (iv) this Agreement shall have been terminated pursuant to Section 12 hereof on or prior to the Closing Date or such Additional Closing Date or the Closing Date or such Additional Closing Date shall not have occurred, (v) any of the conditions set forth in Section 3 of the initial Confirmation (or the equivalent section of the Additional Confirmation) shall not have been satisfied on or prior to the Closing Date or such Additional Closing Date or (vi) any of the representations and warranties of the Company contained in the Confirmation are not true and correct as of the Closing Date or such Additional Closing Date as if made as of the Closing Date or such Additional Closing Date (clauses (i) through (vi), together, the "Conditions"), then each Forward Seller, in its sole discretion, may elect not to (or in the case of clause (iv), will not) borrow and deliver for sale to the Underwriters the Borrowed Shares otherwise deliverable on such date. In addition, in the event a Forward Seller determines such Forward Seller is unable to borrow and deliver for sale under this Agreement a number of Common Shares equal to the number of Borrowed Shares pursuant to the terms of the Confirmation to be sold by it hereunder, such Forward Seller shall only be required to deliver for sale to the Underwriters at the Closing Date or any Additional Closing Date, as the case may be, the aggregate number of Common Shares that such Forward Seller or its affiliate is able to so borrow in connection with establishing its commercially reasonable hedge position at or below such cost.

If a Forward Seller elects, pursuant to the preceding paragraph not to borrow and deliver for sale to the Underwriters at the Closing Date or any Additional Closing Date, as the case may be, the total number of Borrowed Shares to be sold by it hereunder, such Forward Seller will use its commercially reasonable efforts to notify the Company no later than 5:00 p.m., New York City time, on the Business Day prior to the Closing Date or such Additional Closing Date. Notwithstanding anything to the contrary herein, in no event will the Company be required to issue or deliver any Company Shares prior to the second Business Day following notice to the Company of the relevant number of Shares so deliverable in accordance with this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Delivery of the Shares and Payment Therefor.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* <u>Firm Shares</u>. The Firm Shares to be purchased by the Underwriters hereunder, in definitive
 form, and in such authorized denominations and registered in such names as the Underwriters
 may request upon at least forty-eight (48) hours' prior notice to the Forward Sellers
 or the Company, as the case may be, shall be delivered by or on behalf of the Forward Sellers
 or the Company, as the case may be, to the Underwriters, including, at the option of the
 Underwriters, through the facilities of The Depository Trust Company ("DTC")
 for the account of the Underwriters, against payment by or on behalf of the Underwriters
 of the purchase price therefor by wire transfer of Federal (same-day) funds to the account
 specified to the Underwriters by each Forward Seller (with respect to the Borrowed Firm Shares)
 or by the Company (with respect to the Company Top-Up Shares), in either case, upon at least
 forty-eight (48) hours' prior notice. The time, date and place of such delivery and
 payment shall be 10:00 a.m., New York City time, on the first (second, if the determination
 of the purchase price of the Firm Shares occurs after 4:00 p.m., New York City time) business
 day after the date hereof (unless another time and date shall be agreed to by the Underwriters,
 the Forward Sellers or the Company, as applicable) at the office of Fried, Frank, Harris,
 Shriver & Jacobson LLP, counsel for the Underwriters, 801 17th Street, NW Washington,
 DC 20006. The time and date at which such delivery and payment are actually made is hereinafter
 called the "Closing Date."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* <u>Option Shares</u>. Any Option Shares to be purchased by the Underwriters hereunder, in definitive
 form, and in such authorized denominations and registered in such names as the Underwriters
 may request upon at least forty-eight (48) hours' prior notice to the Forward Sellers
 shall be delivered by or on behalf of the Forward Sellers or the Company, as the case may
 be, to the Underwriters, including, at the option of the Underwriters, through the facilities
 of DTC for the account of the Underwriters, against payment by or on behalf of the Underwriters
 of the purchase price therefor by wire transfer of Federal (same-day) funds to the account
 specified to the Underwriters by the Company (with respect to the Company Option Shares)
 or the Forward Sellers (with respect to the Borrowed Option Shares), as the case may be,
 upon at least forty-eight (48) hours' prior notice. The time, date and place of such
 delivery and payment shall be 9:30 a.m., New York City time, on the date specified by
 the Underwriters in the notice given by the Underwriters to the Company or the Forward Sellers,
 as the case may be, of the Underwriters' election to purchase such Option Shares or
 on such other time and date as the Company and the Underwriters may agree upon in writing
 at the office of Fried, Frank, Harris, Shriver & Jacobson LLP, counsel for the Underwriters,
 801 17th Street, NW Washington, DC 20006.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* In
 the event that a Forward Seller elects not to borrow Shares, pursuant to Section 2 hereof,
 such Forward Seller or related Forward Purchaser determines pursuant to the terms of the
 Confirmation it is unable to borrow and deliver for sale under this Agreement a number of
 Common Shares equal to the number of Borrowed Firm Shares or Borrowed Option Shares, as applicable,
 to be purchased by the Underwriters on the Closing Date or the Additional Closing Date, as
 applicable, and deliverable by such Forward Seller hereunder, or an Underwriter acting as
 Forward Seller determines in good faith, in its commercially reasonable judgment, it is impracticable
 to do so, then, upon notice by such Forward Seller to the Company (which notice shall be
 delivered no later than 5:00 p.m., New York City time, on the Business Day immediately preceding
 the Closing Date or any Additional Closing Date, as the case may be), the Company shall issue
 and sell to the Underwriters, pursuant to Section 2 hereof, in whole but not in part,
 an aggregate number of Common Shares equal to the number of Borrowed Firm Shares or Borrowed
 Option Shares, as applicable, deliverable by the Forward Seller hereunder that the Forward
 Seller does not so deliver and sell to the Underwriters. In connection with any such issuance
 and sale by the Company, the Company shall have the right to postpone the Closing Date or
 the Additional Closing Date, as applicable, for one business day in order to effect any required
 changes in any documents or arrangements. Any Common Shares sold by the Company to the Underwriters
 pursuant to this Section 3(c) in lieu of any Borrowed Firm Shares are referred
 to herein as the "Company Top-Up Firm Shares." Any Common Shares sold by the
 Company to the Underwriters pursuant to this Section 3(c) in lieu of any Borrowed
 Option Shares in respect of which an Additional Confirmation has been executed are referred
 to herein as the "Company Top-Up Option Shares."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* No
 Forward Purchaser or Forward Seller shall have any liability whatsoever for any Borrowed
 Firm Shares or Borrowed Option Shares that any such Forward Seller does not deliver and sell
 to the Underwriters or any other party if (i) all of the Conditions with respect to
 the Forward Purchaser and the Forward Seller are not satisfied on or prior to the Closing
 Date or the Additional Closing Date or any additional time of purchase (in respect of any
 Borrowed Option Shares in respect of which an Additional Confirmation has been executed),
 as applicable, and the Forward Seller elects pursuant to Section 2 hereof not to deliver
 and sell to the Underwriters the Borrowed Firm Shares or Borrowed Option Shares, as applicable,
 deliverable by the Forward Seller hereunder, or (ii) any such Forward Seller or related
 Forward Purchaser determines it is unable to borrow and deliver for sale under this Agreement
 a number of Common Shares equal to the number of Borrowed Shares or Borrowed Option Shares,
 as applicable, pursuant to the terms of a Confirmation or Additional Confirmation to be sold
 by it hereunder or (iii) the Forward Seller determines in good faith, in its commercially
 reasonable judgment, consistent with its normal trading and sales practices and applicable
 law and regulations, it is either impracticable to do so, it being understood that the foregoing
 exclusion of liability shall not apply in the case of fraud and/or any intentional misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties of the Company.</u> Each of the Company and the Partnership, jointly and severally, represents and warrants to each Underwriter, each Forward Purchaser and each Forward Seller, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Preliminary Prospectus.* No order preventing or suspending the use of any Preliminary Prospectus has
 been issued by the Commission, and each Preliminary Prospectus included in the Pricing Disclosure
 Package, at the time of filing thereof, complied in all material respects with the Securities
 Act, and no Preliminary Prospectus, at the time of filing thereof, contained any untrue statement
 of a material fact or omitted 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; <u>provided</u> that the Company makes no representation or warranty with respect to any statements or omissions
 made in reliance upon and in conformity with information relating to any Underwriter or Forward
 Purchaser furnished to the Company in writing by such Underwriter or Forward Purchaser expressly
 for use in any Preliminary Prospectus, it being understood and agreed that the only such
 information furnished by any Underwriter or Forward Purchaser consists of the information
 described as such in Section 7(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Pricing Disclosure Package*. The Pricing Disclosure Package as of the Applicable Time did not,
 and as of the Closing Date and as of the Additional Closing Date, as the case may be, will
 not, contain any 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; <u>provided</u> that the Company makes no representation or warranty
 with respect to any statements or omissions made in reliance upon and in conformity with
 information relating to any Underwriter or Forward Purchaser furnished to the Company in
 writing by such Underwriter or Forward Purchaser expressly for use in such Pricing Disclosure
 Package, it being understood and agreed that the only such information furnished by any Underwriter
 or Forward Purchaser consists of the information described as such in Section 7(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Issuer Free Writing Prospectus.* Other than the Registration Statement, the Preliminary Prospectus
 and the Prospectus, the Company (including its agents and representatives, other than the
 Underwriters in their capacity as such) has not prepared, made, used, authorized, approved
 or referred to and will not prepare, make, use, authorize, approve or refer to any "written
 communication" (as defined in Rule 405 under the Securities Act) that constitutes
 an offer to sell or solicitation of an offer to buy the Shares (each such communication by
 the Company or its agents and representatives (other than a communication referred to in
 clause (i) below) an "Issuer Free Writing Prospectus") other than (i) any
 document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities
 Act or Rule 134 under the Securities Act or (ii) the documents listed on <u>Annex</u> A hereto, each electronic road show and any other written communications approved in writing
 in advance by the Underwriters. Each such Issuer Free Writing Prospectus complies in all
 material respects with the Securities Act, has been or will be (within the time period specified
 in Rule 433) filed in accordance with the Securities Act (to the extent required thereby)
 and does not conflict with the information contained in the Registration Statement or the
 Pricing Disclosure Package, and, when taken together with the Preliminary Prospectus filed
 prior to the first use of such Issuer Free Writing Prospectus, did not, and as of the Closing
 Date and as of the Additional Closing Date, as the case may be, will not, contain any 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; <u>provided</u> that the Company makes no representation or warranty with respect
 to any statements or omissions made in each such Issuer Free Writing Prospectus or Preliminary
 Prospectus in reliance upon and in conformity with information relating to any Underwriter
 or Forward Purchaser furnished to the Company in writing by such Underwriter or Forward Purchaser
 expressly for use in such Issuer Free Writing Prospectus or Preliminary Prospectus, it being
 understood and agreed that the only such information furnished by any Underwriter or Forward
 Purchaser consists of the information described as such in Section 7(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Registration Statement and Prospectus.* The Registration Statement is an "automatic shelf registration
 statement" as defined under Rule 405 of the Securities Act that has been filed
 with the Commission not earlier than three years prior to the date hereof; and no notice
 of objection of the Commission to the use of such registration statement or any post-effective
 amendment thereto pursuant to Rule 401(g)(2) under the Securities Act has been
 received by the Company. No order suspending the effectiveness of the Registration Statement
 has been issued by the Commission, and no proceeding for that purpose or pursuant to Section 8A
 of the Securities Act against the Company or related to the offering of the Shares has been
 initiated or threatened by the Commission; as of the applicable effective date of the Registration
 Statement and any post-effective amendment thereto, the Registration Statement and any such
 post-effective amendment complied and will comply in all material respects with the Securities
 Act, and did not and will not contain any untrue statement of a material fact or omit to
 state a material fact required to be stated therein or necessary in order to make the statements
 therein not misleading; and as of the date of the Prospectus and any amendment or supplement
 thereto and as of the Closing Date and as of the Additional Closing Date, as the case may
 be, the Prospectus will comply in all material respects with the Securities Act and will
 not contain any 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; <u>provided</u> that the Company makes no representation or warranty
 with respect to any statements or omissions made in reliance upon and in conformity with
 information relating to any Underwriter or Forward Purchaser furnished to the Company in
 writing by such Underwriter or Forward Purchaser expressly for use in the Registration Statement
 and the Prospectus and any amendment or supplement thereto, it being understood and agreed
 that the only such information furnished by any Underwriter or Forward Purchaser consists
 of the information described as such in Section 7(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Incorporated Documents.* The documents incorporated by reference in the Registration Statement, the
 Prospectus and the Pricing Disclosure Package, when they were filed with the Commission conformed
 in all material respects to the requirements of the Exchange Act, and none of such documents
 contained any untrue statement of a material fact or omitted to state a material fact necessary
 to make the statements therein, in the light of the circumstances under which they were made,
 not misleading; and any further documents so filed with the Commission after the date of
 filing of the final prospectus supplement under Rule 424(b) under the Securities
 Act in connection with the offering of the Shares, and prior to the termination of the offering
 of the Shares by the Underwriters, and incorporated by reference in the Registration Statement,
 the Prospectus or the Pricing Disclosure Package, when such documents are filed with the
 Commission, will conform in all material respects to the requirements of the Exchange Act
 and will not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements therein, in the light of the circumstances under which
 they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Financial Statements.* The financial statements included or incorporated by reference in the Registration
 Statement, the Prospectus and the Pricing Disclosure Package present fairly in all material
 respects the consolidated financial position, the results of operations and cash flows of
 the Company, the Partnership and their subsidiaries as of and at the dates and for the periods
 specified. Such Financial Statements comply as to form in all material respects with the
 applicable accounting requirements of the Securities Act, the Exchange Act, the rules and
 regulations of the Commission under the Securities Act (the "Securities Act Regulations")
 and the rules and regulations of the Commission under the Exchange Act (the "Exchange
 Act Regulations") and have been prepared in conformity with generally accepted accounting
 principles as applied in the United States applied on a consistent basis throughout the periods
 involved, except as may be expressly stated in the related notes thereto. The pro forma financial
 statements and other pro forma financial information, if any, included, or incorporated by
 reference in, the Registration Statement, the Pricing Disclosure Package and the Prospectus
 include assumptions that provide a reasonable basis for presenting the significant effects
 directly attributable to the transactions and events described therein, the related pro forma
 adjustments give appropriate effect to those assumptions, and the pro forma adjustments reflect
 the proper application of those adjustments to the historical financial statement amounts
 in the pro forma financial statements included or incorporated by reference in the Registration
 Statement, the Pricing Disclosure Package and the Prospectus. The pro forma financial statements
 included or incorporated by reference in the Registration Statement, the Pricing Disclosure
 Package and the Prospectus comply as to form in all material respects with the applicable
 accounting requirements of the Regulation S-X under the Securities Act and the pro forma
 adjustments have been properly applied to the historical amounts in the compilation of those
 statements. No other historical, pro forma or other financial statements or supporting schedules
 are required under applicable law, including the Securities Act, the Securities Act Regulations,
 the Exchange Act and the Exchange Act Regulations, to be included or incorporated by reference
 in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The financial
 data included or incorporated by reference in the Registration Statement, the Pricing Disclosure
 Package and the Prospectus fairly present in all material respects the information set forth
 therein on a basis consistent with that of the audited financial statements contained in
 the Company's most recent Annual Report on Form 10-K. Any non-GAAP financial measures,
 as defined under Regulation G under the Securities Act, included or incorporated by reference
 in the Registration Statement, the Pricing Disclosure Package and the Prospectus comply in
 all material respects with the requirements of Regulation G and Item 10 of Regulation S-K
 under the Securities Act. The interactive data in eXtensible Business Reporting Language
 included or incorporated by reference in the Registration Statement, the Pricing Disclosure
 Package and the Prospectus fairly present the information called for in all material respects
 and have been prepared in accordance with the Commission's rules and guidelines
 applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *No Material Adverse Change.* Except as otherwise disclosed in the Registration Statement,
 the Pricing Disclosure Package and the Prospectus, subsequent to the respective dates as
 of which information is given in the Registration Statement, the Pricing Disclosure Package
 and the Prospectus: (i) there has been no material adverse change, or any development
 involving a prospective material adverse change, in the condition, financial or otherwise,
 or in the earnings, business or operations of the Company, the Partnership and their subsidiaries,
 considered as one entity (any such change, a "Material Adverse Change"); (ii) there
 have been no transactions entered into by the Company, the Partnership and their subsidiaries,
 other than those in the ordinary course of business, which are material with respect to the
 Company, the Partnership and their subsidiaries, considered as one entity; and (iii) except
 for regular quarterly dividends on the Common Shares in amounts per share that are materially
 consistent with past practice, there has been no dividend or distribution of any kind declared,
 paid or made by the Company on any class of its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Organization and Good Standing.* Each of the Company, the Partnership and their subsidiaries has been
 duly incorporated, formed or organized, as the case may be, and is validly existing as a
 real estate investment trust, partnership, corporation, limited liability company or other
 legal entity in good standing under the laws of the jurisdiction of its incorporation, organization
 or formation, as applicable, and has full real estate investment trust, partnership, corporate,
 or other power and authority to own, lease and operate its properties and to conduct its
 business as described in the Registration Statement, the Pricing Disclosure Package and the
 Prospectus and, in the case of the Company and the Partnership, to enter into and perform
 their respective obligations under this Agreement, any Confirmation and to consummate the
 transactions contemplated herein, except as would not reasonably be expected to result in
 a Material Adverse Change. Each of the Company, the Partnership and each of their subsidiaries
 is duly qualified as a foreign corporation or other legal entity to transact business and
 is in good standing in each jurisdiction in which such qualification is required, whether
 by reason of the ownership or leasing of property or the conduct of business, except for
 such jurisdictions where the failure to so qualify or to be in good standing would not, individually
 or in the aggregate, reasonably be expected to result in a Material Adverse Change. All of
 the issued and outstanding capital stock, membership interests, partnership interests or
 similar equity interests of each subsidiary of the Company and the Partnership have been
 duly authorized and validly issued, are fully paid and non-assessable, except as would not,
 individually or in the aggregate, reasonably be expected to result in a Material Adverse
 Change. Except as otherwise set forth in the Registration Statement, the Pricing Disclosure
 Package and the Prospectus, all equity interests in each subsidiary of the Company and the
 Partnership that are owned by the Company and the Partnership, directly or through subsidiaries,
 are free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim
 (collectively, "Liens"), except for Liens, if any, securing indebtedness as described
 in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or except
 for such Liens that would not, individually or in the aggregate, reasonably be expected to
 result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Capitalization.* The authorized, issued and outstanding capital shares of the Company are as described
 in the Registration Statement, the Pricing Disclosure Package and the Prospectus (other than
 for subsequent issuances, if any, pursuant to this Agreement, employee benefit plans described
 in the Registration Statement, the Pricing Disclosure Package and the Prospectus or upon
 exercise of outstanding options described in the Registration Statement, the Pricing Disclosure
 Package and the Prospectus). The Common Shares (including the Shares) conform in all material
 respects to the description thereof contained in the Registration Statement, the Pricing
 Disclosure Package and the Prospectus. All of the issued and outstanding Common Shares have
 been duly authorized and validly issued, are fully paid and non-assessable and have been
 offered, sold and issued in compliance with federal and state securities laws. The issuance
 of the Shares has been duly authorized and, upon being delivered and paid for pursuant to
 this Agreement, the Shares will be validly issued, fully paid and non-assessable, free and
 clear of any security interest, mortgage, pledge, lien, encumbrance or claim. All of the
 issued and outstanding units of limited partnership interest in the Partnership have been
 duly authorized by the Partnership. Any shares of Common Shares to be delivered pursuant
 to any Confirmation (the "Confirmation Shares") have been duly authorized by
 the Company for issuance and sale to the applicable Forward Purchaser pursuant to such Confirmation
 and, if and when issued and delivered by the Company pursuant to such Confirmation against
 payment of any consideration specified therein, will be validly issued and fully paid and
 non-assessable, and will not be subject to any preemptive or similar rights. None of the
 outstanding Common Shares were issued in violation of any preemptive rights, rights of first
 refusal or other similar rights to subscribe for or purchase securities of the Company, and
 the holders of the outstanding capital shares of the Company are not entitled to preemptive
 or other rights to subscribe for the Shares. There are no authorized or outstanding options,
 warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity
 or debt securities convertible into or exchangeable or exercisable for, any capital shares
 or ownership interests in the Company other than those described in the Registration Statement,
 the Pricing Disclosure Package and the Prospectus. The description of the Company's
 incentive plan and other similar plans or arrangements set forth in the Registration Statement,
 the Pricing Disclosure Package and the Prospectus accurately and fairly presents the information
 required to be shown with respect to such plans and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(j)* *Due Authorization.* The Company and the Partnership have full right, power and authority to
 execute and deliver this Agreement, any Confirmation and to perform their obligations hereunder;
 and all action required to be taken for the due and proper authorization, execution and delivery
 by the Company and the Partnership of this Agreement, any Confirmation and the consummation
 by the Company and the Partnership of the transactions contemplated hereby has been duly
 and validly taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(k)* *Underwriting Agreement and Confirmations.* This Agreement and any Confirmation has been duly authorized,
 executed and delivered by the Company and the Partnership, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(l)* *The Shares.* The Shares have been duly authorized by the Company and, when issued and delivered
 and paid for as provided herein, will be duly and validly issued, will be fully paid and
 nonassessable and will conform to the descriptions thereof in the Registration Statement,
 the Pricing Disclosure Package and the Prospectus; and the issuance of the Shares is not
 subject to any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(m)* *Descriptions of the Underwriting Agreement.* This Agreement conforms in all material respects to the
 description thereof contained in the Registration Statement, the Pricing Disclosure Package
 and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(n)* *No Violation or Default.* Neither the Company, the Partnership nor any of the significant
 subsidiaries is in violation of its respective declaration of trust, bylaws, partnership
 agreement, certificate of formation, charter, operating agreement or similar documents. Neither
 the Company, the Partnership nor any of the significant subsidiaries is in default (or, with
 the giving of notice or lapse of time, would be in default) ("Default") under
 any indenture, mortgage, loan or credit agreement, note, contract, lease or other agreement,
 to which the Company, the Partnership or any of the significant subsidiaries is a party or
 by which it or any of them may be bound, or to which any of the property or assets of the
 Company, the Partnership or any of the significant subsidiaries is subject (each, an "Existing
 Instrument"), except for such Defaults as would not, individually or in the aggregate,
 reasonably be expected to result in a Material Adverse Change. The execution, delivery and
 performance of this Agreement and any Confirmation by the Company and the Partnership, as
 applicable, the application of the proceeds from the issuance of the Shares as described
 under "Use of Proceeds" in the Pricing Disclosure Package and the Prospectus
 and the consummation of the transactions contemplated hereby and thereby and by the Registration
 Statement (i) will not result in any violation of the provisions of the respective declaration
 of trust, bylaws, partnership agreement, certificate of formation, charter, operating agreement
 or similar documents of the Company, the Partnership or any significant subsidiary, (ii) will
 not conflict with or constitute a breach of, or Default under, or result in the creation
 or imposition of any Lien upon any property or assets of the Company, the Partnership or
 any of their significant subsidiaries under any Existing Instrument, and (iii) will
 not result in any violation of any law, statute, rule, regulation, judgment, order or decree,
 administrative regulation or administrative or court decree applicable to the Company, the
 Partnership or any significant subsidiary or any of its or their property, except, in the
 case of clauses (ii) and (iii) above as would not, individually or in the aggregate,
 reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(o)* *No Consents Required.* No consent, approval, authorization or other order of, or registration
 or filing with, any court or other governmental or regulatory authority or agency, is required
 for the Company's or the Partnership's execution, delivery and performance of
 this Agreement, any Confirmation and consummation of the transactions contemplated hereby
 and thereby and by the Registration Statement, the Prospectus and the Pricing Disclosure
 Package, except such consents, approvals, authorizations, orders, filings, registrations
 or qualifications as may be required under applicable state securities or Blue Sky laws and
 from the Financial Industry Regulatory Authority, Inc. ("FINRA").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(p)* *Legal Proceedings.* Except as otherwise disclosed in the Registration Statement, the Pricing
 Disclosure Package and the Prospectus, there are no legal or governmental actions, suits,
 investigations or proceedings involving the Company, the Partnership or any of their subsidiaries
 pending or, to the best of the Company's or the Partnership's knowledge, threatened
 that would reasonably be expected to result in a Material Adverse Change or have a material
 adverse effect the consummation of the transactions contemplated by this Agreement or any
 Confirmation. No labor dispute with the employees of the Company, the Partnership or any
 of their subsidiaries exists or, to the best of the Company's and the Partnership's
 knowledge, is threatened that would reasonably be expected to result in a Material Adverse
 Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(q)* *Independent Accountants*. Deloitte & Touche LLP, which delivered its audit report with respect
 to the consolidated financial statements of the Company for the fiscal year ended December 31,
 2025, including the related notes and schedules, if any, thereto, filed with the Commission
 and included or incorporated by reference in the Registration Statement, the Pricing Disclosure
 Package and the Prospectus, is an independent registered public accounting firm as required
 by the Securities Act, the Exchange Act and the rules and regulations of the Public
 Company Accounting Oversight Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(r)* *Title to Real and Personal Property*. Each of the Company, the Partnership and each of their
 subsidiaries owns or leases all such properties as are necessary to the conduct of their
 respective operations as presently conducted, except as would not, individually or in the
 aggregate, reasonably be expected to result in a Material Adverse Change. The Company, the
 Partnership and each of their subsidiaries has good and marketable title to all the properties
 and assets reflected as owned in the Company's consolidated financial statements (and
 schedules thereto) or elsewhere in the Registration Statement, the Pricing Disclosure Package
 and the Prospectus, in each case free and clear of any security interests, mortgages, liens,
 encumbrances, equities, claims and other defects, except as disclosed in the Registration
 Statement, the Pricing Disclosure Package and the Prospectus or where the existence of any
 security interest, mortgage, lien, encumbrance, equity, claim or other defect would not,
 individually or in the aggregate, reasonably be expected to result in a Material Adverse
 Change. The real property, improvements, equipment and personal property held under lease
 by the Company, the Partnership or any of their subsidiaries are held under valid and enforceable
 leases, except as disclosed in the Registration Statement, the Pricing Disclosure Package
 and the Prospectus, or where the invalidity or unenforceability of any leases would not,
 individually or in the aggregate, reasonably be expected to result in a Material Adverse
 Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(s)* *Intellectual Property.* The Company, the Partnership and their subsidiaries own or possess sufficient
 trademarks, trade names, patent rights, copyrights, domain names, licenses, approvals, trade
 secrets and other similar rights (collectively, "Intellectual Property Rights")
 reasonably necessary to conduct their businesses as now conducted or as proposed to be conducted
 in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except
 for such Intellectual Property Rights the absence of which would not, individually or in
 the aggregate, reasonably be expected to result in a Material Adverse Change. Except as set
 forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, neither
 the Company, the Partnership, nor any of their subsidiaries has received any notice of infringement
 or conflict with asserted Intellectual Property Rights of others, which infringement or conflict,
 if the subject of an unfavorable decision, would reasonably be expected to result in a Material
 Adverse Change. The Company and the Partnership are not parties to or bound by any options,
 licenses or agreements with respect to the Intellectual Property Rights of any other person
 or entity that are required to be set forth in the Registration Statement, the Pricing Disclosure
 Package and the Prospectus and are not described in all material respects. None of the technology
 employed by the Company or the Partnership has been obtained or is being used by the Company
 or the Partnership in violation of any contractual obligation binding on the Company, the
 Partnership or, to the Company's or the Partnership's knowledge, any of their
 officers, trustees or employees or is otherwise in violation of the rights of any persons,
 except for violations which would not, individually or in the aggregate, reasonably be expected
 to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(t)* *No Undisclosed Relationships*. There are no business relationships or related-party transactions
 involving the Company, the Partnership or any subsidiary of either or any other person required
 to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus
 that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(u)* *Investment Company Act*. Each of the Company and the Partnership is not, and after giving effect
 to the offer and sale of the Shares, as applicable, and after receipt of payment for the
 Shares on the Closing Date and on the Additional Closing Date and any proceeds received pursuant
 to an Confirmation, as the case may be, and the application of the proceeds therefrom as
 described under "Use of Proceeds" in each of the Registration Statement, the
 Pricing Disclosure Package and the Prospectus will not be, required to be registered as,
 an "investment company" or a company "controlled" by an "investment
 company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v)* *Taxes.* The Company, the Partnership and their subsidiaries (i) have filed all material
 federal, state, local and foreign income and franchise tax returns required to be filed by
 such entities or have properly requested extensions thereof, and (ii) have paid all
 material taxes required to be paid by any of them and, if due and payable, any related or
 similar assessment, fine or penalty levied against any of them, except in the case of each
 of (i) and (ii), to the extent they have been or are being contested in good faith and
 by appropriate proceedings, as would not reasonably be expected to result in a Material Adverse
 Change or as set forth in the Registration Statement, the Pricing Disclosure Package and
 the Prospectus. To the knowledge of the Company, there is no tax deficiency likely to be
 asserted against the Company, the Partnership or any of their subsidiaries that would reasonably
 be expected to result in a Material Adverse Change. All material tax liabilities, if any,
 of the Company, the Partnership and their subsidiaries are adequately provided for on the
 respective books of the entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(w)* *Licenses and Permits.* The Company, the Partnership and each subsidiary possess such valid and
 current certificates, authorizations, licenses or permits issued by the appropriate state,
 federal or foreign regulatory agencies or bodies necessary to conduct their respective businesses,
 except where the failure to possess such certificates, authorizations, licenses or permits
 would not, individually or in the aggregate, reasonably be expected to result in a Material
 Adverse Change, and neither the Company, the Partnership nor any of their subsidiaries has
 received any notice of proceedings relating to the revocation or modification of, or non-compliance
 with, any such certificate, authorization, license or permit which, singly or in the aggregate,
 if the subject of an unfavorable decision, ruling or finding, would reasonably be expected
 to result in a Material Adverse Change, except as set forth in the Registration Statement,
 the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(x)* *REIT Qualification*. The Company has met the requirements for qualification and taxation as
 a real estate investment trust ("REIT") under the Internal Revenue Code of 1986,
 as amended (the "Code"), as of the close of every taxable year during the Company's
 existence, and the Company's current and proposed method of operation will enable it
 to continue to meet the requirements for qualification and taxation as a real estate investment
 trust for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(y)* *Qualification of Partnership and Subsidiaries*. Each of the Partnership and any limited liability company
 or partnership subsidiary, except for any such subsidiaries that have elected to be treated
 as taxable REIT subsidiaries, is qualified as a partnership or a disregarded entity for federal
 income tax purposes and not as an association taxable as a corporation or as a publicly traded
 partnership.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(bb)* *Controls*.
 The Company has established and maintains, on a consolidated basis, disclosure controls and
 procedures (as such term is defined in Rules 13a-15 and 15d15 under the Exchange Act
 Regulations); such disclosure controls and procedures are designed to ensure that the information
 required to be disclosed by the Company in the reports it files or submits under the Exchange
 Act is accumulated and communicated to management of the Company and its subsidiaries, including
 their respective principal executive officers and principal financial officers, as appropriate,
 to allow timely decisions regarding required disclosure to be made; and such disclosure controls
 and procedures are effective in all material respects to perform the functions for which
 they were established. Except as otherwise described in the Registration Statement, the Pricing
 Disclosure Package and the Prospectus, since the end of the Company's most recent audited
 fiscal year, (i) the Company has not been advised of (A) any material weaknesses
 in the design or operation of internal controls that would adversely affect the ability of
 the Company or any of its subsidiaries to record, process, summarize and report financial
 data, or any material weaknesses in internal controls or (B) any fraud, whether or not
 material, that involves management or other employees who have a significant role in the
 internal controls of the Company and each of its subsidiaries, and (ii) there have been
 no changes in internal controls or in other factors that materially affected, or are reasonably
 likely to materially affect, internal controls, including any corrective actions with regard
 to significant deficiencies and material weaknesses. The Company, the Partnership and their
 subsidiaries, on a consolidated basis, maintain a system of internal accounting controls
 sufficient to provide reasonable assurances that: (i) transactions are executed in accordance
 with management's general or specific authorization; (ii) transactions are recorded
 as necessary to permit preparation of financial statements in conformity with generally accepted
 accounting principles as applied in the United States and to maintain accountability for
 assets; (iii) access to assets is permitted only in accordance with management's
 general or specific authorization; and (iv) the recorded accountability for assets is
 compared with existing assets at reasonable intervals and appropriate action is taken with
 respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(cc)* *Insurance.* Each of the Company, the Partnership and their subsidiaries are insured by recognized,
 financially sound and reputable institutions with policies in such amounts and with such
 deductibles and covering such risks as are prudent and customary for their respective businesses
 including, but not limited to, policies covering real and personal property owned or leased
 by the Company, the Partnership and their subsidiaries against theft, damage, destruction,
 acts of vandalism and all other risks customarily insured against, except where the failure
 to be so insured would not reasonably be expected to result in a Material Adverse Change.
 All such policies of insurance are in full force and effect, except as would not reasonably
 be expected to result in a Material Adverse Change. There are no claims by the Company, the
 Partnership or any of their subsidiaries under any such policy or instrument as to which
 any insurance company is denying liability or defending under a reservation of rights clause,
 except where such denial or defense would not, individually or in the aggregate, reasonably
 be expected to result in a Material Adverse Change. Neither the Company, the Partnership
 nor any subsidiary has been refused insurance coverage sought or applied for and neither
 the Company, the Partnership nor any subsidiary has reason to believe that it or any subsidiary
 will not be able (i) to renew its existing insurance coverage as and when such policies
 expire or (ii) to obtain comparable coverage from similar institutions as may be necessary
 or appropriate to conduct its business as now conducted, in each case, at a cost that would
 not reasonably be expected to result in a Material Adverse Change, or except as set forth
 in or contemplated by the Registration Statement, the Pricing Disclosure Package and the
 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(dd)* *Cybersecurity; Data Protection.* (A) To the knowledge of the Company and the Partnership, there
 has been no security breach or incident, unauthorized access or disclosure, or other compromise
 of or relating to the Company's, the Partnership's or their subsidiaries'
 information technology and computer systems, networks, hardware, software, data and databases
 (including the data and information of their respective customers, employees, suppliers,
 vendors and any third party data maintained, processed or stored by the Company, the Partnership
 and their subsidiaries, and any such data processed or stored by third parties on behalf
 of the Company, the Partnership and their subsidiaries), equipment or technology (collectively,
 "IT Systems and Data"): (B) none of the Company, the Partnership nor their
 subsidiaries have been notified of, and have no knowledge of any event or condition that
 would reasonably be expected to result in, any security breach or incident, unauthorized
 access or disclosure or other compromise to their IT Systems and Data and (C) the Company,
 the Partnership and their subsidiaries have implemented appropriate controls, policies, procedures,
 and technological safeguards to maintain and protect the integrity, continuous operation,
 redundancy and security of their IT Systems and Data reasonably consistent with industry
 standards and practices, or as required by applicable regulatory standards, except as would
 not, in the case of each of (A) through (C), reasonably be expected to result in a Material
 Adverse Change with respect to the Company, the Partnership and their subsidiaries, considered
 as one entity. The Company, the Partnership and their subsidiaries are presently in material
 compliance with all applicable laws or statutes and all judgments, orders, rules and
 regulations of any court or arbitrator or governmental or regulatory authority, internal
 policies and contractual obligations relating to the privacy and security of IT Systems and
 Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation
 or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ee)* *No Unlawful Payments.* Neither the Company, the Partnership nor any of their subsidiaries
 nor, to the knowledge of the Company or the Partnership, any trustee, officer, agent, employee
 or affiliate of the Company, the Partnership or any of their subsidiaries is aware of or
 has taken any action, directly or indirectly, that would result in a violation of such persons
 of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
 thereunder (the "FCPA"), including, without limitation, making use of the mails
 or any means or instrumentality of interstate commerce corruptly in furtherance of an offer,
 payment, promise to pay or authorization of the payment of any money, or other property,
 gift, promise to give or authorization of the giving of anything of value to any "foreign
 official" (as such term is defined in the FCPA) or any foreign political party or official
 thereof or any candidate for foreign political office, in contravention of the FCPA and the
 Company, the Partnership, their subsidiaries and, to the knowledge of the Company and the
 Partnership, their affiliates have conducted their businesses in compliance with the FCPA
 and have instituted and maintain policies and procedures designed to ensure, and which are
 reasonably expected to continue to ensure, continued compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ff)* *Compliance with Anti-Money Laundering Laws*. The operations of the Company, the Partnership and their
 subsidiaries are and have been conducted at all times in compliance with applicable financial
 recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting
 Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and
 regulations thereunder and any related or similar rules, regulations or guidelines, issued,
 administered or enforced by any governmental agency (collectively, the "Money Laundering
 Laws") and no action, suit or proceeding by or before any court or governmental agency,
 authority or body or any arbitrator involving the Company, the Partnership or any of their
 subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge
 of the Company or the Partnership threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(gg)* *No Conflicts with Sanctions Laws.* Neither the Company, the Partnership nor any of their
 subsidiaries nor, to the knowledge of the Company, the Partnership, any trustee, officer,
 agent, employee or affiliate of the Company or the Partnership or any of their subsidiaries
 is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control
 of the U.S. Treasury Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(hh)* *Limited Partnership Agreement*. The limited partnership agreement of the Partnership, including
 any amendments thereto has been duly and validly authorized, executed and delivered by the
 Company and, to the best knowledge of the Company, all the partners of the Partnership and
 constitutes a valid and binding agreement, enforceable in accordance with its terms, except
 as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
 creditors' rights generally or by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *No Restrictions on Subsidiaries*. No subsidiary of the Company is currently prohibited, directly
 or indirectly, from paying any dividends to the Company, from making any other distribution
 on such subsidiary'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's property
 or assets to the Company or any other subsidiary of the Company, except as would not reasonably
 be expected to result in a Material Adverse Change or as described in or contemplated by
 the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(jj)* *No Broker's Fees.* Except as disclosed in the Registration Statement, the Pricing Disclosure
 Package and the Prospectus, there is no broker, finder or other party that is entitled to
 receive from the Company or the Partnership, any brokerage or finder's fee or other
 fee or commission as a result of any transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(kk)* *No Registration Rights*. No person has the right to require the Company or any of its subsidiaries
 to register any securities for sale under the Securities Act by reason of the filing of the
 Registration Statement with the Commission or the issuance and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ll)* *No Stabilization.* The Company and the Partnership have not taken and will not take, directly
 or indirectly, any action designed to or that might be reasonably expected to cause or result
 in, or which has constituted or which might reasonably be expected to constitute, the stabilization
 or manipulation of the price of any security of the Company to facilitate the sale or resale
 of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(mm)* *Margin Rules*. Neither the issuance, sale and delivery of the Shares nor the application of the
 proceeds thereof by the Company as described in each of the Registration Statement, the Pricing
 Disclosure Package and the Prospectus will violate Regulation T, U or X of the Board of Governors
 of the Federal Reserve System or any other regulation of such Board of Governors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(nn)* *Statistical and Market Data.* Nothing has come to the attention of the Company that has caused the
 Company to believe that the statistical and market-related data included or incorporated
 by reference in each of the Registration Statement, the Pricing Disclosure Package and the
 Prospectus is not based on or derived from sources that are reliable and accurate in all
 material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(oo)* *Sarbanes-Oxley Act*. There is and has been no failure on the part of the Company and any of the Company's
 trustees or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley
 Act of 2002 and the rules and regulations promulgated in connection therewith (the "Sarbanes-Oxley
 Act"), including Section 402 of the Sarbanes-Oxley Act related to loans and Sections
 302 and 906 thereof related to certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(pp)* *Status under the Securities Act*. (A) At the original effectiveness of the Registration
 Statement, (B) at the earliest time after the original effectiveness of the Registration
 Statement that the Company or another offering participant made a bona fide offer (within
 the meaning of Rule 164(h)(2) of the Securities Act Regulations) of the Shares,
 and (C) as of the date of the execution and delivery of this Agreement (with such date
 being used as the determination date for purposes of this clause), the Company was not and
 is not an "ineligible issuer," and is a well-known seasoned issuer, in each case
 as defined in Rule 405 under the Securities Act, without taking account of any determination
 by the Commission pursuant to Rule 405 under the Securities Act Regulations that it
 is not necessary that the Company be considered an ineligible issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(qq)* *No Ratings.* There are (and prior to the Closing Date, will be) no outstanding debt securities,
 convertible securities or preferred stock issued or guaranteed by the Company or the Partnership
 that are rated by a "nationally recognized statistical rating organization",
 as such term is defined in Section 3(a)(62) under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(rr)* *Confirmations.* Each Confirmation will have been as of its date, duly authorized, executed and delivered
 by the Company and when executed and delivered by the Forward Purchaser, such Confirmation
 will constitute a valid and binding obligation of the Company, enforceable against the Company
 in accordance with its terms, except as enforcement thereof may be limited by bankruptcy,
 fraudulent conveyance, insolvency, reorganization, moratorium or other similar laws relating
 to or affecting creditors' rights generally or by general equity principles (regardless
 of whether enforcement is considered in a proceeding in equity or at law). The description
 of the Confirmations set forth in the Pricing Disclosure Package, the Prospectus, or any
 Issuer Free Writing Prospectus is correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ss)* In
 addition, any certificate signed by any officer of the Company or the Partnership and delivered
 to the Underwriters, the Forward Purchasers or their counsel shall be deemed a representation
 and warranty by the Company and the Partnership, jointly and severally, to the Underwriters
 and/or Forward Purchasers, as applicable, as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Further Agreements of the Company.</u> The Company covenants and agrees with each Underwriter, each Forward Seller and each Forward Purchaser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Required Filings.* The Company will file: (i) the Prospectus with the Commission within the
 time periods specified by Rule 424(b) and Rule 430A, 430B or 430C under the
 Securities Act, (ii) any Issuer Free Writing Prospectus to the extent required by Rule 433
 under the Securities Act; and (iii) promptly all reports and any definitive proxy or
 information statements required to be filed by the Company with the Commission pursuant to
 Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of
 the Prospectus and for so long as the delivery of a prospectus is required in connection
 with the offering or sale of the Shares; and the Company will furnish copies of the Prospectus
 and each Issuer Free Writing Prospectus (to the extent not previously delivered) to the Underwriters,
 Forward Sellers and Forward Purchasers in New York City prior to 10:00 A.M., New York City
 time, on the business day next succeeding the date of this Agreement in such quantities as
 the Underwriters, Forward Sellers and Forward Purchasers may reasonably request. The Company
 will pay the registration fee for this offering within the time period required by Rule 456(b)(1) under
 the Securities Act (without giving effect to the proviso therein) and in any event prior
 to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Delivery of Copies.* The Company will deliver, without charge, (i) to the Underwriters, Forward
 Sellers and Forward Purchasers three signed copies of the Registration Statement as originally
 filed and each amendment thereto, in each case including all exhibits and consents filed
 therewith and documents incorporated by reference therein; and (ii) to each Underwriter
 (A) a conformed copy of the Registration Statement as originally filed and each amendment
 thereto (without exhibits) and (B) during the Prospectus Delivery Period (as defined
 below), as many copies of the Prospectus (including all amendments and supplements thereto
 and documents incorporated by reference therein and each Issuer Free Writing Prospectus)
 as the Underwriter may reasonably request. As used herein, the term "Prospectus Delivery
 Period" means such period of time after the first date of the public offering of the
 Shares as in the opinion of counsel for the Underwriters, Forward Sellers and Forward Purchasers
 a prospectus relating to the Shares is required by law to be delivered (or required to be
 delivered but for Rule 172 under the Securities Act) in connection with sales of the
 Shares by any Underwriter or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Amendments or Supplements, Issuer Free Writing Prospectuses.* Before making, preparing, using,
 authorizing, approving, referring to or filing any Issuer Free Writing Prospectus, and before
 filing any amendment or supplement to the Registration Statement, the Pricing Disclosure
 Package or the Prospectus, the Company will furnish to the Underwriters and Forward Purchasers
 and counsel for the Underwriters and Forward Purchasers a copy of the proposed Issuer Free
 Writing Prospectus, amendment or supplement for review and will not make, prepare, use, authorize,
 approve, refer to or file any such Issuer Free Writing Prospectus or file any such proposed
 amendment or supplement to which any Underwriter reasonably objects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Notice to the Underwriters and Forward Purchasers.* The Company will advise the Underwriters
 and Forward Purchasers promptly, and confirm such advice in writing, (i) when any amendment
 to the Registration Statement has been filed or becomes effective; (ii) when any supplement
 to the Pricing Disclosure Package, the Prospectus, or any Issuer Free Writing Prospectus
 or any amendment to the Prospectus has been filed or distributed; (iii) of any request
 by the Commission for any amendment to the Registration Statement or any amendment or supplement
 to the Prospectus or the receipt of any comments from the Commission relating to the Registration
 Statement or any other request by the Commission for any additional information; (iv) of
 the issuance by the Commission or any other governmental or regulatory authority of any order
 suspending the effectiveness of the Registration Statement or preventing or suspending the
 use of any Preliminary Prospectus, any of the Pricing Disclosure Package, or the Prospectus
 or the initiation or threatening of any proceeding for that purpose or pursuant to Section 8A
 of the Securities Act; (v) of the occurrence of any event or development within the
 Prospectus Delivery Period as a result of which the Prospectus, any of the Pricing Disclosure
 Package, or any Issuer Free Writing Prospectus as then amended or supplemented would include
 any 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 existing when the Prospectus,
 the Pricing Disclosure Package, or any such Issuer Free Writing Prospectus is delivered to
 a purchaser, not misleading; (vi) of the receipt by the Company of any notice of objection
 of the Commission to the use of the Registration Statement or any post-effective amendment
 thereto pursuant to Rule 401(g)(2) under the Securities Act; and (vii) of
 the receipt by the Company of any notice with respect to any suspension of the qualification
 of the Shares for offer and sale in any jurisdiction or the initiation or threatening of
 any proceeding for such purpose; and the Company will use its reasonable best efforts to
 prevent the issuance of any such order suspending the effectiveness of the Registration Statement,
 preventing or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure
 Package or the Prospectus or suspending any such qualification of the Shares and, if any
 such order is issued, will obtain as soon as possible the withdrawal thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Ongoing Compliance.* (1) If during the Prospectus Delivery Period (i) any event or development
 shall occur or condition shall exist as a result of which the Prospectus as then amended
 or supplemented would include any untrue statement of a material fact or omit to state any
 material fact necessary in order to make the statements therein, in the light of the circumstances
 existing when the Prospectus is delivered to a purchaser, not misleading or (ii) it
 is necessary to amend or supplement the Prospectus to comply with law, the Company will immediately
 notify the Underwriters and Forward Purchasers thereof and forthwith prepare and, subject
 to paragraph (c) above, file with the Commission and furnish to the Underwriters and
 Forward Purchasers and to such dealers as the Underwriters and Forward Purchasers may designate
 such amendments or supplements to the Prospectus (or any document to be filed with the Commission
 and incorporated by reference therein) as may be necessary so that the statements in the
 Prospectus as so amended or supplemented (or any document to be filed with the Commission
 and incorporated by reference therein) will not, in the light of the circumstances existing
 when the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus
 will comply with law and (2) if at any time prior to the Closing Date (i) any event
 or development shall occur or condition shall exist as a result of which the Pricing Disclosure
 Package as then amended or supplemented would include any untrue statement of a material
 fact or omit to state any material fact necessary in order to make the statements therein,
 in the light of the circumstances existing when the Pricing Disclosure Package is delivered
 to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Pricing
 Disclosure Package to comply with law, the Company will immediately notify the Underwriters
 and Forward Purchasers thereof and forthwith prepare and, subject to paragraph (c) above,
 file with the Commission (to the extent required) and furnish to the Underwriters and Forward
 Purchasers and to such dealers as the Underwriters and Forward Purchasers may designate such
 amendments or supplements to the Pricing Disclosure Package (or any document to be filed
 with the Commission and incorporated by reference therein) as may be necessary so that the
 statements in the Pricing Disclosure Package as so amended or supplemented will not, in the
 light of the circumstances existing when the Pricing Disclosure Package is delivered to a
 purchaser, be misleading or so that the Pricing Disclosure Package will comply with law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Blue Sky Compliance.* The Company will qualify the Shares for offer and sale under the securities
 or Blue Sky laws of such jurisdictions as the Underwriters and Forward Purchasers shall reasonably
 request and will continue such qualifications in effect so long as required for distribution
 of the Shares; <u>provided</u> that the Company shall not be required to (i) qualify
 as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction
 where it would not otherwise be required to so qualify, (ii) file any general consent
 to service of process in any such jurisdiction or (iii) subject itself to taxation in
 any such jurisdiction if it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Earning Statement.* The Company will make generally available to its security holders and the
 Underwriters and Forward Purchasers as soon as practicable an earning statement that satisfies
 the provisions of Section 11(a) of the Securities Act and Rule 158 of the
 Commission promulgated thereunder covering a period of at least twelve months beginning with
 the first fiscal quarter of the Company occurring after the "effective date"
 (as defined in Rule 158) of the Registration Statement, which obligation may be satisfied
 by filing such earnings statement or statements with the Commission's Electronic Data
 Gathering, Analysis and Retrieval system ("EDGAR").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Clear Market.* For a period of 30 days ("Lock-up Period") after the date of the
 Prospectus, the Company will not (i) offer, pledge, sell, contract to sell, sell any
 option or contract to purchase, purchase any option or contract to sell, grant any option,
 right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly,
 or submit to, or file with, the Commission a registration statement under the Securities
 Act relating to, any Common Shares or any securities convertible into or exercisable or exchangeable
 for Common Shares, or publicly disclose the intention to undertake any of the foregoing,
 or (ii) enter into any swap or other agreement that transfers, in whole or in part,
 any of the economic consequences of ownership of the Common Shares or any such other securities,
 whether any such transaction described in clause (i) or (ii) above is to be settled
 by delivery of Common Shares or such other securities, in cash or otherwise, without the
 prior written consent of the Underwriters and Forward Purchasers, other than the Shares to
 be sold hereunder.

The restrictions described above do not apply to (i) the filing of a prospectus supplement with the Commission under Rule 424(b) in connection with the Company's at-the-market program (it being understood that the Company shall not be permitted to make any sales under such at-the-market program during the Lock-up Period), (ii) the issuance of Common Shares or securities convertible into or exercisable for Common Shares pursuant to the conversion or exchange of convertible or exchangeable securities or the exercise of warrants or options (including net exercise) or the settlement of restricted stock units ("RSUs") (including net settlement), in each case outstanding on the date of this Agreement and described in the Prospectus; (iii) grants of options, share appreciation rights, restricted shares, RSUs, unrestricted shares, dividend equivalent rights, common units of limited partnership interest in the Partnership ("OP Units") granted as long-term incentive compensation, or other equity awards and the issuance of Common Shares or securities convertible into or exercisable or exchangeable for Common Shares (whether upon the exercise of stock options or otherwise) pursuant to the terms of an equity compensation plan in effect as of the Closing Date and described in the Prospectus (each such plan, an "Incentive Plan"); (iv) the filing of any registration statement on Form S-8 relating to securities granted or to be granted pursuant to any plan in effect on the date of this Agreement and described in the Prospectus or any assumed benefit plan pursuant to an acquisition or similar strategic transaction, (v) Common Shares issuable upon the exchange of common and preferred OP Units, and (vi) Common Shares in respect of tax withholding payments due upon the exercise of options or the vesting of restricted stock grants pursuant to any Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Use of Proceeds.* The Company and the Partnership will apply the net proceeds from the sale
 of the Shares as described in each of the Registration Statement, the Pricing Disclosure
 Package and the Prospectus under the heading "Use of Proceeds".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(j)* *No Stabilization.* Neither the Company nor its subsidiaries or affiliates will take, directly
 or indirectly, any action designed to or that could reasonably be expected to cause or result
 in any stabilization or manipulation of the price of the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(k)* *Exchange Listing.* The Company will use its reasonable best efforts to list, subject to notice
 of issuance, the Shares on the New York Stock Exchange (the "Exchange").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(l)* *Reports.* So long as the Shares are outstanding, the Company will furnish to the Underwriters and
 Forward Purchasers, as soon as they are available, copies of all reports or other communications
 (financial or other) furnished to holders of the Shares, and copies of any reports and financial
 statements furnished to or filed with the Commission or any national securities exchange
 or automatic quotation system; <u>provided</u> the Company will be deemed to have furnished
 such reports and financial statements to the Underwriters and Forward Purchasers to the extent
 they are filed on EDGAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(m)* *Record Retention*. The Company will, pursuant to reasonable procedures developed in good faith,
 retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission
 in accordance with Rule 433 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Certain Agreements of the Underwriters and Forward Purchasers.</u> Each Underwriter and Forward Purchaser hereby represents and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* It
 has not and will not use, authorize use of, refer to or participate in the planning for use
 of, any "free writing prospectus", as defined in Rule 405 under the Securities
 Act (which term includes use of any written information furnished to the Commission by the
 Company and not incorporated by reference into the Registration Statement and any press release
 issued by the Company) other than (i) a free writing prospectus that contains no "issuer
 information" (as defined in Rule 433(h)(2) under the Securities Act) that
 was not included (including through incorporation by reference) in the Preliminary Prospectus
 or a previously filed Issuer Free Writing Prospectus, (ii) any Issuer Free Writing Prospectus
 listed on <u>Annex A</u> or prepared pursuant to Section 3(c) or Section 4(c) above
 (including any electronic road show), or (iii) any free writing prospectus prepared
 by such underwriter and approved by the Company in advance in writing (each such free writing
 prospectus referred to in clauses (i) or (iii), an "Underwriter Free Writing Prospectus").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* It
 has not and will not, without the prior written consent of the Company, use any free writing
 prospectus that contains the final terms of the Shares unless such terms have previously
 been included in a free writing prospectus filed with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* It
 is not subject to any pending proceeding under Section 8A of the Securities Act with
 respect to the offering (and will promptly notify the Company if any such proceeding against
 it is initiated during the Prospectus Delivery Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Conditions of Underwriters' and Forward Sellers' Obligations.</u> The obligations of each Forward Seller hereunder to sell and deliver the Borrowed Firm Shares and the Borrowed Option Shares and of the Underwriters hereunder to purchase and pay for the Shares, as provided herein is subject to the performance by the Company of its covenants and other obligations hereunder and to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Registration Compliance; No Stop Order.* No order suspending the effectiveness of the Registration
 Statement shall be in effect, and no proceeding for such purpose, pursuant to Rule 401(g)(2) or
 pursuant to Section 8A under the Securities Act shall be pending before or threatened
 by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been
 timely filed with the Commission under the Securities Act (in the case of an Issuer Free
 Writing Prospectus, to the extent required by Rule 433 under the Securities Act) and
 in accordance with Section 4(a) hereof; and all requests by the Commission for
 additional information shall have been complied with to the reasonable satisfaction of the
 Underwriters, Forward Sellers and Forward Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Representations and Warranties.* The representations and warranties of the Company and the Partnership
 contained herein shall be true and correct on the date hereof and on and as of the Closing
 Date or the Additional Closing Date, as the case may be; and the statements of the Company
 and its officers made in any certificates delivered pursuant to this Agreement shall be true
 and correct on and as of the Closing Date or the Additional Closing Date, as the case may
 be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *No Material Adverse Change.* No event or condition of a type described in Section 3(g) hereof
 shall have occurred or shall exist, which event or condition is not described in the Pricing
 Disclosure Package (excluding any amendment or supplement thereto) and the Prospectus (excluding
 any amendment or supplement thereto) and the effect of which in the judgment of the Underwriters,
 Forward Sellers and Forward Purchasers makes it impracticable or inadvisable to proceed with
 the offering, sale or delivery of the Shares on the Closing Date or the Additional Closing
 Date, as the case may be, on the terms and in the manner contemplated by this Agreement,
 any Confirmation, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Officer's Certificate.* The Underwriters, Forward Sellers and Forward Purchasers shall have received
 on and as of the Closing Date or the Additional Closing Date, as the case may be, a certificate
 of the chief financial officer or chief accounting officer of the Company and one additional
 senior executive officer of the Company who is satisfactory to the Underwriters, Forward
 Sellers and Forward Purchasers (i) confirming that such officers have carefully reviewed
 the Registration Statement, the Pricing Disclosure Package and the Prospectus and, to the
 knowledge of such officers, the representations set forth in Sections 3(b) and 3(d) hereof
 are true and correct, (ii) confirming that the other representations and warranties
 of the Company and the Partnership in this Agreement are true and correct and that the Company
 and the Partnership have complied with all agreements and satisfied all conditions on their
 part to be performed or satisfied hereunder at or prior to the Closing Date or the Additional
 Closing Date, as the case may be, and (iii) to the effect set forth in paragraphs (a),
 (b) and (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Comfort Letters.* On the date of this Agreement and on the Closing Date or the Additional Closing
 Date, as the case may be, Deloitte & Touche LLP shall have furnished to the Underwriters,
 Forward Sellers and Forward Purchasers, at the request of the Company, letters, dated the
 respective dates of delivery thereof and addressed to the Underwriters, Forward Sellers and
 Forward Purchasers, in form and substance reasonably satisfactory to the Underwriters, Forward
 Sellers and Forward Purchasers, containing statements and information of the type customarily
 included in accountants' "comfort letters" to underwriters with respect
 to the financial statements and certain financial information contained or incorporated by
 reference in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus;
 provided, that the letter delivered on the Closing Date or the Additional Closing Date, as
 the case may be, shall use a "cut-off" date no more than two business days prior
 to such Closing Date or such Additional Closing Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Opinion and 10b-5 Statement of Counsel for the Company.* Goodwin Procter LLP, counsel for the
 Company, shall have furnished to the Underwriters, Forward Sellers and Forward Purchasers,
 at the request of the Company, their written opinion and 10b-5 statement, dated the Closing
 Date or the Additional Closing Date, as the case may be, and addressed to the Underwriters,
 Forward Sellers and Forward Purchasers, in form and substance reasonably satisfactory to
 the Underwriters, Forward Sellers and Forward Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Opinion of Tax Counsel for the Company*. Seyfarth Shaw LLP, tax counsel for the Company, shall
 have furnished to the Underwriters, Forward Sellers and Forward Purchasers, at the request
 of the Company, their written opinion, dated the Closing Date or the Additional Closing Date,
 as the case may be, and addressed to the Underwriters, Forward Sellers and Forward Purchasers,
 in form and substance reasonably satisfactory to the Underwriters, Forward Sellers and Forward
 Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Opinion of Maryland Counsel for the Company*. Venable LLP, Maryland counsel for the Company, shall
 have furnished to the Underwriters, Forward Sellers and Forward Purchasers, at the request
 of the Company, their written opinion, dated the Closing Date or the Additional Closing Date,
 as the case may be, and addressed to the Underwriters, Forward Sellers and Forward Purchasers,
 in form and substance reasonably satisfactory to the Underwriters, Forward Sellers and Forward
 Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(j)* *Opinion and 10b-5 Statement of Counsel for the Underwriters, Forward Sellers and Forward Purchasers.* The Underwriters, Forward Sellers and Forward Purchasers shall have received on and as
 of the Closing Date or the Additional Closing Date, as the case may be, an opinion and 10b-5
 statement, addressed to the Underwriters, Forward Sellers and Forward Purchasers, of Fried,
 Frank, Harris, Shriver & Jacobson LLP, counsel for the Underwriters, Forward Sellers
 and Forward Purchasers, with respect to such matters as the Underwriters, Forward Sellers
 and Forward Purchasers may reasonably request, and such counsel shall have received such
 documents and information as they may reasonably request to enable them to pass upon such
 matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(k)* *No Legal Impediment to Issuance and Sale.* No action shall have been taken and no statute,
 rule, regulation or order shall have been enacted, adopted or issued by any federal, state
 or foreign governmental or regulatory authority that would, as of the Closing Date or the
 Additional Closing Date, as the case may be, prevent the issuance or sale of the Shares;
 and no injunction or order of any federal, state or foreign court shall have been issued
 that would, as of the Closing Date or the Additional Closing Date, as the case may be, prevent
 the issuance or sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(l)* *Good Standing*. The Underwriters, Forward Sellers and Forward Purchasers shall have received
 on and as of the Closing Date or the Additional Closing Date, as the case may be, satisfactory
 evidence of the good standing of the Company and the Partnership in their respective jurisdictions
 of organization, in each case in writing or any standard form of telecommunication from the
 appropriate governmental authorities of such jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(m)* *Exchange Listing.* The Shares to be delivered on the Closing Date or the Additional Closing Date,
 as the case may be, shall have been approved for listing on the Exchange, subject to official
 notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(n)* *Lock-up Agreements*. The "lock-up" agreements, each substantially in the form of <u>Exhibit A</u> hereto, executed by certain officers and trustees of the Company listed on <u>Exhibit B</u> hereto relating to sales and certain other dispositions of Common Shares or certain other
 securities, delivered to the Underwriters, Forward Sellers and Forward Purchasers on or before
 the date hereof, shall be full force and effect on the Closing Date or the Additional Closing
 Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(o)* *Additional Documents.* On or prior to the Closing Date or the Additional Closing Date, as the case
 may be, the Company shall have furnished to the Underwriters, Forward Sellers and Forward
 Purchasers such further certificates and documents as the Underwriters, Forward Sellers and
 Forward Purchasers may reasonably request.

All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters, Forward Sellers and Forward Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Indemnification and Contribution.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Indemnification of the Underwriters and Forward Purchasers.* The Company and the Partnership, jointly
 and severally agree to indemnify and hold harmless each Underwriter, its affiliates (as such
 term is defined in Rule 501(b) of the Securities Act Regulations), directors and
 officers and each person, if any, who controls such Underwriter within the meaning of Section 15
 of the Securities Act or Section 20 of the Exchange Act, and the successors and assigns
 of all of the foregoing persons from and against any and all losses, claims, damages and
 liabilities (including, without limitation, legal fees and other expenses incurred in connection
 with any suit, action or proceeding or any claim asserted, as such fees and expenses are
 incurred), that any of the foregoing persons may incur under the Securities Act, the Exchange
 Act, federal or state statutory law or regulation, the common law, or otherwise, insofar
 as such loss, claim, damage, clam or liability 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 caused by any omission or alleged omission to state therein a material fact
 required to be stated therein or necessary in order to make the statements therein, not misleading,
 or (ii) any untrue statement or alleged untrue statement of a material fact contained
 in the Prospectus (or any amendment or supplement thereto), any Preliminary Prospectus, any
 Issuer Free Writing Prospectus, any "issuer information" filed or required to
 be filed pursuant to Rule 433(d) under the Securities Act, any road show as defined
 in Rule 433(h) under the Securities Act (a "road show") or any Pricing
 Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended),
 or caused by any omission or alleged omission to state therein a material fact necessary
 in order to make the statements therein, in light of the circumstances under which they were
 made, not misleading, in each case except insofar as such losses, claims, damages or liabilities
 arise out of, or are based upon, any untrue statement or omission or alleged untrue statement
 or omission made in reliance upon and in conformity with any information relating to any
 Underwriter furnished to the Company in writing by such Underwriter expressly for use therein,
 it being understood and agreed that the only such information furnished by any Underwriter
 consists of the information described as such in paragraph (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Indemnification of the Company and the Partnership.* Each Underwriter agrees, severally and not jointly,
 to indemnify and hold harmless the Company and the Partnership, and, as applicable, their
 trustees, officers who signed the Registration Statement and each person, if any, who controls
 the Company and the Partnership within the meaning of Section 15 of the Securities Act
 or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph
 (a) above, but only with respect to any losses, claims, damages or liabilities that
 arise out of, or are based upon, any untrue statement or omission or alleged untrue statement
 or omission made in reliance upon and in conformity with any information relating to such
 Underwriter furnished to the Company in writing by such Underwriter expressly for use in
 the Registration Statement, the Prospectus (or any amendment or supplement thereto), any
 Preliminary Prospectus, any Issuer Free Writing Prospectus, any road show or any Pricing
 Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended),
 it being understood and agreed upon that the only such information furnished by any Underwriter
 consists of the following information in the Prospectus furnished on behalf of each Underwriter:
 the information contained in the twelfth and thirteenth paragraphs under the caption "Underwriting".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Notice and Procedures.* If any suit, action, proceeding (including any governmental or regulatory
 investigation), claim or demand shall be brought or asserted against any person in respect
 of which indemnification may be sought pursuant to the preceding paragraphs of this Section 7,
 such person (the "Indemnified Person") shall promptly notify the person against
 whom such indemnification may be sought (the "Indemnifying Person") in writing; <u>provided</u> that the failure to notify the Indemnifying Person shall not relieve it from
 any liability that it may have under the preceding paragraphs of this Section 7 except
 to the extent that it has been materially prejudiced (through the forfeiture of substantive
 rights or defenses) by such failure; and <u>provided</u>, <u>further</u>, that the failure
 to notify the Indemnifying Person shall not relieve it from any liability that it may have
 to an Indemnified Person otherwise than under the preceding paragraphs of this Section 7.
 If any such proceeding shall be brought or asserted against an Indemnified Person and it
 shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain
 counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent
 of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified
 Person and any others entitled to indemnification pursuant to this Section 7 that the
 Indemnifying Person may designate in such proceeding and shall pay the fees and expenses
 in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding,
 as incurred. In any such proceeding, any Indemnified Person shall have the right to retain
 its own counsel, but the fees and expenses of such counsel shall be at the expense of such
 Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall
 have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within
 a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the
 Indemnified Person shall have reasonably concluded that there may be legal defenses available
 to it that are different from or in addition to those available to the Indemnifying Person;
 or (iv) the named parties in any such proceeding (including any impleaded parties) include
 both the Indemnifying Person and the Indemnified Person and representation of both parties
 by the same counsel would be inappropriate due to actual or potential differing interests
 between them. It is understood and agreed that the Indemnifying Person shall not, in connection
 with any proceeding or related proceeding in the same jurisdiction, be liable for the fees
 and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified
 Persons, and that all such fees and expenses shall be paid or reimbursed as they are incurred.
 Any such separate firm for any Underwriter, its affiliates, directors and officers and any
 control persons of such Underwriter shall be designated in writing by the Underwriters and
 Forward Purchasers and any such separate firm for the Company, the Partnership, and, as applicable,
 their trustees, officers who signed the Registration Statement and any control persons of
 the Company and the Partnership shall be designated in writing by the Company and the Partnership,
 respectively. The Indemnifying Person shall not be liable for any settlement of any proceeding
 effected without its written consent, but if settled with such consent, the Indemnifying
 Person agrees to indemnify each Indemnified Person from and against any loss or liability
 by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an Indemnified
 Person shall have requested that an Indemnifying Person reimburse the Indemnified Person
 for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person
 shall be liable for any settlement of any proceeding effected without its written consent
 if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying
 Person of such request and (ii) the Indemnifying Person shall not have reimbursed the
 Indemnified Person in accordance with such request prior to the date of such settlement.
 No Indemnifying Person shall, without the written consent of the Indemnified Person, effect
 any settlement of any pending or threatened proceeding in respect of which any Indemnified
 Person is or could have been a party and indemnification could have been sought hereunder
 by such Indemnified Person, unless such settlement (x) includes an unconditional release
 of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified
 Person, from all liability on claims that are the subject matter of such proceeding and (y) does
 not include any statement as to or any admission of fault, culpability or a failure to act
 by or on behalf of any Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Contribution.* If the indemnification provided for in paragraphs (a) or (b) above is unavailable
 to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities
 referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying
 such Indemnified Person thereunder, shall contribute to the amount paid or payable by such
 Indemnified Person as a result of such losses, claims, damages or liabilities (i) in
 such proportion as is appropriate to reflect the relative benefits received by the Company
 and the Partnership, on the one hand, and the Underwriters and Forward Purchasers on the
 other, from the offering of the Shares or (ii) if the allocation provided by clause
 (i) is not permitted by applicable law, in such proportion as is appropriate to reflect
 not only the relative benefits referred to in clause (i) but also the relative fault
 of the Company and the Partnership, on the one hand, and the Underwriters and Forward Purchasers
 on the other, in connection with the statements or omissions that resulted in such losses,
 claims, damages or liabilities, as well as any other relevant equitable considerations. The
 relative benefits received by the Company and the Partnership, on the one hand, and the Underwriters
 and Forward Purchasers on the other, shall be deemed to be in the same respective proportions
 as the net proceeds (before deducting expenses) received by the Company from the sale of
 the Shares and the total underwriting discounts and commissions received by the Underwriters
 and Forward Purchasers in connection therewith, in each case as set forth in the table on
 the cover of the Prospectus, or the fee to be received by bear to the aggregate offering
 price of the Shares. The relative fault of the Company and the Partnership, on the one hand,
 and the Underwriters and Forward Purchasers on the other, shall be determined by reference
 to, among other things, whether the untrue or alleged untrue statement of a material fact
 or the omission or alleged omission to state a material fact relates to information supplied
 by the Company or the Partnership or by the Underwriters and Forward Purchasers and the parties'
 relative intent, knowledge, access to information and opportunity to correct or prevent such
 statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Limitation on Liability.* The Company, the Partnership, the Underwriters and Forward Purchasers agree
 that it would not be just and equitable if contribution pursuant to paragraph (d) above
 were determined by <u>pro rata</u> allocation (even if the Underwriters and Forward Purchasers
 were treated as one entity for such purpose) or by any other method of allocation that does
 not take account of the equitable considerations referred to in paragraph (d) above.
 The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages
 and liabilities referred to in paragraph (d) above shall be deemed to include, subject
 to the limitations set forth above, any legal or other expenses incurred by such Indemnified
 Person in connection with any such action or claim. Notwithstanding the provisions of paragraphs
 (d) and (e), in no event shall an Underwriter be required to contribute any amount in
 excess of the amount by which the total underwriting discounts and commissions received by
 such Underwriter with respect to the offering of the Shares exceeds the amount of any damages
 that such Underwriter has otherwise been required to pay by reason of such untrue or alleged
 untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
 (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
 contribution from any person who was not guilty of such fraudulent misrepresentation. The
 Underwriters and Forward Purchasers' obligations to contribute pursuant to paragraphs
 (d) and (e) are several in proportion to their respective purchase obligations
 hereunder and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Non-Exclusive Remedies.* The remedies provided for in this Section 7 paragraphs (a) through
 (e) are not exclusive and shall not limit any rights or remedies which may otherwise
 be available to any Indemnified Person at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Effectiveness of Agreement.</u> This Agreement shall become effective as of the date first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Termination.</u> This Agreement may be terminated in the absolute discretion of the Underwriters, Forward Sellers and Forward Purchasers, by notice to the Company, if after the execution and delivery of this Agreement and on or prior to the Closing Date or, in the case of the Option Shares, prior to the Additional Closing Date (i) trading generally shall have been suspended or materially limited on or by any of the New York Stock Exchange or The Nasdaq Stock Market; (ii) trading of any securities issued or guaranteed by the Company shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Underwriters, Forward Sellers and Forward Purchasers, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date or the Additional Closing Date, as the case may be, on the terms and in the manner contemplated by this Agreement, the Pricing Disclosure Package and the Prospectus. Notwithstanding anything to the contrary contained in this Agreement, no termination of this Agreement shall effect the validity, effectiveness or enforceability of any executed Confirmation and any such executed Confirmation shall remain in full force and effect notwithstanding such termination (subject to the terms and conditions of such Confirmation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Defaulting Underwriter.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* If,
 on the Closing Date or the Additional Closing Date, as the case may be, any Underwriter defaults
 on its obligation to purchase the Shares that it has agreed to purchase hereunder on such
 date, the non-defaulting Underwriters may in their discretion arrange for the purchase of
 such Shares by other persons satisfactory to the Company on the terms contained in this Agreement.
 If, within 36 hours after any such default by any Underwriter, the non-defaulting Underwriters
 do not arrange for the purchase of such Shares, then the Company shall be entitled to a further
 period of 36 hours within which to procure other persons satisfactory to the non-defaulting
 Underwriters to purchase such Shares on such terms. If other persons become obligated or
 agree to purchase the Shares of a defaulting Underwriter, either the non-defaulting Underwriters
 or the Company may postpone the Closing Date or the Additional Closing Date, as the case
 may be, for up to five full business days in order to effect any changes that in the opinion
 of counsel for the Company or counsel for the Underwriters may be necessary in the Registration
 Statement and the Prospectus or in any other document or arrangement, and the Company agrees
 to promptly prepare any amendment or supplement to the Registration Statement and the Prospectus
 that effects any such changes. As used in this Agreement, the term "Underwriter"
 includes, for all purposes of this Agreement unless the context otherwise requires, any person
 not listed in Schedule 1 hereto that, pursuant to this Section 10, purchases Shares
 that a defaulting Underwriter agreed but failed to purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* If,
 after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter
 or Underwriters by the non-defaulting Underwriters and the Company as provided in paragraph
 (a) above, the aggregate number of Shares that remain unpurchased on the Closing Date
 or the Additional Closing Date, as the case may be, does not exceed one-eleventh of the aggregate
 number of Shares to be purchased on such date, then the Company shall have the right to require
 each non-defaulting Underwriter to purchase the number of Shares that such Underwriter agreed
 to purchase hereunder on such date plus such Underwriter's pro rata share (based on
 the number of Shares that such Underwriter agreed to purchase on such date) of the Shares
 of such defaulting Underwriter or Underwriters for which such arrangements have not been
 made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* If,
 after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter
 or Underwriters by the non-defaulting Underwriters and the Company as provided in paragraph
 (a) above, the aggregate number of Shares that remain unpurchased on the Closing Date
 or the Additional Closing Date, as the case may be, exceeds one-eleventh of the aggregate
 amount of Shares to be purchased on such date, or if the Company shall not exercise the right
 described in paragraph (b) above, then this Agreement or, with respect to any Additional
 Closing Date, the obligation of the Underwriters to purchase Shares on the Additional Closing
 Date, as the case may be, shall terminate without liability on the part of the non-defaulting
 Underwriters. Any termination of this Agreement pursuant to this Section 10 shall be
 without liability on the part of the Company or the Partnership, except that the Company
 will continue to be liable for the payment of expenses as set forth in Section 11 hereof
 and except that the provisions of Section 7 hereof shall not terminate and shall remain
 in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Nothing
 contained herein shall relieve a defaulting Underwriter of any liability it may have to the
 Company or any non-defaulting Underwriter for damages caused by its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Payment of Expenses*.*</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Whether
 or not the transactions contemplated by this Agreement are consummated or this Agreement
 is terminated, the Company will pay or cause to be paid all costs and expenses incident to
 the performance of its obligations hereunder, including without limitation, (i) the
 costs incident to the authorization, issuance, sale, preparation and delivery of the Shares
 and any taxes payable in that connection; (ii) the costs incident to the preparation,
 printing and filing under the Securities Act of the Registration Statement, the Preliminary
 Prospectus, any Issuer Free Writing Prospectus, any Pricing Disclosure Package and the Prospectus
 (including all exhibits, amendments and supplements thereto) and the distribution thereof;
 (iii) the fees and expenses of the Company's counsel and independent accountants;
 (iv) the fees and expenses incurred in connection with the registration or qualification
 and determination of eligibility for investment of the Shares under the laws of such jurisdictions
 as the Underwriters may designate and the preparation, printing and distribution of a Blue
 Sky Memorandum (including the related fees and expenses of counsel for the Underwriters);
 (v) the cost of preparing stock certificates; (vi) the costs and charges of any
 transfer agent and any registrar; (vii) all expenses and application fees incurred in
 connection with any filing with, and clearance of the offering by, FINRA; (viii) all
 expenses incurred by the Company in connection with any "road show" presentation
 to potential investors; and (ix) all expenses and application fees related to the listing
 of the Shares on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Except
 as otherwise set forth herein, the Company shall not be required to pay for any of the Underwriters'
 expenses, except that if (i) this Agreement is terminated pursuant to Section 9,
 (ii) the Company for any reason fails to tender the Shares for delivery to the Underwriters
 or (iii) the Underwriters decline to purchase the Shares for any reason permitted under
 this Agreement, the Company agrees to reimburse the Underwriters for all reasonable and documented
 out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably
 incurred by the Underwriters in connection with this Agreement and the offering contemplated
 hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Persons Entitled to Benefit of Agreement.</u> This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers, trustees and directors and any controlling persons referred to herein, and the affiliates of each Underwriter referred to in Section 7 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Shares from any Underwriter shall be deemed to be a successor merely by reason of such purchase.

An entity acting as a Forward Purchaser (the "Previous Forward Purchaser") may, without the consent of the other parties hereto, designate an affiliate to replace it as Forward Purchaser (the "New Forward Purchaser"), in which case, from the date of such designation, the New Forward Purchaser shall for all the purposes of this Agreement be substituted for the Previous Forward Purchaser as a Forward Purchaser party hereto (as assignee of the Previous Forward Purchaser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Survival</u>. The respective indemnities, rights of contribution, representations, warranties and agreements of the Company, the Partnership, the Underwriters, Forward Sellers and the Forward Purchasers contained in this Agreement or made by or on behalf of the Company, the Partnership or the Underwriters pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Shares and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Company, the Partnership or the Underwriters, Forward Sellers and the Forward Purchasers or the directors, trustees, officers, controlling persons or affiliates referred to in Section 7 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Certain Defined Terms.</u> For purposes of this Agreement, (a) except where otherwise expressly provided, the term "affiliate" has the meaning set forth in Rule 405 under the Securities Act; (b) the term "business day" means any day other than a day on which banks are permitted or required to be closed in New York City; (c) the term "subsidiary" has the meaning set forth in Rule 405 under the Securities Act; and (d) the term "significant subsidiary" has the meaning set forth in Rule 1-02 of Regulation S-X under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Compliance with USA Patriot Act.</u> In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Notices.* All notices and other communications hereunder shall be in writing and shall be deemed
 to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication.
 Notices to the Underwriters and Forward Sellers shall be given to the Underwriters and Forward
 Sellers c/o BofA Securities, Inc., One Bryant Park, New York, NY 10036, Email: dg.ecm_execution_services@bofa.com,
 Attention: Syndicate Department, with a copy to: Email: dg.ecm_legal@bofa.com Attention:
 ECM Legal, c/o Jefferies LLC, 520 Madison Avenue, New York, New York 10022, Attention: General
 Counsel, c/o Truist Securities, Inc., 740 Battery Ave SE, 3rd Floor, Atlanta, Georgia
 30339, and c/o Wells Fargo Securities, LLC, 500 West 33rd Street, New York, New York 10001,
 Attention: Equity Syndicate Department, Facsimile: (212) 214-5918. Notices to the Company
 and the Partnership shall be given to them at 411 Theodore Fremd Avenue, Suite 300,
 Rye, New York 10580, Facsimile: 914-288-2138, Attention: Chief Legal Officer. Notices to
 the Forward Purchasers shall be given to the Forward Purchasers c/o Bank of America, N.A.
 One Bryant Park, New York, NY 10036, Email: dg.ecm_execution_services@bofa.com, Attention:
 Syndicate Department, with a copy to: Email: dg.ecm_legal@bofa.com Attention: ECM Legal,
 c/o Jefferies LLC, 520 Madison Avenue, New York, New York 10022, Attention: General Counsel,
 c/o Truist Bank, 740 Battery Ave SE, 3rd Floor, Atlanta, Georgia 30339, and c/o Wells Fargo
 Bank, National Association, 500 West 33rd Street, New York, New York 10001, Attention: Equity
 Syndicate Department, Facsimile: (212) 214-5918. Notices to the Company and the Partnership
 shall be given to them at 411 Theodore Fremd Avenue, Suite 300, Rye, New York 10580,
 Facsimile: 914-288-2138, Attention: Chief Legal Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Governing Law.* This Agreement and any claim, controversy or dispute arising under or related to
 this Agreement shall be governed by and construed in accordance with the laws of the State
 of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Submission to Jurisdiction*. The Company, the Partnership, the Underwriters, Forward Sellers and
 Forward Purchasers hereby submit to the exclusive jurisdiction of the U.S. federal and New
 York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding
 arising out of or relating to this Agreement or the transactions contemplated hereby. Each
 of the Company, the Partnership, the Underwriters, Forward Sellers and Forward Purchasers
 waives any objection which it may now or hereafter have to the laying of venue of any such
 suit or proceeding in such courts. Each of the Company, the Partnership, the Underwriters,
 Forward Sellers and Forward Purchasers agrees that final judgment in any such suit, action
 or proceeding brought in such court shall be conclusive and binding upon the Company, the
 Partnership, the Underwriters, and the Forward Purchasers as applicable, and may be enforced
 in any court to the jurisdiction of which Company, the Partnership and the Underwriters are
 subject by a suit upon such judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Waiver of Jury Trial.* Each of the parties hereto hereby waives any right to trial by jury in
 any suit or proceeding arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Recognition
 of the U.S. Special Resolution Regimes.

In the event that any Underwriter or Forward Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter or Forward Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

In the event that any Underwriter or Forward Purchaser that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter or Forward Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

As used in this Section 16(e):

"<u>BHC Act Affiliate</u>" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"<u>Covered Entity</u>" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>U.S. Special Resolution Regime</u>" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Counterparts.* This Agreement and any Confirmation may be signed in counterparts (which may include
 counterparts delivered by any standard form of telecommunication), each of which shall be
 an original and all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Amendments or Waivers.* No amendment or waiver of any provision of this Agreement or any Confirmation
 nor *any* consent or approval to any departure therefrom, shall in any event be effective
 unless the same shall be in writing and signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Headings.* The headings herein are included for convenience of reference only and are not intended
 to be part of, or to *affect* the meaning or interpretation of, this Agreement.

[*Signature pages follow*.]

---

| | | |
|:---|:---|:---|
| **ACADIA REALTY TRUST** | **ACADIA REALTY TRUST** | **ACADIA REALTY TRUST** |
| By: | /s/ Jason Blacksberg | /s/ Jason Blacksberg |
|  | Name: | Jason Blacksberg |
|  | Title: | Executive Vice and Chief Legal Officer |
| **ACADIA REALTY LIMITED PARTNERSHIP** | **ACADIA REALTY LIMITED PARTNERSHIP** | **ACADIA REALTY LIMITED PARTNERSHIP** |
| By: | **ACADIA REALTY TRUST** Its sole general partner | **ACADIA REALTY TRUST** Its sole general partner |
| By: | /s/ Jason Blacksberg | /s/ Jason Blacksberg |
|  | Name: | Jason Blacksberg |
|  | Title: | Executive Vice and Chief Legal Officer |

---

*[Signature page to Underwriting Agreement]*

---

| | | |
|:---|:---|:---|
| Accepted as of the date first written above: | Accepted as of the date first written above: | Accepted as of the date first written above: |
| BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
| By: | /s/ Hicham Hamdouch | /s/ Hicham Hamdouch |
|  | Name: | Hicham Hamdouch |
|  | Title: | Managing Director |
| Jefferies LLC | Jefferies LLC | Jefferies LLC |
| By: | /s/ Michael Ryan | /s/ Michael Ryan |
|  | Name: | Michael Ryan |
|  | Title: | Head of Block Trades |
| Truist Securities, Inc. | Truist Securities, Inc. | Truist Securities, Inc. |
| By: | /s/ Justin Bowman | /s/ Justin Bowman |
|  | Name: | Justin Bowman |
|  | Title: | Managing Director |
| Wells Fargo Securities, LLC | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC |
| By: | /s/ Rohit Mehta | /s/ Rohit Mehta |
|  | Name: | Rohit Mehta |
|  | Title: | Managing Director |
| *As Underwriters* | *As Underwriters* | *As Underwriters* |

---

*[Signature page to Underwriting Agreement]*

---

| | | |
|:---|:---|:---|
| Accepted as of the date first written above: | Accepted as of the date first written above: | Accepted as of the date first written above: |
| Bank of America, N.A. | Bank of America, N.A. | Bank of America, N.A. |
| By: | /s/ Jake Mendelsohn | /s/ Jake Mendelsohn |
|  | Name: | Jake Mendelsohn |
|  | Title: | Managing Director |
| Jefferies LLC | Jefferies LLC | Jefferies LLC |
| By: | /s/ Michael Ryan | /s/ Michael Ryan |
|  | Name: | Michael Ryan |
|  | Title: | Head of Block Trades |
| Truist Bank | Truist Bank | Truist Bank |
| By: | /s/ West Riggs | /s/ West Riggs |
|  | Name: | West Riggs |
|  | Title: | Managing Director, Group Head of Equity Capital Markets |
| Wells Fargo Bank, National Association | Wells Fargo Bank, National Association | Wells Fargo Bank, National Association |
| By: | /s/ Christine Roemer | /s/ Christine Roemer |
|  | Name: | Christine Roemer |
|  | Title: | Managing Director |
| *As Forward Purchasers* | *As Forward Purchasers* | *As Forward Purchasers* |

---

*[Signature page to Underwriting Agreement]*

**<u>Schedule 1</u>**

---

| | |
|:---|:---|
| **Underwriter** | **Number of Firm Shares** |
| BofA Securities, Inc. | 2700000 |
| Jefferies LLC | 2100000 |
| Truist Securities, Inc. | 2100000 |
| Wells Fargo Securities, LLC | 2100000 |
| Total | 9000000 |

---

---

| | | |
|:---|:---|:---|
| **Forward Seller** | **Number of<br> Borrowed Firm<br> Shares to be Sold** | **Maximum<br> Number of<br> Borrowed Option<br> Shares To Be Sold** |
| &nbsp;&nbsp;BofA Securities, Inc. | 2700000 | 405000 |
| &nbsp;&nbsp;Jefferies LLC | 2100000 | 315000 |
| &nbsp;&nbsp;Truist Securities, Inc. | 2100000 | 315000 |
| &nbsp;&nbsp;Wells Fargo Securities, LLC | 2100000 | 315000 |
| &nbsp;&nbsp;Total | 9000000 | 1350000 |

---

**<u>ANNEX A</u>**

**a. Pricing Disclosure Package**

None.

**b. Pricing Information Provided Orally by Underwriters**

The public offering price as to each investor shall be the price paid by each investor.

The number of Borrowed Firm Shares purchased by the Underwriters: 9,000,000

The number of Borrowed Option Shares that the Underwriters have the option to purchase: 1,350,000

**<u>ANNEX B</u>**

Form of Confirmation

**<u>EXHIBIT A</u>**

FORM OF LOCK-UP AGREEMENT

June 9, 2026

BofA Securities, Inc.

Jefferies LLC

Truist Securities, Inc.

Wells Fargo Securities, LLC

c/o BofA Securities, Inc.

One Bryant Park

New York, New York 10036

c/o Jefferies LLC

520 Madison Avenue

New York, New York 10022

c/o Truist Securities, Inc.

740 Battery Ave SE, 3rd Floor

Atlanta, Georgia 30339

c/o Wells Fargo Securities, LLC

500 West 33rd Street, 14th Floor

New York, NY 10001

Re: ACADIA REALTY TRUST — Public Offering

The undersigned understands that you, as Underwriters, propose to enter into an underwriting agreement (the "Underwriting Agreement") with Acadia Realty Trust, a Maryland real estate investment trust (the "Company") and Acadia Realty Limited Partnership, a Delaware limited partnership (the "Partnership"), providing for the public offering (the "Public Offering") by the Underwriters named in Schedule 1 to the Underwriting Agreement (the "Underwriters"), of up to 10,350,000 (inclusive of the Underwriters' option to purchase additional shares) common shares of beneficial interest, par value $0.001 per share ("Common Shares"), of the Company (the "Securities"). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Underwriting Agreement.

In consideration of the Underwriters' agreement to purchase and make the Public Offering of the Securities, and for other good and valuable consideration receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the prior written consent of BofA Securities, Inc., Jefferies LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, the undersigned will not, and will not cause any direct or indirect affiliate to, during the period beginning on the date of this letter agreement (this "Letter Agreement") and ending at the close of business 30 days after the date of the final prospectus relating to the Public Offering (the "Prospectus") (such period, the "Restricted Period"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares, $0.001 per share par value, or any securities convertible into or exercisable or exchangeable for Common Shares (including without limitation, Common Shares or such other securities which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and securities which may be issued upon exercise of a stock option or warrant) (collectively, the "Lock-Up Securities"), (2) enter into any hedging, swap or other agreement or transaction that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise, (3) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities, or (4) publicly disclose the intention to do any of the foregoing. The undersigned acknowledges and agrees that the foregoing precludes the undersigned from engaging in any hedging or other transactions or arrangements (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition or transfer (whether by the undersigned or any other person) of any economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Lock-Up Securities, in cash or otherwise.

Notwithstanding the foregoing, the undersigned may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer the undersigned's Lock-Up Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as a bona fide gift or gifts, or for bona fide estate planning purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by will or intestacy,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, or if the undersigned is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust (for purposes of this Letter Agreement, "immediate family" shall mean any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to a partnership, limited liability company or other entity of which the undersigned and the immediate family of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with the undersigned or affiliates of the undersigned (including, for the avoidance of doubt, where the undersigned is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) as part of a distribution to members or shareholders of the undersigned,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the Company from an employee of the Company upon death, disability or termination of employment, in each case, of such employee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) as part of a sale of the undersigned's Lock-Up Securities acquired in open market transactions after the closing date for the Public Offering,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the Company in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants or other rights to purchase shares of Common Shares (including, in each case, by way of "net" or "cashless" exercise), including for the payment of exercise price and tax and remittance payments due as a result of the vesting, settlement, or exercise of such restricted stock units, options, warrants or rights, provided that any such shares of Common Shares received upon such exercise, vesting or settlement shall be subject to the terms of this Letter Agreement, and provided further that any such restricted stock units, options, warrants or rights are held by the undersigned pursuant to an agreement or equity awards granted under a stock incentive plan or other equity award plan, each such agreement or plan which is described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Trustees of the Company and made to all holders of the Company's capital stock involving a Change of Control (as defined below) of the Company (for purposes hereof, "Change of Control" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting securities of the Company (or the surviving entity)); <u>provided</u> that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the undersigned's Lock-Up Securities shall remain subject to the provisions of this Letter Agreement; <u>provided</u> that (A) in the case of any transfer or distribution pursuant to clause (a)(i), (ii), (iii), (iv), (v), (vi) and (vii), such transfer shall not involve a disposition for value and each donee, devisee, transferee or distributee shall execute and deliver to the Underwriters a lock-up letter in the form of this Letter, (B) in the case of any transfer or distribution pursuant to clause (a) (ii), (iii), (iv), (v), (vi), (ix) and (x), no filing by any party (donor, donee, devisee, transferor, transferee, distributer or distributee) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and no public announcement shall be required or shall be made voluntarily in connection with such transfer or distribution, and (C) in the case of any transfer or distribution pursuant to clause (a)(vii) and (viii) it shall be a condition to such transfer that no public filing, report or announcement shall be voluntarily made and if any filing under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of Common Shares in connection with such transfer or distribution shall be legally required during the Restricted Period, such filing, report or announcement shall clearly indicate in the footnotes thereto the nature and conditions of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise outstanding options, settle restricted stock units or other equity awards or exercise warrants pursuant to plans described in the Registration Statement, the Pricing Disclosure Package and the Prospectus; provided that any Lock-up Securities received upon such exercise, vesting or settlement shall be subject to the terms of this Letter Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert outstanding preferred stock, warrants to acquire preferred stock or convertible securities into shares of Common Shares or warrants to acquire shares of Common Shares; provided that any such shares of Common Shares or warrants received upon such conversion shall be subject to the terms of this Letter Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) establish or modify trading plans pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Lock-Up Securities; <u>provided</u> that (1) such plans do not provide for the transfer of Lock-Up Securities during the Restricted Period and (2) no filing by any party under the Exchange Act or other public announcement shall be required or made voluntarily in connection with such trading plan.

In furtherance of the foregoing, the Company, and any duly appointed transfer agent for the registration or transfer of the securities described herein, are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of this Letter Agreement.

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Letter Agreement. All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned.

The undersigned acknowledges and agrees that the Underwriters have not provided any recommendation or investment advice nor have the Underwriters solicited any action from the undersigned with respect to the Public Offering of the Securities and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters may be required or choose to provide certain Regulation Best Interest and Form CRS disclosures to you in connection with the Public Offering, the Underwriters are not making a recommendation to you to enter into this Letter Agreement, participate in the Public Offering, or sell any Shares at the price determined in the Public Offering, and nothing set forth in such disclosures is intended to suggest that the Underwriters is making such a recommendation.

The undersigned understands that, if the Underwriting Agreement does not become effective by June 11, 2026, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Shares to be sold thereunder, the undersigned shall be released from all obligations under this Letter Agreement. The undersigned understands that the Underwriters are entering into the Underwriting Agreement and proceeding with the Public Offering in reliance upon this Letter Agreement.

This Letter Agreement and any claim, controversy or dispute arising under or related to this Letter Agreement shall be governed by and construed in accordance with the laws of the State of New York.

Very truly yours,

---

| | |
|:---|:---|
| [*NAME OF TRUSTEE/OFFICER*] | [*NAME OF TRUSTEE/OFFICER*] |
| By: |  |
|  | Name: |
|  | Title: |

---

**EXHIBIT B**

**Lock-up Parties**

· Kenneth
 F. Bernstein

· Jason
 Blacksberg

· David
 Buell

· Mark
 A. Denien

· John
 Gottfried

· Kenneth
 A. McIntyre

· William
 T. Spitz

· Lynn
 C. Thurber

· Lee
 S. Wielansky

· Hope
 B. Woodhouse

· C.
 David Zoba

· Reginald
 Livingston

## Exhibit 1.2

**Exhibit 1.2**

Date: June 9, 2026

To: Acadia Realty Trust

411 Theodore Fremd Avenue, Suite 300

Rye, New York, 10580

From: Bank of America, N.A

**Re: Registered Forward Transaction**

Ladies and Gentlemen:

The purpose of this letter agreement (this "Confirmation") is to confirm the terms and conditions of the transaction entered into between us on the Trade Date specified below (the "Transaction"). This Confirmation constitutes a "Confirmation" as referred to in the ISDA Master Agreement specified below.

1. The definitions and provisions
contained in the 2006 ISDA Definitions (the "2006 Definitions") and the 2002 ISDA Equity Derivatives Definitions (the "2002
Definitions" and, together with the 2006 Definitions, the "Definitions"), each as published by the International Swaps
and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between the 2002 Definitions
and the 2006 Definitions, the 2002 Definitions will govern. In the event of any inconsistency between the Definitions and this Confirmation,
this Confirmation will govern.

Each party further agrees that this Confirmation and the Agreement (as defined below) together evidence a complete binding agreement between Party A and Party B as to the subject matter and terms of the Transaction to which this Confirmation relates, and shall supersede all prior or contemporaneous written or oral communications with respect thereto. This Confirmation, together with any other Confirmations for registered forward transactions entered into between Party A and Party B (each, an "Additional Confirmation") shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the "Agreement") as if Party A and Party B had executed an agreement in such form on the Trade Date with New York law (without regard to choice of law doctrine other than Title 14 of Article 5 of the New York General Obligations Law) as the governing law. In the event of any inconsistency between the Agreement, this Confirmation, the 2006 Definitions and the 2002 Definitions, the following will prevail for purposes of the Transaction in the order of precedence indicated: (i) this Confirmation; (ii) the 2002 Definitions; (iii) the 2006 Definitions and (iv) the Agreement. The parties hereby agree that no Transaction other than the Transaction to which this Confirmation relates and the Transactions to which the Additional Confirmations, if any, relate (each, an "Additional Transaction"), shall be governed by the Agreement. For purposes of the 2002 Definitions, the Transaction is a Share Forward Transaction.

Party A and Party B each represent to the other that it has entered into the Transaction in reliance upon such tax, accounting, regulatory, legal, and financial advice as it deems necessary and not upon any view expressed by the other.

2. The terms of the particular Transaction
to which this Confirmation relates are as follows:

<u>General Terms</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Party A: | Bank of America, N.A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Party B: | Acadia Realty Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Date: | June 9, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective Date: | June 10, 2026, or such later date on which the conditions set forth in Section 3 under the heading "Conditions to Effectiveness" below have settled. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base Amount: | Initially, 2,700,000 Shares (the "Initial Number of Shares"); provided, however, that on each Settlement Date, the Base Amount shall be reduced by the number of Settlement Shares for such Settlement Date. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity Date: | The earlier of (i) June 9, 2027 (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day) and (ii) the date on which the Base Amount is reduced to zero. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Price: | On the Effective Date, the Initial Forward Price, and on any other day, the Forward Price as of the immediately preceding calendar day multiplied by the sum of (i) 1 and (ii) the Daily Rate for such day; provided that on each Forward Price Reduction Date, the Forward Price in effect on such date shall be the Forward Price otherwise in effect on such date, minus the Forward Price Reduction Amount for such Forward Price Reduction Date.<br>Notwithstanding anything to the contrary contained herein, to the extent Party B delivers Shares hereunder on or after a Forward Price Reduction Date and at or before the record date for an ordinary cash dividend with an ex-dividend date corresponding to such Forward Price Reduction Date, the Calculation Agent shall adjust the Forward Price, in a good faith and commercially reasonable manner, to preserve the economic intent of the parties hereto (taking into account Party A's commercially reasonable hedge positions in respect of the Transaction). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Forward Price: | USD 21.80 per Share |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daily Rate: | For any day, a rate equal to (i)(A) the Overnight Bank Rate for such day, minus (B) the Spread, divided by (ii) 360. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overnight Bank Rate: | For any day, the rate set forth for such day opposite the caption "Overnight Bank Funding Rate", as such rate is displayed on the page "OBFR01 " on the BLOOMBERG Professional Service, or any successor page; provided that, if no rate appears on any day on such page, the rate for the immediately preceding day for which a rate does so appear shall be used for such day. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spread: | 75 basis points. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayment: | Not Applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable Obligation: | Not Applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Price Reduction Date: | Each date (other than the Trade Date) set forth on Schedule I under the heading "Forward Price Reduction Date." |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Price Reduction |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount: | For each Forward Price Reduction Date, the Forward Price Reduction Amount set forth opposite such date on Schedule I. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares: | Common shares, USD 0.001 par value per share, of Party B (also referred to herein as the "Issuer") (Exchange identifier: "AKR"). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange: | New York Stock Exchange. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related Exchange(s): | All Exchanges. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearance System: | DTC. |

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Early Closure: | Section 6.3(d) of the 2002 Definitions is hereby amended by deleting the remainder of the provision following the term "Scheduled Closing Time" in the fourth line thereof. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Disruption: | Any event that Party A, in its good faith and commercially reasonable discretion, based on advice of counsel, determines it appropriate with regard to any legal, regulatory or self-regulatory requirements or related policies and procedures (that apply broadly to similar transactions for other issuers) for Party A to refrain from or decrease any market activity in connection with the Transaction. Subject to applicable legal requirements and Party A's internal policies and guidelines, Party A shall promptly notify Party B upon the occurrence of a Regulatory Disruption and shall subsequently promptly notify Party B on the day Party A determines that the circumstances giving rise to such Regulatory Disruption have changed. Party A shall make its determination of a Regulatory Disruption in a manner consistent with the determinations made with respect to other issuers under similar facts and circumstances.. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Act: | The Securities Exchange Act of 1934, as amended from time to time |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Act: | The Securities Act of 1933, as amended from time to time. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical Settlement: | On any Settlement Date in respect of which Physical Settlement applies, Party B shall deliver to Party A through the Clearance System the Settlement Shares for such Settlement Date, and Party A shall pay to Party B, by wire transfer of immediately available funds to an account designated by Party B, an amount in cash equal to the Physical Settlement Amount for such Settlement Date, on a delivery versus payment basis. If, on any Settlement Date, the Shares to be delivered by Party B to Party A hereunder are not so delivered (the "Deferred Shares"), and a Forward Price Reduction Date occurs during the period from, and including, such Settlement Date to, but excluding, the date such Shares are actually delivered to Party A, then the portion of the Physical Settlement Amount payable by Party A to Party B in respect of the Deferred Shares shall be reduced by an amount equal to the Forward Price Reduction Amount for such Forward Price Reduction Date, multiplied by the number of Deferred Shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical Settlement Amount: | For any Settlement Date in respect of which Physical Settlement applies, an amount in cash equal to the product of (i) the Forward Price on such Settlement Date and (ii) the number of Settlement Shares for such Settlement Date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Settlement: | On any Settlement Date in respect of which Cash Settlement applies, if the Cash Settlement Amount for such Settlement Date is a positive number, Party A will pay such Cash Settlement Amount to Party B. If the Cash Settlement Amount is a negative number, Party B will pay the absolute value of such Cash Settlement Amount to Party A. Such amounts shall be paid on the Settlement Date by wire transfer of immediately available funds. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Settlement Amount: | For any Settlement Date in respect of which Cash Settlement applies, an amount determined by the Calculation Agent equal to the difference between (1) the product of (i) the difference between (A) the average Forward Price over the period beginning on, and including, the date that is one Settlement Cycle following the first day of the applicable Unwind Period and ending on, and including, such Settlement Date (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during the Unwind Period), minus USD 0.015, and (B) the average of the 10b-18 VWAP prices per Share on each Exchange Business Day during such Unwind Period, and (ii) the number of Settlement Shares for such Settlement Date, and (2) the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period, and (ii) the number of Settlement Shares with respect to which Party A has not unwound its hedge for the Transaction as of such Forward Price Reduction Date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Share Settlement: | On any Settlement Date in respect of which Net Share Settlement applies, if the number of Net Share Settlement Shares is a (i) negative number, Party A shall deliver a number of Shares to Party B equal to the absolute value of the Net Share Settlement Shares, or (ii) positive number, Party B shall deliver to Party A the Net Share Settlement Shares; provided that if Party A determines in its good faith and commercially reasonable judgment that it would be required to deliver Net Share Settlement Shares to Party B, Party A may elect to deliver a portion of such Net Share Settlement Shares on one or more dates prior to the applicable Settlement Date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Share Settlement Shares: | For any Settlement Date in respect of which Net Share Settlement applies, a number of Shares equal to (a) the number of Settlement Shares for such Settlement Date, minus (b) the quotient of (A) the difference between (1) the product of (i) the average Forward Price over the period beginning on, and including, the date that is one Settlement Cycle following the first day of the applicable Unwind Period and ending on, and including, such Settlement Date (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during the Unwind Period), minus USD 0.015, and (ii) the number of Settlement Shares for such Settlement Date, and (2) the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period, and (ii) the number of Shares with respect to which Party A has not unwound its hedge as of such Forward Price Reduction Date and (B) the average of the 10b-18 VWAP prices per Share on each Exchange Business Day during such Unwind Period. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10b-18 VWAP: | For any Exchange Business Day during the Unwind Period which is not a Disrupted Day, the volume-weighted average price reported on the Bloomberg Page "AKR AQR SEC" (or any successor thereto) for such Exchange Business Day; provided, however, that if such price is unavailable for an Exchange Business Day or the Calculation Agent determines that such price does not correctly reflect the volume-weighted average price at which the Shares trade as reported in the composite transactions for the Exchange on such Exchange Business Day, excluding (i) trades that do not settle regular way, (ii) opening (regular way) reported trades on the Exchange on such Exchange Business Day, (iii) trades that occur in the last ten minutes before the scheduled close of trading on the Exchange on such Exchange Business Day and ten minutes before the scheduled close of the primary trading session in the market where the trade is effected, and (iv) trades on such Exchange Business Day that do not satisfy the requirements of Rule 10b-18(b)(3), the Calculation Agent shall, in a good faith, commercially reasonable manner, determine the 10b-18 VWAP for such Exchange Business Day based on the criteria specified above in this proviso. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement Currency: | USD. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to Deliver: | Inapplicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments</u>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Method of Adjustment: | Calculation Agent Adjustment. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Adjustment: | If, in Party A's commercially reasonable judgment, the stock loan fee to Party A (or an affiliate thereof), excluding the federal funds or other interest rate component payable by the relevant stock lender to Party A or such affiliate (the "Stock Loan Fee"), over the immediately preceding one month period, of borrowing a number of Shares equal to the Base Amount to hedge its exposure to the Transaction exceeds a weighted average rate equal to 25 basis points per annum, the Calculation Agent shall reduce the Forward Price in order to compensate Party A for the amount by which the Stock Loan Fee exceeded a weighted average rate equal to 25 basis points per annum during such period. The Calculation Agent shall notify Party B in writing prior to making any such adjustment to the Forward Price and, upon the request of Party B, Party A shall provide an itemized list in reasonable detail of the Stock Loan Fees for the applicable one month period (including any quotations, market data or information from external sources used by Party A in developing such list, but without disclosing its proprietary models or other information that is subject to contractual, legal or regulatory obligations to not disclose such information). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Account Details</u>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Party A: | To be advised under separate cover or telephone confirmed prior to each Settlement Date |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Party B: | To be advised under separate cover or telephone confirmed prior to each Settlement Date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Shares to Party A: | To be advised. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Shares to Party B: | To be advised. |

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&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Other Provisions</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conditions to Effectiveness</u>: The effectiveness of this Confirmation and the Transaction shall be
 subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 representations and warranties of Party B and Acadia Realty Limited Partnership (the "Partnership")
 contained in the Underwriting Agreement dated the date hereof between Party B, the Partnership,
 Party A and the Underwriters party thereto (the "Underwriting Agreement"), and
 any certificate delivered pursuant thereto by Party B or the Partnership shall be true and
 correct on the Effective Date as if made as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 of Party B and the Partnership shall have performed all of the obligations required to be
 performed by it under the Underwriting Agreement on or prior to the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all
 of the conditions set forth in Section 6 of the Underwriting Agreement shall have been
 satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Closing Date (as defined in the Underwriting Agreement) shall have occurred as provided in
 the Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all
 of the representations and warranties of Party B hereunder and under the Agreement shall
 be true and correct on the Effective Date as if made as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Party
 B shall have performed all of the obligations required to be performed by it hereunder and
 under the Agreement on or prior to the Effective Date, including without limitation its obligations
 under Section ‎3(d) hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Party
 B shall have delivered to Party A an opinion of counsel in form and substance reasonably
 satisfactory to Party A, with respect to the matters set forth in Section 3(a) of
 the Agreement and that the maximum number of Shares initially issuable hereunder have been
 duly authorized and, upon issuance pursuant to the terms of the Transaction, will be validly
 issued, fully paid and nonassessable.

Notwithstanding the foregoing or any other provision of this Confirmation, if (x) on or prior to 9:00 a.m., New York City time, on the date the Closing Date (as defined in the Underwriting Agreement) is scheduled to occur, in connection with establishing its commercially reasonable hedge position Party A, in its sole judgment, is unable, after using commercially reasonable efforts, to borrow and deliver for sale the Initial Number of Shares or (y) in Party A's sole judgment, it would incur a stock loan cost of more than 200 basis points per annum with respect to all or any portion of the Initial Number of Shares (in each case, an "Initial Hedging Disruption"), the effectiveness of this Confirmation and the Transaction shall be limited to the number of Shares Party A is so able to borrow in connection with establishing its commercially reasonable hedge position at a cost of not more than 200 basis points per annum (such number of Shares, the "Reduced Number of Shares"), which, for the avoidance of doubt, may be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interpretive Letter</u>:

Party B agrees and acknowledges that the Transaction is being entered into in accordance with the October 9, 2003 interpretive letter from the staff of the Securities and Exchange Commission to Goldman, Sachs & Co. (the "Interpretive Letter"). Party B represents that it is eligible to conduct a primary offering of Shares on Form S-3 and that the offering contemplated complies with Rule 415 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Representations, Warranties and Agreements of Party B</u>: Party B hereby represents and warrants to, and
 agrees with, Party A as of the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Party
 B represents to Party A on the Trade Date and on any date that Party B notifies Party A that
 Cash Settlement or Net Share Settlement applies to this Transaction, that (A) Party
 B is not aware of any material nonpublic information regarding Party B or the Shares, (B) each
 of its filings under the Securities Act, the Exchange Act or other applicable securities
 laws that were required to be filed have been filed in the prior 12 months and that, as of
 the date of this representation, when considered as a whole (with the more recent such filings
 deemed to amend inconsistent statements contained in any earlier such filings), there is
 no misstatement of material fact contained therein or omission of a material fact required
 to be stated therein or necessary to make the statements made therein, in the light of the
 circumstances under which they were made, not misleading and (C) Party B is not entering
 into this Confirmation nor making any election hereunder to create actual or apparent trading
 activity in the Shares (or any security convertible into or exchangeable for Shares) or to
 raise or depress or otherwise manipulate the price of the Shares (or any security convertible
 into or exchangeable for Shares) or otherwise in violation of the Exchange Act. In addition
 to any other requirement set forth herein, Party B agrees not to designate, or to appropriately
 rescind or modify a prior designation of, any Settlement Date if it is notified by Party
 A that, in the reasonable determination of Party A, based on advice of counsel, such settlement
 or Party A's related market activity in respect of such date would result in a violation
 of any applicable federal or state law or regulation, including the U.S. federal securities
 laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 Shares, when issued and delivered in accordance with the terms of the Transaction, will be
 duly authorized and validly issued, fully paid and nonassessable, and the issuance thereof
 will not be subject to any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Party
 B has reserved and will keep available at all times, free from preemptive rights, out of
 its authorized but unissued Shares, solely for the purpose of issuance upon settlement of
 the Transaction as herein provided, the maximum number of Shares as shall be issuable at
 such time upon settlement of the Transaction as set forth below under the heading "Maximum
 Share Delivery". All Shares so issuable shall, upon such issuance, be accepted for
 listing or quotation on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Party
 B agrees to provide Party A prior written notice (an "Issuer Repurchase Notice")
 prior to executing any repurchase of Shares by Party B or any of its subsidiaries (or entering
 into any contract that would require, or give the option to, Party B or any of its subsidiaries,
 to purchase or repurchase Shares), whether out of profits or capital or whether the consideration
 for such repurchase is cash, securities or otherwise (an "Issuer Repurchase"),
 that alone or in the aggregate would result in the Base Amount Percentage (as defined below)
 being (i) equal to or greater than 4.5% of the outstanding Shares or (ii) greater
 by 0.5% or more than the Base Amount Percentage at the time of the immediately preceding
 Issuer Repurchase Notice (or in the case of the first such Issuer Repurchase Notice, greater
 than the Base Amount Percentage as of the later of the date hereof or the immediately preceding
 Settlement Date, if any). The "Base Amount Percentage" as of any day is the fraction
 (1) the numerator of which is the aggregate of the Base Amount and each "Base
 Amount" (as defined in the applicable Additional Confirmation and any Additional Equity
 Derivative Transaction) under any outstanding Additional Transactions and (2) the denominator
 of which is the number of Shares outstanding on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No
 filing with, or approval, authorization, consent, license registration, qualification, order
 or decree of, any court or governmental authority or agency, domestic or foreign, is necessary
 or required for the execution, delivery and performance by Party B of this Confirmation and
 the consummation of the Transaction (including, without limitation, the issuance and delivery
 of Shares on any Settlement Date) except (i) such as have been obtained under the Securities
 Act, and (ii) as may be required to be obtained under state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Party
 B agrees not to make any Issuer Repurchase if, immediately following such Issuer Repurchase,
 the Base Amount Percentage would be equal to or greater than 4.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Party
 B is not insolvent, nor will Party B be rendered insolvent as a result of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Neither
 Party B nor any of its affiliated purchasers shall take any action (including, without limitation,
 any direct purchases by Party B or any of its affiliated purchasers or any purchases by a
 party to a derivative transaction with Party B or any of its affiliated purchasers), either
 under this Confirmation, under an agreement with another party or otherwise, that in the
 reasonable judgment of Party B is reasonably likely to cause any purchases of Shares by Party
 A or any of its affiliates in connection with any Cash Settlement or Net Share Settlement
 of the Transaction not to meet the conditions of the safe harbor provided by Rule 10b-18
 under the Exchange Act if such purchases were made by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Party
 B will not engage in any "distribution" (as defined in Regulation M under the
 Exchange Act ("Regulation M")) that would cause a "restricted period"
 (as defined in Regulation M) to occur during any Unwind Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Party
 B (i) is capable of evaluating investment risks independently, both in general and with
 regard to all transactions and investment strategies involving a security or securities,
 (ii) will exercise independent judgment in evaluating the recommendations of any broker-dealer
 or its associated persons, unless it has otherwise notified the broker-dealer in writing
 and (iii) has total assets of at least USD 50 million as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Party
 B acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) during
 the term of the Transaction, Party A and its Affiliates may buy or sell Shares or other securities
 or buy or sell options or futures contracts or enter into swaps or other derivative securities
 in order to establish, adjust or unwind its hedge position with respect to the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Party
 A and its Affiliates may also be active in the market for the Shares and Share-linked transactions
 other than in connection with hedging activities in relation to the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Party
 A shall make its own determination as to whether, when or in what manner any hedging or market
 activities in Party B's securities shall be conducted and shall do so in a manner that
 it deems appropriate to hedge its price and market risk with respect to the Forward Price
 and the 10b-18 VWAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any
 market activities of Party A and its Affiliates with respect to the Shares may affect the
 market price and volatility of the Shares, as well as the Forward Price and 10b-18 VWAP,
 each in a manner that may be adverse to Party B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the
 Transaction is a derivatives transaction in which it has granted Party A the right, under
 certain circumstances, to receive cash or Shares, as the case may be; Party A may purchase
 Shares for its own account at an average price that may be greater than, or less than, the
 effective price paid by Party B under the terms of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The
 assets of Party B do not constitute "plan assets" under the Employee Retirement
 Income Security Act of 1974, as amended, the Department of Labor Regulations promulgated
 thereunder or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Party
 B shall, at least one day prior to the first day of any Unwind Period, notify Party A of
 the total number of Shares purchased in Rule 10b-18 purchases of blocks pursuant to
 the once-a-week block exception contained in Rule 10b-18(b)(4) by or for Party
 B or any of its affiliated purchasers during each of the four calendar weeks preceding the
 first day of the Unwind Period and during the calendar week in which the first day of the
 Unwind Period occurs ("Rule 10b-18 purchase", "blocks" and "affiliated
 purchaser" each being used as defined in Rule 10b-18).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) During
 any Unwind Period, Party B shall (i) notify Party A prior to the opening of trading
 in the Shares on any day on which Party B makes, or expects to be made, any public announcement
 (as defined in Rule 165(f) under the Securities Act) of any merger, acquisition,
 or similar transaction involving a recapitalization relating to Party B (other than any such
 transaction in which the consideration consists solely of cash and there is no valuation
 period), (ii) promptly notify Party A following any such announcement that such announcement
 has been made, and (iii) promptly deliver to Party A following the making of any such
 announcement information indicating (A) Party B's average daily Rule 10b-18
 purchases (as defined in Rule 10b-18) during the three full calendar months preceding
 the date of the announcement of such transaction and (B) Party B's block purchases
 (as defined in Rule 10b-18) effected pursuant to paragraph (b)(4) of Rule 10b-18
 during the three full calendar months preceding the date of the announcement of such transaction.
 In addition, Party B shall promptly notify Party A of the earlier to occur of the completion
 of such transaction and the completion of the vote by target shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Party
 B is not, and after giving effect to the transactions contemplated hereby will not be, required
 to register as an "investment company" as such term is defined in the Investment
 Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Without
 limiting the generality of Section 13.1 of the 2002 Definitions, Party B acknowledges
 that Party A is not making any representations or warranties or taking any position or expressing
 any view with respect to the treatment of the Transaction under any accounting standards
 including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC
 Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging
 - Contracts in Entity's Own Equity (or any successor issue statements) or under FASB's
 Liabilities & Equity Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Party
 B understands no obligations of Party A to it hereunder will be entitled to the benefit of
 deposit insurance and that such obligations will not be guaranteed by any affiliate of Party
 A or any governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) No
 federal, state or local law, rule, regulation or regulatory order applicable to the Shares
 would give rise to any reporting, consent, registration or other requirement (including without
 limitation a requirement to obtain prior approval from any person or entity) as a result
 of Party A or its affiliates owning or holding (however defined) Shares, other than Sections
 13 and 16 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Upon
 obtaining knowledge of the occurrence of any event that would constitute an Event of Default
 or Potential Event of Default, Party B will so notify Party A in writing within one Scheduled
 Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Party
 B (i) has such knowledge and experience in financial and business affairs as to be capable
 of evaluating the merits and risks of entering into the Transaction, (ii) has consulted
 with its own legal, financial, accounting and tax advisors in connection with the Transaction
 and (iii) is entering into the Transaction for a bona fide business purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Party
 B is not and has not been the subject of any civil proceeding of a judicial or administrative
 body of competent jurisdiction that could reasonably be expected to impair materially Party
 B's ability to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) Ownership
 positions of Party B's common stock held by Party A or any of its affiliates solely
 in its capacity as a nominee or fiduciary do not constitute "beneficial ownership"
 or "direct or indirect ownership" Party A for the purposes of Article VI
 of the Declaration of Trust of Party B, as amended (the "Articles"), including
 without limitation Section 6.6 thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Covenant of Party B</u>:

Subject to the circumstances described under "Private Placement Procedures", Party B acknowledges and agrees that any Shares delivered by Party B to Party A on any Settlement Date will be newly issued Shares and when delivered by Party A (or an affiliate of Party A) to securities lenders from whom Party A (or an affiliate of Party A) borrowed Shares in connection with hedging its exposure to the Transaction will be freely saleable without further registration or other restrictions under the Securities Act, in the hands of those securities lenders, irrespective of whether such stock loan is effected by Party A or an affiliate of Party A. Accordingly, Party B agrees that the Shares that it delivers to Party A on each Settlement Date will not bear a restrictive legend and that such Shares will be deposited in, and the delivery thereof shall be effected through the facilities of, the Clearance System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Covenants of Party A</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless
 the provisions set forth below under "Private Placement Procedures" shall be
 applicable, Party A shall use any Shares delivered by Party B to Party A on any Settlement

 an affiliate of Party A in the course of Party A's or such affiliate's hedging
 activities related to Party A's exposure under this Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 connection with bids and purchases of Shares in connection with any Cash Settlement or Net
 Share Settlement of the Transaction, Party A shall use good faith efforts to conduct its
 activities, or cause its affiliates to conduct their activities, in a manner consistent with
 the requirements of the safe harbor provided by Rule 10b-18 under the Exchange Act,
 as if such provisions were applicable to such purchases aggregated with any analogous purchases
 occurring on the same day under any Additional Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Deadline for Designating an Early Termination Date and Payment Suspension</u>:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Insolvency Filing</u>:

Notwithstanding anything to the contrary herein, in the Agreement, in the 2006 Definitions or in the 2002 Definitions, upon any Insolvency Filing in respect of the Issuer, the Transaction shall automatically terminate on the date thereof without further liability of either party to this Confirmation to the other party (except for any liability in respect of any breach of representation or covenant by a party under this Confirmation prior to the date of such Insolvency Filing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Extraordinary Dividends</u>:

If an ex-dividend date for an Extraordinary Dividend occurs on or after the Trade Date and on or prior to the Maturity Date (or, if later, the last date on which Shares are delivered by Party B to Party A in settlement of the Transaction), Party B shall pay an amount in cash equal to the product of such Extraordinary Dividend and the Base Amount to Party A on the earlier of (i) the date on which such Extraordinary Dividend is paid by the Issuer to holders of record of the Shares or (ii) the Maturity Date. "Extraordinary Dividend" means the per Share amount of any cash dividend or distribution declared by the Issuer with respect to the Shares that is specified by the board of directors of the Issuer as an "extraordinary" dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Acceleration Events</u>:

The following events shall each constitute an "Acceleration Event":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Stock Borrow Events</u>. In the good faith and commercially reasonable judgment of Party A (i) Party
 A (or its affiliate) is unable, after using commercially reasonable efforts, to hedge its
 exposure to the Transaction because of the lack of sufficient Shares being made available
 for Share borrowing by lenders, or (ii) Party A (or its affiliate) would incur a Stock
 Loan Fee to borrow a number of Shares equal to the Base Amount of more than a rate of 200
 basis points per annum (each, a "Stock Borrow Event");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Dividends and Other Distributions</u>. On any day occurring after the Trade Date Party B declares a
 distribution, issue or dividend to existing holders of the Shares of (i) any cash dividend
 (other than an Extraordinary Dividend) to the extent all cash dividends having an ex-dividend
 date during the period from and including any Forward Price Reduction Date (with the Trade
 Date being a Forward Price Reduction Date for purposes of this clause only) to but excluding
 the next subsequent Forward Price Reduction Date exceeds, on a per Share basis, the Forward
 Price Reduction Amount set forth opposite the first date of any such period on Schedule I,
 (ii) share capital or securities of another issuer acquired or owned (directly or indirectly)
 by Party B as a result of a spin-off or other similar transaction or (iii) any other
 type of securities (other than Shares), rights or warrants or other assets, for payment (cash
 or other consideration) at less than the prevailing market price as determined by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>ISDA Early Termination Date</u>. Party A notifies Party B that Party A has designated an Early
 Termination Date pursuant to Section 6 of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Other ISDA Events</u>. The public announcement of any event that if consummated would result in
 an Extraordinary Event or the occurrence of any Change in Law or a Delisting; *provided* that in case of a Delisting, in addition to the provisions of Section 12.6(a)(iii) of
 the 2002 Definitions, it will also constitute a Delisting if the Exchange is located in the
 United States and the Shares are not immediately re-listed, re-traded or re-quoted on any
 of the New York Stock Exchange, the Nasdaq Global Select Market or the Nasdaq Global Market
 (or their respective successors); and *provided further* that the definition of
 "Change in Law" provided in Section 12.9(a)(ii) of the 2002 Definitions
 is hereby amended by (i) replacing the phrase "the interpretation" in the
 third line thereof with the phrase ", or public announcement of, the formal or informal
 interpretation" and (ii) replacing the parenthetical beginning after the word
 "regulation" in the second line thereof the words "(including, for the
 avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness
 or promulgation of new regulations authorized or mandated by existing statute)";
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Ownership Even</u> t. In the reasonable judgment of Party A, on any day, the Share Amount for such day
 exceeds the Applicable Share Limit for such day (if any applies).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Termination Settlemen</u> t:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Private Placement Procedures</u>:

If Party B is unable to comply with the provisions of "Covenant of Party B" above because of a change in law or a change in the policy of the Securities and Exchange Commission or its staff, or Party A otherwise reasonably determines, based on advice of counsel, that any Settlement Shares to be delivered to Party A by Party B may not be freely returned by Party A or its affiliates to securities lenders as described under "Covenant of Party B" above, then delivery of any such Settlement Shares (the "Restricted Shares") shall be effected pursuant to Annex A hereto, unless waived by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Rule 10b5-1</u>:

It is the intent of Party A and Party B that following any election of Cash Settlement or Net Share Settlement by Party B, the purchase of Shares by Party A during any Unwind Period comply with the requirements of Rule 10b5-1(c)(1)(i)(B) of the Exchange Act and that this Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c).

Party B acknowledges that (i) during any Unwind Period Party B shall not attempt to exercise any influence over how, when or whether to effect purchases of Shares by Party A (or its agent or affiliate) in connection with this Confirmation and (ii) Party B is entering into the Agreement and this Confirmation in good faith and not as part of a plan or scheme to evade compliance with federal securities laws including, without limitation, Rule 10b-5 promulgated under the Exchange Act. Party B further agrees to act in good faith with respect to the Agreement and this Confirmation.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Maximum Share Delivery</u>:

Notwithstanding any other provision of this Confirmation, in no event will Party B be required to deliver on any Settlement Date, whether pursuant to Physical Settlement, Net Share Settlement, Termination Settlement or any Private Placement Settlement, more than a number of Shares equal to 1.5 times the Initial Base Amount, subject to reduction by the number of any Shares delivered by Party B on any prior Settlement Date and subject to adjustment from time to time in accordance with the provisions of this Confirmation and the Equity Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Transfer and Assignmen</u> t:

Party A may assign or transfer all (but not less than all) of its rights or delegate all (but not less than all) of its duties hereunder to any affiliate of Party A; *provided* that, under the applicable law effective on the date of such transfer or assignment, Party B will not be required, as a result of such transfer or assignment, to pay to the transferee an amount in respect of an Indemnifiable Tax greater than the amount, if any, that Party B would have been required to pay Party A in the absence of such transfer or assignment; and Party B will not receive a payment from which an amount has been withheld or deducted, on account of a Tax in respect of which the other party is not required to pay an additional amount, unless Party B would not have been entitled to receive any additional amount in respect of such payment in the absence of such transfer or assignment; *provided further* that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the affiliate's obligations hereunder are fully and unconditionally guaranteed by Party A or its parent or (B) the affiliate's long-term issuer rating is equal to or better than the credit rating of Party A at the time of such assignment or transfer. Notwithstanding the above or any other provision in this Confirmation to the contrary requiring or allowing Party A to purchase, sell, receive or deliver any Shares or other securities to or from Party B, Party A may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Party A's obligations in respect of the Transaction and any such designee may assume such obligations. Party A shall be discharged of its obligations to Party B to the extent of any such performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Acknowledgements</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Reliance: | Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Acknowledgments: | Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreements and Acknowledgments Regarding Hedging Activities: | Applicable |

---

4. The Agreement is further supplemented by the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Collateral or Setoff</u>:

Notwithstanding Section 6(f) or any other provision of the Agreement or any other agreement between the parties to the contrary, the obligations of Party B hereunder are not secured by any collateral. Obligations under the Transaction shall not be set off against any other obligations of the parties, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and no other obligations of the parties shall be set off against obligations under the Transaction, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and each party hereby waives any such right of setoff. In calculating any amounts under Section 6(e) of the Agreement, notwithstanding anything to the contrary in the Agreement, (a) separate amounts shall be calculated as set forth in such Section 6(e) with respect to (i) the Transaction and (ii) all other Transactions, and (b) such separate amounts shall be payable pursuant to Section 6(d)(ii) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Status of Claims in Bankruptcy</u>:

Party A acknowledges and agrees that this confirmation is not intended to convey to Party A rights with respect to the transactions contemplated hereby that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings of Party B; *provided, however,* that nothing herein shall limit or shall be deemed to limit Party A's right to pursue remedies in the event of a breach by Party B of its obligations and agreements with respect to this Confirmation and the Agreement; and *provided further* that nothing herein shall limit or shall be deemed to limit Party A's rights in respect of any transaction other than the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Limit on Beneficial Ownership</u>:

Notwithstanding any other provisions hereof, Party A shall not have the right to acquire Shares hereunder and Party A shall not be entitled to take delivery of any Shares deliverable hereunder (in each case, whether in connection with the purchase of Shares on any Settlement Date or any Termination Settlement Date, any Private Placement Settlement or otherwise) to the extent (but only to the extent) that, after such receipt of any Shares hereunder, (i) the Share Amount would exceed the Applicable Share Limit, (ii) the Section 16 Percentage would exceed 4.9%, (iii) Party A and each person subject to aggregation of Shares with Party A under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder (the "Party A Group") would directly or indirectly beneficially own (as such term is defined for purposes of Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) in excess of 4.9% of the then outstanding Shares (the "Threshold Number of Shares") or (iv) such acquisition would result in a violation of any restriction on ownership or transfer set forth in Article VI of the Articles (the "Counterparty Stock Ownership Restrictions"). Any purported delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery, (i) the Share Amount would exceed the Applicable Share Limit, (ii) the Section 16 Percentage would exceed 4.9%, (iii) Party A Group would directly or indirectly so beneficially own in excess of the Threshold Number of Shares or (iv) such delivery would result in a violation of the Counterparty Stock Ownership Restrictions. If any delivery owed to Party A hereunder is not made, in whole or in part, as a result of this provision, Party B's obligation to make such delivery shall not be extinguished and Party B shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after, Party A gives notice to Party B that, after such delivery, (i) the Share Amount would not exceed the Applicable Share Limit, (ii) the Section 16 Percentage would not exceed 4.9%, (iii) Party A Group would not directly or indirectly so beneficially own in excess of the Threshold Number of Shares and (iv) such delivery would not result in a violation of the Counterparty Stock Ownership Restriction. The "Section 16 Percentage" as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Party A and any of its affiliates or any other person subject to aggregation with Party A for purposes of the "beneficial ownership" test under Section 13 of the Exchange Act, or any "group" (within the meaning of Section 13 of the Exchange Act) of which Party A is or may be deemed to be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day.

In addition, notwithstanding anything herein to the contrary, if any delivery owed to Party A hereunder is not made, in whole or in part, as a result of the immediately preceding paragraph, Party A shall be permitted to make any payment due in respect of such Shares to Party B in two or more tranches that correspond in amount to the number of Shares delivered by Party B to Party A pursuant to the immediately preceding paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delivery of Cash</u>:

For the avoidance of doubt, nothing in this Confirmation shall be interpreted as requiring Party B to deliver cash in respect of the settlement of this Transaction, except in circumstances where the required cash settlement thereof is permitted for classification of the contract as equity by ASC 815-40 (formerly EITF 00-19) as in effect on the Trade Date (including, without limitation, where Party B so elects to deliver cash or fails timely to elect to deliver Shares in respect of such settlement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Wall Street Transparency and Accountability Ac</u> t:

In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (the "WSTAA"), the parties hereby agree that neither the enactment of the WSTAA or any regulation under the WSTAA, nor any requirement under the WSTAA or an amendment made by the WSTAA, shall limit or otherwise impair either party's otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the 2002 Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from any Acceleration Event or Illegality (as defined in the Agreement)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Miscellaneous</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Addresses
 for Notices. For the purpose of Section 12(a) of the Agreement:

Address for notices or communications to Party A:

Bank of America, N.A.

One Bryant Park, 8th Fl.

New York, NY 10036

Attention: Strategic Equity Solutions Group

Telephone: 646-855-6770

Email: dg.issuer_derivatives_notices@bofa.com

Address for notices or communications to Party B:

Acadia Realty Trust

411 Theodore Fremd

Avenue, Suite 300 Rye,

New York 10580

Attn: Chief Financial Officer<br> Facsimile: 914-288-2138

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Waiver of Right to Trial by Jury. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to this Confirmation.** Each party (i) certifies that no representative,
 agent or attorney of the other party has represented, expressly or otherwise, that such other
 party would not, in the event of such a suit action or proceeding, seek to enforce the foregoing
 waiver and (ii) acknowledges that it and the other party have been induced to enter
 into this Confirmation by, among other things, the mutual waivers and certifications herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Offices:

The Office of Party A for the Transaction is: New York

The Office of Party B for the Transaction is: Inapplicable, Party B is not a Multibranch Party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Acknowledgements</u>:

The parties hereto intend for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Transaction to be a "securities contract" as defined in Section 741(7) of
 Title 11 of the United States Code (the "Bankruptcy Code"), qualifying for the
 protections under Section 555 of the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 party's right to liquidate the Transaction and to exercise any other remedies upon
 the occurrence of any Event of Default under the Agreement with respect to the other party
 to constitute a "contractual right" as defined in the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Party
 A to be a "financial institution" within the meaning of Section 101(22)
 of the Bankruptcy Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all
 payments for, under or in connection with the Transaction, all payments for the Shares and
 the transfer of such Shares to constitute "settlement payments" as defined in
 the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Governing Law/Jurisdiction</u>:

This Confirmation and any claim, controversy or dispute arising under or related to this Confirmation shall be governed by the laws of the State of New York without reference to the conflict of laws provisions thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the United States Court for the Southern District of New York in connection with all matters relating hereto and waive any objection to the laying of venue in, and any claim of inconvenient forum with respect to, these courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Disclosure</u>:

Effective from the date of commencement of discussions concerning the Transaction, each of Party A and Party B and each of their employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) relating to such tax treatment and tax structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Risk Disclosure</u>:

Party B represents and warrants that it has received, read and understands Party A's "Risk Disclosure Statement Regarding OTC Derivatives Products" and acknowledges the terms thereof as if it had signed the Risk Disclosure Statement Verification contained therein as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Commodity Exchange Act</u>:

Each of Party A and Party B agrees and represents that it is an "eligible contract participant" as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended (the "CEA"), the Agreement and the Transaction are subject to individual negotiation by the parties and have not been executed or traded on a "trading facility" as defined in Section 1a(51) of the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Tax Matters</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> For
 the purpose of Section 3(e) of the Agreement, Party A and Party B each make the
 following representation:

It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of the Agreement) to be made by it to the other party under the Agreement. In making this representation, it may rely on: (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of the Agreement; (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of the Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Agreement; and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of the Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) of the Agreement by reason of material prejudice to its legal or commercial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> For
 the purpose of Section 3(f) of the Agreement:

Party A makes the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) It
 is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of
 the United States Treasury Regulations) for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) It
 is a national banking association organized and existing under the laws of the United States
 of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) It
 is an exempt recipient under section 1.6049-4(c)(1)(ii)(M) of the United States Treasury
 Regulations.

Party B makes the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) It
 is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of
 the United States Treasury Regulations) for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) It
 is a real estate investment trust for U.S. federal income tax purposes and is organized under
 the laws of the State of Maryland, and is an exempt recipient under section 1.6049-4(c)(1)(ii)(J) of
 the United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Ac</u> t. "Tax" and "Indemnifiable Tax", each as defined
 in Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed
 or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of
 1986, as amended (the "Code"), any current or future regulations or official
 interpretations thereof, any agreement entered into pursuant to Section 1471(b) of
 the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant
 to any intergovernmental agreement entered into in connection with the implementation of
 such Sections of the Code (a "FATCA Withholding Tax"). For the avoidance of doubt,
 a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable
 law for the purposes of Section 2(d) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>HIRE Ac</u> t. To the extent that either party to the Agreement with respect to this Transaction
 is not an adhering party to the ISDA 2015 Section 871(m) Protocol published by
 the International Swaps and Derivatives Association, Inc. on November 2, 2015 and
 available at www.isda.org, as may be amended, supplemented, replaced or superseded from time
 to time (the "871(m) Protocol"), the parties agree that the provisions and
 amendments contained in the Attachment to the 871(m) Protocol are incorporated into
 and apply to the Agreement with respect to this Transaction as if set forth in full herein.
 The parties further agree that, solely for purposes of applying such provisions and amendments
 to the Agreement with respect to this Transaction, references to "each Covered Master
 Agreement" in the 871(m) Protocol will be deemed to be references to the Agreement
 with respect to this Transaction, and references to the "Implementation Date"
 in the 871(m) Protocol will be deemed to be references to the Trade Date of this Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>Tax documentation</u>. For the purposes of Sections 4(a)(i) and 4(a)(ii) of the Agreement,
 Party A shall provide to Party B a valid and duly executed U.S. Internal Revenue Service
 Form W-9 and Party B shall provide to Party A a valid and duly executed U.S. Internal
 Revenue Service Form W-9, or any successor thereto, (i) on or before the date of
 execution of this Confirmation; (ii) promptly upon reasonable demand by the other
 party; and (iii) promptly upon learning that any such tax form previously provided
 by Party A or Party B, respectively, has become invalid, obsolete, or incorrect. Additionally,
 each of Party A and Party B shall, promptly upon request by the other party, provide such
 other tax forms and documents requested by the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>QFC Stay Rules</u>:

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

"QFC Stay Rules" means the regulations codified at 12 C.F.R. 252.2, 252.81-8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Other Forwards / Dealers</u>:

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

[Remainder of page intentionally left blank]

Please confirm that the foregoing correctly sets forth the terms of our agreement by signing and returning this Confirmation.

---

| | |
|:---|:---|
| Yours faithfully, | Yours faithfully, |
| **Bank of America, N.A** | **Bank of America, N.A** |
| By: | /s/ Jake Mendelsohn |
| Name: | Jake Mendelsohn |
| Title: | Managing Director |

---

[Signature Page to Forward Confirmation]

Confirmed as of the date first written above:

---

| | |
|:---|:---|
| **ACADIA REALTY TRUST** | **ACADIA REALTY TRUST** |
| By: | /s/ John Gottfried |
| Name: | John Gottfried |
| Title: | Executive Vice President and Chief Financial Officer |

---

[Signature Page to Forward Confirmation]

**SCHEDULE I**

FORWARD PRICE REDUCTION DATES AND AMOUNTS

---

| | | |
|:---|:---|:---|
| **Forward Price Reduction Date** | **Forward Price Reduction Amount** | **Forward Price Reduction Amount** |
| Trade Date | USD | 0.000 |
| 6/30/2026 | USD$ | 0.20 |
| 9/30/2026 | USD$ | 0.20 |
| 12/31/2026 | USD$ | 0.20 |
| 3/31/2027 | USD$ | 0.20 |

---

**ANNEX A**

PRIVATE PLACEMENT PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 Party B delivers the Restricted Shares pursuant to this clause (i) (a "Private
 Placement Settlement"), then delivery of Restricted Shares by Party B shall be effected
 in customary private placement procedures with respect to such Restricted Shares reasonably
 acceptable to Party A; *provided* that if, on or before the date that a Private
 Placement Settlement would occur, Party B has taken, or caused to be taken, any action that
 would make unavailable either the exemption pursuant to Section 4(a)(2) of the
 Securities Act for the sale by Party B to Party A (or any affiliate designated by Party A)
 of the Restricted Shares or the exemption pursuant to Section 4(a)(1) or Section 4(a)(3) of
 the Securities Act for resales of the Restricted Shares by Party A (or any such affiliate
 of Party A) or Party B fails to deliver the Restricted Shares when due or otherwise fails
 to perform obligations within its control in respect of a Private Placement Settlement, it
 shall be an Event of Default with respect to Party B and Section 6 of the Agreement
 shall apply. The Private Placement Settlement of such Restricted Shares shall include customary
 representations, covenants, blue sky and other governmental filings and/or registrations,
 indemnities to Party A, due diligence rights (for Party A or any designated buyer of the
 Restricted Shares by Party A), opinions and certificates, and such other documentation as
 is customary for private placement agreements, all reasonably acceptable to Party A. In the
 case of a Private Placement Settlement, Party A shall, in its good faith discretion, adjust
 the number of Restricted Shares to be delivered to Party A hereunder and/or the Forward Price
 in a commercially reasonable manner to reflect the fact that such Restricted Shares may not
 be freely returned to securities lenders by Party A and may only be saleable by Party A at
 a discount to reflect the lack of liquidity in Restricted Shares. Notwithstanding the Agreement
 or this Confirmation, the date of delivery of such Restricted Shares shall be the Clearance
 System Business Day following notice by Party A to Party B of the number of Restricted Shares
 to be delivered pursuant to this clause (i). For the avoidance of doubt, delivery of Restricted
 Shares shall be due as set forth in the previous sentence and not be due on the Settlement
 Date or Termination Settlement Date that would otherwise be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 Party B delivers any Restricted Shares in respect of the Transaction, Party B agrees that
 (i) such Shares may be transferred by and among Party A and its affiliates and (ii) after
 the minimum holding period under Rule 144(d) under the Securities Act has elapsed
 after the applicable Settlement Date, Party B shall promptly remove, or cause the transfer
 agent for the Shares to remove, any legends referring to any transfer restrictions from such
 Shares upon delivery by Party A (or such affiliate of Party A) to Party B or such transfer
 agent of seller's and broker's representation letters customarily delivered by
 Party A or its affiliates in connection with resales of restricted securities pursuant to
 Rule 144 under the Securities Act, each without any further requirement for the delivery
 of any certificate, consent, agreement, opinion of counsel, notice or any other document,
 any transfer tax stamps or payment of any other amount or any other action by Party A (or
 such affiliate of Party A).

## Exhibit 1.3

**Exhibit 1.3**

Date: June 9, 2026

To: Acadia Realty Trust

411 Theodore Fremd Avenue, Suite 300

Rye, New York, 10580

From: Jefferies LLC

**Re: Registered Forward Transaction**

Ladies and Gentlemen:

The purpose of this letter agreement (this "Confirmation") is to confirm the terms and conditions of the transaction entered into between us on the Trade Date specified below (the "Transaction"). This Confirmation constitutes a "Confirmation" as referred to in the ISDA Master Agreement specified below.

1. The definitions and provisions contained in the 2006 ISDA Definitions (the "2006 Definitions")
and the 2002 ISDA Equity Derivatives Definitions (the "2002 Definitions" and, together with the 2006 Definitions, the "Definitions"),
each as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event
of any inconsistency between the 2002 Definitions and the 2006 Definitions, the 2002 Definitions will govern. In the event of any inconsistency
between the Definitions and this Confirmation, this Confirmation will govern.

Each party further agrees that this Confirmation and the Agreement (as defined below) together evidence a complete binding agreement between Party A and Party B as to the subject matter and terms of the Transaction to which this Confirmation relates, and shall supersede all prior or contemporaneous written or oral communications with respect thereto. This Confirmation, together with any other Confirmations for registered forward transactions entered into between Party A and Party B (each, an "Additional Confirmation") shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the "Agreement") as if Party A and Party B had executed an agreement in such form on the Trade Date with New York law (without regard to choice of law doctrine other than Title 14 of Article 5 of the New York General Obligations Law) as the governing law. In the event of any inconsistency between the Agreement, this Confirmation, the 2006 Definitions and the 2002 Definitions, the following will prevail for purposes of the Transaction in the order of precedence indicated: (i) this Confirmation; (ii) the 2002 Definitions; (iii) the 2006 Definitions and (iv) the Agreement. The parties hereby agree that no Transaction other than the Transaction to which this Confirmation relates and the Transactions to which the Additional Confirmations, if any, relate (each, an "Additional Transaction"), shall be governed by the Agreement. For purposes of the 2002 Definitions, the Transaction is a Share Forward Transaction.

Party A and Party B each represent to the other that it has entered into the Transaction in reliance upon such tax, accounting, regulatory, legal, and financial advice as it deems necessary and not upon any view expressed by the other.

2. The terms of the particular Transaction to which this Confirmation relates are as follows:

<u>General Terms</u>:

---

| | |
|:---|:---|
| Party A: | Jefferies LLC |
| Party B: | Acadia Realty Trust |
| Trade Date: | June 9, 2026 |
| Effective Date: | June 10, 2026, or such later date on which the conditions set forth in Section 3 under the heading "Conditions to Effectiveness" below have settled. |
| Base Amount: | Initially, 2,100,000 Shares (the "Initial Number of Shares"); provided, however, that on each Settlement Date, the Base Amount shall be reduced by the number of Settlement Shares for such Settlement Date. |

---

---

| | |
|:---|:---|
| Maturity Date: | The earlier of (i) June 9, 2027 (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day) and (ii) the date on which the Base Amount is reduced to zero. |
| Forward Price: | On the Effective Date, the Initial Forward Price, and on any other day, the Forward Price as of the immediately preceding calendar day multiplied by the sum of (i) 1 and (ii) the Daily Rate for such day; provided that on each Forward Price Reduction Date, the Forward Price in effect on such date shall be the Forward Price otherwise in effect on such date, minus the Forward Price Reduction Amount for such Forward Price Reduction Date. |
|  | Notwithstanding anything to the contrary contained herein, to the extent Party B delivers Shares hereunder on or after a Forward Price Reduction Date and at or before the record date for an ordinary cash dividend with an ex-dividend date corresponding to such Forward Price Reduction Date, the Calculation Agent shall adjust the Forward Price, in a good faith and commercially reasonable manner, to preserve the economic intent of the parties hereto (taking into account Party A's commercially reasonable hedge positions in respect of the Transaction). |
| Initial Forward Price: | USD 21.80 per Share |
| Daily Rate: | For any day, a rate equal to (i)(A) the Overnight Bank Rate for such day, minus (B) the Spread, divided by (ii) 360. |
| Overnight Bank Rate: | For any day, the rate set forth for such day opposite the caption "Overnight Bank Funding Rate", as such rate is displayed on the page "OBFR01 " on the BLOOMBERG Professional Service, or any successor page; provided that, if no rate appears on any day on such page, the rate for the immediately preceding day for which a rate does so appear shall be used for such day. |
| Spread: | 75 basis points. |
| Prepayment: | Not Applicable. |
| Variable Obligation: | Not Applicable. |
| Forward Price Reduction Date: | Each date (other than the Trade Date) set forth on Schedule I under the heading "Forward Price Reduction Date." |
| Forward Price Reduction Amount: | For each Forward Price Reduction Date, the Forward Price Reduction Amount set forth opposite such date on Schedule I. |
| Shares: | Common shares, USD 0.001 par value per share, of Party B (also referred to herein as the "Issuer") (Exchange identifier: "AKR"). |
| Exchange: | New York Stock Exchange. |
| Related Exchange(s): | All Exchanges. |
| Clearance System: | DTC. |

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|:---|:---|
| Calculation Agent: | Party A. In the event the Calculation Agent makes any calculations, adjustments or determinations pursuant to this Confirmation, the Agreement or the Equity Definitions, the Calculation Agent shall promptly, upon written request from Party B, provide an explanation in reasonable detail of the basis for any such calculation, adjustment or determination to Party B (including any quotations, market data or information from external sources used in making such calculation, adjustment or determination, as the case may be, but without disclosing its proprietary models or other information that is subject to contractual, legal or regulatory obligations to not disclose such information); provided that following the occurrence of an Event of Default under Section 5(a)(vii) of the Agreement with respect to which Party A is the Defaulting Party, Party B shall have the right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to act, during the period commencing on the date such Event of Default occurred and ending on the Early Termination Date with respect to such Event of Default, as the Calculation Agent. Whenever the Calculation Agent is required or permitted to act or to exercise judgment in any way with respect to any Transaction hereunder, including, without limitation, with respect to calculations, adjustments and determinations that are made in its sole discretion or otherwise, the Calculation Agent shall do so in good faith and in a commercially reasonable manner. |

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<u>Settlement Terms</u>:

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|:---|:---|
| Settlement Date: | Any Scheduled Trading Day following the Effective Date and up to and including the Maturity Date, as designated by (a) Party A pursuant to "Termination Settlement" below or (b) Party B in a written notice (a "Settlement Notice") that satisfies the Settlement Notice Requirements and is delivered to Party A at least (i) two Scheduled Trading Days prior to such Settlement Date, which may be the Maturity Date, if Physical Settlement applies, and (ii) 20 Scheduled Trading Days prior to such Settlement Date, which may be the Maturity Date, if Cash Settlement or Net Share Settlement applies; provided that (i) the Maturity Date shall be a Settlement Date if on such date the Base Amount is greater than zero and (ii) if Cash Settlement or Net Share Settlement applies and Party A shall have fully unwound its hedge during an Unwind Period by a date that is more than two Scheduled Trading Days prior to a Settlement Date specified above, Party A may, by written notice to Party B, specify any Scheduled Trading Day prior to such originally specified Settlement Date as the Settlement Date. |
| Settlement Shares: | With respect to any Settlement Date, a number of Shares, not to exceed the Base Amount, designated as such by Party B in the related Settlement Notice or by Party A pursuant to "Termination Settlement" below; provided that on the Maturity Date the number of Settlement Shares shall be equal to the Base Amount on such date. |

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

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| | |
|:---|:---|
| Early Closure: | Section 6.3(d) of the 2002 Definitions is hereby amended by deleting the remainder of the provision following the term "Scheduled Closing Time" in the fourth line thereof. |
| Regulatory Disruption: | Any event that Party A, in its good faith and commercially reasonable discretion, based on advice of counsel, determines it appropriate with regard to any legal, regulatory or self-regulatory requirements or related policies and procedures (that apply broadly to similar transactions for other issuers) for Party A to refrain from or decrease any market activity in connection with the Transaction. Subject to applicable legal requirements and Party A's internal policies and guidelines, Party A shall promptly notify Party B upon the occurrence of a Regulatory Disruption and shall subsequently promptly notify Party B on the day Party A determines that the circumstances giving rise to such Regulatory Disruption have changed. Party A shall make its determination of a Regulatory Disruption in a manner consistent with the determinations made with respect to other issuers under similar facts and circumstances.. |
| Exchange Act: | The Securities Exchange Act of 1934, as amended from time to time |
| Securities Act: | The Securities Act of 1933, as amended from time to time. |
| Physical Settlement: | On any Settlement Date in respect of which Physical Settlement applies, Party B shall deliver to Party A through the Clearance System the Settlement Shares for such Settlement Date, and Party A shall pay to Party B, by wire transfer of immediately available funds to an account designated by Party B, an amount in cash equal to the Physical Settlement Amount for such Settlement Date, on a delivery versus payment basis. If, on any Settlement Date, the Shares to be delivered by Party B to Party A hereunder are not so delivered (the "Deferred Shares"), and a Forward Price Reduction Date occurs during the period from, and including, such Settlement Date to, but excluding, the date such Shares are actually delivered to Party A, then the portion of the Physical Settlement Amount payable by Party A to Party B in respect of the Deferred Shares shall be reduced by an amount equal to the Forward Price Reduction Amount for such Forward Price Reduction Date, multiplied by the number of Deferred Shares. |
| Physical Settlement Amount: | For any Settlement Date in respect of which Physical Settlement applies, an amount in cash equal to the product of (i) the Forward Price on such Settlement Date and (ii) the number of Settlement Shares for such Settlement Date. |
| Cash Settlement: | On any Settlement Date in respect of which Cash Settlement applies, if the Cash Settlement Amount for such Settlement Date is a positive number, Party A will pay such Cash Settlement Amount to Party B. If the Cash Settlement Amount is a negative number, Party B will pay the absolute value of such Cash Settlement Amount to Party A. Such amounts shall be paid on the Settlement Date by wire transfer of immediately available funds. |

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| | |
|:---|:---|
| Cash Settlement Amount: | For any Settlement Date in respect of which Cash Settlement applies, an amount determined by the Calculation Agent equal to the difference between (1) the product of (i) the difference between (A) the average Forward Price over the period beginning on, and including, the date that is one Settlement Cycle following the first day of the applicable Unwind Period and ending on, and including, such Settlement Date (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during the Unwind Period), minus USD 0.015, and (B) the average of the 10b-18 VWAP prices per Share on each Exchange Business Day during such Unwind Period, and (ii) the number of Settlement Shares for such Settlement Date, and (2) the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period, and (ii) the number of Settlement Shares with respect to which Party A has not unwound its hedge for the Transaction as of such Forward Price Reduction Date. |
| Net Share Settlement: | On any Settlement Date in respect of which Net Share Settlement applies, if the number of Net Share Settlement Shares is a (i) negative number, Party A shall deliver a number of Shares to Party B equal to the absolute value of the Net Share Settlement Shares, or (ii) positive number, Party B shall deliver to Party A the Net Share Settlement Shares; provided that if Party A determines in its good faith and commercially reasonable judgment that it would be required to deliver Net Share Settlement Shares to Party B, Party A may elect to deliver a portion of such Net Share Settlement Shares on one or more dates prior to the applicable Settlement Date. |
| Net Share Settlement Shares: | For any Settlement Date in respect of which Net Share Settlement applies, a number of Shares equal to (a) the number of Settlement Shares for such Settlement Date, minus (b) the quotient of (A) the difference between (1) the product of (i) the average Forward Price over the period beginning on, and including, the date that is one Settlement Cycle following the first day of the applicable Unwind Period and ending on, and including, such Settlement Date (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during the Unwind Period), minus USD 0.015, and (ii) the number of Settlement Shares for such Settlement Date, and (2) the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period, and (ii) the number of Shares with respect to which Party A has not unwound its hedge as of such Forward Price Reduction Date and (B) the average of the 10b-18 VWAP prices per Share on each Exchange Business Day during such Unwind Period. |

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| | |
|:---|:---|
| 10b-18 VWAP: | For any Exchange Business Day during the Unwind Period which is not a Disrupted Day, the volume-weighted average price reported on the Bloomberg Page "AKR AQR SEC" (or any successor thereto) for such Exchange Business Day; provided, however, that if such price is unavailable for an Exchange Business Day or the Calculation Agent determines that such price does not correctly reflect the volume-weighted average price at which the Shares trade as reported in the composite transactions for the Exchange on such Exchange Business Day, excluding (i) trades that do not settle regular way, (ii) opening (regular way) reported trades on the Exchange on such Exchange Business Day, (iii) trades that occur in the last ten minutes before the scheduled close of trading on the Exchange on such Exchange Business Day and ten minutes before the scheduled close of the primary trading session in the market where the trade is effected, and (iv) trades on such Exchange Business Day that do not satisfy the requirements of Rule 10b-18(b)(3), the Calculation Agent shall, in a good faith, commercially reasonable manner, determine the 10b-18 VWAP for such Exchange Business Day based on the criteria specified above in this proviso. |
| Settlement Currency: | USD. |
| Failure to Deliver: | Inapplicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments</u>: |  |
| Method of Adjustment: | Calculation Agent Adjustment. |
| Additional Adjustment: | If, in Party A's commercially reasonable judgment, the stock loan fee to Party A (or an affiliate thereof), excluding the federal funds or other interest rate component payable by the relevant stock lender to Party A or such affiliate (the "Stock Loan Fee"), over the immediately preceding one month period, of borrowing a number of Shares equal to the Base Amount to hedge its exposure to the Transaction exceeds a weighted average rate equal to 25 basis points per annum, the Calculation Agent shall reduce the Forward Price in order to compensate Party A for the amount by which the Stock Loan Fee exceeded a weighted average rate equal to 25 basis points per annum during such period. The Calculation Agent shall notify Party B in writing prior to making any such adjustment to the Forward Price and, upon the request of Party B, Party A shall provide an itemized list in reasonable detail of the Stock Loan Fees for the applicable one month period (including any quotations, market data or information from external sources used by Party A in developing such list, but without disclosing its proprietary models or other information that is subject to contractual, legal or regulatory obligations to not disclose such information). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Account Details:</u> |  |
| Payments to Party A: | To be advised under separate cover or telephone confirmed prior to each Settlement Date |

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| | |
|:---|:---|
| Payments to Party B: | To be advised under separate cover or telephone confirmed prior to each Settlement Date |
| Delivery of Shares to Party A: | To be advised. |
| Delivery of Shares to Party B: | To be advised. |

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&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Other Provisions</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conditions to Effectiveness</u>: The effectiveness of this Confirmation and the Transaction shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties of Party B and Acadia Realty Limited
Partnership (the "Partnership") contained in the Underwriting Agreement dated the date hereof between Party B, the Partnership,
Party A and the Underwriters party thereto (the "Underwriting Agreement"), and any certificate delivered pursuant thereto
by Party B or the Partnership shall be true and correct on the Effective Date as if made as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of Party B and the Partnership shall have performed all of the obligations
required to be performed by it under the Underwriting Agreement on or prior to the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all of the conditions set forth in Section 6 of the Underwriting Agreement
shall have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Closing Date (as defined in the Underwriting Agreement) shall have occurred
as provided in the Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all of the representations and warranties of Party B hereunder and under
the Agreement shall be true and correct on the Effective Date as if made as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Party B shall have performed all of the obligations required to be performed
by it hereunder and under the Agreement on or prior to the Effective Date, including without limitation its obligations under Section ‎3(d) hereof;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Party B shall have delivered to Party A an opinion of counsel in form and
substance reasonably satisfactory to Party A, with respect to the matters set forth in Section 3(a) of the Agreement and that
the maximum number of Shares initially issuable hereunder have been duly authorized and, upon issuance pursuant to the terms of the Transaction,
will be validly issued, fully paid and nonassessable.

Notwithstanding the foregoing or any other provision of this Confirmation, if (x) on or prior to 9:00 a.m., New York City time, on the date the Closing Date (as defined in the Underwriting Agreement) is scheduled to occur, in connection with establishing its commercially reasonable hedge position Party A, in its sole judgment, is unable, after using commercially reasonable efforts, to borrow and deliver for sale the Initial Number of Shares or (y) in Party A's sole judgment, it would incur a stock loan cost of more than 200 basis points per annum with respect to all or any portion of the Initial Number of Shares (in each case, an "Initial Hedging Disruption"), the effectiveness of this Confirmation and the Transaction shall be limited to the number of Shares Party A is so able to borrow in connection with establishing its commercially reasonable hedge position at a cost of not more than 200 basis points per annum (such number of Shares, the "Reduced Number of Shares"), which, for the avoidance of doubt, may be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interpretive Letter</u>:

Party B agrees and acknowledges that the Transaction is being entered into in accordance with the October 9, 2003 interpretive letter from the staff of the Securities and Exchange Commission to Goldman, Sachs & Co. (the "Interpretive Letter"). Party B represents that it is eligible to conduct a primary offering of Shares on Form S-3 and that the offering contemplated complies with Rule 415 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Representations, Warranties and Agreements of Party B</u>: Party B hereby represents and warrants to, and agrees with, Party A
as of the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Party
 B represents to Party A on the Trade Date and on any date that Party B notifies Party A that
 Cash Settlement or Net Share Settlement applies to this Transaction, that (A) Party
 B is not aware of any material nonpublic information regarding Party B or the Shares, (B) each
 of its filings under the Securities Act, the Exchange Act or other applicable securities
 laws that were required to be filed have been filed in the prior 12 months and that, as of
 the date of this representation, when considered as a whole (with the more recent such filings
 deemed to amend inconsistent statements contained in any earlier such filings), there is
 no misstatement of material fact contained therein or omission of a material fact required
 to be stated therein or necessary to make the statements made therein, in the light of the
 circumstances under which they were made, not misleading and (C) Party B is not entering
 into this Confirmation nor making any election hereunder to create actual or apparent trading
 activity in the Shares (or any security convertible into or exchangeable for Shares) or to
 raise or depress or otherwise manipulate the price of the Shares (or any security convertible
 into or exchangeable for Shares) or otherwise in violation of the Exchange Act. In addition
 to any other requirement set forth herein, Party B agrees not to designate, or to appropriately
 rescind or modify a prior designation of, any Settlement Date if it is notified by Party
 A that, in the reasonable determination of Party A, based on advice of counsel, such settlement
 or Party A's related market activity in respect of such date would result in a violation
 of any applicable federal or state law or regulation, including the U.S. federal securities
 laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 Shares, when issued and delivered in accordance with the terms of the Transaction, will be
 duly authorized and validly issued, fully paid and nonassessable, and the issuance thereof
 will not be subject to any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Party
 B has reserved and will keep available at all times, free from preemptive rights, out of
 its authorized but unissued Shares, solely for the purpose of issuance upon settlement of
 the Transaction as herein provided, the maximum number of Shares as shall be issuable at
 such time upon settlement of the Transaction as set forth below under the heading "Maximum
 Share Delivery". All Shares so issuable shall, upon such issuance, be accepted for
 listing or quotation on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Party
 B agrees to provide Party A prior written notice (an "Issuer Repurchase Notice")
 prior to executing any repurchase of Shares by Party B or any of its subsidiaries (or entering
 into any contract that would require, or give the option to, Party B or any of its subsidiaries,
 to purchase or repurchase Shares), whether out of profits or capital or whether the consideration
 for such repurchase is cash, securities or otherwise (an "Issuer Repurchase"),
 that alone or in the aggregate would result in the Base Amount Percentage (as defined below)
 being (i) equal to or greater than 4.5% of the outstanding Shares or (ii) greater
 by 0.5% or more than the Base Amount Percentage at the time of the immediately preceding
 Issuer Repurchase Notice (or in the case of the first such Issuer Repurchase Notice, greater
 than the Base Amount Percentage as of the later of the date hereof or the immediately preceding
 Settlement Date, if any). The "Base Amount Percentage" as of any day is the fraction
 (1) the numerator of which is the aggregate of the Base Amount and each "Base
 Amount" (as defined in the applicable Additional Confirmation and any Additional Equity
 Derivative Transaction) under any outstanding Additional Transactions and (2) the denominator
 of which is the number of Shares outstanding on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No
 filing with, or approval, authorization, consent, license registration, qualification, order
 or decree of, any court or governmental authority or agency, domestic or foreign, is necessary
 or required for the execution, delivery and performance by Party B of this Confirmation and
 the consummation of the Transaction (including, without limitation, the issuance and delivery
 of Shares on any Settlement Date) except (i) such as have been obtained under the Securities
 Act, and (ii) as may be required to be obtained under state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Party
 B agrees not to make any Issuer Repurchase if, immediately following such Issuer Repurchase,
 the Base Amount Percentage would be equal to or greater than 4.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Party
 B is not insolvent, nor will Party B be rendered insolvent as a result of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Neither
 Party B nor any of its affiliated purchasers shall take any action (including, without limitation,
 any direct purchases by Party B or any of its affiliated purchasers or any purchases by a
 party to a derivative transaction with Party B or any of its affiliated purchasers), either
 under this Confirmation, under an agreement with another party or otherwise, that in the
 reasonable judgment of Party B is reasonably likely to cause any purchases of Shares by Party
 A or any of its affiliates in connection with any Cash Settlement or Net Share Settlement
 of the Transaction not to meet the conditions of the safe harbor provided by Rule 10b-18
 under the Exchange Act if such purchases were made by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Party
 B will not engage in any "distribution" (as defined in Regulation M under the
 Exchange Act ("Regulation M")) that would cause a "restricted period"
 (as defined in Regulation M) to occur during any Unwind Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Party
 B (i) is capable of evaluating investment risks independently, both in general and with
 regard to all transactions and investment strategies involving a security or securities,
 (ii) will exercise independent judgment in evaluating the recommendations of any broker-dealer
 or its associated persons, unless it has otherwise notified the broker-dealer in writing
 and (iii) has total assets of at least USD 50 million as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Party
 B acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) during
 the term of the Transaction, Party A and its Affiliates may buy or sell Shares or other securities
 or buy or sell options or futures contracts or enter into swaps or other derivative securities
 in order to establish, adjust or unwind its hedge position with respect to the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Party
 A and its Affiliates may also be active in the market for the Shares and Share-linked transactions
 other than in connection with hedging activities in relation to the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Party
 A shall make its own determination as to whether, when or in what manner any hedging or market
 activities in Party B's securities shall be conducted and shall do so in a manner that
 it deems appropriate to hedge its price and market risk with respect to the Forward Price
 and the 10b-18 VWAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any
 market activities of Party A and its Affiliates with respect to the Shares may affect the
 market price and volatility of the Shares, as well as the Forward Price and 10b-18 VWAP,
 each in a manner that may be adverse to Party B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the
 Transaction is a derivatives transaction in which it has granted Party A the right, under
 certain circumstances, to receive cash or Shares, as the case may be; Party A may purchase
 Shares for its own account at an average price that may be greater than, or less than, the
 effective price paid by Party B under the terms of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The
 assets of Party B do not constitute "plan assets" under the Employee Retirement
 Income Security Act of 1974, as amended, the Department of Labor Regulations promulgated
 thereunder or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Party
 B shall, at least one day prior to the first day of any Unwind Period, notify Party A of
 the total number of Shares purchased in Rule 10b-18 purchases of blocks pursuant to
 the once-a-week block exception contained in Rule 10b-18(b)(4) by or for Party
 B or any of its affiliated purchasers during each of the four calendar weeks preceding the
 first day of the Unwind Period and during the calendar week in which the first day of the
 Unwind Period occurs ("Rule 10b-18 purchase", "blocks" and "affiliated
 purchaser" each being used as defined in Rule 10b-18).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) During
 any Unwind Period, Party B shall (i) notify Party A prior to the opening of trading
 in the Shares on any day on which Party B makes, or expects to be made, any public announcement
 (as defined in Rule 165(f) under the Securities Act) of any merger, acquisition,
 or similar transaction involving a recapitalization relating to Party B (other than any such
 transaction in which the consideration consists solely of cash and there is no valuation
 period), (ii) promptly notify Party A following any such announcement that such announcement
 has been made, and (iii) promptly deliver to Party A following the making of any such
 announcement information indicating (A) Party B's average daily Rule 10b-18
 purchases (as defined in Rule 10b-18) during the three full calendar months preceding
 the date of the announcement of such transaction and (B) Party B's block purchases
 (as defined in Rule 10b-18) effected pursuant to paragraph (b)(4) of Rule 10b-18
 during the three full calendar months preceding the date of the announcement of such transaction.
 In addition, Party B shall promptly notify Party A of the earlier to occur of the completion
 of such transaction and the completion of the vote by target shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Party
 B is not, and after giving effect to the transactions contemplated hereby will not be, required
 to register as an "investment company" as such term is defined in the Investment
 Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Without
 limiting the generality of Section 13.1 of the 2002 Definitions, Party B acknowledges
 that Party A is not making any representations or warranties or taking any position or expressing
 any view with respect to the treatment of the Transaction under any accounting standards
 including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC
 Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging
 - Contracts in Entity's Own Equity (or any successor issue statements) or under FASB's
 Liabilities & Equity Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Party
 B understands no obligations of Party A to it hereunder will be entitled to the benefit of
 deposit insurance and that such obligations will not be guaranteed by any affiliate of Party
 A or any governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) No
 federal, state or local law, rule, regulation or regulatory order applicable to the Shares
 would give rise to any reporting, consent, registration or other requirement (including without
 limitation a requirement to obtain prior approval from any person or entity) as a result
 of Party A or its affiliates owning or holding (however defined) Shares, other than Sections
 13 and 16 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Upon
 obtaining knowledge of the occurrence of any event that would constitute an Event of Default
 or Potential Event of Default, Party B will so notify Party A in writing within one Scheduled
 Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Party
 B (i) has such knowledge and experience in financial and business affairs as to be capable
 of evaluating the merits and risks of entering into the Transaction, (ii) has consulted
 with its own legal, financial, accounting and tax advisors in connection with the Transaction
 and (iii) is entering into the Transaction for a bona fide business purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Party
 B is not and has not been the subject of any civil proceeding of a judicial or administrative
 body of competent jurisdiction that could reasonably be expected to impair materially Party
 B's ability to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) Ownership
 positions of Party B's common stock held by Party A or any of its affiliates solely
 in its capacity as a nominee or fiduciary do not constitute "beneficial ownership"
 or "direct or indirect ownership" Party A for the purposes of Article VI
 of the Declaration of Trust of Party B, as amended (the "Articles"), including
 without limitation Section 6.6 thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Covenant of Party B</u>:

Subject to the circumstances described under "Private Placement Procedures", Party B acknowledges and agrees that any Shares delivered by Party B to Party A on any Settlement Date will be newly issued Shares and when delivered by Party A (or an affiliate of Party A) to securities lenders from whom Party A (or an affiliate of Party A) borrowed Shares in connection with hedging its exposure to the Transaction will be freely saleable without further registration or other restrictions under the Securities Act, in the hands of those securities lenders, irrespective of whether such stock loan is effected by Party A or an affiliate of Party A. Accordingly, Party B agrees that the Shares that it delivers to Party A on each Settlement Date will not bear a restrictive legend and that such Shares will be deposited in, and the delivery thereof shall be effected through the facilities of, the Clearance System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Covenants of Party A</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless
 the provisions set forth below under "Private Placement Procedures" shall be
 applicable, Party A shall use any Shares delivered by Party B to Party A on any Settlement

 an affiliate of Party A in the course of Party A's or such affiliate's hedging
 activities related to Party A's exposure under this Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 connection with bids and purchases of Shares in connection with any Cash Settlement or Net
 Share Settlement of the Transaction, Party A shall use good faith efforts to conduct its
 activities, or cause its affiliates to conduct their activities, in a manner consistent with
 the requirements of the safe harbor provided by Rule 10b-18 under the Exchange Act,
 as if such provisions were applicable to such purchases aggregated with any analogous purchases
 occurring on the same day under any Additional Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Deadline for Designating an Early Termination Date and Payment Suspension</u>:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Insolvency Filing</u>:

Notwithstanding anything to the contrary herein, in the Agreement, in the 2006 Definitions or in the 2002 Definitions, upon any Insolvency Filing in respect of the Issuer, the Transaction shall automatically terminate on the date thereof without further liability of either party to this Confirmation to the other party (except for any liability in respect of any breach of representation or covenant by a party under this Confirmation prior to the date of such Insolvency Filing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Extraordinary Dividends</u>:

If an ex-dividend date for an Extraordinary Dividend occurs on or after the Trade Date and on or prior to the Maturity Date (or, if later, the last date on which Shares are delivered by Party B to Party A in settlement of the Transaction), Party B shall pay an amount in cash equal to the product of such Extraordinary Dividend and the Base Amount to Party A on the earlier of (i) the date on which such Extraordinary Dividend is paid by the Issuer to holders of record of the Shares or (ii) the Maturity Date. "Extraordinary Dividend" means the per Share amount of any cash dividend or distribution declared by the Issuer with respect to the Shares that is specified by the board of directors of the Issuer as an "extraordinary" dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Acceleration Events</u>:

The following events shall each constitute an "Acceleration Event":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Stock Borrow Events</u>. In the good faith and commercially reasonable judgment of Party A (i) Party
 A (or its affiliate) is unable, after using commercially reasonable efforts, to hedge its
 exposure to the Transaction because of the lack of sufficient Shares being made available
 for Share borrowing by lenders, or (ii) Party A (or its affiliate) would incur a Stock
 Loan Fee to borrow a number of Shares equal to the Base Amount of more than a rate of 200
 basis points per annum (each, a "Stock Borrow Event");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Dividends and Other Distributions</u>. On any day occurring after the Trade Date Party B declares a
 distribution, issue or dividend to existing holders of the Shares of (i) any cash dividend
 (other than an Extraordinary Dividend) to the extent all cash dividends having an ex-dividend
 date during the period from and including any Forward Price Reduction Date (with the Trade
 Date being a Forward Price Reduction Date for purposes of this clause only) to but excluding
 the next subsequent Forward Price Reduction Date exceeds, on a per Share basis, the Forward
 Price Reduction Amount set forth opposite the first date of any such period on Schedule I,
 (ii) share capital or securities of another issuer acquired or owned (directly or indirectly)
 by Party B as a result of a spin-off or other similar transaction or (iii) any other
 type of securities (other than Shares), rights or warrants or other assets, for payment (cash
 or other consideration) at less than the prevailing market price as determined by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>ISDA Early Termination Date</u>. Party A notifies Party B that Party A has designated an Early
 Termination Date pursuant to Section 6 of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Other ISDA Events</u>. The public announcement of any event that if consummated would result in
 an Extraordinary Event or the occurrence of any Change in Law or a Delisting; *provided* that in case of a Delisting, in addition to the provisions of Section 12.6(a)(iii) of
 the 2002 Definitions, it will also constitute a Delisting if the Exchange is located in the
 United States and the Shares are not immediately re-listed, re-traded or re-quoted on any
 of the New York Stock Exchange, the Nasdaq Global Select Market or the Nasdaq Global Market
 (or their respective successors); and *provided further* that the definition of
 "Change in Law" provided in Section 12.9(a)(ii) of the 2002 Definitions
 is hereby amended by (i) replacing the phrase "the interpretation" in the
 third line thereof with the phrase ", or public announcement of, the formal or informal
 interpretation" and (ii) replacing the parenthetical beginning after the word
 "regulation" in the second line thereof the words "(including, for the
 avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness
 or promulgation of new regulations authorized or mandated by existing statute)";
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Ownership Even</u> t. In the reasonable judgment of Party A, on any day, the Share Amount for such day
 exceeds the Applicable Share Limit for such day (if any applies).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Termination Settlemen</u> t:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Private Placement Procedures</u>:

If Party B is unable to comply with the provisions of "Covenant of Party B" above because of a change in law or a change in the policy of the Securities and Exchange Commission or its staff, or Party A otherwise reasonably determines, based on advice of counsel, that any Settlement Shares to be delivered to Party A by Party B may not be freely returned by Party A or its affiliates to securities lenders as described under "Covenant of Party B" above, then delivery of any such Settlement Shares (the "Restricted Shares") shall be effected pursuant to Annex A hereto, unless waived by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Rule 10b5-1</u>:

It is the intent of Party A and Party B that following any election of Cash Settlement or Net Share Settlement by Party B, the purchase of Shares by Party A during any Unwind Period comply with the requirements of Rule 10b5-1(c)(1)(i)(B) of the Exchange Act and that this Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c).

Party B acknowledges that (i) during any Unwind Period Party B shall not attempt to exercise any influence over how, when or whether to effect purchases of Shares by Party A (or its agent or affiliate) in connection with this Confirmation and (ii) Party B is entering into the Agreement and this Confirmation in good faith and not as part of a plan or scheme to evade compliance with federal securities laws including, without limitation, Rule 10b-5 promulgated under the Exchange Act. Party B further agrees to act in good faith with respect to the Agreement and this Confirmation.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Maximum Share Delivery</u>:

Notwithstanding any other provision of this Confirmation, in no event will Party B be required to deliver on any Settlement Date, whether pursuant to Physical Settlement, Net Share Settlement, Termination Settlement or any Private Placement Settlement, more than a number of Shares equal to 1.5 times the Initial Base Amount, subject to reduction by the number of any Shares delivered by Party B on any prior Settlement Date and subject to adjustment from time to time in accordance with the provisions of this Confirmation and the Equity Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Transfer and Assignmen</u> t:

Party A may assign or transfer all (but not less than all) of its rights or delegate all (but not less than all) of its duties hereunder to any affiliate of Party A; *provided* that, under the applicable law effective on the date of such transfer or assignment, Party B will not be required, as a result of such transfer or assignment, to pay to the transferee an amount in respect of an Indemnifiable Tax greater than the amount, if any, that Party B would have been required to pay Party A in the absence of such transfer or assignment; and Party B will not receive a payment from which an amount has been withheld or deducted, on account of a Tax in respect of which the other party is not required to pay an additional amount, unless Party B would not have been entitled to receive any additional amount in respect of such payment in the absence of such transfer or assignment; *provided further* that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the affiliate's obligations hereunder are fully and unconditionally guaranteed by Party A or its parent or (B) the affiliate's long-term issuer rating is equal to or better than the credit rating of Party A at the time of such assignment or transfer. Notwithstanding the above or any other provision in this Confirmation to the contrary requiring or allowing Party A to purchase, sell, receive or deliver any Shares or other securities to or from Party B, Party A may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Party A's obligations in respect of the Transaction and any such designee may assume such obligations. Party A shall be discharged of its obligations to Party B to the extent of any such performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Acknowledgements</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Reliance: | Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Acknowledgments: | Applicable |

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Agreements and Acknowledgments Regarding Hedging Activities: Applicable <br>

4. The Agreement is further supplemented by the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Collateral or Setoff</u>:

Notwithstanding Section 6(f) or any other provision of the Agreement or any other agreement between the parties to the contrary, the obligations of Party B hereunder are not secured by any collateral. Obligations under the Transaction shall not be set off against any other obligations of the parties, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and no other obligations of the parties shall be set off against obligations under the Transaction, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and each party hereby waives any such right of setoff. In calculating any amounts under Section 6(e) of the Agreement, notwithstanding anything to the contrary in the Agreement, (a) separate amounts shall be calculated as set forth in such Section 6(e) with respect to (i) the Transaction and (ii) all other Transactions, and (b) such separate amounts shall be payable pursuant to Section 6(d)(ii) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Status of Claims in Bankruptcy</u>:

Party A acknowledges and agrees that this confirmation is not intended to convey to Party A rights with respect to the transactions contemplated hereby that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings of Party B; *provided, however,* that nothing herein shall limit or shall be deemed to limit Party A's right to pursue remedies in the event of a breach by Party B of its obligations and agreements with respect to this Confirmation and the Agreement; and *provided further* that nothing herein shall limit or shall be deemed to limit Party A's rights in respect of any transaction other than the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Limit on Beneficial Ownership</u>:

Notwithstanding any other provisions hereof, Party A shall not have the right to acquire Shares hereunder and Party A shall not be entitled to take delivery of any Shares deliverable hereunder (in each case, whether in connection with the purchase of Shares on any Settlement Date or any Termination Settlement Date, any Private Placement Settlement or otherwise) to the extent (but only to the extent) that, after such receipt of any Shares hereunder, (i) the Share Amount would exceed the Applicable Share Limit, (ii) the Section 16 Percentage would exceed 4.9%, (iii) Party A and each person subject to aggregation of Shares with Party A under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder (the "Party A Group") would directly or indirectly beneficially own (as such term is defined for purposes of Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) in excess of 4.9% of the then outstanding Shares (the "Threshold Number of Shares") or (iv) such acquisition would result in a violation of any restriction on ownership or transfer set forth in Article VI of the Articles (the "Counterparty Stock Ownership Restrictions"). Any purported delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery, (i) the Share Amount would exceed the Applicable Share Limit, (ii) the Section 16 Percentage would exceed 4.9%, (iii) Party A Group would directly or indirectly so beneficially own in excess of the Threshold Number of Shares or (iv) such delivery would result in a violation of the Counterparty Stock Ownership Restrictions. If any delivery owed to Party A hereunder is not made, in whole or in part, as a result of this provision, Party B's obligation to make such delivery shall not be extinguished and Party B shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after, Party A gives notice to Party B that, after such delivery, (i) the Share Amount would not exceed the Applicable Share Limit, (ii) the Section 16 Percentage would not exceed 4.9%, (iii) Party A Group would not directly or indirectly so beneficially own in excess of the Threshold Number of Shares and (iv) such delivery would not result in a violation of the Counterparty Stock Ownership Restriction. The "Section 16 Percentage" as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Party A and any of its affiliates or any other person subject to aggregation with Party A for purposes of the "beneficial ownership" test under Section 13 of the Exchange Act, or any "group" (within the meaning of Section 13 of the Exchange Act) of which Party A is or may be deemed to be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day.

In addition, notwithstanding anything herein to the contrary, if any delivery owed to Party A hereunder is not made, in whole or in part, as a result of the immediately preceding paragraph, Party A shall be permitted to make any payment due in respect of such Shares to Party B in two or more tranches that correspond in amount to the number of Shares delivered by Party B to Party A pursuant to the immediately preceding paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delivery of Cash</u>:

For the avoidance of doubt, nothing in this Confirmation shall be interpreted as requiring Party B to deliver cash in respect of the settlement of this Transaction, except in circumstances where the required cash settlement thereof is permitted for classification of the contract as equity by ASC 815-40 (formerly EITF 00-19) as in effect on the Trade Date (including, without limitation, where Party B so elects to deliver cash or fails timely to elect to deliver Shares in respect of such settlement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Wall Street Transparency and Accountability Ac</u> t:

In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (the "WSTAA"), the parties hereby agree that neither the enactment of the WSTAA or any regulation under the WSTAA, nor any requirement under the WSTAA or an amendment made by the WSTAA, shall limit or otherwise impair either party's otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the 2002 Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from any Acceleration Event or Illegality (as defined in the Agreement)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Miscellaneous</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Addresses
 for Notices. For the purpose of Section 12(a) of the Agreement:

Address for notices or communications to Party A:

Jefferies LLC

520 Madison Avenue

New York, New York 10022

Attention: General Counsel

Email: SETG-US@jefferies.com and EQDERIV_MO@Jefferies.com

Address for notices or communications to Party B:

Acadia Realty Trust

411 Theodore Fremd

Avenue, Suite 300 Rye,

New York 10580

Attn: Chief Financial Officer

Facsimile: 914-288-2138

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Waiver of Right to Trial by Jury. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to this Confirmation.** Each party (i) certifies that no representative,
 agent or attorney of the other party has represented, expressly or otherwise, that such other
 party would not, in the event of such a suit action or proceeding, seek to enforce the foregoing
 waiver and (ii) acknowledges that it and the other party have been induced to enter
 into this Confirmation by, among other things, the mutual waivers and certifications herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Offices:

The Office of Party A for the Transaction is: New York

The Office of Party B for the Transaction is: Inapplicable, Party B is not a Multibranch Party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Acknowledgements</u>:

The parties hereto intend for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Transaction to be a "securities contract" as defined in Section 741(7) of
 Title 11 of the United States Code (the "Bankruptcy Code"), qualifying for the
 protections under Section 555 of the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 party's right to liquidate the Transaction and to exercise any other remedies upon
 the occurrence of any Event of Default under the Agreement with respect to the other party
 to constitute a "contractual right" as defined in the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Party
 A to be a "financial institution" within the meaning of Section 101(22)
 of the Bankruptcy Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all
 payments for, under or in connection with the Transaction, all payments for the Shares and
 the transfer of such Shares to constitute "settlement payments" as defined in
 the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Governing Law/Jurisdiction</u>:

This Confirmation and any claim, controversy or dispute arising under or related to this Confirmation shall be governed by the laws of the State of New York without reference to the conflict of laws provisions thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the United States Court for the Southern District of New York in connection with all matters relating hereto and waive any objection to the laying of venue in, and any claim of inconvenient forum with respect to, these courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Disclosure</u>:

Effective from the date of commencement of discussions concerning the Transaction, each of Party A and Party B and each of their employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) relating to such tax treatment and tax structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Risk Disclosure</u>:

Party B represents and warrants that it has received, read and understands Party A's "Risk Disclosure Statement Regarding OTC Derivatives Products" and acknowledges the terms thereof as if it had signed the Risk Disclosure Statement Verification contained therein as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Commodity Exchange Act</u>:

Each of Party A and Party B agrees and represents that it is an "eligible contract participant" as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended (the "CEA"), the Agreement and the Transaction are subject to individual negotiation by the parties and have not been executed or traded on a "trading facility" as defined in Section 1a(51) of the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Tax Matters</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> For
 the purpose of Section 3(e) of the Agreement, Party A and Party B each make the
 following representation:

It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of the Agreement) to be made by it to the other party under the Agreement. In making this representation, it may rely on: (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of the Agreement; (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of the Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Agreement; and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of the Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) of the Agreement by reason of material prejudice to its legal or commercial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> For
 the purpose of Section 3(f) of the Agreement:

Party A makes the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) It
 is a limited liability company organized under the laws of the State of Delaware and is treated
 as a disregarded entity of a New York corporation for United States federal income tax purposes.

Party B makes the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) It
 is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of
 the United States Treasury Regulations) for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) It
 is a real estate investment trust for U.S. federal income tax purposes and is organized under
 the laws of the State of Maryland, and is an exempt recipient under section 1.6049-4(c)(1)(ii)(J) of
 the United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Ac</u> t. "Tax" and "Indemnifiable Tax", each as defined
 in Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed
 or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of
 1986, as amended (the "Code"), any current or future regulations or official
 interpretations thereof, any agreement entered into pursuant to Section 1471(b) of
 the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant
 to any intergovernmental agreement entered into in connection with the implementation of
 such Sections of the Code (a "FATCA Withholding Tax"). For the avoidance of doubt,
 a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable
 law for the purposes of Section 2(d) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>HIRE Ac</u> t. To the extent that either party to the Agreement with respect to this Transaction
 is not an adhering party to the ISDA 2015 Section 871(m) Protocol published by
 the International Swaps and Derivatives Association, Inc. on November 2, 2015 and
 available at www.isda.org, as may be amended, supplemented, replaced or superseded from time
 to time (the "871(m) Protocol"), the parties agree that the provisions and
 amendments contained in the Attachment to the 871(m) Protocol are incorporated into
 and apply to the Agreement with respect to this Transaction as if set forth in full herein.
 The parties further agree that, solely for purposes of applying such provisions and amendments
 to the Agreement with respect to this Transaction, references to "each Covered Master
 Agreement" in the 871(m) Protocol will be deemed to be references to the Agreement
 with respect to this Transaction, and references to the "Implementation Date"
 in the 871(m) Protocol will be deemed to be references to the Trade Date of this Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>Tax documentation</u>. For the purposes of Sections 4(a)(i) and 4(a)(ii) of the Agreement,
 Party A shall provide to Party B a valid and duly executed U.S. Internal Revenue Service
 Form W-9 and Party B shall provide to Party A a valid and duly executed U.S. Internal
 Revenue Service Form W-9, or any successor thereto, (i) on or before the date of
 execution of this Confirmation; (ii) promptly upon reasonable demand by the other
 party; and (iii) promptly upon learning that any such tax form previously provided
 by Party A or Party B, respectively, has become invalid, obsolete, or incorrect. Additionally,
 each of Party A and Party B shall, promptly upon request by the other party, provide such
 other tax forms and documents requested by the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>QFC Stay Rules</u>:

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

"QFC Stay Rules" means the regulations codified at 12 C.F.R. 252.2, 252.81-8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Other Forwards / Dealers</u>:

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

[Remainder of page intentionally left blank]

Please confirm that the foregoing correctly sets forth the terms of our agreement by signing and returning this Confirmation.

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| | |
|:---|:---|
| Yours faithfully, | Yours faithfully, |
| **Jefferies LLC** | **Jefferies LLC** |
| By: | /s/ John Noonan |
| Name: John Noonan | Name: John Noonan |
| Title: Managing Director | Title: Managing Director |

---

[Signature Page to Forward Confirmation]

Confirmed as of the date first written above:

**ACADIA REALTY TRUST**

---

| | |
|:---|:---|
| By: | /s/ John Gottfried |
|  | Name: John Gottfried |
|  | Title: Executive Vice President and Chief Financial Officer |

---

[Signature Page to Forward Confirmation]

**SCHEDULE I**

FORWARD PRICE REDUCTION DATES AND AMOUNTS

---

| | | |
|:---|:---|:---|
| **Forward Price Reduction Date** | **Forward Price Reduction Amount** | **Forward Price Reduction Amount** |
| Trade Date | USD | 0.000 |
| 6/30/2026 | USD $| 0.20 |
| 9/30/2026 | USD $| 0.20 |
| 12/31/2026 | USD $| 0.20 |
| 3/31/2027 | USD $| 0.20 |

---

**ANNEX A**

PRIVATE PLACEMENT PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 Party B delivers the Restricted Shares pursuant to this clause (i) (a "Private
 Placement Settlement"), then delivery of Restricted Shares by Party B shall be effected
 in customary private placement procedures with respect to such Restricted Shares reasonably
 acceptable to Party A; *provided* that if, on or before the date that a Private
 Placement Settlement would occur, Party B has taken, or caused to be taken, any action that
 would make unavailable either the exemption pursuant to Section 4(a)(2) of the
 Securities Act for the sale by Party B to Party A (or any affiliate designated by Party A)
 of the Restricted Shares or the exemption pursuant to Section 4(a)(1) or Section 4(a)(3) of
 the Securities Act for resales of the Restricted Shares by Party A (or any such affiliate
 of Party A) or Party B fails to deliver the Restricted Shares when due or otherwise fails
 to perform obligations within its control in respect of a Private Placement Settlement, it
 shall be an Event of Default with respect to Party B and Section 6 of the Agreement
 shall apply. The Private Placement Settlement of such Restricted Shares shall include customary
 representations, covenants, blue sky and other governmental filings and/or registrations,
 indemnities to Party A, due diligence rights (for Party A or any designated buyer of the
 Restricted Shares by Party A), opinions and certificates, and such other documentation as
 is customary for private placement agreements, all reasonably acceptable to Party A. In the
 case of a Private Placement Settlement, Party A shall, in its good faith discretion, adjust
 the number of Restricted Shares to be delivered to Party A hereunder and/or the Forward Price
 in a commercially reasonable manner to reflect the fact that such Restricted Shares may not
 be freely returned to securities lenders by Party A and may only be saleable by Party A at
 a discount to reflect the lack of liquidity in Restricted Shares. Notwithstanding the Agreement
 or this Confirmation, the date of delivery of such Restricted Shares shall be the Clearance
 System Business Day following notice by Party A to Party B of the number of Restricted Shares
 to be delivered pursuant to this clause (i). For the avoidance of doubt, delivery of Restricted
 Shares shall be due as set forth in the previous sentence and not be due on the Settlement
 Date or Termination Settlement Date that would otherwise be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 Party B delivers any Restricted Shares in respect of the Transaction, Party B agrees that
 (i) such Shares may be transferred by and among Party A and its affiliates and (ii) after
 the minimum holding period under Rule 144(d) under the Securities Act has elapsed
 after the applicable Settlement Date, Party B shall promptly remove, or cause the transfer
 agent for the Shares to remove, any legends referring to any transfer restrictions from such
 Shares upon delivery by Party A (or such affiliate of Party A) to Party B or such transfer
 agent of seller's and broker's representation letters customarily delivered by
 Party A or its affiliates in connection with resales of restricted securities pursuant to
 Rule 144 under the Securities Act, each without any further requirement for the delivery
 of any certificate, consent, agreement, opinion of counsel, notice or any other document,
 any transfer tax stamps or payment of any other amount or any other action by Party A (or
 such affiliate of Party A).

## Exhibit 1.4

**Exhibit 1.4**

---

| | |
|:---|:---|
| Date: | June 9, 2026 |
| To: | Acadia Realty Trust |
|  | 411 Theodore Fremd Avenue, Suite 300 |
|  | Rye, New York, 10580 |
| From: | Truist Bank |

---

**Re: Registered Forward Transaction**

Ladies and Gentlemen:

The purpose of this letter agreement (this "Confirmation") is to confirm the terms and conditions of the transaction entered into between us on the Trade Date specified below (the "Transaction"). This Confirmation constitutes a "Confirmation" as referred to in the ISDA Master Agreement specified below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions
 and provisions contained in the 2006 ISDA Definitions (the "2006 Definitions")
 and the 2002 ISDA Equity Derivatives Definitions (the "2002 Definitions" and,
 together with the 2006 Definitions, the "Definitions"), each as published by
 the International Swaps and Derivatives Association, Inc., are incorporated into this
 Confirmation. In the event of any inconsistency between the 2002 Definitions and the 2006
 Definitions, the 2002 Definitions will govern. In the event of any inconsistency between
 the Definitions and this Confirmation, this Confirmation will govern.

Each party further agrees that this Confirmation and the Agreement (as defined below) together evidence a complete binding agreement between Party A and Party B as to the subject matter and terms of the Transaction to which this Confirmation relates, and shall supersede all prior or contemporaneous written or oral communications with respect thereto. This Confirmation, together with any other Confirmations for registered forward transactions entered into between Party A and Party B (each, an "Additional Confirmation") shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the "Agreement") as if Party A and Party B had executed an agreement in such form on the Trade Date with New York law (without regard to choice of law doctrine other than Title 14 of Article 5 of the New York General Obligations Law) as the governing law. In the event of any inconsistency between the Agreement, this Confirmation, the 2006 Definitions and the 2002 Definitions, the following will prevail for purposes of the Transaction in the order of precedence indicated: (i) this Confirmation; (ii) the 2002 Definitions; (iii) the 2006 Definitions and (iv) the Agreement. The parties hereby agree that no Transaction other than the Transaction to which this Confirmation relates and the Transactions to which the Additional Confirmations, if any, relate (each, an "Additional Transaction"), shall be governed by the Agreement. For purposes of the 2002 Definitions, the Transaction is a Share Forward Transaction.

Party A and Party B each represent to the other that it has entered into the Transaction in reliance upon such tax, accounting, regulatory, legal, and financial advice as it deems necessary and not upon any view expressed by the other.

2. The terms of the particular Transaction to which this Confirmation relates are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>General Terms</u>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Party A: | Truist Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Party B: | Acadia Realty Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Date: | June 9, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective Date: | June 10, 2026, or such later date on which the conditions set forth in Section 3 under the heading "Conditions to Effectiveness" below have settled. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base Amount: | Initially, 2,100,000 Shares (the "Initial Number of Shares"); provided, however, that on each Settlement Date, the Base Amount shall be reduced by the number of Settlement Shares for such Settlement Date. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity Date: | The earlier of (i) June 9, 2027 (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day) and (ii) the date on which the Base Amount is reduced to zero. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Price: | On the Effective Date, the Initial Forward Price, and on any other day, the Forward Price as of the immediately preceding calendar day multiplied by the sum of (i) 1 and (ii) the Daily Rate for such day; provided that on each Forward Price Reduction Date, the Forward Price in effect on such date shall be the Forward Price otherwise in effect on such date, minus the Forward Price Reduction Amount for such Forward Price Reduction Date.<br>Notwithstanding anything to the contrary contained herein, to the extent Party B delivers Shares hereunder on or after a Forward Price Reduction Date and at or before the record date for an ordinary cash dividend with an ex-dividend date corresponding to such Forward Price Reduction Date, the Calculation Agent shall adjust the Forward Price, in a good faith and commercially reasonable manner, to preserve the economic intent of the parties hereto (taking into account Party A's commercially reasonable hedge positions in respect of the Transaction). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Forward Price: | USD 21.80 per Share |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daily Rate: | For any day, a rate equal to (i)(A) the Overnight Bank Rate for such day, minus (B) the Spread, divided by (ii) 360. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overnight Bank Rate: | For any day, the rate set forth for such day opposite the caption "Overnight Bank Funding Rate", as such rate is displayed on the page "OBFR01 " on the BLOOMBERG Professional Service, or any successor page; provided that, if no rate appears on any day on such page, the rate for the immediately preceding day for which a rate does so appear shall be used for such day. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spread: | 75 basis points. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayment: | Not Applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable Obligation: | Not Applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Price Reduction Date: | Each date (other than the Trade Date) set forth on Schedule I under the heading "Forward Price Reduction Date." |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Price Reduction |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount: | For each Forward Price Reduction Date, the Forward Price Reduction Amount set forth opposite such date on Schedule I. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares: | Common shares, USD 0.001 par value per share, of Party B (also referred to herein as the "Issuer") (Exchange identifier: "AKR"). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange: | New York Stock Exchange. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related Exchange(s): | All Exchanges. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearance System: | DTC. |

---

---

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

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---

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

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Early Closure: | Section 6.3(d) of the 2002 Definitions is hereby amended by deleting the remainder of the provision following the term "Scheduled Closing Time" in the fourth line thereof. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Disruption: | Any event that Party A, in its good faith and commercially reasonable discretion, based on advice of counsel, determines it appropriate with regard to any legal, regulatory or self-regulatory requirements or related policies and procedures (that apply broadly to similar transactions for other issuers) for Party A to refrain from or decrease any market activity in connection with the Transaction. Subject to applicable legal requirements and Party A's internal policies and guidelines, Party A shall promptly notify Party B upon the occurrence of a Regulatory Disruption and shall subsequently promptly notify Party B on the day Party A determines that the circumstances giving rise to such Regulatory Disruption have changed. Party A shall make its determination of a Regulatory Disruption in a manner consistent with the determinations made with respect to other issuers under similar facts and circumstances.. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Act: | The Securities Exchange Act of 1934, as amended from time to time |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Act: | The Securities Act of 1933, as amended from time to time. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical Settlement: | On any Settlement Date in respect of which Physical Settlement applies, Party B shall deliver to Party A through the Clearance System the Settlement Shares for such Settlement Date, and Party A shall pay to Party B, by wire transfer of immediately available funds to an account designated by Party B, an amount in cash equal to the Physical Settlement Amount for such Settlement Date, on a delivery versus payment basis. If, on any Settlement Date, the Shares to be delivered by Party B to Party A hereunder are not so delivered (the "Deferred Shares"), and a Forward Price Reduction Date occurs during the period from, and including, such Settlement Date to, but excluding, the date such Shares are actually delivered to Party A, then the portion of the Physical Settlement Amount payable by Party A to Party B in respect of the Deferred Shares shall be reduced by an amount equal to the Forward Price Reduction Amount for such Forward Price Reduction Date, multiplied by the number of Deferred Shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical Settlement Amount: | For any Settlement Date in respect of which Physical Settlement applies, an amount in cash equal to the product of (i) the Forward Price on such Settlement Date and (ii) the number of Settlement Shares for such Settlement Date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Settlement: | On any Settlement Date in respect of which Cash Settlement applies, if the Cash Settlement Amount for such Settlement Date is a positive number, Party A will pay such Cash Settlement Amount to Party B. If the Cash Settlement Amount is a negative number, Party B will pay the absolute value of such Cash Settlement Amount to Party A. Such amounts shall be paid on the Settlement Date by wire transfer of immediately available funds. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Settlement Amount: | For any Settlement Date in respect of which Cash Settlement applies, an amount determined by the Calculation Agent equal to the difference between (1) the product of (i) the difference between (A) the average Forward Price over the period beginning on, and including, the date that is one Settlement Cycle following the first day of the applicable Unwind Period and ending on, and including, such Settlement Date (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during the Unwind Period), minus USD 0.015, and (B) the average of the 10b-18 VWAP prices per Share on each Exchange Business Day during such Unwind Period, and (ii) the number of Settlement Shares for such Settlement Date, and (2) the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period, and (ii) the number of Settlement Shares with respect to which Party A has not unwound its hedge for the Transaction as of such Forward Price Reduction Date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Share Settlement: | On any Settlement Date in respect of which Net Share Settlement applies, if the number of Net Share Settlement Shares is a (i) negative number, Party A shall deliver a number of Shares to Party B equal to the absolute value of the Net Share Settlement Shares, or (ii) positive number, Party B shall deliver to Party A the Net Share Settlement Shares; provided that if Party A determines in its good faith and commercially reasonable judgment that it would be required to deliver Net Share Settlement Shares to Party B, Party A may elect to deliver a portion of such Net Share Settlement Shares on one or more dates prior to the applicable Settlement Date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Share Settlement Shares: | For any Settlement Date in respect of which Net Share Settlement applies, a number of Shares equal to (a) the number of Settlement Shares for such Settlement Date, minus (b) the quotient of (A) the difference between (1) the product of (i) the average Forward Price over the period beginning on, and including, the date that is one Settlement Cycle following the first day of the applicable Unwind Period and ending on, and including, such Settlement Date (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during the Unwind Period), minus USD 0.015, and (ii) the number of Settlement Shares for such Settlement Date, and (2) the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period, and (ii) the number of Shares with respect to which Party A has not unwound its hedge as of such Forward Price Reduction Date and (B) the average of the 10b-18 VWAP prices per Share on each Exchange Business Day during such Unwind Period. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10b-18 VWAP: | For any Exchange Business Day during the Unwind Period which is not a Disrupted Day, the volume-weighted average price reported on the Bloomberg Page "AKR AQR SEC" (or any successor thereto) for such Exchange Business Day; provided, however, that if such price is unavailable for an Exchange Business Day or the Calculation Agent determines that such price does not correctly reflect the volume-weighted average price at which the Shares trade as reported in the composite transactions for the Exchange on such Exchange Business Day, excluding (i) trades that do not settle regular way, (ii) opening (regular way) reported trades on the Exchange on such Exchange Business Day, (iii) trades that occur in the last ten minutes before the scheduled close of trading on the Exchange on such Exchange Business Day and ten minutes before the scheduled close of the primary trading session in the market where the trade is effected, and (iv) trades on such Exchange Business Day that do not satisfy the requirements of Rule 10b-18(b)(3), the Calculation Agent shall, in a good faith, commercially reasonable manner, determine the 10b-18 VWAP for such Exchange Business Day based on the criteria specified above in this proviso. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement Currency: | USD. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to Deliver: | Inapplicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments</u>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Method of Adjustment: | Calculation Agent Adjustment. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Adjustment: | If, in Party A's commercially reasonable judgment, the stock loan fee to Party A (or an affiliate thereof), excluding the federal funds or other interest rate component payable by the relevant stock lender to Party A or such affiliate (the "Stock Loan Fee"), over the immediately preceding one month period, of borrowing a number of Shares equal to the Base Amount to hedge its exposure to the Transaction exceeds a weighted average rate equal to 25 basis points per annum, the Calculation Agent shall reduce the Forward Price in order to compensate Party A for the amount by which the Stock Loan Fee exceeded a weighted average rate equal to 25 basis points per annum during such period. The Calculation Agent shall notify Party B in writing prior to making any such adjustment to the Forward Price and, upon the request of Party B, Party A shall provide an itemized list in reasonable detail of the Stock Loan Fees for the applicable one month period (including any quotations, market data or information from external sources used by Party A in developing such list, but without disclosing its proprietary models or other information that is subject to contractual, legal or regulatory obligations to not disclose such information). |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Account Details</u>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Party A: | To be advised under separate cover or telephone confirmed prior to each Settlement Date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Party B: | To be advised under separate cover or telephone confirmed prior to each Settlement Date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Shares to Party A: | To be advised. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Shares to Party B: | To be advised. |

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&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Other Provisions</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conditions to Effectiveness</u>:
 The effectiveness of this Confirmation and the Transaction shall be subject to the following
 conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 representations and warranties of Party B and Acadia Realty Limited Partnership (the "Partnership")
 contained in the Underwriting Agreement dated the date hereof between Party B, the Partnership,
 Party A and the Underwriters party thereto (the "Underwriting Agreement"), and
 any certificate delivered pursuant thereto by Party B or the Partnership shall be true and
 correct on the Effective Date as if made as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 of Party B and the Partnership shall have performed all of the obligations required to be
 performed by it under the Underwriting Agreement on or prior to the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all
 of the conditions set forth in Section 6 of the Underwriting Agreement shall have been
 satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Closing Date (as defined in the Underwriting Agreement) shall have occurred as provided in
 the Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all
 of the representations and warranties of Party B hereunder and under the Agreement shall
 be true and correct on the Effective Date as if made as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Party
 B shall have performed all of the obligations required to be performed by it hereunder and
 under the Agreement on or prior to the Effective Date, including without limitation its obligations
 under Section ‎3(d) hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Party
 B shall have delivered to Party A an opinion of counsel in form and substance reasonably
 satisfactory to Party A, with respect to the matters set forth in Section 3(a) of
 the Agreement and that the maximum number of Shares initially issuable hereunder have been
 duly authorized and, upon issuance pursuant to the terms of the Transaction, will be validly
 issued, fully paid and nonassessable.

Notwithstanding the foregoing or any other provision of this Confirmation, if (x) on or prior to 9:00 a.m., New York City time, on the date the Closing Date (as defined in the Underwriting Agreement) is scheduled to occur, in connection with establishing its commercially reasonable hedge position Party A, in its sole judgment, is unable, after using commercially reasonable efforts, to borrow and deliver for sale the Initial Number of Shares or (y) in Party A's sole judgment, it would incur a stock loan cost of more than 200 basis points per annum with respect to all or any portion of the Initial Number of Shares (in each case, an "Initial Hedging Disruption"), the effectiveness of this Confirmation and the Transaction shall be limited to the number of Shares Party A is so able to borrow in connection with establishing its commercially reasonable hedge position at a cost of not more than 200 basis points per annum (such number of Shares, the "Reduced Number of Shares"), which, for the avoidance of doubt, may be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interpretive Letter</u>:

Party B agrees and acknowledges that the Transaction is being entered into in accordance with the October 9, 2003 interpretive letter from the staff of the Securities and Exchange Commission to Goldman, Sachs & Co. (the "Interpretive Letter"). Party B represents that it is eligible to conduct a primary offering of Shares on Form S-3 and that the offering contemplated complies with Rule 415 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Representations, Warranties and Agreements of Party B</u>: Party B hereby represents and warrants to, and agrees with, Party
 A as of the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Party
 B represents to Party A on the Trade Date and on any date that Party B notifies Party A that
 Cash Settlement or Net Share Settlement applies to this Transaction, that (A) Party
 B is not aware of any material nonpublic information regarding Party B or the Shares, (B) each
 of its filings under the Securities Act, the Exchange Act or other applicable securities
 laws that were required to be filed have been filed in the prior 12 months and that, as of
 the date of this representation, when considered as a whole (with the more recent such filings
 deemed to amend inconsistent statements contained in any earlier such filings), there is
 no misstatement of material fact contained therein or omission of a material fact required
 to be stated therein or necessary to make the statements made therein, in the light of the
 circumstances under which they were made, not misleading and (C) Party B is not entering
 into this Confirmation nor making any election hereunder to create actual or apparent trading
 activity in the Shares (or any security convertible into or exchangeable for Shares) or to
 raise or depress or otherwise manipulate the price of the Shares (or any security convertible
 into or exchangeable for Shares) or otherwise in violation of the Exchange Act. In addition
 to any other requirement set forth herein, Party B agrees not to designate, or to appropriately
 rescind or modify a prior designation of, any Settlement Date if it is notified by Party
 A that, in the reasonable determination of Party A, based on advice of counsel, such settlement
 or Party A's related market activity in respect of such date would result in a violation
 of any applicable federal or state law or regulation, including the U.S. federal securities
 laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 Shares, when issued and delivered in accordance with the terms of the Transaction, will be
 duly authorized and validly issued, fully paid and nonassessable, and the issuance thereof
 will not be subject to any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Party
 B has reserved and will keep available at all times, free from preemptive rights, out of
 its authorized but unissued Shares, solely for the purpose of issuance upon settlement of
 the Transaction as herein provided, the maximum number of Shares as shall be issuable at
 such time upon settlement of the Transaction as set forth below under the heading "Maximum
 Share Delivery". All Shares so issuable shall, upon such issuance, be accepted for
 listing or quotation on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Party
 B agrees to provide Party A prior written notice (an "Issuer Repurchase Notice")
 prior to executing any repurchase of Shares by Party B or any of its subsidiaries (or entering
 into any contract that would require, or give the option to, Party B or any of its subsidiaries,
 to purchase or repurchase Shares), whether out of profits or capital or whether the consideration
 for such repurchase is cash, securities or otherwise (an "Issuer Repurchase"),
 that alone or in the aggregate would result in the Base Amount Percentage (as defined below)
 being (i) equal to or greater than 4.5% of the outstanding Shares or (ii) greater
 by 0.5% or more than the Base Amount Percentage at the time of the immediately preceding
 Issuer Repurchase Notice (or in the case of the first such Issuer Repurchase Notice, greater
 than the Base Amount Percentage as of the later of the date hereof or the immediately preceding
 Settlement Date, if any). The "Base Amount Percentage" as of any day is the fraction
 (1) the numerator of which is the aggregate of the Base Amount and each "Base
 Amount" (as defined in the applicable Additional Confirmation and any Additional Equity
 Derivative Transaction) under any outstanding Additional Transactions and (2) the denominator
 of which is the number of Shares outstanding on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No
 filing with, or approval, authorization, consent, license registration, qualification, order
 or decree of, any court or governmental authority or agency, domestic or foreign, is necessary
 or required for the execution, delivery and performance by Party B of this Confirmation and
 the consummation of the Transaction (including, without limitation, the issuance and delivery
 of Shares on any Settlement Date) except (i) such as have been obtained under the Securities
 Act, and (ii) as may be required to be obtained under state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Party
 B agrees not to make any Issuer Repurchase if, immediately following such Issuer Repurchase,
 the Base Amount Percentage would be equal to or greater than 4.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Party
 B is not insolvent, nor will Party B be rendered insolvent as a result of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Neither
 Party B nor any of its affiliated purchasers shall take any action (including, without limitation,
 any direct purchases by Party B or any of its affiliated purchasers or any purchases by a
 party to a derivative transaction with Party B or any of its affiliated purchasers), either
 under this Confirmation, under an agreement with another party or otherwise, that in the
 reasonable judgment of Party B is reasonably likely to cause any purchases of Shares by Party
 A or any of its affiliates in connection with any Cash Settlement or Net Share Settlement
 of the Transaction not to meet the conditions of the safe harbor provided by Rule 10b-18
 under the Exchange Act if such purchases were made by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Party
 B will not engage in any "distribution" (as defined in Regulation M under the
 Exchange Act ("Regulation M")) that would cause a "restricted period"
 (as defined in Regulation M) to occur during any Unwind Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Party
 B (i) is capable of evaluating investment risks independently, both in general and with
 regard to all transactions and investment strategies involving a security or securities,
 (ii) will exercise independent judgment in evaluating the recommendations of any broker-dealer
 or its associated persons, unless it has otherwise notified the broker-dealer in writing
 and (iii) has total assets of at least USD 50 million as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Party
 B acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) during
 the term of the Transaction, Party A and its Affiliates may buy or sell Shares or other securities
 or buy or sell options or futures contracts or enter into swaps or other derivative securities
 in order to establish, adjust or unwind its hedge position with respect to the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Party
 A and its Affiliates may also be active in the market for the Shares and Share-linked transactions
 other than in connection with hedging activities in relation to the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Party
 A shall make its own determination as to whether, when or in what manner any hedging or market
 activities in Party B's securities shall be conducted and shall do so in a manner that
 it deems appropriate to hedge its price and market risk with respect to the Forward Price
 and the 10b-18 VWAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any
 market activities of Party A and its Affiliates with respect to the Shares may affect the
 market price and volatility of the Shares, as well as the Forward Price and 10b-18 VWAP,
 each in a manner that may be adverse to Party B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the
 Transaction is a derivatives transaction in which it has granted Party A the right, under
 certain circumstances, to receive cash or Shares, as the case may be; Party A may purchase
 Shares for its own account at an average price that may be greater than, or less than, the
 effective price paid by Party B under the terms of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The
 assets of Party B do not constitute "plan assets" under the Employee Retirement
 Income Security Act of 1974, as amended, the Department of Labor Regulations promulgated
 thereunder or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Party
 B shall, at least one day prior to the first day of any Unwind Period, notify Party A of
 the total number of Shares purchased in Rule 10b-18 purchases of blocks pursuant to
 the once-a-week block exception contained in Rule 10b-18(b)(4) by or for Party
 B or any of its affiliated purchasers during each of the four calendar weeks preceding the
 first day of the Unwind Period and during the calendar week in which the first day of the
 Unwind Period occurs ("Rule 10b-18 purchase", "blocks" and "affiliated
 purchaser" each being used as defined in Rule 10b-18).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) During
 any Unwind Period, Party B shall (i) notify Party A prior to the opening of trading
 in the Shares on any day on which Party B makes, or expects to be made, any public announcement
 (as defined in Rule 165(f) under the Securities Act) of any merger, acquisition,
 or similar transaction involving a recapitalization relating to Party B (other than any such
 transaction in which the consideration consists solely of cash and there is no valuation
 period), (ii) promptly notify Party A following any such announcement that such announcement
 has been made, and (iii) promptly deliver to Party A following the making of any such
 announcement information indicating (A) Party B's average daily Rule 10b-18
 purchases (as defined in Rule 10b-18) during the three full calendar months preceding
 the date of the announcement of such transaction and (B) Party B's block purchases
 (as defined in Rule 10b-18) effected pursuant to paragraph (b)(4) of Rule 10b-18
 during the three full calendar months preceding the date of the announcement of such transaction.
 In addition, Party B shall promptly notify Party A of the earlier to occur of the completion
 of such transaction and the completion of the vote by target shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Party
 B is not, and after giving effect to the transactions contemplated hereby will not be, required
 to register as an "investment company" as such term is defined in the Investment
 Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Without
 limiting the generality of Section 13.1 of the 2002 Definitions, Party B acknowledges
 that Party A is not making any representations or warranties or taking any position or expressing
 any view with respect to the treatment of the Transaction under any accounting standards
 including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC
 Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging
 - Contracts in Entity's Own Equity (or any successor issue statements) or under FASB's
 Liabilities & Equity Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Party
 B understands no obligations of Party A to it hereunder will be entitled to the benefit of
 deposit insurance and that such obligations will not be guaranteed by any affiliate of Party
 A or any governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) No
 federal, state or local law, rule, regulation or regulatory order applicable to the Shares
 would give rise to any reporting, consent, registration or other requirement (including without
 limitation a requirement to obtain prior approval from any person or entity) as a result
 of Party A or its affiliates owning or holding (however defined) Shares, other than Sections
 13 and 16 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Upon
 obtaining knowledge of the occurrence of any event that would constitute an Event of Default
 or Potential Event of Default, Party B will so notify Party A in writing within one Scheduled
 Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Party
 B (i) has such knowledge and experience in financial and business affairs as to be capable
 of evaluating the merits and risks of entering into the Transaction, (ii) has consulted
 with its own legal, financial, accounting and tax advisors in connection with the Transaction
 and (iii) is entering into the Transaction for a bona fide business purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Party
 B is not and has not been the subject of any civil proceeding of a judicial or administrative
 body of competent jurisdiction that could reasonably be expected to impair materially Party
 B's ability to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) Ownership
 positions of Party B's common stock held by Party A or any of its affiliates solely
 in its capacity as a nominee or fiduciary do not constitute "beneficial ownership"
 or "direct or indirect ownership" Party A for the purposes of Article VI
 of the Declaration of Trust of Party B, as amended (the "Articles"), including
 without limitation Section 6.6 thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Covenant of Party B</u>:

Subject to the circumstances described under "Private Placement Procedures", Party B acknowledges and agrees that any Shares delivered by Party B to Party A on any Settlement Date will be newly issued Shares and when delivered by Party A (or an affiliate of Party A) to securities lenders from whom Party A (or an affiliate of Party A) borrowed Shares in connection with hedging its exposure to the Transaction will be freely saleable without further registration or other restrictions under the Securities Act, in the hands of those securities lenders, irrespective of whether such stock loan is effected by Party A or an affiliate of Party A. Accordingly, Party B agrees that the Shares that it delivers to Party A on each Settlement Date will not bear a restrictive legend and that such Shares will be deposited in, and the delivery thereof shall be effected through the facilities of, the Clearance System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Covenants of Party A</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless
 the provisions set forth below under "Private Placement Procedures" shall be
 applicable, Party A shall use any Shares delivered by Party B to Party A on any Settlement

 an affiliate of Party A in the course of Party A's or such affiliate's hedging
 activities related to Party A's exposure under this Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 connection with bids and purchases of Shares in connection with any Cash Settlement or Net
 Share Settlement of the Transaction, Party A shall use good faith efforts to conduct its
 activities, or cause its affiliates to conduct their activities, in a manner consistent with
 the requirements of the safe harbor provided by Rule 10b-18 under the Exchange Act,
 as if such provisions were applicable to such purchases aggregated with any analogous purchases
 occurring on the same day under any Additional Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Deadline for Designating an Early Termination Date and Payment Suspension</u>:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Insolvency Filing</u>:

Notwithstanding anything to the contrary herein, in the Agreement, in the 2006 Definitions or in the 2002 Definitions, upon any Insolvency Filing in respect of the Issuer, the Transaction shall automatically terminate on the date thereof without further liability of either party to this Confirmation to the other party (except for any liability in respect of any breach of representation or covenant by a party under this Confirmation prior to the date of such Insolvency Filing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Extraordinary Dividends</u>:

If an ex-dividend date for an Extraordinary Dividend occurs on or after the Trade Date and on or prior to the Maturity Date (or, if later, the last date on which Shares are delivered by Party B to Party A in settlement of the Transaction), Party B shall pay an amount in cash equal to the product of such Extraordinary Dividend and the Base Amount to Party A on the earlier of (i) the date on which such Extraordinary Dividend is paid by the Issuer to holders of record of the Shares or (ii) the Maturity Date. "Extraordinary Dividend" means the per Share amount of any cash dividend or distribution declared by the Issuer with respect to the Shares that is specified by the board of directors of the Issuer as an "extraordinary" dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Acceleration Events</u>:

The following events shall each constitute an "Acceleration Event":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Stock Borrow Events</u>. In the good faith and commercially reasonable judgment of Party A (i) Party
 A (or its affiliate) is unable, after using commercially reasonable efforts, to hedge its
 exposure to the Transaction because of the lack of sufficient Shares being made available
 for Share borrowing by lenders, or (ii) Party A (or its affiliate) would incur a Stock
 Loan Fee to borrow a number of Shares equal to the Base Amount of more than a rate of 200
 basis points per annum (each, a "Stock Borrow Event");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Dividends and Other Distributions</u>. On any day occurring after the Trade Date Party B declares a
 distribution, issue or dividend to existing holders of the Shares of (i) any cash dividend
 (other than an Extraordinary Dividend) to the extent all cash dividends having an ex-dividend
 date during the period from and including any Forward Price Reduction Date (with the Trade
 Date being a Forward Price Reduction Date for purposes of this clause only) to but excluding
 the next subsequent Forward Price Reduction Date exceeds, on a per Share basis, the Forward
 Price Reduction Amount set forth opposite the first date of any such period on Schedule I,
 (ii) share capital or securities of another issuer acquired or owned (directly or indirectly)
 by Party B as a result of a spin-off or other similar transaction or (iii) any other
 type of securities (other than Shares), rights or warrants or other assets, for payment (cash
 or other consideration) at less than the prevailing market price as determined by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>ISDA Early Termination Date</u>. Party A notifies Party B that Party A has designated an Early
 Termination Date pursuant to Section 6 of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Other ISDA Events</u>. The public announcement of any event that if consummated would result in
 an Extraordinary Event or the occurrence of any Change in Law or a Delisting; *provided* that in case of a Delisting, in addition to the provisions of Section 12.6(a)(iii) of
 the 2002 Definitions, it will also constitute a Delisting if the Exchange is located in the
 United States and the Shares are not immediately re-listed, re-traded or re-quoted on any
 of the New York Stock Exchange, the Nasdaq Global Select Market or the Nasdaq Global Market
 (or their respective successors); and *provided further* that the definition of
 "Change in Law" provided in Section 12.9(a)(ii) of the 2002 Definitions
 is hereby amended by (i) replacing the phrase "the interpretation" in the
 third line thereof with the phrase ", or public announcement of, the formal or informal
 interpretation" and (ii) replacing the parenthetical beginning after the word
 "regulation" in the second line thereof the words "(including, for the
 avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness
 or promulgation of new regulations authorized or mandated by existing statute)";
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Ownership Even</u> t. In the reasonable judgment of Party A, on any day, the Share Amount for such day
 exceeds the Applicable Share Limit for such day (if any applies).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Termination Settlemen</u> t:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Private Placement Procedures</u>:

If Party B is unable to comply with the provisions of "Covenant of Party B" above because of a change in law or a change in the policy of the Securities and Exchange Commission or its staff, or Party A otherwise reasonably determines, based on advice of counsel, that any Settlement Shares to be delivered to Party A by Party B may not be freely returned by Party A or its affiliates to securities lenders as described under "Covenant of Party B" above, then delivery of any such Settlement Shares (the "Restricted Shares") shall be effected pursuant to Annex A hereto, unless waived by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Rule 10b5-1</u>:

It is the intent of Party A and Party B that following any election of Cash Settlement or Net Share Settlement by Party B, the purchase of Shares by Party A during any Unwind Period comply with the requirements of Rule 10b5-1(c)(1)(i)(B) of the Exchange Act and that this Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c).

Party B acknowledges that (i) during any Unwind Period Party B shall not attempt to exercise any influence over how, when or whether to effect purchases of Shares by Party A (or its agent or affiliate) in connection with this Confirmation and (ii) Party B is entering into the Agreement and this Confirmation in good faith and not as part of a plan or scheme to evade compliance with federal securities laws including, without limitation, Rule 10b-5 promulgated under the Exchange Act. Party B further agrees to act in good faith with respect to the Agreement and this Confirmation.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Maximum Share Delivery</u>:

Notwithstanding any other provision of this Confirmation, in no event will Party B be required to deliver on any Settlement Date, whether pursuant to Physical Settlement, Net Share Settlement, Termination Settlement or any Private Placement Settlement, more than a number of Shares equal to 1.5 times the Initial Base Amount, subject to reduction by the number of any Shares delivered by Party B on any prior Settlement Date and subject to adjustment from time to time in accordance with the provisions of this Confirmation and the Equity Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Transfer and Assignmen</u> t:

Party A may assign or transfer all (but not less than all) of its rights or delegate all (but not less than all) of its duties hereunder to any affiliate of Party A; *provided* that, under the applicable law effective on the date of such transfer or assignment, Party B will not be required, as a result of such transfer or assignment, to pay to the transferee an amount in respect of an Indemnifiable Tax greater than the amount, if any, that Party B would have been required to pay Party A in the absence of such transfer or assignment; and Party B will not receive a payment from which an amount has been withheld or deducted, on account of a Tax in respect of which the other party is not required to pay an additional amount, unless Party B would not have been entitled to receive any additional amount in respect of such payment in the absence of such transfer or assignment; *provided further* that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the affiliate's obligations hereunder are fully and unconditionally guaranteed by Party A or its parent or (B) the affiliate's long-term issuer rating is equal to or better than the credit rating of Party A at the time of such assignment or transfer. Notwithstanding the above or any other provision in this Confirmation to the contrary requiring or allowing Party A to purchase, sell, receive or deliver any Shares or other securities to or from Party B, Party A may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Party A's obligations in respect of the Transaction and any such designee may assume such obligations. Party A shall be discharged of its obligations to Party B to the extent of any such performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Acknowledgements</u>:

Non-Reliance: Applicable <br> Additional Acknowledgments: Applicable <br> Agreements and Acknowledgments Regarding Hedging Activities: Applicable

4. The Agreement is further supplemented by the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Collateral or Setoff</u>:

Notwithstanding Section 6(f) or any other provision of the Agreement or any other agreement between the parties to the contrary, the obligations of Party B hereunder are not secured by any collateral. Obligations under the Transaction shall not be set off against any other obligations of the parties, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and no other obligations of the parties shall be set off against obligations under the Transaction, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and each party hereby waives any such right of setoff. In calculating any amounts under Section 6(e) of the Agreement, notwithstanding anything to the contrary in the Agreement, (a) separate amounts shall be calculated as set forth in such Section 6(e) with respect to (i) the Transaction and (ii) all other Transactions, and (b) such separate amounts shall be payable pursuant to Section 6(d)(ii) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Status of Claims in Bankruptcy</u>:

Party A acknowledges and agrees that this confirmation is not intended to convey to Party A rights with respect to the transactions contemplated hereby that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings of Party B; *provided, however,* that nothing herein shall limit or shall be deemed to limit Party A's right to pursue remedies in the event of a breach by Party B of its obligations and agreements with respect to this Confirmation and the Agreement; and *provided further* that nothing herein shall limit or shall be deemed to limit Party A's rights in respect of any transaction other than the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Limit on Beneficial Ownership</u>:

Notwithstanding any other provisions hereof, Party A shall not have the right to acquire Shares hereunder and Party A shall not be entitled to take delivery of any Shares deliverable hereunder (in each case, whether in connection with the purchase of Shares on any Settlement Date or any Termination Settlement Date, any Private Placement Settlement or otherwise) to the extent (but only to the extent) that, after such receipt of any Shares hereunder, (i) the Share Amount would exceed the Applicable Share Limit, (ii) the Section 16 Percentage would exceed 4.9%, (iii) Party A and each person subject to aggregation of Shares with Party A under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder (the "Party A Group") would directly or indirectly beneficially own (as such term is defined for purposes of Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) in excess of 4.9% of the then outstanding Shares (the "Threshold Number of Shares") or (iv) such acquisition would result in a violation of any restriction on ownership or transfer set forth in Article VI of the Articles (the "Counterparty Stock Ownership Restrictions"). Any purported delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery, (i) the Share Amount would exceed the Applicable Share Limit, (ii) the Section 16 Percentage would exceed 4.9%, (iii) Party A Group would directly or indirectly so beneficially own in excess of the Threshold Number of Shares or (iv) such delivery would result in a violation of the Counterparty Stock Ownership Restrictions. If any delivery owed to Party A hereunder is not made, in whole or in part, as a result of this provision, Party B's obligation to make such delivery shall not be extinguished and Party B shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after, Party A gives notice to Party B that, after such delivery, (i) the Share Amount would not exceed the Applicable Share Limit, (ii) the Section 16 Percentage would not exceed 4.9%, (iii) Party A Group would not directly or indirectly so beneficially own in excess of the Threshold Number of Shares and (iv) such delivery would not result in a violation of the Counterparty Stock Ownership Restriction. The "Section 16 Percentage" as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Party A and any of its affiliates or any other person subject to aggregation with Party A for purposes of the "beneficial ownership" test under Section 13 of the Exchange Act, or any "group" (within the meaning of Section 13 of the Exchange Act) of which Party A is or may be deemed to be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day.

In addition, notwithstanding anything herein to the contrary, if any delivery owed to Party A hereunder is not made, in whole or in part, as a result of the immediately preceding paragraph, Party A shall be permitted to make any payment due in respect of such Shares to Party B in two or more tranches that correspond in amount to the number of Shares delivered by Party B to Party A pursuant to the immediately preceding paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delivery of Cash</u>:

For the avoidance of doubt, nothing in this Confirmation shall be interpreted as requiring Party B to deliver cash in respect of the settlement of this Transaction, except in circumstances where the required cash settlement thereof is permitted for classification of the contract as equity by ASC 815-40 (formerly EITF 00-19) as in effect on the Trade Date (including, without limitation, where Party B so elects to deliver cash or fails timely to elect to deliver Shares in respect of such settlement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Wall Street Transparency and Accountability Ac</u> t:

In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (the "WSTAA"), the parties hereby agree that neither the enactment of the WSTAA or any regulation under the WSTAA, nor any requirement under the WSTAA or an amendment made by the WSTAA, shall limit or otherwise impair either party's otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the 2002 Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from any Acceleration Event or Illegality (as defined in the Agreement)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Miscellaneous</u>:

(a) Addresses for Notices. For the purpose of Section 12(a) of the Agreement: <br>Address for notices or communications to Party A:

Truist Bank

50 Hudson Yards

70th Floor

New York, New York 10001

Attn: Equity Syndicate Department

TruistSecurities.prospectus@Truist.com

With a Copy to:

Rakesh Mangat

Managing Director

Tel: 212-303-0137

<u>rakesh.mangat@truist.com</u>

Address for notices or communications to Party B:

Acadia Realty Trust

411 Theodore Fremd <br> Avenue, Suite 300 Rye, <br> New York 10580

Attn: Chief Financial Officer<br> Facsimile: 914-288-2138

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Waiver of Right to Trial by Jury. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to this Confirmation.** Each party (i) certifies that no representative,
 agent or attorney of the other party has represented, expressly or otherwise, that such other
 party would not, in the event of such a suit action or proceeding, seek to enforce the foregoing
 waiver and (ii) acknowledges that it and the other party have been induced to enter
 into this Confirmation by, among other things, the mutual waivers and certifications herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Offices:

The Office of Party A for the Transaction is: Inapplicable, Party A is not a Multibranch Party

The Office of Party B for the Transaction is: Inapplicable, Party B is not a Multibranch Party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Acknowledgements</u>:

The parties hereto intend for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Transaction to be a "securities contract" as defined in Section 741(7) of
 Title 11 of the United States Code (the "Bankruptcy Code"), qualifying for the
 protections under Section 555 of the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 party's right to liquidate the Transaction and to exercise any other remedies upon
 the occurrence of any Event of Default under the Agreement with respect to the other party
 to constitute a "contractual right" as defined in the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Party
 A to be a "financial institution" within the meaning of Section 101(22)
 of the Bankruptcy Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all
 payments for, under or in connection with the Transaction, all payments for the Shares and
 the transfer of such Shares to constitute "settlement payments" as defined in
 the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Governing Law/Jurisdiction</u>:

This Confirmation and any claim, controversy or dispute arising under or related to this Confirmation shall be governed by the laws of the State of New York without reference to the conflict of laws provisions thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the United States Court for the Southern District of New York in connection with all matters relating hereto and waive any objection to the laying of venue in, and any claim of inconvenient forum with respect to, these courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Disclosure</u>:

Effective from the date of commencement of discussions concerning the Transaction, each of Party A and Party B and each of their employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) relating to such tax treatment and tax structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Risk Disclosure</u>:

Party B represents and warrants that it has received, read and understands Party A's "Risk Disclosure Statement Regarding OTC Derivatives Products" and acknowledges the terms thereof as if it had signed the Risk Disclosure Statement Verification contained therein as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Commodity Exchange Act</u>:

Each of Party A and Party B agrees and represents that it is an "eligible contract participant" as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended (the "CEA"), the Agreement and the Transaction are subject to individual negotiation by the parties and have not been executed or traded on a "trading facility" as defined in Section 1a(51) of the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Tax Matters</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> For
 the purpose of Section 3(e) of the Agreement, Party A and Party B each make the
 following representation:

It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of the Agreement) to be made by it to the other party under the Agreement. In making this representation, it may rely on: (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of the Agreement; (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of the Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Agreement; and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of the Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) of the Agreement by reason of material prejudice to its legal or commercial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> For
 the purpose of Section 3(f) of the Agreement:

Party A makes the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) It
 is a "U.S. person" (as that term is used in Treasury Regulation Section 1.1441-4(a)(3)(ii))
 for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) It
 is a corporation organized and existing under the laws of the State of North Carolina and
 is an exempt recipient within the meaning of Treasury Regulation Section 1.6049-4(c)(1)(ii).

Party B makes the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) It
 is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of
 the United States Treasury Regulations) for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) It
 is a real estate investment trust for U.S. federal income tax purposes and is organized under
 the laws of the State of Maryland, and is an exempt recipient under section 1.6049-4(c)(1)(ii)(J) of
 the United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Ac</u> t. "Tax" and "Indemnifiable Tax", each as defined
 in Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed
 or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of
 1986, as amended (the "Code"), any current or future regulations or official
 interpretations thereof, any agreement entered into pursuant to Section 1471(b) of
 the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant
 to any intergovernmental agreement entered into in connection with the implementation of
 such Sections of the Code (a "FATCA Withholding Tax"). For the avoidance of doubt,
 a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable
 law for the purposes of Section 2(d) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>HIRE Ac</u> t. To the extent that either party to the Agreement with respect to this Transaction
 is not an adhering party to the ISDA 2015 Section 871(m) Protocol published by
 the International Swaps and Derivatives Association, Inc. on November 2, 2015 and
 available at www.isda.org, as may be amended, supplemented, replaced or superseded from time
 to time (the "871(m) Protocol"), the parties agree that the provisions and
 amendments contained in the Attachment to the 871(m) Protocol are incorporated into
 and apply to the Agreement with respect to this Transaction as if set forth in full herein.
 The parties further agree that, solely for purposes of applying such provisions and amendments
 to the Agreement with respect to this Transaction, references to "each Covered Master
 Agreement" in the 871(m) Protocol will be deemed to be references to the Agreement
 with respect to this Transaction, and references to the "Implementation Date"
 in the 871(m) Protocol will be deemed to be references to the Trade Date of this Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>Tax documentation</u>. For the purposes of Sections 4(a)(i) and 4(a)(ii) of the Agreement,
 Party A shall provide to Party B a valid and duly executed U.S. Internal Revenue Service
 Form W-9 and Party B shall provide to Party A a valid and duly executed U.S. Internal
 Revenue Service Form W-9, or any successor thereto, (i) on or before the date of
 execution of this Confirmation; (ii) promptly upon reasonable demand by the other
 party; and (iii) promptly upon learning that any such tax form previously provided
 by Party A or Party B, respectively, has become invalid, obsolete, or incorrect. Additionally,
 each of Party A and Party B shall, promptly upon request by the other party, provide such
 other tax forms and documents requested by the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>QFC Stay Rules</u>:

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

"QFC Stay Rules" means the regulations codified at 12 C.F.R. 252.2, 252.81-8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Other Forwards / Dealers</u>:

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

[Remainder of page intentionally left blank]

Please confirm that the foregoing correctly sets forth the terms of our agreement by signing and returning this Confirmation.

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| | |
|:---|:---|
| Yours faithfully, | Yours faithfully, |
| **Truist Bank** | **Truist Bank** |
| By: | /s/ Rakesh Mangat |
| Name: Rakesh Mangat | Name: Rakesh Mangat |
| Title: Managing Director | Title: Managing Director |

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[Signature Page to Forward Confirmation]

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| | |
|:---|:---|
| Confirmed as of the date first written above: | Confirmed as of the date first written above: |
| **ACADIA REALTY TRUST** | **ACADIA REALTY TRUST** |
| By: | /s/ John Gottfried |
|  | Name: John Gottfried |
|  | Title: Executive Vice President and Chief Financial Officer |

---

[Signature Page to Forward Confirmation]

**SCHEDULE I**

FORWARD PRICE REDUCTION DATES AND AMOUNTS

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| | | |
|:---|:---|:---|
| **Forward Price Reduction Date** | **Forward Price Reduction Amount** | **Forward Price Reduction Amount** |
| Trade Date | USD | 0.000 |
| 6/30/2026 | USD $| 0.20 |
| 9/30/2026 | USD $| 0.20 |
| 12/31/2026 | USD $| 0.20 |
| 3/31/2027 | USD $| 0.20 |

---

**ANNEX A**

PRIVATE PLACEMENT PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 Party B delivers the Restricted Shares pursuant to this clause (i) (a "Private
 Placement Settlement"), then delivery of Restricted Shares by Party B shall be effected
 in customary private placement procedures with respect to such Restricted Shares reasonably
 acceptable to Party A; *provided* that if, on or before the date that a Private
 Placement Settlement would occur, Party B has taken, or caused to be taken, any action that
 would make unavailable either the exemption pursuant to Section 4(a)(2) of the
 Securities Act for the sale by Party B to Party A (or any affiliate designated by Party A)
 of the Restricted Shares or the exemption pursuant to Section 4(a)(1) or Section 4(a)(3) of
 the Securities Act for resales of the Restricted Shares by Party A (or any such affiliate
 of Party A) or Party B fails to deliver the Restricted Shares when due or otherwise fails
 to perform obligations within its control in respect of a Private Placement Settlement, it
 shall be an Event of Default with respect to Party B and Section 6 of the Agreement
 shall apply. The Private Placement Settlement of such Restricted Shares shall include customary
 representations, covenants, blue sky and other governmental filings and/or registrations,
 indemnities to Party A, due diligence rights (for Party A or any designated buyer of the
 Restricted Shares by Party A), opinions and certificates, and such other documentation as
 is customary for private placement agreements, all reasonably acceptable to Party A. In the
 case of a Private Placement Settlement, Party A shall, in its good faith discretion, adjust
 the number of Restricted Shares to be delivered to Party A hereunder and/or the Forward Price
 in a commercially reasonable manner to reflect the fact that such Restricted Shares may not
 be freely returned to securities lenders by Party A and may only be saleable by Party A at
 a discount to reflect the lack of liquidity in Restricted Shares. Notwithstanding the Agreement
 or this Confirmation, the date of delivery of such Restricted Shares shall be the Clearance
 System Business Day following notice by Party A to Party B of the number of Restricted Shares
 to be delivered pursuant to this clause (i). For the avoidance of doubt, delivery of Restricted
 Shares shall be due as set forth in the previous sentence and not be due on the Settlement
 Date or Termination Settlement Date that would otherwise be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 Party B delivers any Restricted Shares in respect of the Transaction, Party B agrees that
 (i) such Shares may be transferred by and among Party A and its affiliates and (ii) after
 the minimum holding period under Rule 144(d) under the Securities Act has elapsed
 after the applicable Settlement Date, Party B shall promptly remove, or cause the transfer
 agent for the Shares to remove, any legends referring to any transfer restrictions from such
 Shares upon delivery by Party A (or such affiliate of Party A) to Party B or such transfer
 agent of seller's and broker's representation letters customarily delivered by
 Party A or its affiliates in connection with resales of restricted securities pursuant to
 Rule 144 under the Securities Act, each without any further requirement for the delivery
 of any certificate, consent, agreement, opinion of counsel, notice or any other document,
 any transfer tax stamps or payment of any other amount or any other action by Party A (or
 such affiliate of Party A).

## Exhibit 1.5

**Exhibit 1.5**

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| | |
|:---|:---|
| Date: | June 9, 2026 |
| To: | Acadia Realty Trust |
| 411 Theodore Fremd Avenue, Suite 300 | 411 Theodore Fremd Avenue, Suite 300 |
| Rye, New York, 10580 | Rye, New York, 10580 |
| From: | Wells Fargo Bank, National Association |

---

**Re: Registered Forward Transaction**

Ladies and Gentlemen:

The purpose of this letter agreement (this "Confirmation") is to confirm the terms and conditions of the transaction entered into between us on the Trade Date specified below (the "Transaction"). This Confirmation constitutes a "Confirmation" as referred to in the ISDA Master Agreement specified below.

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| | |
|:---|:---|
| 1. | The definitions and provisions contained in the 2006 ISDA Definitions (the "2006 Definitions") and the 2002 ISDA Equity Derivatives Definitions (the "2002 Definitions" and, together with the 2006 Definitions, the "Definitions"), each as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between the 2002 Definitions and the 2006 Definitions, the 2002 Definitions will govern. In the event of any inconsistency between the Definitions and this Confirmation, this Confirmation will govern. |
|  | Each party further agrees that this Confirmation and the Agreement (as defined below) together evidence a complete binding agreement between Party A and Party B as to the subject matter and terms of the Transaction to which this Confirmation relates, and shall supersede all prior or contemporaneous written or oral communications with respect thereto. This Confirmation, together with any other Confirmations for registered forward transactions entered into between Party A and Party B (each, an "Additional Confirmation") shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the "Agreement") as if Party A and Party B had executed an agreement in such form on the Trade Date with New York law (without regard to choice of law doctrine other than Title 14 of Article 5 of the New York General Obligations Law) as the governing law. In the event of any inconsistency between the Agreement, this Confirmation, the 2006 Definitions and the 2002 Definitions, the following will prevail for purposes of the Transaction in the order of precedence indicated: (i) this Confirmation; (ii) the 2002 Definitions; (iii) the 2006 Definitions and (iv) the Agreement. The parties hereby agree that no Transaction other than the Transaction to which this Confirmation relates and the Transactions to which the Additional Confirmations, if any, relate (each, an "Additional Transaction"), shall be governed by the Agreement. For purposes of the 2002 Definitions, the Transaction is a Share Forward Transaction.<br>Party A and Party B each represent to the other that it has entered into the Transaction in reliance upon such tax, accounting, regulatory, legal, and financial advice as it deems necessary and not upon any view expressed by the other. |
| 2. | The terms of the particular Transaction to which this Confirmation relates are as follows: |
|  | <u>General Terms</u>: |

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---

| | |
|:---|:---|
| Party A: | Wells Fargo Bank, National Association |
| Party B: | Acadia Realty Trust |
| Trade Date: | June 9, 2026 |
| Effective Date: | June 10, 2026, or such later date on which the conditions set forth in Section 3 under the heading "Conditions to Effectiveness" below have settled. |
| Base Amount: | Initially, 2,100,000 Shares (the "Initial Number of Shares"); provided, however, that on each Settlement Date, the Base Amount shall be reduced by the number of Settlement Shares for such Settlement Date. |

---

---

| | |
|:---|:---|
| Maturity Date: | The earlier of (i) June 9, 2027 (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day) and (ii) the date on which the Base Amount is reduced to zero. |
| Forward Price: | On the Effective Date, the Initial Forward Price, and on any other day, the Forward Price as of the immediately preceding calendar day multiplied by the sum of (i) 1 and (ii) the Daily Rate for such day; provided that on each Forward Price Reduction Date, the Forward Price in effect on such date shall be the Forward Price otherwise in effect on such date, minus the Forward Price Reduction Amount for such Forward Price Reduction Date. |
|  | Notwithstanding anything to the contrary contained herein, to the extent Party B delivers Shares hereunder on or after a Forward Price Reduction Date and at or before the record date for an ordinary cash dividend with an ex-dividend date corresponding to such Forward Price Reduction Date, the Calculation Agent shall adjust the Forward Price, in a good faith and commercially reasonable manner, to preserve the economic intent of the parties hereto (taking into account Party A's commercially reasonable hedge positions in respect of the Transaction). |
| Initial Forward Price: | USD 21.80 per Share |
| Daily Rate: | For any day, a rate equal to (i)(A) the Overnight Bank Rate for such day, minus (B) the Spread, divided by (ii) 360. |
| Overnight Bank Rate: | For any day, the rate set forth for such day opposite the caption "Overnight Bank Funding Rate", as such rate is displayed on the page "OBFR01 " on the BLOOMBERG Professional Service, or any successor page; provided that, if no rate appears on any day on such page, the rate for the immediately preceding day for which a rate does so appear shall be used for such day. |
| Spread: | 75 basis points. |
| Prepayment: | Not Applicable. |
| Variable Obligation: | Not Applicable. |
| Forward Price Reduction Date: | Each date (other than the Trade Date) set forth on Schedule I under the heading "Forward Price Reduction Date." |
| Forward Price Reduction |  |
| Amount: | For each Forward Price Reduction Date, the Forward Price Reduction Amount set forth opposite such date on Schedule I. |
| Shares: | Common shares, USD 0.001 par value per share, of Party B (also referred to herein as the "Issuer") (Exchange identifier: "AKR"). |
| Exchange: | New York Stock Exchange. |
| Related Exchange(s): | All Exchanges. |
| Clearance System: | DTC. |

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

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---

| | |
|:---|:---|
| Settlement: | Physical Settlement, Cash Settlement or Net Share Settlement, at the election of Party B as set forth in a Settlement Notice delivered on or after the Effective Date (if applicable) that satisfies the Settlement Notice Requirements; provided that Physical Settlement shall apply (i) if no Settlement Method is validly selected, (ii) with respect to any Settlement Shares in respect of which Party A is unable, in its good faith and commercially reasonable judgment, to unwind its hedge for the Transaction by the end of the Unwind Period in a manner that, in the reasonable judgment of Party A, based on the advice of counsel, is consistent with Rule 10b-18 under the Exchange Act or due to the occurrence of Disrupted Days or to the lack of sufficient liquidity in the Shares on any Exchange Business Day during the Unwind Period relative to the liquidity on the Effective Date, (iii) to any Termination Settlement Date (as defined below under "Termination Settlement"), (iv) if the Maturity Date is a Settlement Date other than as the result of a valid Settlement Notice in respect of such Settlement Date or (v) if Party B has entered into an additional Share Forward or other equity derivative transaction (each, an "Additional Equity Derivative Transaction"), Party A determines, based on the advice of counsel, that it is unable to unwind its hedge for the Transaction in a manner consistent with Rule 10b-18 under the Exchange Act. |

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---

| | |
|:---|:---|
| Settlement Notice Requirements: | Notwithstanding any other provision hereof, a Settlement Notice delivered by Party B that specifies Cash Settlement or Net Share Settlement will not be effective unless the Settlement Notice includes a representation by Party B substantially in the form set forth in clause (i) below under the heading "Representations, Warranties and Agreements of Party B". |
| Unwind Period: | The period from and including the first Exchange Business Day following the date Party B provides Settlement Notice for a valid election of Cash Settlement or Net Share Settlement in respect of a Settlement Date through the first Scheduled Trading Day preceding such Settlement Date (or the immediately preceding Exchange Business Day if such Scheduled Trading Day is not an Exchange Business Day and excluding any Disrupted Day); subject to "Termination Settlement" below. If any Exchange Business Day during an Unwind Period is a Disrupted Day, the Calculation Agent shall make commercially reasonable adjustments to the terms of the Transaction (including, without limitation, the Cash Settlement Amount, the number of Net Share Settlement Shares and the 10b-18 VWAP) to account for the occurrence of such Disrupted Day. |
| Market Disruption Event: | Section 6.3(a) of the 2002 Definitions is hereby amended by replacing the first sentence in its entirety with the following: "'Market Disruption Event' means in respect of a Share, the occurrence or existence of (i) a Trading Disruption, (ii) an Exchange Disruption, (iii) an Early Closure or (iv) a Regulatory Disruption, in each case, that the Calculation Agent determines in its good faith and commercially reasonable manner, is material at any time during a Scheduled Trading Day." |

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

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---

| | |
|:---|:---|
| Cash Settlement: | On any Settlement Date in respect of which Cash Settlement applies, if the Cash Settlement Amount for such Settlement Date is a positive number, Party A will pay such Cash Settlement Amount to Party B. If the Cash Settlement Amount is a negative number, Party B will pay the absolute value of such Cash Settlement Amount to Party A. Such amounts shall be paid on the Settlement Date by wire transfer of immediately available funds. |
| Cash Settlement Amount: | For any Settlement Date in respect of which Cash Settlement applies, an amount determined by the Calculation Agent equal to the difference between (1) the product of (i) the difference between (A) the average Forward Price over the period beginning on, and including, the date that is one Settlement Cycle following the first day of the applicable Unwind Period and ending on, and including, such Settlement Date (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during the Unwind Period), minus USD 0.015, and (B) the average of the 10b-18 VWAP prices per Share on each Exchange Business Day during such Unwind Period, and (ii) the number of Settlement Shares for such Settlement Date, and (2) the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period, and (ii) the number of Settlement Shares with respect to which Party A has not unwound its hedge for the Transaction as of such Forward Price Reduction Date. |
| Net Share Settlement: | On any Settlement Date in respect of which Net Share Settlement applies, if the number of Net Share Settlement Shares is a (i) negative number, Party A shall deliver a number of Shares to Party B equal to the absolute value of the Net Share Settlement Shares, or (ii) positive number, Party B shall deliver to Party A the Net Share Settlement Shares; provided that if Party A determines in its good faith and commercially reasonable judgment that it would be required to deliver Net Share Settlement Shares to Party B, Party A may elect to deliver a portion of such Net Share Settlement Shares on one or more dates prior to the applicable Settlement Date. |
| Net Share Settlement Shares: | For any Settlement Date in respect of which Net Share Settlement applies, a number of Shares equal to (a) the number of Settlement Shares for such Settlement Date, minus (b) the quotient of (A) the difference between (1) the product of (i) the average Forward Price over the period beginning on, and including, the date that is one Settlement Cycle following the first day of the applicable Unwind Period and ending on, and including, such Settlement Date (calculated assuming no reduction to the Forward Price for any Forward Price Reduction Date that occurs during the Unwind Period), minus USD 0.015, and (ii) the number of Settlement Shares for such Settlement Date, and (2) the product of (i) the Forward Price Reduction Amount for any Forward Price Reduction Date that occurs during such Unwind Period, and (ii) the number of Shares with respect to which Party A has not unwound its hedge as of such Forward Price Reduction Date and (B) the average of the 10b-18 VWAP prices per Share on each Exchange Business Day during such Unwind Period. |

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| | |
|:---|:---|
| 10b-18 VWAP: | For any Exchange Business Day during the Unwind Period which is not a Disrupted Day, the volume-weighted average price reported on the Bloomberg Page "AKR AQR SEC" (or any successor thereto) for such Exchange Business Day; provided, however, that if such price is unavailable for an Exchange Business Day or the Calculation Agent determines that such price does not correctly reflect the volume-weighted average price at which the Shares trade as reported in the composite transactions for the Exchange on such Exchange Business Day, excluding (i) trades that do not settle regular way, (ii) opening (regular way) reported trades on the Exchange on such Exchange Business Day, (iii) trades that occur in the last ten minutes before the scheduled close of trading on the Exchange on such Exchange Business Day and ten minutes before the scheduled close of the primary trading session in the market where the trade is effected, and (iv) trades on such Exchange Business Day that do not satisfy the requirements of Rule 10b-18(b)(3), the Calculation Agent shall, in a good faith, commercially reasonable manner, determine the 10b-18 VWAP for such Exchange Business Day based on the criteria specified above in this proviso. |
| Settlement Currency: | USD. |
| Failure to Deliver: | Inapplicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments</u>: |  |
| Method of Adjustment: | Calculation Agent Adjustment. |
| Additional Adjustment: | If, in Party A's commercially reasonable judgment, the stock loan fee to Party A (or an affiliate thereof), excluding the federal funds or other interest rate component payable by the relevant stock lender to Party A or such affiliate (the "Stock Loan Fee"), over the immediately preceding one month period, of borrowing a number of Shares equal to the Base Amount to hedge its exposure to the Transaction exceeds a weighted average rate equal to 25 basis points per annum, the Calculation Agent shall reduce the Forward Price in order to compensate Party A for the amount by which the Stock Loan Fee exceeded a weighted average rate equal to 25 basis points per annum during such period. The Calculation Agent shall notify Party B in writing prior to making any such adjustment to the Forward Price and, upon the request of Party B, Party A shall provide an itemized list in reasonable detail of the Stock Loan Fees for the applicable one month period (including any quotations, market data or information from external sources used by Party A in developing such list, but without disclosing its proprietary models or other information that is subject to contractual, legal or regulatory obligations to not disclose such information). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Account Details</u>: |  |
| Payments to Party A: | To be advised under separate cover or telephone confirmed prior to each Settlement Date |

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| | |
|:---|:---|
| Payments to Party B: | To be advised under separate cover or telephone confirmed prior to each Settlement Date |
| Delivery of Shares to Party A: | To be advised. |
| Delivery of Shares to Party B: | To be advised. |

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3. <u>Other Provisions</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conditions to Effectiveness</u>: The effectiveness of this Confirmation
 and the Transaction shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties of Party
 B and Acadia Realty Limited Partnership (the "Partnership") contained in the
 Underwriting Agreement dated the date hereof between Party B, the Partnership, Party A and
 the Underwriters party thereto (the "Underwriting Agreement"), and any certificate
 delivered pursuant thereto by Party B or the Partnership shall be true and correct on the
 Effective Date as if made as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of Party B and the Partnership shall
 have performed all of the obligations required to be performed by it under the Underwriting
 Agreement on or prior to the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all of the conditions set forth in Section 6
 of the Underwriting Agreement shall have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Closing Date (as defined in the Underwriting
 Agreement) shall have occurred as provided in the Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all of the representations and warranties
 of Party B hereunder and under the Agreement shall be true and correct on the Effective Date
 as if made as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Party B shall have performed all of the
 obligations required to be performed by it hereunder and under the Agreement on or prior
 to the Effective Date, including without limitation its obligations under Section ‎3(d) hereof;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Party B shall have delivered to Party
 A an opinion of counsel in form and substance reasonably satisfactory to Party A, with respect
 to the matters set forth in Section 3(a) of the Agreement and that the maximum
 number of Shares initially issuable hereunder have been duly authorized and, upon issuance
 pursuant to the terms of the Transaction, will be validly issued, fully paid and nonassessable.

Notwithstanding the foregoing or any other provision of this Confirmation, if (x) on or prior to 9:00 a.m., New York City time, on the date the Closing Date (as defined in the Underwriting Agreement) is scheduled to occur, in connection with establishing its commercially reasonable hedge position Party A, in its sole judgment, is unable, after using commercially reasonable efforts, to borrow and deliver for sale the Initial Number of Shares or (y) in Party A's sole judgment, it would incur a stock loan cost of more than 200 basis points per annum with respect to all or any portion of the Initial Number of Shares (in each case, an "Initial Hedging Disruption"), the effectiveness of this Confirmation and the Transaction shall be limited to the number of Shares Party A is so able to borrow in connection with establishing its commercially reasonable hedge position at a cost of not more than 200 basis points per annum (such number of Shares, the "Reduced Number of Shares"), which, for the avoidance of doubt, may be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interpretive Letter</u>:

Party B agrees and acknowledges that the Transaction is being entered into in accordance with the October 9, 2003 interpretive letter from the staff of the Securities and Exchange Commission to Goldman, Sachs & Co. (the "Interpretive Letter"). Party B represents that it is eligible to conduct a primary offering of Shares on Form S-3 and that the offering contemplated complies with Rule 415 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Representations, Warranties and Agreements of Party B</u>: Party
 B hereby represents and warrants to, and agrees with, Party A as of the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Party B represents to Party A on the Trade
 Date and on any date that Party B notifies Party A that Cash Settlement or Net Share Settlement
 applies to this Transaction, that (A) Party B is not aware of any material nonpublic
 information regarding Party B or the Shares, (B) each of its filings under the Securities
 Act, the Exchange Act or other applicable securities laws that were required to be filed
 have been filed in the prior 12 months and that, as of the date of this representation, when
 considered as a whole (with the more recent such filings deemed to amend inconsistent statements
 contained in any earlier such filings), there is no misstatement of material fact contained
 therein or omission of a material fact required to be stated therein or necessary to make
 the statements made therein, in the light of the circumstances under which they were made,
 not misleading and (C) Party B is not entering into this Confirmation nor making any
 election hereunder to create actual or apparent trading activity in the Shares (or any security
 convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate
 the price of the Shares (or any security convertible into or exchangeable for Shares) or
 otherwise in violation of the Exchange Act. In addition to any other requirement set forth
 herein, Party B agrees not to designate, or to appropriately rescind or modify a prior designation
 of, any Settlement Date if it is notified by Party A that, in the reasonable determination
 of Party A, based on advice of counsel, such settlement or Party A's related market
 activity in respect of such date would result in a violation of any applicable federal or
 state law or regulation, including the U.S. federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Shares, when issued and delivered in
 accordance with the terms of the Transaction, will be duly authorized and validly issued,
 fully paid and nonassessable, and the issuance thereof will not be subject to any preemptive
 or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Party B has reserved and will keep available
 at all times, free from preemptive rights, out of its authorized but unissued Shares, solely
 for the purpose of issuance upon settlement of the Transaction as herein provided, the maximum
 number of Shares as shall be issuable at such time upon settlement of the Transaction as
 set forth below under the heading "Maximum Share Delivery". All Shares so issuable
 shall, upon such issuance, be accepted for listing or quotation on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Party B agrees to provide Party A prior
 written notice (an "Issuer Repurchase Notice") prior to executing any repurchase
 of Shares by Party B or any of its subsidiaries (or entering into any contract that would
 require, or give the option to, Party B or any of its subsidiaries, to purchase or repurchase
 Shares), whether out of profits or capital or whether the consideration for such repurchase
 is cash, securities or otherwise (an "Issuer Repurchase"), that alone or in the
 aggregate would result in the Base Amount Percentage (as defined below) being (i) equal
 to or greater than 4.5% of the outstanding Shares or (ii) greater by 0.5% or more than
 the Base Amount Percentage at the time of the immediately preceding Issuer Repurchase Notice
 (or in the case of the first such Issuer Repurchase Notice, greater than the Base Amount
 Percentage as of the later of the date hereof or the immediately preceding Settlement Date,
 if any). The "Base Amount Percentage" as of any day is the fraction (1) the
 numerator of which is the aggregate of the Base Amount and each "Base Amount"
 (as defined in the applicable Additional Confirmation and any Additional Equity Derivative
 Transaction) under any outstanding Additional Transactions and (2) the denominator of
 which is the number of Shares outstanding on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No filing with, or approval, authorization,
 consent, license registration, qualification, order or decree of, any court or governmental
 authority or agency, domestic or foreign, is necessary or required for the execution, delivery
 and performance by Party B of this Confirmation and the consummation of the Transaction (including,
 without limitation, the issuance and delivery of Shares on any Settlement Date) except (i) such
 as have been obtained under the Securities Act, and (ii) as may be required to be obtained
 under state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Party B agrees not to make any Issuer Repurchase
 if, immediately following such Issuer Repurchase, the Base Amount Percentage would be equal
 to or greater than 4.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Party B is not insolvent, nor will Party
 B be rendered insolvent as a result of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Neither Party B nor any of its affiliated
 purchasers shall take any action (including, without limitation, any direct purchases by
 Party B or any of its affiliated purchasers or any purchases by a party to a derivative transaction
 with Party B or any of its affiliated purchasers), either under this Confirmation, under
 an agreement with another party or otherwise, that in the reasonable judgment of Party B
 is reasonably likely to cause any purchases of Shares by Party A or any of its affiliates
 in connection with any Cash Settlement or Net Share Settlement of the Transaction not to
 meet the conditions of the safe harbor provided by Rule 10b-18 under the Exchange Act
 if such purchases were made by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Party B will not engage in any "distribution"
 (as defined in Regulation M under the Exchange Act ("Regulation M")) that would
 cause a "restricted period" (as defined in Regulation M) to occur during any
 Unwind Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Party B (i) is capable of evaluating
 investment risks independently, both in general and with regard to all transactions and investment
 strategies involving a security or securities, (ii) will exercise independent judgment
 in evaluating the recommendations of any broker-dealer or its associated persons, unless
 it has otherwise notified the broker-dealer in writing and (iii) has total assets of
 at least USD 50 million as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Party B acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) during the term of the Transaction, Party
 A and its Affiliates may buy or sell Shares or other securities or buy or sell options or
 futures contracts or enter into swaps or other derivative securities in order to establish,
 adjust or unwind its hedge position with respect to the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Party A and its Affiliates may also be
 active in the market for the Shares and Share-linked transactions other than in connection
 with hedging activities in relation to the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Party A shall make its own determination
 as to whether, when or in what manner any hedging or market activities in Party B's
 securities shall be conducted and shall do so in a manner that it deems appropriate to hedge
 its price and market risk with respect to the Forward Price and the 10b-18 VWAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any market activities of Party A and its
 Affiliates with respect to the Shares may affect the market price and volatility of the Shares,
 as well as the Forward Price and 10b-18 VWAP, each in a manner that may be adverse to Party
 B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the Transaction is a derivatives transaction
 in which it has granted Party A the right, under certain circumstances, to receive cash or
 Shares, as the case may be; Party A may purchase Shares for its own account at an average
 price that may be greater than, or less than, the effective price paid by Party B under the
 terms of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The assets of Party B do not constitute
 "plan assets" under the Employee Retirement Income Security Act of 1974, as amended,
 the Department of Labor Regulations promulgated thereunder or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Party B shall, at least one day prior
 to the first day of any Unwind Period, notify Party A of the total number of Shares purchased
 in Rule 10b-18 purchases of blocks pursuant to the once-a-week block exception contained
 in Rule 10b-18(b)(4) by or for Party B or any of its affiliated purchasers during
 each of the four calendar weeks preceding the first day of the Unwind Period and during the
 calendar week in which the first day of the Unwind Period occurs ("Rule 10b-18
 purchase", "blocks" and "affiliated purchaser" each being used
 as defined in Rule 10b-18).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) During any Unwind Period, Party B shall
 (i) notify Party A prior to the opening of trading in the Shares on any day on which
 Party B makes, or expects to be made, any public announcement (as defined in Rule 165(f) under
 the Securities Act) of any merger, acquisition, or similar transaction involving a recapitalization
 relating to Party B (other than any such transaction in which the consideration consists
 solely of cash and there is no valuation period), (ii) promptly notify Party A following
 any such announcement that such announcement has been made, and (iii) promptly deliver
 to Party A following the making of any such announcement information indicating (A) Party
 B's average daily Rule 10b-18 purchases (as defined in Rule 10b-18) during
 the three full calendar months preceding the date of the announcement of such transaction
 and (B) Party B's block purchases (as defined in Rule 10b-18) effected pursuant
 to paragraph (b)(4) of Rule 10b-18 during the three full calendar months preceding
 the date of the announcement of such transaction. In addition, Party B shall promptly notify
 Party A of the earlier to occur of the completion of such transaction and the completion
 of the vote by target shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Party B is not, and after giving effect
 to the transactions contemplated hereby will not be, required to register as an "investment
 company" as such term is defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Without limiting the generality of Section 13.1
 of the 2002 Definitions, Party B acknowledges that Party A is not making any representations
 or warranties or taking any position or expressing any view with respect to the treatment
 of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share,
 ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from
 Equity and ASC 815-40, Derivatives and Hedging - Contracts in Entity's Own Equity (or
 any successor issue statements) or under FASB's Liabilities & Equity Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Party B understands no obligations of
 Party A to it hereunder will be entitled to the benefit of deposit insurance and that such
 obligations will not be guaranteed by any affiliate of Party A or any governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) No federal, state or local law, rule,
 regulation or regulatory order applicable to the Shares would give rise to any reporting,
 consent, registration or other requirement (including without limitation a requirement to
 obtain prior approval from any person or entity) as a result of Party A or its affiliates
 owning or holding (however defined) Shares, other than Sections 13 and 16 under the Exchange
 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Upon obtaining knowledge of the occurrence
 of any event that would constitute an Event of Default or Potential Event of Default, Party
 B will so notify Party A in writing within one Scheduled Trading Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Party B (i) has such knowledge and
 experience in financial and business affairs as to be capable of evaluating the merits and
 risks of entering into the Transaction, (ii) has consulted with its own legal, financial,
 accounting and tax advisors in connection with the Transaction and (iii) is entering
 into the Transaction for a bona fide business purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) Party B is not and has not been the subject
 of any civil proceeding of a judicial or administrative body of competent jurisdiction that
 could reasonably be expected to impair materially Party B's ability to perform its
 obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) Ownership positions of Party B's
 common stock held by Party A or any of its affiliates solely in its capacity as a nominee
 or fiduciary do not constitute "beneficial ownership" or "direct or indirect
 ownership" Party A for the purposes of Article VI of the Declaration of Trust
 of Party B, as amended (the "Articles"), including without limitation Section 6.6
 thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Covenant of Party B</u>:

Subject to the circumstances described under "Private Placement Procedures", Party B acknowledges and agrees that any Shares delivered by Party B to Party A on any Settlement Date will be newly issued Shares and when delivered by Party A (or an affiliate of Party A) to securities lenders from whom Party A (or an affiliate of Party A) borrowed Shares in connection with hedging its exposure to the Transaction will be freely saleable without further registration or other restrictions under the Securities Act, in the hands of those securities lenders, irrespective of whether such stock loan is effected by Party A or an affiliate of Party A. Accordingly, Party B agrees that the Shares that it delivers to Party A on each Settlement Date will not bear a restrictive legend and that such Shares will be deposited in, and the delivery thereof shall be effected through the facilities of, the Clearance System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Covenants of Party A</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless the provisions set forth below under
 "Private Placement Procedures" shall be applicable, Party A shall use any Shares
 delivered by Party B to Party A on any Settlement Date to return to securities lenders to

 Party A's or such affiliate's hedging activities related to Party A's exposure
 under this Confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with bids and purchases of
 Shares in connection with any Cash Settlement or Net Share Settlement of the Transaction,
 Party A shall use good faith efforts to conduct its activities, or cause its affiliates to
 conduct their activities, in a manner consistent with the requirements of the safe harbor
 provided by Rule 10b-18 under the Exchange Act, as if such provisions were applicable
 to such purchases aggregated with any analogous purchases occurring on the same day under
 any Additional Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Deadline for Designating an Early Termination Date and Payment Suspension</u>:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Insolvency Filing</u>:

Notwithstanding anything to the contrary herein, in the Agreement, in the 2006 Definitions or in the 2002 Definitions, upon any Insolvency Filing in respect of the Issuer, the Transaction shall automatically terminate on the date thereof without further liability of either party to this Confirmation to the other party (except for any liability in respect of any breach of representation or covenant by a party under this Confirmation prior to the date of such Insolvency Filing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Extraordinary Dividends</u>:

If an ex-dividend date for an Extraordinary Dividend occurs on or after the Trade Date and on or prior to the Maturity Date (or, if later, the last date on which Shares are delivered by Party B to Party A in settlement of the Transaction), Party B shall pay an amount in cash equal to the product of such Extraordinary Dividend and the Base Amount to Party A on the earlier of (i) the date on which such Extraordinary Dividend is paid by the Issuer to holders of record of the Shares or (ii) the Maturity Date. "Extraordinary Dividend" means the per Share amount of any cash dividend or distribution declared by the Issuer with respect to the Shares that is specified by the board of directors of the Issuer as an "extraordinary" dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Acceleration Events</u>:

The following events shall each constitute an "Acceleration Event":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Stock Borrow Events</u>. In the good
 faith and commercially reasonable judgment of Party A (i) Party A (or its affiliate)
 is unable, after using commercially reasonable efforts, to hedge its exposure to the Transaction
 because of the lack of sufficient Shares being made available for Share borrowing by lenders,
 or (ii) Party A (or its affiliate) would incur a Stock Loan Fee to borrow a number of
 Shares equal to the Base Amount of more than a rate of 200 basis points per annum (each,
 a "Stock Borrow Event");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Dividends and Other Distributions</u>.
 On any day occurring after the Trade Date Party B declares a distribution, issue or dividend
 to existing holders of the Shares of (i) any cash dividend (other than an Extraordinary
 Dividend) to the extent all cash dividends having an ex-dividend date during the period from
 and including any Forward Price Reduction Date (with the Trade Date being a Forward Price
 Reduction Date for purposes of this clause only) to but excluding the next subsequent Forward
 Price Reduction Date exceeds, on a per Share basis, the Forward Price Reduction Amount set
 forth opposite the first date of any such period on Schedule I, (ii) share capital or
 securities of another issuer acquired or owned (directly or indirectly) by Party B as a result
 of a spin-off or other similar transaction or (iii) any other type of securities (other
 than Shares), rights or warrants or other assets, for payment (cash or other consideration)
 at less than the prevailing market price as determined by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>ISDA Early Termination Date</u>. Party
 A notifies Party B that Party A has designated an Early Termination Date pursuant to Section 6
 of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Other ISDA Events</u>. The public announcement
 of any event that if consummated would result in an Extraordinary Event or the occurrence
 of any Change in Law or a Delisting; *provided* that in case of a Delisting, in
 addition to the provisions of Section 12.6(a)(iii) of the 2002 Definitions, it
 will also constitute a Delisting if the Exchange is located in the United States and the
 Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock
 Exchange, the Nasdaq Global Select Market or the Nasdaq Global Market (or their respective
 successors); and *provided further* that the definition of "Change in Law"
 provided in Section 12.9(a)(ii) of the 2002 Definitions is hereby amended by (i) replacing
 the phrase "the interpretation" in the third line thereof with the phrase ",
 or public announcement of, the formal or informal interpretation" and (ii) replacing
 the parenthetical beginning after the word "regulation" in the second line thereof
 the words "(including, for the avoidance of doubt and without limitation, (x) any
 tax law or (y) adoption, effectiveness or promulgation of new regulations authorized
 or mandated by existing statute)"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Ownership Even</u> t. In the reasonable
 judgment of Party A, on any day, the Share Amount for such day exceeds the Applicable Share
 Limit for such day (if any applies).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Termination Settlemen</u> t:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Private Placement Procedures</u>:

If Party B is unable to comply with the provisions of "Covenant of Party B" above because of a change in law or a change in the policy of the Securities and Exchange Commission or its staff, or Party A otherwise reasonably determines, based on advice of counsel, that any Settlement Shares to be delivered to Party A by Party B may not be freely returned by Party A or its affiliates to securities lenders as described under "Covenant of Party B" above, then delivery of any such Settlement Shares (the "Restricted Shares") shall be effected pursuant to Annex A hereto, unless waived by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Rule 10b5-1</u>:

It is the intent of Party A and Party B that following any election of Cash Settlement or Net Share Settlement by Party B, the purchase of Shares by Party A during any Unwind Period comply with the requirements of Rule 10b5-1(c)(1)(i)(B) of the Exchange Act and that this Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c).

Party B acknowledges that (i) during any Unwind Period Party B shall not attempt to exercise any influence over how, when or whether to effect purchases of Shares by Party A (or its agent or affiliate) in connection with this Confirmation and (ii) Party B is entering into the Agreement and this Confirmation in good faith and not as part of a plan or scheme to evade compliance with federal securities laws including, without limitation, Rule 10b-5 promulgated under the Exchange Act. Party B further agrees to act in good faith with respect to the Agreement and this Confirmation.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Maximum Share Delivery</u>:

Notwithstanding any other provision of this Confirmation, in no event will Party B be required to deliver on any Settlement Date, whether pursuant to Physical Settlement, Net Share Settlement, Termination Settlement or any Private Placement Settlement, more than a number of Shares equal to 1.5 times the Initial Base Amount, subject to reduction by the number of any Shares delivered by Party B on any prior Settlement Date and subject to adjustment from time to time in accordance with the provisions of this Confirmation and the Equity Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Transfer and Assignmen</u> t:

Party A may assign or transfer all (but not less than all) of its rights or delegate all (but not less than all) of its duties hereunder to any affiliate of Party A; *provided* that, under the applicable law effective on the date of such transfer or assignment, Party B will not be required, as a result of such transfer or assignment, to pay to the transferee an amount in respect of an Indemnifiable Tax greater than the amount, if any, that Party B would have been required to pay Party A in the absence of such transfer or assignment; and Party B will not receive a payment from which an amount has been withheld or deducted, on account of a Tax in respect of which the other party is not required to pay an additional amount, unless Party B would not have been entitled to receive any additional amount in respect of such payment in the absence of such transfer or assignment; *provided further* that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the affiliate's obligations hereunder are fully and unconditionally guaranteed by Party A or its parent or (B) the affiliate's long-term issuer rating is equal to or better than the credit rating of Party A at the time of such assignment or transfer. Notwithstanding the above or any other provision in this Confirmation to the contrary requiring or allowing Party A to purchase, sell, receive or deliver any Shares or other securities to or from Party B, Party A may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Party A's obligations in respect of the Transaction and any such designee may assume such obligations. Party A shall be discharged of its obligations to Party B to the extent of any such performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Acknowledgements</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Reliance: | Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Acknowledgments: | Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreements and Acknowledgments Regarding Hedging Activities: | Applicable |

---

4. The Agreement is further
 supplemented by the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Collateral or Setoff</u>:

Notwithstanding Section 6(f) or any other provision of the Agreement or any other agreement between the parties to the contrary, the obligations of Party B hereunder are not secured by any collateral. Obligations under the Transaction shall not be set off against any other obligations of the parties, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and no other obligations of the parties shall be set off against obligations under the Transaction, whether arising under the Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and each party hereby waives any such right of setoff. In calculating any amounts under Section 6(e) of the Agreement, notwithstanding anything to the contrary in the Agreement, (a) separate amounts shall be calculated as set forth in such Section 6(e) with respect to (i) the Transaction and (ii) all other Transactions, and (b) such separate amounts shall be payable pursuant to Section 6(d)(ii) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Status of Claims in Bankruptcy</u>:

Party A acknowledges and agrees that this confirmation is not intended to convey to Party A rights with respect to the transactions contemplated hereby that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings of Party B; *provided, however,* that nothing herein shall limit or shall be deemed to limit Party A's right to pursue remedies in the event of a breach by Party B of its obligations and agreements with respect to this Confirmation and the Agreement; and *provided further* that nothing herein shall limit or shall be deemed to limit Party A's rights in respect of any transaction other than the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Limit on Beneficial Ownership</u>:

Notwithstanding any other provisions hereof, Party A shall not have the right to acquire Shares hereunder and Party A shall not be entitled to take delivery of any Shares deliverable hereunder (in each case, whether in connection with the purchase of Shares on any Settlement Date or any Termination Settlement Date, any Private Placement Settlement or otherwise) to the extent (but only to the extent) that, after such receipt of any Shares hereunder, (i) the Share Amount would exceed the Applicable Share Limit, (ii) the Section 16 Percentage would exceed 4.9%, (iii) Party A and each person subject to aggregation of Shares with Party A under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder (the "Party A Group") would directly or indirectly beneficially own (as such term is defined for purposes of Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) in excess of 4.9% of the then outstanding Shares (the "Threshold Number of Shares") or (iv) such acquisition would result in a violation of any restriction on ownership or transfer set forth in Article VI of the Articles (the "Counterparty Stock Ownership Restrictions"). Any purported delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery, (i) the Share Amount would exceed the Applicable Share Limit, (ii) the Section 16 Percentage would exceed 4.9%, (iii) Party A Group would directly or indirectly so beneficially own in excess of the Threshold Number of Shares or (iv) such delivery would result in a violation of the Counterparty Stock Ownership Restrictions. If any delivery owed to Party A hereunder is not made, in whole or in part, as a result of this provision, Party B's obligation to make such delivery shall not be extinguished and Party B shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after, Party A gives notice to Party B that, after such delivery, (i) the Share Amount would not exceed the Applicable Share Limit, (ii) the Section 16 Percentage would not exceed 4.9%, (iii) Party A Group would not directly or indirectly so beneficially own in excess of the Threshold Number of Shares and (iv) such delivery would not result in a violation of the Counterparty Stock Ownership Restriction. The "Section 16 Percentage" as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Party A and any of its affiliates or any other person subject to aggregation with Party A for purposes of the "beneficial ownership" test under Section 13 of the Exchange Act, or any "group" (within the meaning of Section 13 of the Exchange Act) of which Party A is or may be deemed to be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day.

In addition, notwithstanding anything herein to the contrary, if any delivery owed to Party A hereunder is not made, in whole or in part, as a result of the immediately preceding paragraph, Party A shall be permitted to make any payment due in respect of such Shares to Party B in two or more tranches that correspond in amount to the number of Shares delivered by Party B to Party A pursuant to the immediately preceding paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delivery of Cash</u>:

For the avoidance of doubt, nothing in this Confirmation shall be interpreted as requiring Party B to deliver cash in respect of the settlement of this Transaction, except in circumstances where the required cash settlement thereof is permitted for classification of the contract as equity by ASC 815-40 (formerly EITF 00-19) as in effect on the Trade Date (including, without limitation, where Party B so elects to deliver cash or fails timely to elect to deliver Shares in respect of such settlement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Wall Street Transparency and Accountability Ac</u> t:

In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (the "WSTAA"), the parties hereby agree that neither the enactment of the WSTAA or any regulation under the WSTAA, nor any requirement under the WSTAA or an amendment made by the WSTAA, shall limit or otherwise impair either party's otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the 2002 Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from any Acceleration Event or Illegality (as defined in the Agreement)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Miscellaneous</u>:

(a) Addresses for Notices. For the purpose of Section 12(a) of the Agreement: <br>Address for notices or communications to Party A:

Wells Fargo Bank, National Association

500 West 33rd Street

New York, New York 10001

Attention: Corporate Equity Derivatives

Email: <u>CorporateDerivativeNotifications@wellsfargo.com</u>

Address for notices or communications to Party B:

Acadia Realty Trust

411 Theodore Fremd

Avenue, Suite 300 Rye,

New York 10580

Attn: Chief Financial Officer<br> Facsimile: 914-288-2138

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Waiver of Right to Trial by Jury. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to this Confirmation.** Each party (i) certifies that no representative, agent or attorney of the other
 party has represented, expressly or otherwise, that such other party would not, in the event
 of such a suit action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
 that it and the other party have been induced to enter into this Confirmation by, among other
 things, the mutual waivers and certifications herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Offices:

The Office of Party A for the Transaction is: Charlotte

The Office of Party B for the Transaction is: Inapplicable, Party B is not a Multibranch Party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Acknowledgements</u>:

The parties hereto intend for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Transaction to be a "securities
 contract" as defined in Section 741(7) of Title 11 of the United States Code
 (the "Bankruptcy Code"), qualifying for the protections under Section 555
 of the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a party's right to liquidate the
 Transaction and to exercise any other remedies upon the occurrence of any Event of Default
 under the Agreement with respect to the other party to constitute a "contractual right"
 as defined in the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Party A to be a "financial institution"
 within the meaning of Section 101(22) of the Bankruptcy Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all payments for, under or in connection
 with the Transaction, all payments for the Shares and the transfer of such Shares to constitute
 "settlement payments" as defined in the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Governing Law/Jurisdiction</u>:

This Confirmation and any claim, controversy or dispute arising under or related to this Confirmation shall be governed by the laws of the State of New York without reference to the conflict of laws provisions thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the United States Court for the Southern District of New York in connection with all matters relating hereto and waive any objection to the laying of venue in, and any claim of inconvenient forum with respect to, these courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Disclosure</u>:

Effective from the date of commencement of discussions concerning the Transaction, each of Party A and Party B and each of their employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) relating to such tax treatment and tax structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Risk Disclosure</u>:

Party B represents and warrants that it has received, read and understands Party A's "Risk Disclosure Statement Regarding OTC Derivatives Products" and acknowledges the terms thereof as if it had signed the Risk Disclosure Statement Verification contained therein as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Commodity Exchange Act</u>:

Each of Party A and Party B agrees and represents that it is an "eligible contract participant" as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended (the "CEA"), the Agreement and the Transaction are subject to individual negotiation by the parties and have not been executed or traded on a "trading facility" as defined in Section 1a(51) of the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Tax Matters</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> For the purpose of Section 3(e) of
 the Agreement, Party A and Party B each make the following representation:

It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of the Agreement) to be made by it to the other party under the Agreement. In making this representation, it may rely on: (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of the Agreement; (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of the Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Agreement; and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of the Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) of the Agreement by reason of material prejudice to its legal or commercial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> For the purpose of Section 3(f) of
 the Agreement:

Party A makes the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) It is a "U.S. person" (as
 that term is used in section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations)
 for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) It is a national banking association
 organized and existing under the laws of the United States of America, and is an exempt recipient
 under section 1.6049-4(c)(1)(ii)(M) of the United States Treasury Regulations.

Party B makes the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) It is a "U.S. person" (as
 that term is used in section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations)
 for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) It is a real estate investment trust
 for U.S. federal income tax purposes and is organized under the laws of the State of Maryland,
 and is an exempt recipient under section 1.6049-4(c)(1)(ii)(J) of the United States
 Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Ac</u> t. "Tax" and "Indemnifiable Tax", each as defined in Section 14
 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected
 pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended
 (the "Code"), any current or future regulations or official interpretations thereof,
 any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal
 or regulatory legislation, rules or practices adopted pursuant to any intergovernmental
 agreement entered into in connection with the implementation of such Sections of the Code
 (a "FATCA Withholding Tax"). For the avoidance of doubt, a FATCA Withholding
 Tax is a Tax the deduction or withholding of which is required by applicable law for the
 purposes of Section 2(d) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>HIRE Ac</u> t. To the extent
 that either party to the Agreement with respect to this Transaction is not an adhering party
 to the ISDA 2015 Section 871(m) Protocol published by the International Swaps and
 Derivatives Association, Inc. on November 2, 2015 and available at www.isda.org,
 as may be amended, supplemented, replaced or superseded from time to time (the "871(m) Protocol"),
 the parties agree that the provisions and amendments contained in the Attachment to the 871(m) Protocol
 are incorporated into and apply to the Agreement with respect to this Transaction as if set
 forth in full herein. The parties further agree that, solely for purposes of applying such
 provisions and amendments to the Agreement with respect to this Transaction, references to
 "each Covered Master Agreement" in the 871(m) Protocol will be deemed to
 be references to the Agreement with respect to this Transaction, and references to the "Implementation
 Date" in the 871(m) Protocol will be deemed to be references to the Trade Date
 of this Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>Tax documentation</u>. For the
 purposes of Sections 4(a)(i) and 4(a)(ii) of the Agreement, Party A shall provide
 to Party B a valid and duly executed U.S. Internal Revenue Service Form W-9 and Party
 B shall provide to Party A a valid and duly executed U.S. Internal Revenue Service Form W-9,
 or any successor thereto, (i) on or before the date of execution of this Confirmation;
 (ii) promptly upon reasonable demand by the other party; and (iii) promptly
 upon learning that any such tax form previously provided by Party A or Party B, respectively,
 has become invalid, obsolete, or incorrect. Additionally, each of Party A and Party B shall,
 promptly upon request by the other party, provide such other tax forms and documents requested
 by the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>QFC Stay Rules</u>:

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

"QFC Stay Rules" means the regulations codified at 12 C.F.R. 252.2, 252.81-8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Other Forwards / Dealers</u>:

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

[Remainder of page intentionally left blank]

Please confirm that the foregoing correctly sets forth the terms of our agreement by signing and returning this Confirmation.

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| | |
|:---|:---|
| Yours faithfully, | Yours faithfully, |
| **Wells Fargo Bank, National Association** | **Wells Fargo Bank, National Association** |
| By: | /s/ Christine Roemer |
| Name: | Christine Roemer |
| Title: | Managing Director |

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[Signature Page to Forward Confirmation]

Confirmed as of the date first written above:

**ACADIA REALTY TRUST**

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| | |
|:---|:---|
| By: | /s/ John Gottfried |
|  | Name: John Gottfried |
|  | Title: Executive Vice President and Chief Financial Officer |

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[Signature Page to Forward Confirmation]

**SCHEDULE I**

FORWARD PRICE REDUCTION DATES AND AMOUNTS

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| | | |
|:---|:---|:---|
| **Forward Price Reduction Date** | **Forward Price Reduction Amount** | **Forward Price Reduction Amount** |
| Trade Date | USD | 0.000 |
| 6/30/2026 | USD $| 0.20 |
| 9/30/2026 | USD $| 0.20 |
| 12/31/2026 | USD $| 0.20 |
| 3/31/2027 | USD $| 0.20 |

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**ANNEX A**

PRIVATE PLACEMENT PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If Party B delivers the Restricted Shares
 pursuant to this clause (i) (a "Private Placement Settlement"), then delivery
 of Restricted Shares by Party B shall be effected in customary private placement procedures
 with respect to such Restricted Shares reasonably acceptable to Party A; *provided* that if, on or before the date that a Private Placement Settlement would occur, Party
 B has taken, or caused to be taken, any action that would make unavailable either the exemption
 pursuant to Section 4(a)(2) of the Securities Act for the sale by Party B to Party
 A (or any affiliate designated by Party A) of the Restricted Shares or the exemption pursuant
 to Section 4(a)(1) or Section 4(a)(3) of the Securities Act for resales
 of the Restricted Shares by Party A (or any such affiliate of Party A) or Party B fails to
 deliver the Restricted Shares when due or otherwise fails to perform obligations within its
 control in respect of a Private Placement Settlement, it shall be an Event of Default with
 respect to Party B and Section 6 of the Agreement shall apply. The Private Placement
 Settlement of such Restricted Shares shall include customary representations, covenants,
 blue sky and other governmental filings and/or registrations, indemnities to Party A, due
 diligence rights (for Party A or any designated buyer of the Restricted Shares by Party A),
 opinions and certificates, and such other documentation as is customary for private placement
 agreements, all reasonably acceptable to Party A. In the case of a Private Placement Settlement,
 Party A shall, in its good faith discretion, adjust the number of Restricted Shares to be
 delivered to Party A hereunder and/or the Forward Price in a commercially reasonable manner
 to reflect the fact that such Restricted Shares may not be freely returned to securities
 lenders by Party A and may only be saleable by Party A at a discount to reflect the lack
 of liquidity in Restricted Shares. Notwithstanding the Agreement or this Confirmation, the
 date of delivery of such Restricted Shares shall be the Clearance System Business Day following
 notice by Party A to Party B of the number of Restricted Shares to be delivered pursuant
 to this clause (i). For the avoidance of doubt, delivery of Restricted Shares shall be due
 as set forth in the previous sentence and not be due on the Settlement Date or Termination
 Settlement Date that would otherwise be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If Party B delivers any Restricted Shares
 in respect of the Transaction, Party B agrees that (i) such Shares may be transferred
 by and among Party A and its affiliates and (ii) after the minimum holding period under
 Rule 144(d) under the Securities Act has elapsed after the applicable Settlement
 Date, Party B shall promptly remove, or cause the transfer agent for the Shares to remove,
 any legends referring to any transfer restrictions from such Shares upon delivery by Party
 A (or such affiliate of Party A) to Party B or such transfer agent of seller's and
 broker's representation letters customarily delivered by Party A or its affiliates
 in connection with resales of restricted securities pursuant to Rule 144 under the Securities
 Act, each without any further requirement for the delivery of any certificate, consent, agreement,
 opinion of counsel, notice or any other document, any transfer tax stamps or payment of any
 other amount or any other action by Party A (or such affiliate of Party A).

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](image_006.jpg) | 750 E. PRATT STREET SUITE 900 BALTIMORE, MD 21202<br> T 410.244.7400 F 410.244.7742 www.Venable.com |

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June 11, 2026

Acadia Realty Trust<br> 411 Theodore Fremd Avenue

Suite 300

Rye, New York 10580

Re: <u>Registration Statement on Form S-3 (File No. 333-275356)</u>

Ladies and Gentlemen:

We have served as Maryland counsel to Acadia Realty Trust, a Maryland real estate investment trust (the "Trust"), in connection with certain matters of Maryland law relating to the offering and sale of up to 10,350,000 common shares (the "Shares") of beneficial interest, par value $0.001 per share (the "Common Shares"), of the Trust (including up to 1,350,000 Shares which the Underwriters (as defined below) have the option to purchase), pursuant to the Underwriting Agreement, dated June 9, 2026 (the "Underwriting Agreement"), by and among the Trust, Acadia Realty Limited Partnership, a Delaware limited partnership for which the Trust is the sole general partner, the Forward Sellers (as defined in the Underwriting Agreement), the Forward Purchasers (as defined in the Underwriting Agreement) and BofA Securities, Inc., Jefferies LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC (collectively, the "Underwriters"). Pursuant to the Underwriting Agreement, the Trust will issue and sell any Shares (such Shares, if and to the extent so issued and sold by the Trust, the "Trust Shares") that the Forward Sellers do not sell and deliver to the Underwriters. The Trust will also issue, sell and/or deliver up to 12,937,500 Common Shares (the "Confirmation Shares"), upon settlement of one or more Forward Sale Agreements (as defined below).

In connection with our representation of the Trust, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The above-referenced Registration Statement and the related form of prospectus included therein in the form in which it was transmitted to the United States Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "1933 Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust's Prospectus, dated November 6, 2023 (the "Base Prospectus"), as supplemented by a Prospectus Supplement, dated June 9, 2026 (the "Prospectus Supplement" and, together with the Base Prospectus, the "Prospectus"), with respect to the offering and sale of the Shares (the "Offering"), each in the form in which it was transmitted to the Commission, including, in the case of the Prospectus Supplement, pursuant to Rule 424(b) of the General Rules and Regulations promulgated under the 1933 Act;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Declaration of Trust of the Trust, as amended and supplemented (the "Declaration of Trust"), certified by the State Department of Assessments and Taxation of Maryland (the "SDAT");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Amended and Restated Bylaws of the Trust, certified as of the date hereof by an officer of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A certificate of the SDAT as to the good standing of the Trust, dated as of a recent date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Resolutions adopted by the Board of Trustees of the Trust, or a duly authorized committee thereof (collectively, the "Resolutions"), relating to, among other matters, the registration, offering and sale of the Shares and the issuance, sale and/or delivery of any Trust Shares and the Confirmation Shares, certified as of the date hereof by an officer of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Four letter agreements, each dated June 9, 2026 (the "Existing Forward Sale Agreements"), between the Trust and one of the Forward Purchasers in relation to the offering and sale of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. A certificate executed by an officer of the Trust, dated as of the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. 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.

In expressing the opinion set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each individual executing any of the Documents on behalf of a party (other than the Trust) is duly authorized to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each of the parties (other than the Trust) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party's obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Shares and the Confirmation Shares will not be issued or transferred in violation of the restrictions on transfer and ownership contained in Article VI of the Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Upon the issuance of any Confirmation Shares, the total number of Common Shares issued and outstanding will not exceed the total number of Common Shares that the Trust is then authorized to issue under the Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Each letter agreement entered into between the Trust and any Forward Purchaser in connection with the exercise by the Underwriters of an option to purchase additional Common Shares (each, a "Future Forward Sale Agreement" and, together with the Existing Forward Sale Agreements, the "Forward Sale Agreements") will not differ in any manner material to this opinion from the Existing Forward Sale Agreements.

Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is a real estate investment trust duly formed and existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The issuance of the Trust Shares has been duly authorized and, when and if issued and delivered by the Trust against payment therefor in accordance with the Underwriting Agreement, the Resolutions, the Registration Statement and the Prospectus, the Trust Shares will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The issuance of the Confirmation Shares has been duly authorized and, when and if issued and delivered by the Trust against payment therefor in accordance with the applicable Forward Sale Agreement, the Resolutions, the Registration Statement and the Prospectus, the Confirmation Shares will be validly issued, fully paid and nonassessable.

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The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning federal law or any other state law. We express no opinion as to the applicability or effect of federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of any judicial decision which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.

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.

This opinion is being furnished to you for submission to the Commission as an exhibit to the Trust's Current Report on Form 8-K relating to the Shares (the "Current Report"). We hereby consent to the filing of this opinion as an exhibit to the Current Report and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

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| Very truly yours, |
| /s/ Venable LLP |

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