<SEC-DOCUMENT>0001140361-19-002357.txt : 20190204
<SEC-HEADER>0001140361-19-002357.hdr.sgml : 20190204
<ACCEPTANCE-DATETIME>20190204091002
ACCESSION NUMBER:		0001140361-19-002357
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190204
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190204
DATE AS OF CHANGE:		20190204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESSEX PROPERTY TRUST, INC.
		CENTRAL INDEX KEY:			0000920522
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				770369576
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13106
		FILM NUMBER:		19561786

	BUSINESS ADDRESS:	
		STREET 1:		1100 PARK PLACE
		STREET 2:		SUITE 200
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403
		BUSINESS PHONE:		6506557800

	MAIL ADDRESS:	
		STREET 1:		1100 PARK PLACE
		STREET 2:		SUITE 200
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESSEX PORTFOLIO LP
		DATE OF NAME CHANGE:	20181211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESSEX PROPERTY TRUST INC
		DATE OF NAME CHANGE:	19940318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESSEX PORTFOLIO LP
		CENTRAL INDEX KEY:			0001053059
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-44467-01
		FILM NUMBER:		19561787

	BUSINESS ADDRESS:	
		STREET 1:		777 CALIFORNIA AVE
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304
		BUSINESS PHONE:		4154943700

	MAIL ADDRESS:	
		STREET 1:		777 CALIFORNIA AVENUE
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>s002649x2_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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      <div style="text-align: center; font-size: 14pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
      <div style="text-align: center; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;;">Washington, D.C. 20549</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font>
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      <div style="text-align: center; font-size: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#160;</font><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">FORM 8-K</font></div>
      <div style="text-align: left;"><br>
        <hr style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 25%; color: #000000; text-align: center;" align="center" noshade="noshade"><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Date of Report (Date of Earliest Event Reported): February 4, 2019</font></div>
      <div style="text-align: center; font-size: 24pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: center; font-size: 24pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">ESSEX PROPERTY TRUST, INC.</font></div>
      <div style="text-align: center; font-size: 24pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">ESSEX PORTFOLIO, L.P.</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Exact Name of Registrant as Specified in Its Charter)</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">001-13106 (Essex Property Trust, Inc.)</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">333-44467-01 (Essex Portfolio, L.P.)</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Commission File Number)</font></div>
      <div><br>
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              <div style="text-align: center; margin-left: 0.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Maryland (Essex Property Trust, Inc.)</font></div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: center; margin-left: 0.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">77-0369576 (Essex Property Trust, Inc.)</font></div>
            </td>
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              <div style="text-align: center; margin-left: 0.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">California (Essex Portfolio, L.P.)</font></div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: center; margin-left: 0.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">77-0369575 (Essex Portfolio, L.P.)</font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
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              <div style="text-align: center; margin-left: 0.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(State or Other Jurisdiction of Incorporation)</font></div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: center; margin-left: 0.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(I.R.S. Employer Identification No.)</font></div>
            </td>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">1100 Park Place, Suite 200</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">San Mateo, CA 94403</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;(Address of principal executive offices, including zip code)</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(650) 655-7800</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Registrant&#8217;s telephone number, including area code)</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Not Applicable</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Former name or former address, if changed since last report)</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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:</font></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z7028feca8a2c456c97dcbcc1137f791e" cellpadding="0" cellspacing="0">

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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9744;</font></div>
            </td>
            <td style="width: 96.15%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
            </td>
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      </div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9744;</font></div>
            </td>
            <td style="width: 96.15%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9744;</font></div>
            </td>
            <td style="width: 96.15%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
            </td>
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      <div><br>
      </div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9744;</font></div>
            </td>
            <td style="width: 96.15%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
            </td>
          </tr>

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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter)
          or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter):</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Essex Property Trust, Inc.</font></div>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Emerging growth company</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
            </td>
            <td colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Essex Portfolio, L.P.</font></div>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Emerging growth company</font></div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
            </td>
            <td colspan="1" style="width: 10%; vertical-align: top;">&#160;</td>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
          revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></font>
        <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" align="center"></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 8.01 Other Events.</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 35.25pt; margin-right: 0.75pt; margin-left: 0.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Federal Income Tax Considerations</font></div>
      <div style="text-align: left; text-indent: 35.25pt; margin-right: 0.75pt; margin-left: 0.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 35.25pt; margin-right: 0.75pt; margin-left: 0.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As a result of recent changes in applicable tax law, the discussion under the heading
          &#8220;Material Federal Income Tax Considerations&#8221; in Exhibit 99.1 hereto (incorporated herein by reference) supersedes and replaces the discussion under the heading &#8220;Material Federal Income Tax Considerations&#8221; in the prospectus dated September 28,
          2018, which is a part of Essex Property Trust, Inc.&#8217;s and Essex Portfolio, L.P.&#8217;s Registration Statement on Form S-3 (File Nos. 333-227600 and 333-227600-01, respectively) filed with the Securities and Exchange Commission on September 28, 2018.</font></div>
      <div style="text-align: left; text-indent: 35.25pt; margin-right: 0.75pt; margin-left: 0.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left; margin-right: 0.75pt; margin-left: 0.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 9.01 Financial Statements and Exhibits.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)&#160;Exhibits.</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Exhibit No.</font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
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            <td style="width: 91%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Description</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
            </td>
            <td style="width: 91%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: left;"><a href="s002649x2_ex99-1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman';">99.1</font></a></div>
            </td>
            <td style="width: 2%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
            </td>
            <td style="width: 91%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Material Federal Income Tax Considerations</font></div>
            </td>
          </tr>
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            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
            </td>
            <td style="width: 2%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
            </td>
            <td style="width: 91%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">SIGNATURES</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 24.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrants have duly caused this report to be
          signed on their behalf by the undersigned, hereunto duly authorized.</font></div>
      <div><br>
      </div>
      <table style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zcd4028ebdb1244ffad07a580b74f2a74" border="0" cellpadding="0" cellspacing="0">

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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Date: February 4, 2019</font></div>
            </td>
            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">ESSEX PROPERTY TRUST, INC.</font></div>
            </td>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 45%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">/s/ </font>Daniel J. Rosenberg</font></div>
            </td>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Name:</font></div>
            </td>
            <td style="width: 45%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Daniel J. Rosenberg</font></div>
            </td>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Title:</font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Senior Vice President, General Counsel &amp; Secretary</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">ESSEX PORTFOLIO, L.P.</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Essex Property Trust, Inc.</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Its:</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">General Partner</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">/s/ </font>Daniel J. Rosenberg</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Name:</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Daniel J. Rosenberg</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Senior Vice President, General Counsel &amp; Secretary</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
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    <div style="text-align: right;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: left;"><br>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">MATERIAL FEDERAL INCOME TAX CONSIDERATIONS</div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following is a general summary of certain material U.S. federal income
            tax considerations regarding our election to be taxed as a real estate investment trust (&#8220;REIT&#8221;) and the acquisition, ownership and disposition of our capital stock and debt securities of Essex Portfolio, L.P. (our &#8220;Operating Partnership&#8221;). </font>Supplemental




          U.S. federal income tax considerations relevant to the ownership of the securities offered by the prospectus dated September 28, 2018 (the &#8220;Prospectus&#8221;) may be provided in the prospectus supplement that relates to those securities. Your tax
          treatment will vary depending upon the terms of the specific securities you acquire, as well as your particular situation. <font style="font-size: 10pt; font-family: 'Times New Roman';">For purposes of this discussion, references to &#8220;we,&#8221; &#8220;our&#8221;
            and &#8220;us&#8221; mean only Essex Property Trust, Inc. and do not include any of its subsidiaries, except as otherwise indicated. This summary is for general information only and is not tax advice. The information in this summary is based on:</font></font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;);</font></div>
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            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">current, temporary and proposed Treasury regulations promulgated under the Code (the &#8220;Treasury Regulations&#8221;);</font></div>
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            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the legislative history of the Code;</font></div>
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            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">administrative interpretations and practices of the Internal Revenue Service (the &#8220;IRS&#8221;); and</font></div>
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              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">court decisions;</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">in each case, as of the date of this Current Report on Form 8-K. In addition, the administrative interpretations and practices of the IRS include its
          practices and policies as expressed in private letter rulings that are not binding on the IRS except with respect to the particular taxpayers who requested and received those rulings. The sections of the Code and the corresponding Treasury
          Regulations that relate to qualification and taxation as a REIT are highly technical and complex. The following discussion sets forth certain material aspects of the sections of the Code that govern the U.S. federal income tax treatment of a REIT
          and its stockholders and the holders of our Operating Partnership&#8217;s debt securities. This summary is qualified in its entirety by the applicable Code provisions, Treasury Regulations promulgated under the Code, and administrative and judicial
          interpretations thereof. Potential tax reforms may result in significant changes to the rules governing U.S. federal income taxation. New legislation, Treasury Regulations, administrative interpretations and practices and/or court decisions may
          significantly and adversely affect our ability to qualify as a REIT, the U.S. federal income tax consequences of such qualification, or the U.S. federal income tax consequences of an investment in our capital stock or our Operating Partnership&#8217;s
          debt securities, including those described in this discussion. Moreover, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive
          relative to an investment in a REIT. Any such changes could apply retroactively to transactions preceding the date of the change. We have not requested, and do not plan to request, any rulings from the IRS that we qualify as a REIT, and the
          statements in the Prospectus and this Current Report on Form 8-K are not binding on the IRS or any court. Thus, we can provide no assurance that the tax considerations contained in this discussion will not be challenged by the IRS or will be
          sustained by a court if challenged by the IRS. This summary does not discuss any state, local or non-U.S. tax consequences, or any tax consequences arising under any U.S. federal tax laws other than U.S. federal income tax laws, associated with
          the purchase, ownership or disposition of our capital stock or our Operating Partnership&#8217;s debt securities, or our election to be taxed as a REIT. This discussion does not attempt to address all aspects of U.S. federal income taxation relating to
          holders of our capital stock or our Operating Partnership&#8217;s debt securities. <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">You are urged to review the applicable prospectus supplement in connection with the
            purchase of any of our capital stock or our Operating Partnership&#8217;s debt securities.</font></font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">You are urged to consult your tax advisor regarding the tax consequences to you of:</font></div>
        <div><br>
        </div>
      </div>
      <div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze8d9b2f5610042a490b4435038544eae" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">the purchase, ownership and disposition of our capital stock or our Operating Partnership&#8217;s debt securities, including the
                      U.S. federal, state, local, non-U.S. and other tax consequences;</font></div>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">our election to be taxed as a REIT for U.S. federal income tax purposes; and</font></div>
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                <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">potential changes in applicable tax laws.</font></div>
                </td>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Taxation of Our Company</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">General.</font> We have elected to
          be taxed as a REIT under Sections 856 through 860 of the Code commencing with our taxable year ended December 31, 1994. We believe that we have been organized and have operated in a manner that has allowed us to qualify for taxation as a REIT
          under the Code commencing with such taxable year, and we intend to continue to be organized and operate in this manner. However, qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under
          the Code, including through actual operating results, asset composition, distribution levels and diversity of stock ownership. Accordingly, no assurance can be given that we have been organized and have operated, or will continue to be organized
          and operate, in a manner so as to qualify or remain qualified as a REIT. See &#8220;&#8212;Failure to Qualify&#8221; for potential tax consequences if we fail to qualify as a REIT.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Latham &amp; Watkins LLP has acted as our tax counsel in connection with the filing of the Prospectus. Latham &amp; Watkins LLP has
          rendered an opinion to us, as of September 28, 2018 (the date of the Prospectus), to the effect that, commencing with our taxable year ended December 31, 2014, we have been organized and have operated in conformity with the requirements for
          qualification and taxation as a REIT under the Code, and our proposed method of operation will enable us to continue to meet the requirements for qualification and taxation as a REIT under the Code. It must be emphasized that this opinion was
          based on various assumptions and representations as to factual matters, including representations made by us in a factual certificate provided by one or more of our officers. In addition, this opinion was based upon our factual representations
          set forth in the Prospectus and does not foreclose the possibility that we may have to pay a deficiency dividend, or an excise or penalty tax, which could be significant in amount, in order to maintain our REIT qualification. Moreover, our
          qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, which are discussed below, including through actual operating results, asset composition, distribution levels and
          diversity of stock ownership, the results of which have not been and will not be reviewed by Latham &amp; Watkins LLP. Accordingly, no assurance can be given that our actual results of operation for any particular taxable year have satisfied or
          will satisfy those requirements. Further, the anticipated U.S. federal income tax treatment described herein may be changed, perhaps retroactively, by legislative, administrative or judicial action at any time. Latham &amp; Watkins LLP has no
          obligation to update its opinion subsequent to the date of such opinion.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Provided we qualify for taxation as a REIT, we generally will not be required to pay U.S. federal corporate income taxes on our REIT
          taxable income that is currently distributed to our stockholders. This treatment substantially eliminates the &#8220;double taxation&#8221; that ordinarily results from investment in a C corporation. A C corporation is a corporation that generally is
          required to pay tax at the corporate level. Double taxation means taxation once at the corporate level when income is earned and once again at the stockholder level when the income is distributed. We will, however, be required to pay U.S. federal
          income tax as follows:</font></div>
      <div><br>
      </div>
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            <tr>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">First, we will be required to pay regular U.S. federal corporate income tax on any undistributed REIT taxable income, including undistributed
                    capital gain.</font></div>
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              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Second, if we have (i) net income from the sale or other disposition of &#8220;foreclosure property&#8221; held primarily for sale to customers in the
                    ordinary course of business or (ii) other nonqualifying income from foreclosure property, we will be required to pay regular U.S. federal corporate income tax on this income. To the extent that income from foreclosure property is
                    otherwise qualifying income for purposes of the 75% gross income test, this tax is not applicable. Subject to certain other requirements, foreclosure property generally is defined as property we acquired through foreclosure or after a
                    default on a loan secured by the property or a lease of the property.</font></div>
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              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Third, we will be required to pay a 100% tax on any net income from prohibited transactions. Prohibited transactions are, in general, sales or
                    other taxable dispositions of property, other than foreclosure property, held as inventory or primarily for sale to customers in the ordinary course of business.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za8953c57daf7460a9574631448871b33" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za9ff8b4c70114b039d757d422c2a796b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fourth, if we fail to satisfy the 75% gross income test or the 95% gross income test, as described below, but have otherwise maintained our
                    qualification as a REIT because certain other requirements are met, we will be required to pay a tax equal to (i) the greater of (A) the amount by which we fail to satisfy the 75% gross income test and (B) the amount by which we fail to
                    satisfy the 95% gross income test, multiplied by (ii) a fraction intended to reflect our profitability.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
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            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z28fee3edd6b044298bc5a05230e426e6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fifth, if we fail to satisfy any of the asset tests (other than a <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style:
                      italic;">de minimis</font> failure of the 5% or 10% asset tests), as described below, due to reasonable cause and not due to willful neglect, and we nonetheless maintain our REIT qualification because of specified cure provisions, we
                    will be required to pay a tax equal to the greater of $50,000 or the U.S. federal corporate income tax rate multiplied by the net income generated by the nonqualifying assets that caused us to fail such test.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd3d0bc549c964218a09d44519fd361b5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z93842f6b4cf841668e21e971a9b3d73e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Sixth, if we fail to satisfy any provision of the Code that would result in our failure to qualify as a REIT (other than a violation of the gross
                    income tests or certain violations of the asset tests, as described below) and the violation is due to reasonable cause and not due to willful neglect, we may retain our REIT qualification but we will be required to pay a penalty of
                    $50,000 for each such failure.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd8fc2cb781d742d29dca3ef5e614dcf9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3bc849d25d00441d9a077a0900b5ea68" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Seventh, we will be required to pay a 4% excise tax to the extent we fail to distribute during each calendar year at least the sum of (i) 85% of
                    our ordinary income for the year, (ii) 95% of our capital gain net income for the year, and (iii) any undistributed taxable income from prior periods.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4458c5090f754b81b88b99fc9b39561f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z89bb532f20ff46e3ae31e8053b4611c4" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Eighth, if we acquire any asset from a corporation that is or has been a C corporation in a transaction in which our tax basis in the asset is
                    less than the fair market value of the asset, in each case determined as of the date on which we acquired the asset, and we subsequently recognize gain on the disposition of the asset during the five-year period beginning on the date on
                    which we acquired the asset, then we generally will be required to pay regular U.S. federal corporate income tax on this gain to the extent of the excess of (i) the fair market value of the asset over (ii) our adjusted tax basis in the
                    asset, in each case determined as of the date on which we acquired the asset. The results described in this paragraph with respect to the recognition of gain assume that the C corporation will refrain from making an election to receive
                    different treatment under applicable Treasury Regulations on its tax return for the year in which we acquire the asset from the C corporation. Under applicable Treasury Regulations, any gain from the sale of property we acquired in an
                    exchange under Section 1031 (a like-kind exchange) or Section 1033 (an involuntary conversion) of the Code generally is excluded from the application of this built-in gains tax.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a21ca821f4445cea84107acde5ed409" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9f3e1b6c0ba7445696cf34df356461b5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Ninth, our subsidiaries that are C corporations, including our &#8220;taxable REIT subsidiaries&#8221; described below, generally will be required to pay
                    regular U.S. federal corporate income tax on their earnings.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z518e3235d69d46e4815b4bec260dbbbb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z636007580e674f07b265ebe83e267cca" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Tenth, we will be required to pay a 100% tax on any &#8220;redetermined rents,&#8221; &#8220;redetermined deductions,&#8221; &#8220;excess interest&#8221; or &#8220;redetermined TRS
                    service income,&#8221; as described below under &#8220;&#8212;Penalty Tax.&#8221; In general, redetermined rents are rents from real property that are overstated as a result of services furnished to any of our tenants by a taxable REIT subsidiary of ours.
                    Redetermined deductions and excess interest generally represent amounts that are deducted by a taxable REIT subsidiary of ours for amounts paid to us that are in excess of the amounts that would have been deducted based on arm&#8217;s length
                    negotiations. Redetermined TRS service income generally represents income of a taxable REIT subsidiary that is understated as a result of services provided to us or on our behalf.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf58505b6c8144f7b9f2ccad714d98ed2" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z117cf446c29648f0a991425602ade731" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Eleventh, we may elect to retain and pay income tax on our net capital gain. In that case, a stockholder would include its proportionate share of
                    our undistributed capital gain (to the extent we make a timely designation of such gain to the stockholder) in its income, would be deemed to have paid the tax that we paid on such gain, and would be allowed a credit for its
                    proportionate share of the tax deemed to have been paid, and an adjustment would be made to increase the tax basis of the stockholder in our capital stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze18d1c6823b248f5b862270bd6132f16" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc4cd308713b448b2991f574fd138b156" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Twelfth, if we fail to comply with the requirement to send annual letters to our stockholders holding at least a certain percentage of our stock,
                    as determined under applicable Treasury Regulations, requesting information regarding the actual ownership of our stock, and the failure is not due to reasonable cause or is due to willful neglect, we will be subject to a $25,000
                    penalty, or if the failure is intentional, a $50,000 penalty.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9cb8e25955ee43f591f0567e1715013b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We and our subsidiaries may be subject to a variety of taxes other than U.S. federal income tax, including payroll taxes and state and
          local income, property and other taxes on our assets and operations.</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Requirements for Qualification as a REIT. </font>The




            Code defines a REIT as a corporation, trust or association:</font></div>
        <div><br>
        </div>
      </div>
      <div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb87bb50710034eedaf57351b4d695302" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 56pt; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(1)</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">that is managed by one or more trustees or directors;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zff7056bba3024789803742257d2cd09a" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;"><br>
                </td>
                <td style="width: auto; vertical-align: top;"><br>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55f33c8cca42458681dfa75102af5db1" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 56pt; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(2)</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">that issues transferable shares or transferable certificates to evidence its beneficial ownership;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4d65978b6ac4d09bd20788c5eb45d03" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;"><br>
                </td>
                <td style="width: auto; vertical-align: top;"><br>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2c3ebde7e046437ea89cf4a998614f0e" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 56pt; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(3)</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">that would be taxable as a domestic corporation, but for Sections 856 through 860 of the Code;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1eff2981d2cf473bb5f10e8d38d70fe0" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;"><br>
                </td>
                <td style="width: auto; vertical-align: top;"><br>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3481ed26e32a419a912dfc050cae361b" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 56pt; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(4)</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">that is not a financial institution or an insurance company within the meaning of certain provisions of the Code;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z93a786ed31cb48bd8dd024d666c30303" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;"><br>
                </td>
                <td style="width: auto; vertical-align: top;"><br>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze3c02d05f34d427888b856ae2ecab700" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 56pt; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(5)</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">that is beneficially owned by 100 or more persons;</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f24f77873ee46ca9993aa04425d5e8d" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;"><br>
                </td>
                <td style="width: auto; vertical-align: top;"><br>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z808fb81ae27b42cd9ebe71c4c3592229" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 56pt; vertical-align: top; text-align: center;">(6)<br>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">not more than 50% in value of the outstanding stock of which is owned, actually or constructively, by five or fewer individuals, including
                      certain specified entities, during the last half of each taxable year; and</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8e6357b9f19d44ab8f0c9ccc0da71258" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;"><br>
                </td>
                <td style="width: auto; vertical-align: top;"><br>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb4d53bfa35d2423c95a2af12654acd45" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 56pt; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(7)</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">that meets other tests, described below, regarding the nature of its income and assets and the amount of its distributions.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeecd96e014234c7aa545fa61ee68b58e" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;"><br>
                </td>
                <td style="width: auto; vertical-align: top;"><br>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Code provides that conditions (1) to (4), inclusive, must be met during the entire taxable year and that condition (5) must be met
          during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months. Conditions (5) and (6) do not apply until after the first taxable year for which an election is made to be taxed as
          a REIT. For purposes of condition (6), the term &#8220;individual&#8221; includes a supplemental unemployment compensation benefit plan, a private foundation or a portion of a trust permanently set aside or used exclusively for charitable purposes, but
          generally does not include a qualified pension plan or profit sharing trust.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We believe that we have been organized and have operated in a manner that has allowed us, and will continue to allow us, to satisfy
          conditions (1) through (7) inclusive, during the relevant time periods. In addition, our charter provides for restrictions regarding ownership and transfer of our shares that are intended to assist us in continuing to satisfy the share ownership
          requirements described in conditions (5) and (6) above. A description of the share ownership and transfer restrictions relating to our capital stock is contained in the discussion in the Prospectus under the heading &#8220;Description of Capital Stock&#8212;
          Restrictions on Transfer.&#8221; These restrictions, however, do not ensure that we have previously satisfied, and may not ensure that we will, in all cases, be able to continue to satisfy, the share ownership requirements described in conditions (5)
          and (6) above. If we fail to satisfy these share ownership requirements, except as provided in the next sentence, our status as a REIT will terminate. If, however, we comply with the rules contained in applicable Treasury Regulations that require
          us to ascertain the actual ownership of our shares and we do not know, or would not have known through the exercise of reasonable diligence, that we failed to meet the requirement described in condition (6) above, we will be treated as having met
          this requirement. See &#8220;&#8212;Failure to Qualify.&#8221;</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In addition, we may not maintain our status as a REIT unless our taxable year is the calendar year. We have and will continue to have a
          calendar taxable year.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ownership of Interests in
            Partnerships, Limited Liability Companies and Qualified REIT Subsidiaries. </font>In the case of a REIT that is a partner in a partnership (for purposes of this discussion, references to &#8220;partnership&#8221; include a limited liability company
          treated as a partnership for U.S. federal income tax purposes, and references to &#8220;partner&#8221; include a member in such a limited liability company), Treasury Regulations provide that the REIT will be deemed to own its proportionate share of the
          assets of the partnership based on its interest in partnership capital, subject to special rules relating to the 10% asset test described below. Also, the REIT will be deemed to be entitled to its proportionate share of the income of that entity.
          The assets and gross income of the partnership retain the same character in the hands of the REIT for purposes of Section 856 of the Code, including satisfying the gross income tests and the asset tests. Thus, our pro rata share of the assets and
          items of income of our Operating Partnership, including our Operating Partnership&#8217;s share of these items of any partnership or disregarded entity for U.S. federal income tax purposes in which it owns an interest, is treated as our assets and
          items of income for purposes of applying the requirements described in this discussion, including the gross income and asset tests described below. A brief summary of the rules governing the U.S. federal income taxation of partnerships is set
          forth below in &#8220;&#8212;Tax Aspects of Our Operating Partnership, the Subsidiary Partnerships and the Limited Liability Companies.&#8221;</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
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      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We have control of our Operating Partnership and the subsidiary partnerships and intend to operate them in a manner consistent with the
          requirements for our qualification as a REIT. If we become a limited partner or non-managing member in any partnership and such entity takes or expects to take actions that could jeopardize our status as a REIT or require us to pay tax, we may be
          forced to dispose of our interest in such entity. In addition, it is possible that a partnership could take an action which could cause us to fail a gross income or asset test, and that we would not become aware of such action in time to dispose
          of our interest in the partnership or take other corrective action on a timely basis. In such a case, we could fail to qualify as a REIT unless we were entitled to relief, as described below.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We may from time to time own and operate certain properties through wholly-owned subsidiaries that we intend to be treated as &#8220;qualified
          REIT subsidiaries&#8221; under the Code. A corporation will qualify as our qualified REIT subsidiary if we own 100% of the corporation&#8217;s outstanding stock and do not elect with the subsidiary to treat it as a &#8220;taxable REIT subsidiary,&#8221; as described
          below. A qualified REIT subsidiary is not treated as a separate corporation, and all assets, liabilities and items of income, gain, loss, deduction and credit of a qualified REIT subsidiary are treated as assets, liabilities and items of income,
          gain, loss, deduction and credit of the parent REIT for all purposes under the Code, including all REIT qualification tests. Thus, in applying the U.S. federal income tax requirements described in this discussion, any qualified REIT subsidiaries
          we own are ignored, and all assets, liabilities and items of income, gain, loss, deduction and credit of such corporations are treated as our assets, liabilities and items of income, gain, loss, deduction and credit. A qualified REIT subsidiary
          is not subject to U.S. federal income tax, and our ownership of the stock of a qualified REIT subsidiary will not violate the restrictions on ownership of securities, as described below under &#8220;&#8212;Asset Tests.&#8221;</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ownership of Interests in Taxable
            REIT Subsidiaries. </font>We, through our Operating Partnership, own interests in companies that have elected, together with us, to be treated as our taxable REIT subsidiaries, and we may acquire securities in additional taxable REIT
          subsidiaries in the future. A taxable REIT subsidiary is a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) other than a REIT in which a REIT directly or indirectly holds stock, and that has made a joint
          election with such REIT to be treated as a taxable REIT subsidiary. If a taxable REIT subsidiary owns more than 35% of the total voting power or value of the outstanding securities of another corporation, such other corporation will also be
          treated as a taxable REIT subsidiary. Other than some activities relating to lodging and health care facilities, a taxable REIT subsidiary may generally engage in any business, including the provision of customary or non-customary services to
          tenants of its parent REIT. A taxable REIT subsidiary is subject to U.S. federal income tax as a regular C corporation. A REIT&#8217;s ownership of securities of a taxable REIT subsidiary is not subject to the 5% or 10% asset test described below. See
          &#8220;&#8212;Asset Tests.&#8221; For taxable years beginning after December 31, 2017, taxpayers are subject to a limitation on their ability to deduct net business interest generally equal to 30% of adjusted taxable income, subject to certain exceptions. See
          &#8220;&#8212;Annual Distribution Requirements.&#8221; While not certain, this provision may limit the ability of our taxable REIT subsidiaries to deduct interest, which could increase their taxable income.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ownership of Interests in
            Subsidiary REITs.</font> We own and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a &#8220;Subsidiary REIT&#8221;). A Subsidiary REIT is subject to the various
          REIT qualification requirements and other limitations described herein that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to U.S. federal income tax and (ii) the
          Subsidiary REIT&#8217;s failure to qualify could have an adverse effect on our ability to comply with the REIT income and asset tests, and thus could impair our ability to qualify as a REIT unless we could avail ourselves of certain relief provisions.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Income Tests. </font>We must
          satisfy two gross income requirements annually to maintain our qualification as a REIT. First, in each taxable year we must derive directly or indirectly at least 75% of our gross income (excluding gross income from prohibited transactions,
          certain hedging transactions and certain foreign currency gains) from investments relating to real property or mortgages on real property, including &#8220;rents from real property,&#8221; dividends from other REITs and, in certain circumstances, interest,
          or certain types of temporary investments. Second, in each taxable year we must derive at least 95% of our gross income (excluding gross income from prohibited transactions, certain hedging transactions and certain foreign currency gains) from
          the real property investments described above or dividends, interest and gain from the sale or disposition of stock or securities, or from any combination of the foregoing. For these purposes, the term &#8220;interest&#8221; generally does not include any
          amount received or accrued, directly or indirectly, if the determination of all or some of the amount depends in any way on the income or profits of any person. However, an amount received or accrued generally will not be excluded from the term
          &#8220;interest&#8221; solely by reason of being based on a fixed percentage or percentages of receipts or sales.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
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      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Rents we receive from a tenant will qualify as &#8220;rents from real property&#8221; for the purpose of satisfying the gross income requirements for
          a REIT described above only if all of the following conditions are met:</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3d33183795214f06b8e164a477dab9cc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The amount of rent is not based in whole or in part on the income or profits of any person. However, an amount we receive or accrue generally will
                    not be excluded from the term &#8220;rents from real property&#8221; solely because it is based on a fixed percentage or percentages of receipts or sales;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1ca5edfa284d4eb8a934682a77fc06c5" cellpadding="0" cellspacing="0">

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              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd5a8e60ecf94442bb4fa8a62f1275c9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Neither we nor an actual or constructive owner of 10% or more of our capital stock actually or constructively owns 10% or more of the interests in
                    the assets or net profits of a non-corporate tenant, or, if the tenant is a corporation, 10% or more of the total combined voting power of all classes of stock entitled to vote or 10% or more of the total value of all classes of stock
                    of the tenant. Rents we receive from such a tenant that is a taxable REIT subsidiary of ours, however, will not be excluded from the definition of &#8220;rents from real property&#8221; as a result of this condition if at least 90% of the space at
                    the property to which the rents relate is leased to third parties, and the rents paid by the taxable REIT subsidiary are substantially comparable to rents paid by our other tenants for comparable space. Whether rents paid by a taxable
                    REIT subsidiary are substantially comparable to rents paid by other tenants is determined at the time the lease with the taxable REIT subsidiary is entered into, extended, and modified, if such modification increases the rents due under
                    such lease. Notwithstanding the foregoing, however, if a lease with a &#8220;controlled taxable REIT subsidiary&#8221; is modified and such modification results in an increase in the rents payable by such taxable REIT subsidiary, any such increase
                    will not qualify as &#8220;rents from real property.&#8221; For purposes of this rule, a &#8220;controlled taxable REIT subsidiary&#8221; is a taxable REIT subsidiary in which the parent REIT owns stock possessing more than 50% of the voting power or more than
                    50% of the total value of the outstanding stock of such taxable REIT subsidiary;</font></div>
              </td>
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        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4ecf3aff085f4a54b8a363ed5bbe8927" cellpadding="0" cellspacing="0">

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              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7474f95cfca949168e70c9c87aac098e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Rent attributable to personal property, leased in connection with a lease of real property, is not greater than 15% of the total rent received
                    under the lease. If this condition is not met, then the portion of the rent attributable to personal property will not qualify as &#8220;rents from real property.&#8221; To the extent that rent attributable to personal property, leased in
                    connection with a lease of real property, exceeds 15% of the total rent received under the lease, we may transfer a portion of such personal property to a taxable REIT subsidiary; and</font></div>
              </td>
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        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4bd3ff4f8dea434895dbd04b309bb0c5" cellpadding="0" cellspacing="0">

            <tr>
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              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
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        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaad502761fe6467a8422619cbeaaebf3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We generally may not operate or manage the property or furnish or render services to our tenants, subject to a 1% <font style="font-size: 10pt;
                      font-family: 'Times New Roman'; font-style: italic;">de minimis</font> exception and except as provided below. We may, however, perform services that are &#8220;usually or customarily rendered&#8221; in connection with the rental of space for
                    occupancy only and are not otherwise considered &#8220;rendered to the occupant&#8221; of the property. Examples of these services include the provision of light, heat, or other utilities, trash removal and general maintenance of common areas. In
                    addition, we may employ an independent contractor from whom we derive no revenue to provide customary services to our tenants, or a taxable REIT subsidiary (which may be wholly or partially owned by us) to provide both customary and
                    non-customary services to our tenants without causing the rent we receive from those tenants to fail to qualify as &#8220;rents from real property.&#8221;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e22ce41f4544e788560c8f42353c06e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
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        </table>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We generally do not intend, and, as the general partner of our Operating Partnership, we do not intend to permit our Operating
          Partnership, to take actions we believe will cause us to fail to satisfy the rental conditions described above. However, we may intentionally fail to satisfy some of these conditions to the extent we determine, based on the advice of our tax
          counsel, that the failure will not jeopardize our tax status as a REIT. In addition, with respect to the limitation on the rental of personal property, we generally have not obtained appraisals of the real property and personal property leased to
          tenants. Accordingly, there can be no assurance that the IRS will not disagree with our determinations of value.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">From time to time, we may enter into hedging transactions with respect to one or more of our assets or liabilities. Our hedging
          activities may include entering into interest rate swaps, caps, and floors, options to purchase these items, and futures and forward contracts. Income from a hedging transaction, including gain from the sale or disposition of such a transaction,
          that is clearly identified as a hedging transaction as specified in the Code will not constitute gross income under, and thus will be exempt from, the 75% and 95% gross income tests. The term &#8220;hedging transaction,&#8221; as used above, generally means
          (A) any transaction we enter into in the normal course of our business primarily to manage risk of (1) interest rate changes or fluctuations with respect to borrowings made or to be made by us to acquire or carry real estate assets, or (2)
          currency fluctuations with respect to an item of qualifying income under the 75% or 95% gross income test or any property which generates such income and (B) new transactions entered into to hedge the income or loss from prior hedging
          transactions, where the property or indebtedness which was the subject of the prior hedging transaction was extinguished or disposed of. To the extent that we do not properly identify such transactions as hedges or we hedge with other types of
          financial instruments, the income from those transactions is not likely to be treated as qualifying income for purposes of the gross income tests. We intend to structure any hedging transactions in a manner that does not jeopardize our status as
          a REIT.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">To the extent our taxable REIT subsidiaries pay dividends or interest, our allocable share of such dividend or interest income will
          qualify under the 95%, but not the 75%, gross income test (except that our allocable share of such interest would also qualify under the 75% gross income test to the extent the interest is paid on a loan that is adequately secured by real
          property).</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We will monitor the amount of the dividend and other income from our taxable REIT subsidiaries and will take actions intended to keep
          this income, and any other nonqualifying income, within the limitations of the gross income tests. Although we expect these actions will be sufficient to prevent a violation of the gross income tests, we cannot guarantee that such actions will in
          all cases prevent such a violation.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If we fail to satisfy one or both of the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for
          the year if we are entitled to relief under certain provisions of the Code. We generally may make use of the relief provisions if:</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9679f8d681444e16af69b73d2afd61e1" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">following our identification of the failure to meet the 75% or 95% gross income tests for any taxable year, we file a schedule with the IRS
                    setting forth each item of our gross income for purposes of the 75% or 95% gross income tests for such taxable year in accordance with Treasury Regulations to be issued; and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
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            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6d299687d3d6431c9cbbf3d9186418ae" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">our failure to meet these tests was due to reasonable cause and not due to willful neglect.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd5913ac78e5649af842028dfd8c7f14d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">It is not possible, however, to state whether in all circumstances we would be entitled to the benefit of these relief provisions. For
          example, if we fail to satisfy the gross income tests because nonqualifying income that we intentionally accrue or receive exceeds the limits on nonqualifying income, the IRS could conclude that our failure to satisfy the tests was not due to
          reasonable cause. If these relief provisions do not apply to a particular set of circumstances, we will not qualify as a REIT. See &#8220;&#8212;Failure to Qualify&#8221; below. As discussed above in &#8220;&#8212;General,&#8221; even if these relief provisions apply, and we retain
          our status as a REIT, a tax would be imposed with respect to our nonqualifying income. We may not always be able to comply with the gross income tests for REIT qualification despite periodic monitoring of our income.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Prohibited Transaction Income. </font>Any




          gain that we realize on the sale of property (other than any foreclosure property) held as inventory or otherwise held primarily for sale to customers in the ordinary course of business, including our share of any such gain realized by our
          Operating Partnership, either directly or through its subsidiary partnerships, will be treated as income from a prohibited transaction that is subject to a 100% penalty tax, unless certain safe harbor exceptions apply. This prohibited transaction
          income may also adversely affect our ability to satisfy the gross income tests for qualification as a REIT. Under existing law, whether property is held as inventory or primarily for sale to customers in the ordinary course of a trade or business
          is a question of fact that depends on all the facts and circumstances surrounding the particular transaction. As the general partner of our Operating Partnership, we intend to cause our Operating Partnership to hold its properties for investment
          with a view to long-term appreciation, to engage in the business of acquiring, developing and owning its properties and to make occasional sales of the properties as are consistent with our investment objectives. We do not intend, and do not
          intend to permit our Operating Partnership or its subsidiary partnerships, to enter into any sales that are prohibited transactions. However, the IRS may successfully contend that some or all of the sales made by our Operating Partnership or its
          subsidiary partnerships are prohibited transactions. We would be required to pay the 100% penalty tax on our allocable share of the gains resulting from any such sales. The 100% penalty tax will not apply to gains from the sale of assets that are
          held through a taxable REIT subsidiary, but such income will be subject to regular U.S. federal corporate income tax.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Penalty Tax. </font>Any
          redetermined rents, redetermined deductions, excess interest or redetermined TRS service income we generate will be subject to a 100% penalty tax. In general, redetermined rents are rents from real property that are overstated as a result of any
          services furnished to any of our tenants by a taxable REIT subsidiary of ours, redetermined deductions and excess interest represent any amounts that are deducted by a taxable REIT subsidiary of ours for amounts paid to us that are in excess of
          the amounts that would have been deducted based on arm&#8217;s length negotiations, and redetermined TRS service income is income of a taxable REIT subsidiary that is understated as a result of services provided to us or on our behalf. Rents we receive
          will not constitute redetermined rents if they qualify for certain safe harbor provisions contained in the Code.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We do not believe we have been, and do not expect to be, subject to this penalty tax, although any rental or service arrangements we
          enter into from time to time may not satisfy the safe-harbor provisions described above. These determinations are inherently factual, and the IRS has broad discretion to assert that amounts paid between related parties should be reallocated to
          clearly reflect their respective incomes. If the IRS successfully made such an assertion, we would be required to pay a 100% penalty tax on any overstated rents paid to us, or any excess deductions or understated income of our taxable REIT
          subsidiaries.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Asset Tests. </font>At the close
          of each calendar quarter of our taxable year, we must also satisfy certain tests relating to the nature and diversification of our assets. First, at least 75% of the value of our total assets must be represented by real estate assets, cash, cash
          items and U.S. government securities. For purposes of this test, the term &#8220;real estate assets&#8221; generally means real property (including interests in real property and interests in mortgages on real property or on both real property and, to a
          limited extent, personal property), shares (or transferable certificates of beneficial interest) in other REITs, any stock or debt instrument attributable to the investment of the proceeds of a stock offering or a public offering of debt with a
          term of at least five years (but only for the one-year period beginning on the date the REIT receives such proceeds), debt instruments of publicly offered REITs, and personal property leased in connection with a lease of real property for which
          the rent attributable to personal property is not greater than 15% of the total rent received under the lease.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Second, not more than 25% of the value of our total assets may be represented by securities (including securities of taxable REIT
          subsidiaries), other than those securities includable in the 75% asset test.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Third, of the investments included in the 25% asset class, and except for certain investments in other REITs, our qualified REIT
          subsidiaries and taxable REIT subsidiaries, the value of any one issuer&#8217;s securities may not exceed 5% of the value of our total assets, and we may not own more than 10% of the total vote or value of the outstanding securities of any one issuer.
          Certain types of securities we may own are disregarded as securities solely for purposes of the 10% value test, including, but not limited to, securities satisfying the &#8220;straight debt&#8221; safe harbor, securities issued by a partnership that itself
          would satisfy the 75% income test if it were a REIT, any loan to an individual or an estate, any obligation to pay rents from real property and any security issued by a REIT. In addition, solely for purposes of the 10% value test, the
          determination of our interest in the assets of a partnership in which we own an interest will be based on our proportionate interest in any securities issued by the partnership, excluding for this purpose certain securities described in the Code.
          From time to time we may own securities (including debt securities) of issuers that do not qualify as a REIT, a qualified REIT subsidiary or a taxable REIT subsidiary. We intend that our ownership of any such securities will be structured in a
          manner that allows us to comply with the asset tests described above.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fourth, not more than 20% (25% for taxable years beginning after July 30, 2008 and before January 1, 2018) of the value of our total
          assets may be represented by the securities of one or more taxable REIT subsidiaries. We and our Operating Partnership own interests in companies that have elected, together with us, to be treated as our taxable REIT subsidiaries, and we may
          acquire securities in additional taxable REIT subsidiaries in the future. So long as each of these companies qualifies as a taxable REIT subsidiary of ours, we will not be subject to the 5% asset test, the 10% voting securities limitation or the
          10% value limitation with respect to our ownership of the securities of such companies. We believe that the aggregate value of our taxable REIT subsidiaries has not exceeded, and in the future will not exceed, 20% (25% for taxable years beginning
          after July 30, 2008 and before January 1, 2018) of the aggregate value of our gross assets. We generally do not obtain independent appraisals to support these conclusions. In addition, there can be no assurance that the IRS will not disagree with
          our determinations of value.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fifth, not more than 25% of the value of our total assets may be represented by debt instruments of publicly offered REITs to the extent
          those debt instruments would not be real estate assets but for the inclusion of debt instruments of publicly offered REITs in the meaning of real estate assets, as described above (e.g., a debt instrument issued by a publicly offered REIT that is
          not secured by a mortgage on real property).</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In addition, we may acquire certain mezzanine loans secured by equity interests in pass-through entities that directly or indirectly own
          real property. Revenue Procedure 2003-65 (the &#8220;Revenue Procedure&#8221;) provides a safe harbor pursuant to which mezzanine loans meeting the requirements of the safe harbor will be treated by the IRS as real estate assets for purposes of the REIT
          asset tests. In addition, any interest derived from such mezzanine loans will be treated as qualifying mortgage interest for purposes of the 75% gross income test (described above). Although the Revenue Procedure provides a safe harbor on which
          taxpayers may rely, it does not prescribe rules of substantive tax law. The mezzanine loans that we acquire may not meet all of the requirements of the safe harbor. Accordingly, there can be no assurance that the IRS will not challenge the
          qualification of such assets as real estate assets or the interest generated by these loans as qualifying income under the 75% gross income test (described above).</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The asset tests must be satisfied at the close of each calendar quarter of our taxable year in which we (directly or through any
          partnership or qualified REIT subsidiary) acquire securities in the applicable issuer, and also at the close of each calendar quarter in which we increase our ownership of securities of such issuer (including as a result of an increase in our
          interest in any partnership that owns such securities). For example, our indirect ownership of securities of each issuer will increase as a result of our capital contributions to our Operating Partnership or as limited partners exercise any
          redemption/exchange rights. Also, after initially meeting the asset tests at the close of any quarter, we will not lose our status as a REIT for failure to satisfy the asset tests at the end of a later quarter solely by reason of changes in asset
          values. If we fail to satisfy an asset test because we acquire securities or other property during a quarter (including as a result of an increase in our interest in any partnership), we may cure this failure by disposing of sufficient
          nonqualifying assets within 30 days after the close of that quarter. We believe that we have maintained, and we intend to maintain, adequate records of the value of our assets to ensure compliance with the asset tests. If we fail to cure any
          noncompliance with the asset tests within the 30-day cure period, we would cease to qualify as a REIT unless we are eligible for certain relief provisions discussed below.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Certain relief provisions may be available to us if we discover a failure to satisfy the asset tests described above after the 30-day
          cure period. Under these provisions, we will be deemed to have met the 5% and 10% asset tests if the value of our nonqualifying assets (i) does not exceed the lesser of (a) 1% of the total value of our assets at the end of the applicable quarter
          or (b) $10,000,000, and (ii) we dispose of the nonqualifying assets or otherwise satisfy such tests within (a) six months after the last day of the quarter in which the failure to satisfy the asset tests is discovered or (b) the period of time
          prescribed by Treasury Regulations to be issued. For violations of any of the asset tests due to reasonable cause and not due to willful neglect and that are, in the case of the 5% and 10% asset tests, in excess of the <font style="font-size:
            10pt; font-family: 'Times New Roman'; font-style: italic;">de minimis</font> exception described above, we may avoid disqualification as a REIT after the 30-day cure period by taking steps including (i) the disposition of sufficient
          nonqualifying assets, or the taking of other actions, which allow us to meet the asset tests within (a) six months after the last day of the quarter in which the failure to satisfy the asset tests is discovered or (b) the period of time
          prescribed by Treasury Regulations to be issued, (ii) paying a tax equal to the greater of (a) $50,000 or (b) the U.S. federal corporate income tax rate multiplied by the net income generated by the nonqualifying assets, and (iii) disclosing
          certain information to the IRS.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Although we believe we have satisfied the asset tests described above and plan to take steps to ensure that we satisfy such tests for any
          quarter with respect to which retesting is to occur, there can be no assurance that we will always be successful, or will not require a reduction in our Operating Partnership&#8217;s overall interest in an issuer (including in a taxable REIT
          subsidiary). If we fail to cure any noncompliance with the asset tests in a timely manner, and the relief provisions described above are not available, we would cease to qualify as a REIT.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Annual Distribution Requirements. </font>To




          maintain our qualification as a REIT, we are required to distribute dividends, other than capital gain dividends, to our stockholders in an amount at least equal to the sum of:</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za7f0a505eefb48a58db817626bbb1e22" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">90% of our REIT taxable income; and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf75f14ab45134fdc999a627a6ff17073" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za72e4c46a64d46968f92ae62ffbd2f59" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">90% of our after-tax net income, if any, from foreclosure property; minus</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6836c910f33844a681842a5bddcdd55c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc465bc642172427f9be0296641d61612" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the excess of the sum of certain items of non-cash income over 5% of our REIT taxable income.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zef15817243824d969deeca9ff1fcc283" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">For these purposes, our REIT taxable income is computed without regard to the dividends paid deduction and our net capital gain. In
          addition, for purposes of this test, non-cash income generally means income attributable to leveled stepped rents, original issue discount, cancellation of indebtedness, or a like-kind exchange that is later determined to be taxable.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In addition, our REIT taxable income will be reduced by any taxes we are required to pay on any gain we recognize from the disposition of
          any asset we acquired from a corporation that is or has been a C corporation in a transaction in which our tax basis in the asset is less than the fair market value of the asset, in each case determined as of the date on which we acquired the
          asset, within the five-year period following our acquisition of such asset, as described above under &#8220;&#8212;General.&#8221;</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">For taxable years beginning after December 31, 2017, and except as provided below,</font> a taxpayer's<font style="font-size: 10pt;
          font-family: 'Times New Roman';"> deduction for net business interest expense will generally be limited to 30% of its taxable income, as adjusted for certain items of income, gain, deduction or loss. Any business interest deduction that is
          disallowed due to this limitation may be carried forward to future taxable years. If we </font>or any of our subsidiary partnerships (including our Operating Partnership) <font style="font-size: 10pt; font-family: 'Times New Roman';">are
          subject to this interest expense limitation, our REIT taxable income for a taxable year may be increased. Taxpayers that conduct certain real estate businesses may elect not to have this interest expense limitation apply to them, provided that
          they use an alternative depreciation system to depreciate certain property. We believe that we </font>or any of our subsidiary partnerships that are subject to this interest expense limitation<font style="font-size: 10pt; font-family: 'Times New
          Roman';"> will be eligible to make this election. If such election is made, although we</font> or such subsidiary partnership, as applicable,<font style="font-size: 10pt; font-family: 'Times New Roman';"> would not be subject to the interest
          expense limitation described above, depreciation deductions may be reduced and, as a result, our REIT taxable income for a taxable year may be increased.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We generally must pay, or be treated as paying, the distributions described above in the taxable year to which they relate. At our
          election, a distribution will be treated as paid in a taxable year if it is declared before we timely file our tax return for such year and paid on or before the first regular dividend payment after such declaration, provided such payment is made
          during the 12-month period following the close of such year. These distributions are treated as received by our stockholders in the year in which they are paid. This is so even though these distributions relate to the prior year for purposes of
          the 90% distribution requirement. In order to be taken into account for purposes of our distribution requirement, except as provided below, the amount distributed must not be preferential&#8212;<font style="font-size: 10pt; font-family: 'Times New
            Roman'; font-style: italic;">i.e.</font>, every stockholder of the class of stock to which a distribution is made must be treated the same as every other stockholder of that class, and no class of stock may be treated other than according to
          its dividend rights as a class. This preferential limitation will not apply to distributions made by us, provided we qualify as a &#8220;publicly offered REIT.&#8221; We believe that we are, and expect we will continue to be, a publicly offered REIT.
          However, Subsidiary REITs we may own from time to time may not be publicly offered REITs. To the extent that we do not distribute all of our net capital gain, or distribute at least 90%, but less than 100%, of our REIT taxable income, as
          adjusted, we will be required to pay regular U.S. federal corporate income tax on the undistributed amount. We believe that we have made, and we intend to continue to make, timely distributions sufficient to satisfy these annual distribution
          requirements and to minimize our corporate tax obligations. In this regard, the partnership agreement of our Operating Partnership authorizes us, as the general partner of our Operating Partnership, to take such steps as may be necessary to cause
          our Operating Partnership to distribute to its partners an amount sufficient to permit us to meet these distribution requirements and to minimize our corporate tax obligation.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We expect that our REIT taxable income will be less than our cash flow because of depreciation and other non-cash charges included in
          computing REIT taxable income. Accordingly, we anticipate that we generally will have sufficient cash or liquid assets to enable us to satisfy the distribution requirements described above. However, from time to time, we may not have sufficient
          cash or other liquid assets to meet these distribution requirements due to timing differences between the actual receipt of income and actual payment of deductible expenses, and the inclusion of income and deduction of expenses in determining our
          taxable income. In addition, we may decide to retain our cash, rather than distribute it, in order to repay debt or for other reasons. If these timing differences occur, we may borrow funds to pay dividends or pay dividends in the form of taxable
          stock distributions in order to meet the distribution requirements, while preserving our cash.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Under some circumstances, we may be able to rectify an inadvertent failure to meet the 90% distribution requirement for a year by paying
          &#8220;deficiency dividends&#8221; to our stockholders in a later year, which may be included in our deduction for dividends paid for the earlier year. In that case, we may be able to avoid being taxed on amounts distributed as deficiency dividends, subject
          to the 4% excise tax described below. However, we will be required to pay interest to the IRS based upon the amount of any deduction claimed for deficiency dividends. While the payment of a deficiency dividend will apply to a prior year for
          purposes of our REIT distribution requirements, it will be treated as an additional distribution to our stockholders in the year such dividend is paid. In addition, if a dividend paid by a REIT (including one of our Subsidiary REITs) is treated
          as a preferential dividend, in lieu of treating the dividend as not counting toward satisfying the 90% distribution requirement, the IRS may provide a remedy to cure such failure if the IRS determines that such failure is (or is of a type that
          is) inadvertent or due to reasonable cause and not due to willful neglect.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Furthermore, we will be required to pay a 4% excise tax to the extent we fail to distribute during each calendar year at least the sum of
          85% of our ordinary income for such year, 95% of our capital gain net income for the year and any undistributed taxable income from prior periods. Any ordinary income and net capital gain on which corporate income tax is imposed for any year is
          treated as an amount distributed during that year for purposes of calculating this excise tax.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">For purposes of the 90% distribution requirement and excise tax described above, dividends declared during the last three months of the
          taxable year, payable to stockholders of record on a specified date during such period and paid during January of the following year, will be treated as paid by us and received by our stockholders on December 31 of the year in which they are
          declared.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Like-Kind Exchanges. </font>We may
          dispose of real property that is not held primarily for sale in transactions intended to qualify as like-kind exchanges under the Code. Such like-kind exchanges are intended to result in the deferral of gain for U.S. federal income tax purposes.
          The failure of any such transaction to qualify as a like-kind exchange could require us to pay U.S. federal income tax, possibly including the 100% prohibited transaction tax, or deficiency dividends, depending on the facts and circumstances
          surrounding the particular transaction.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Tax Liabilities and Attributes
            Inherited in Connection with Acquisitions. </font>From time to time, we or our Operating Partnership may acquire other corporations or entities and, in connection with such acquisitions, we may succeed to the historical tax attributes and
          liabilities of such entities. For example, if we acquire a C corporation and subsequently dispose of its assets within five years of the acquisition, we could be required to pay the built-in gain tax described above under &#8220;&#8212;General.&#8221; In addition,
          in order to qualify as a REIT, at the end of any taxable year, we must not have any earnings and profits accumulated in a non-REIT year. As a result, if we acquire a C corporation, we must distribute the corporation&#8217;s earnings and profits
          accumulated prior to the acquisition before the end of the taxable year in which we acquire the corporation. We also could be required to pay the acquired entity&#8217;s unpaid taxes even though such liabilities arose prior to the time we acquired the
          entity.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Moreover, we may from time to time acquire other REITs through a merger or acquisition. If any such REIT failed to qualify as a REIT for
          any of its taxable years, such REIT would be liable for (and we, as the surviving corporation in the merger or acquisition, would be obligated to pay) regular U.S. federal corporate income tax on its taxable income for such taxable years. In
          addition, if such REIT was a C corporation at the time of the merger or acquisition, the tax consequences described in the preceding paragraph generally would apply. If such REIT failed to qualify as a REIT for any of its taxable years, but
          qualified as a REIT at the time of such merger or acquisition, and we acquired such REIT&#8217;s assets in a transaction in which our tax basis in the assets of such REIT is determined, in whole or in part, by reference to such REIT&#8217;s tax basis in such
          assets, we generally would be subject to tax on the built-in gain on each asset of such REIT as described above if we were to dispose of the asset in a taxable transaction during the five-year period following such REIT&#8217;s requalification as a
          REIT, subject to certain exceptions. Moreover, even if such REIT qualified as a REIT at all relevant times, we would similarly be liable for other unpaid taxes (if any) of such REIT (such as the 100% tax on gains from any sales treated as
          &#8220;prohibited transactions&#8221; as described above under &#8220;&#8212;Prohibited Transaction Income&#8221;).</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Furthermore, after our acquisition of another corporation or entity, the asset and income tests will apply to all of our assets,
          including the assets we acquire from such corporation or entity, and to all of our income, including the income derived from the assets we acquire from such corporation or entity. As a result, the nature of the assets that we acquire from such
          corporation or entity and the income we derive from those assets may have an effect on our tax status as a REIT.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Failure to Qualify. </font>If we
          discover a violation of a provision of the Code that would result in our failure to qualify as a REIT, certain specified cure provisions may be available to us. Except with respect to violations of the gross income tests and asset tests (for
          which the cure provisions are described above), and provided the violation is due to reasonable cause and not due to willful neglect, these cure provisions generally impose a $50,000 penalty for each violation in lieu of a loss of REIT status. If
          we fail to satisfy the requirements for taxation as a REIT in any taxable year, and the relief provisions do not apply, we will be required to pay regular U.S. federal corporate income tax, including any applicable alternative minimum tax for
          taxable years beginning before January 1, 2018, on our taxable income. Distributions to stockholders in any year in which we fail to qualify as a REIT will not be deductible by us. As a result, we anticipate that our failure to qualify as a REIT
          would reduce the cash available for distribution by us to our stockholders. In addition, if we fail to qualify as a REIT, we will not be required to distribute any amounts to our stockholders and all distributions to stockholders will be taxable
          as regular corporate dividends to the extent of our current and accumulated earnings and profits. In such event, corporate distributees may be eligible for the dividends-received deduction. In addition, non-corporate stockholders, including
          individuals, may be eligible for the preferential tax rates on qualified dividend income. Non-corporate stockholders, including individuals, generally may deduct up to 20% of dividends from a REIT, other than capital gain dividends and dividends
          treated as qualified dividend income, for taxable years beginning after December 31, 2017 and before January 1, 2026 for purposes of determining their U.S. federal income tax (but not for purposes of the 3.8% Medicare tax). If we fail to qualify
          as a REIT, such stockholders may not claim this deduction with respect to dividends paid by us. Unless entitled to relief under specific statutory provisions, we would also be ineligible to elect to be treated as a REIT for the four taxable years
          following the year for which we lose our qualification. It is not possible to state whether in all circumstances we would be entitled to this statutory relief.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Tax Aspects of Our Operating Partnership, the Subsidiary Partnerships and the Limited Liability Companies</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">General. </font><font style="font-size: 10pt; font-family: 'Times New Roman';">Substantially all of our investments are held indirectly through our Operating Partnership. In addition, our Operating Partnership holds certain of its investments indirectly through
            subsidiary partnerships and limited liability companies that we believe are and will continue to be treated as partnerships or disregarded entities for U.S. federal income tax purposes. In general, entities that are treated as partnerships or
            disregarded entities for U.S. federal income tax purposes are &#8220;pass-through&#8221; entities which are not required to pay U.S. federal income tax. Rather, partners of such partnerships are allocated their shares of the items of income, gain, loss,
            deduction and credit of the partnership, and are potentially required to pay tax on this income, without regard to whether they receive a distribution from the partnership. We will include in our income our share of these partnership items for
            purposes of the various gross income tests, the computation of our REIT taxable income, and the REIT distribution requirements. Moreover, for purposes of the asset tests, we will include our pro rata share of assets held by our Operating
            Partnership, including its share of the assets of its subsidiary partnerships, based on our capital interests in each such entity. See &#8220;&#8212;Taxation of Our Company&#8212;Ownership of Interests in Partnerships, Limited Liability Companies and Qualified
            REIT Subsidiaries.&#8221; </font>A disregarded entity is not treated as a separate entity for U.S. federal income tax purposes, and all assets, liabilities and items of income, gain, loss, deduction and credit of a disregarded entity are treated as
          assets, liabilities and items of income, gain, loss, deduction and credit of its parent that is not a disregarded entity (e.g., our Operating Partnership) for all purposes under the Code, including all REIT qualification tests.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
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      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Entity Classification. </font>Our
          interests in our Operating Partnership and the subsidiary partnerships and limited liability companies involve special tax considerations, including the possibility that the IRS might challenge the status of these entities as partnerships or
          disregarded entities for U.S. federal income tax purposes. For example, an entity that would otherwise be treated as a partnership for U.S. federal income tax purposes may nonetheless be taxable as a corporation if it is a &#8220;publicly traded
          partnership&#8221; and certain other requirements are met. A partnership would be treated as a publicly traded partnership if its interests are traded on an established securities market or are readily tradable on a secondary market or a substantial
          equivalent thereof, within the meaning of applicable Treasury Regulations. If any such entity were treated as a corporation, it would be required to pay an entity-level tax on its income. In this situation, the character of our assets and items
          of gross income would change and could prevent us from satisfying the REIT asset tests and possibly the REIT income tests. See &#8220;&#8212;Taxation of Our Company&#8212;Asset Tests&#8221; and &#8220;&#8212;Income Tests.&#8221; This, in turn, could prevent us from qualifying as a REIT.
          See &#8220;&#8212;Failure to Qualify&#8221; for a discussion of the effect of our failure to meet these tests. In addition, a change in the tax status of our Operating Partnership or a subsidiary treated as a partnership or disregarded entity to a corporation
          might be treated as a taxable event. If so, we might incur a tax liability without any related cash payment. We believe our Operating Partnership and each of the subsidiary partnerships and limited liability companies are and will continue to be
          treated as partnerships or disregarded entities for U.S. federal income tax purposes.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We believe our Operating Partnership and each of the subsidiary partnerships and limited liability companies will be classified as
          partnerships or disregarded entities for U.S. federal income tax purposes, and we do not anticipate that our Operating Partnership or any subsidiary partnership or limited liability company will be treated as a publicly traded partnership that is
          taxable as a corporation (other than any partnership or limited liability company that has elected to be taxed as a corporation and is either a REIT or a taxable REIT subsidiary of ours).</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Allocations of Items of Income,
            Gain, Loss and Deduction. </font>A partnership agreement (or, in the case of a limited liability company treated as a partnership for U.S. federal income tax purposes, the limited liability company agreement) generally will determine the
          allocation of income and loss among partners. These allocations, however, will be disregarded for tax purposes if they do not comply with the provisions of Section 704(b) of the Code and the Treasury Regulations thereunder. Generally, Section
          704(b) of the Code and the Treasury Regulations thereunder require that partnership allocations respect the economic arrangement of the partners.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The partnership agreement for our Operating Partnership provides that our Operating Partnership&#8217;s net income (including net gains) and
          net losses generally will be allocated first to ensure, to the extent possible, that we have received cumulative allocations of net income equal to the amount of dividends that have been paid and the amount of accrued but unpaid dividends in
          respect of preferred stock issued by us to our stockholders, and thereafter to us, as the general partner, and to the limited partners in proportion to their percentage interests. The partnership agreement also contains special allocations that
          are made under certain circumstances, including special allocations of net gain to the holders of incentive units (including LTIP Units) in connection with a sale of all or substantially all of our Operating Partnership&#8217;s assets or certain
          &#8220;book-ups&#8221; of capital accounts. These special allocations may result in overall allocations of net income or net loss in any particular year that deviate from the allocations that would have been made if the partnership agreement did not contain
          such special allocations.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If an allocation of partnership income or loss does not comply with the requirements of Section 704(b) of the Code and the Treasury
          Regulations thereunder, the item subject to the allocation will be reallocated in accordance with the partners&#8217; interests in the partnership. This reallocation will be determined by taking into account all of the facts and circumstances relating
          to the economic arrangement of the partners with respect to such item. The allocations of taxable income and loss of our Operating Partnership and any subsidiaries that are treated as partnerships for U.S. federal income tax purposes are intended
          to comply with the requirements of Section 704(b) of the Code and the Treasury Regulations thereunder.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Tax Allocations With Respect to the
            Properties. </font>Under Section 704(c) of the Code, items of income, gain, loss and deduction attributable to appreciated or depreciated property that is contributed to a partnership in exchange for an interest in the partnership must be
          allocated in a manner so that the contributing partner is charged with the unrealized gain or benefits from the unrealized loss associated with the property at the time of the contribution. The amount of the unrealized gain or unrealized loss
          generally is equal to the difference between the fair market value or book value and the adjusted tax basis of the contributed property at the time of contribution (this difference is referred to as a book-tax difference), as adjusted from time
          to time. These allocations are solely for U.S. federal income tax purposes and do not affect the book capital accounts or other economic or legal arrangements among the partners.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
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      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Our Operating Partnership may, from time to time, acquire interests in property in exchange for interests in our Operating Partnership.
          In that case, the tax basis of these property interests generally will carry over to our Operating Partnership, notwithstanding their different book (<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">i.e.</font>,
          fair market) value. The partnership agreement requires that income and loss allocations with respect to these properties be made in a manner consistent with Section 704(c) of the Code. Treasury Regulations issued under Section 704(c) of the Code
          provide partnerships with a choice of several methods of accounting for book-tax differences. Depending on the method we choose in connection with any particular contribution, the carryover basis of each of the contributed interests in the
          properties in the hands of our Operating Partnership (1) could cause us to be allocated lower amounts of depreciation deductions for tax purposes than would be allocated to us if any of the contributed properties were to have a tax basis equal to
          its respective fair market value at the time of the contribution and (2) could cause us to be allocated taxable gain in the event of a sale of such contributed interests or properties in excess of the economic or book income allocated to us as a
          result of such sale, with a corresponding benefit to the other partners in our Operating Partnership. An allocation described in clause (2) above might cause us or the other partners to recognize taxable income in excess of cash proceeds in the
          event of a sale or other disposition of property, which might adversely affect our ability to comply with the REIT distribution requirements. See &#8220;&#8212;Taxation of Our Company&#8212;Requirements for Qualification as a REIT&#8221; and &#8220;&#8212;Annual Distribution
          Requirements.&#8221;</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Any property acquired by our Operating Partnership in a taxable transaction will initially have a tax basis equal to its fair market
          value, and Section 704(c) of the Code generally will not apply.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Partnership Audit Rules.</font> The
          Bipartisan Budget Act of 2015 changed the rules applicable to U.S. federal income tax audits of partnerships. Under the new rules (which are generally effective for taxable years beginning after December 31, 2017), among other changes and subject
          to certain exceptions, any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and any partner&#8217;s distributive share thereof) is determined, and taxes, interest, or penalties attributable thereto are assessed
          and collected, at the partnership level. Although it is uncertain how certain aspects of these new rules will be implemented, it is possible that they could result in partnerships in which we directly or indirectly invest, including our Operating
          Partnership, being required to pay additional taxes, interest and penalties as a result of an audit adjustment, and we, as a direct or indirect partner of these partnerships, could be required to bear the economic burden of those taxes, interest,
          and penalties even though we, as a REIT, may not otherwise have been required to pay additional corporate-level taxes as a result of the related audit adjustment.&#160; Investors are urged to consult their tax advisors with respect to these changes
          and their potential impact on their investment in our capital stock.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Material U.S. Federal Income Tax Consequences to Holders of Our Capital Stock and Our Operating Partnership&#8217;s Debt Securities</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following discussion is a summary of the material U.S. federal income tax consequences to you of purchasing, owning and disposing of
          our capital stock or our Operating Partnership&#8217;s debt securities. This discussion is limited to holders who hold our capital stock or our Operating Partnership&#8217;s debt securities as &#8220;capital assets&#8221; within the meaning of Section 1221 of the Code
          (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a holder&#8217;s particular circumstances. In addition, except where specifically noted, it does not address consequences
          relevant to holders subject to special rules, including, without limitation:</font></div>
      <div><br>
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            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">U.S. expatriates and former citizens or long-term residents of the United States;</font></div>
              </td>
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              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">persons subject to the alternative minimum tax;</font></div>
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              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">U.S. holders (as defined below) whose functional currency is not the U.S. dollar;</font></div>
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        <div> <br>
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        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
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              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">persons holding our capital stock or our Operating Partnership&#8217;s debt securities as part of a hedge, straddle or other risk reduction strategy or
                    as part of a conversion transaction or other integrated investment;</font></div>
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            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">banks, insurance companies, and other financial institutions;</font></div>
              </td>
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              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">REITs or regulated investment companies;</font></div>
              </td>
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              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">brokers, dealers or traders in securities;</font></div>
              </td>
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      <div>
        <div> <br>
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              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8220;controlled foreign corporations,&#8221; &#8220;passive foreign investment companies,&#8221; and corporations that accumulate earnings to avoid U.S. federal income
                    tax;</font></div>
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              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">S corporations, partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors
                    therein);</font></div>
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      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb2b62dd254ed4ba7a8d53cb37145d6fc" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">tax-exempt organizations or governmental organizations;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdcf26e55559c4fe7820dfd29bbc5cfa0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za66e6428c1574c79bb8434ee26a76c78" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">persons subject to special tax accounting rules as a result of any item of gross income with respect to our capital stock or our Operating
                    Partnership&#8217;s debt securities being taken into account in an applicable financial statement;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88c8a6a704024d96b0918634c109a07c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z17327459770f483393180506a6e7303a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">persons deemed to sell our capital stock or our Operating Partnership&#8217;s debt securities under the constructive sale provisions of the Code; and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zda4a441859b84dbf81c10b098faf88e9" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb71da2cef93749b98e5cd7581480f3d7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">persons who hold or receive our capital stock pursuant to the exercise of any employee stock option or otherwise as compensation.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd664afc343aa43bcb4fb55f5a6b773ef" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED AS TAX ADVICE. INVESTORS SHOULD CONSULT THEIR
          TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR CAPITAL STOCK OR OUR OPERATING PARTNERSHIP&#8217;S DEBT
          SECURITIES ARISING UNDER OTHER U.S. FEDERAL TAX LAWS (INCLUDING ESTATE AND GIFT TAX LAWS), UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">For purposes of this discussion, a &#8220;U.S. holder&#8221; is a beneficial owner of our capital stock or our Operating Partnership&#8217;s debt
          securities that, for U.S. federal income tax purposes, is or is treated as:</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8062c3a7f6b64c769829646a9a8cc407" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">an individual who is a citizen or resident of the United States;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za0608e2e2f134755a26638d2b11bdaeb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z20fb6d1208ba44e7aa656a42951a689a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">a corporation created or organized under the laws of the United States, any state thereof, or the District of Columbia;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z33ed5784d4784d2b9b02a15e2e571283" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdbbfd7485ebd4e358dc7791e814e89c3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">an estate, the income of which is subject to U.S. federal income tax regardless of its source; or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6ba512e69ea349f7aa0d541e7659102c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3fb336c81ad24ded85c3346a210a56aa" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more &#8220;United States persons&#8221; (within the meaning
                    of Section 7701(a)(30) of the Code) or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z60b587d680744fed9efce1b486810319" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">For purposes of this discussion, a &#8220;non-U.S. holder&#8221; is any beneficial owner of our capital stock or our Operating Partnership&#8217;s debt
          securities that is neither a U.S. holder nor an entity treated as a partnership for U.S. federal income tax purposes.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If an entity treated as a partnership for U.S. federal income tax purposes holds our capital stock or our Operating Partnership&#8217;s debt
          securities, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding our capital stock or
          our Operating Partnership&#8217;s debt securities and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Taxation of Taxable U.S. Holders of Our Capital Stock</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Distributions Generally. </font>Distributions




          out of our current or accumulated earnings and profits will be treated as dividends and, other than with respect to capital gain dividends and certain amounts which have previously been subject to corporate level tax, as discussed below, will be
          taxable to our taxable U.S. holders as ordinary income when actually or constructively received. See &#8220;&#8212;Tax Rates&#8221; below. As long as we qualify as a REIT, these distributions will not be eligible for the dividends-received deduction in the case of
          U.S. holders that are corporations or, except to the extent described in &#8220;&#8212;Tax Rates&#8221; below, the preferential rates on qualified dividend income applicable to non-corporate U.S. holders, including individuals. For purposes of determining whether
          distributions to holders of our capital stock are out of our current or accumulated earnings and profits, our earnings and profits will be allocated first to our outstanding preferred stock, if any, and then to our outstanding common stock.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">To the extent that we make distributions on our capital stock in excess of our current and accumulated earnings and profits allocable to
          such stock, these distributions will be treated first as a tax-free return of capital to a U.S. holder to the extent of the U.S. holder&#8217;s adjusted tax basis in such shares of stock. This treatment will reduce the U.S. holder&#8217;s adjusted tax basis
          in such shares of stock by such amount, but not below zero. Distributions in excess of our current and accumulated earnings and profits and in excess of a U.S. holder&#8217;s adjusted tax basis in its shares will be taxable as capital gain. Such gain
          will be taxable as long-term capital gain if the shares have been held for more than one year. Dividends we declare in October, November, or December of any year and which are payable to a holder of record on a specified date in any of these
          months will be treated as both paid by us and received by the holder on December 31 of that year, provided we actually pay the dividend on or before January 31 of the following year. U.S. holders may not include in their own income tax returns
          any of our net operating losses or capital losses.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">U.S. holders that receive taxable stock distributions, including distributions partially payable in our capital stock and partially
          payable in cash, would be required to include the full amount of the distribution (<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">i.e.</font>, the cash and the stock portion) as a dividend (subject to limited
          exceptions) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes, as described above. The amount of any distribution payable in our capital stock generally is equal to the amount of cash that
          could have been received instead of the capital stock. Depending on the circumstances of a U.S. holder, the tax on the distribution may exceed the amount of the distribution received in cash, in which case such U.S. holder would have to pay the
          tax using cash from other sources. If a U.S. holder sells the capital stock it received in connection with a taxable stock distribution in order to pay this tax and the proceeds of such sale are less than the amount required to be included in
          income with respect to the stock portion of the distribution, such U.S. holder could have a capital loss with respect to the stock sale that could not be used to offset such income. A U.S. holder that receives capital stock pursuant to such
          distribution generally has a tax basis in such capital stock equal to the amount of cash that could have been received instead of such capital stock as described above, and has a holding period in such capital stock that begins on the day
          immediately following the payment date for the distribution.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Capital Gain Dividends. </font>Dividends




          that we properly designate as capital gain dividends will be taxable to our taxable U.S. holders as a gain from the sale or disposition of a capital asset held for more than one year, to the extent that such gain does not exceed our actual net
          capital gain for the taxable year and may not exceed our dividends paid for the taxable year, including dividends paid the following year that are treated as paid in the current year. U.S. holders that are corporations may, however, be required
          to treat up to 20% of certain capital gain dividends as ordinary income. If we properly designate any portion of a dividend as a capital gain dividend, then, except as otherwise required by law, we presently intend to allocate a portion of the
          total capital gain dividends paid or made available to holders of all classes of our capital stock for the year to the holders of each class of our capital stock in proportion to the amount that our total dividends, as determined for U.S. federal
          income tax purposes, paid or made available to the holders of each such class of our capital stock for the year bears to the total dividends, as determined for U.S. federal income tax purposes, paid or made available to holders of all classes of
          our capital stock for the year. In addition, except as otherwise required by law, we will make a similar allocation with respect to any undistributed long-term capital gains which are to be included in our stockholders&#8217; long-term capital gains,
          based on the allocation of the capital gain amount which would have resulted if those undistributed long-term capital gains had been distributed as &#8220;capital gain dividends&#8221; by us to our stockholders.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Retention of Net Capital Gains. </font>We




          may elect to retain, rather than distribute as a capital gain dividend, all or a portion of our net capital gains. If we make this election, we would pay tax on our retained net capital gains. In addition, to the extent we so elect, our earnings
          and profits (determined for U.S. federal income tax purposes) would be adjusted accordingly, and a U.S. holder generally would:</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd97ecfd85b6d456fb5423f65e53c7c75" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">include its pro rata share of our undistributed capital gain in computing its long-term capital gains in its return for its taxable year in which
                    the last day of our taxable year falls, subject to certain limitations as to the amount that is includable;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zba9410f2a88842e2ab32f5a089376bad" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b8f26a6c9e946a99cd64fcb688adf93" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">be deemed to have paid its share of the capital gains tax imposed on us on the designated amounts included in the U.S. holder&#8217;s income as
                    long-term capital gain;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2b25475499254341a748fee3bab46560" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1f22e82c1684f94b669cf7c074625d5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">receive a credit or refund for the amount of tax deemed paid by it;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc33e3e784ccd49f4b5b941e519d4e970" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf1ec37ce035341f8b492285c2d15b7ca" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">increase the adjusted tax basis of its capital stock by the difference between the amount of includable gains and the tax deemed to have been paid
                    by it; and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z409a852daf22402394ced94a842a67bd" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z41842c08f9674289b0de2beddc21d0bb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">in the case of a U.S. holder that is a corporation, appropriately adjust its earnings and profits for the retained capital gains in accordance
                    with Treasury Regulations to be promulgated by the IRS.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z098790a46f0e4244aefe6ff9a1280687" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Passive Activity Losses and
            Investment Interest Limitations. </font>Distributions we make and gain arising from the sale or exchange by a U.S. holder of our capital stock will not be treated as passive activity income. As a result, U.S. holders generally will not be able
          to apply any &#8220;passive losses&#8221; against this income or gain. A U.S. holder generally may elect to treat capital gain dividends, capital gains from the disposition of our capital stock and income designated as qualified dividend income, as described
          in &#8220;&#8212;Tax Rates&#8221; below, as investment income for purposes of computing the investment interest limitation, but in such case, the holder will be taxed at ordinary income rates on such amount. Other distributions made by us, to the extent they do
          not constitute a return of capital, generally will be treated as investment income for purposes of computing the investment interest limitation.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Dispositions of Our Capital Stock.
          </font>Except as described below under &#8220;&#8212;Redemption or Repurchase by Us,&#8221; if a U.S. holder sells or disposes of shares of our capital stock, it will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference
          between the amount of cash and the fair market value of any property received on the sale or other disposition and the holder&#8217;s adjusted tax basis in the shares. This gain or loss, except as provided below, will be long-term capital gain or loss
          if the holder has held such capital stock for more than one year. However, if a U.S. holder recognizes a loss upon the sale or other disposition of capital stock that it has held for six months or less, after applying certain holding period
          rules, the loss recognized will be treated as a long-term capital loss to the extent the U.S. holder received distributions from us which were required to be treated as long-term capital gains.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Redemption or Repurchase by Us. </font>A
          redemption or repurchase of shares of our capital stock will be treated under Section 302 of the Code as a distribution (and taxable as a dividend to the extent of our current and accumulated earnings and profits as described above under
          &#8220;&#8212;Distributions Generally&#8221;) unless the redemption or repurchase satisfies one of the tests set forth in Section 302(b) of the Code and is therefore treated as a sale or exchange of the redeemed or repurchased shares. The redemption or repurchase
          generally will be treated as a sale or exchange if it:</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdc04e46edbaa4069a4758ca702484531" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">is &#8220;substantially disproportionate&#8221; with respect to the U.S. holder,</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc246d74bcd6f4619b42b96045a02cdb5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zde2d5757b69b47dfb5c73876b9f7aefa" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">results in a &#8220;complete redemption&#8221; of the U.S. holder&#8217;s stock interest in us, or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7ecf72a54a984aeb9a767a118f0e34e3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z443d940b94c54e52b9c3448e647ef52d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">is &#8220;not essentially equivalent to a dividend&#8221; with respect to the U.S. holder,</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0948e18186f34e76912b03ac6a7488cb" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">all within the meaning of Section 302(b) of the Code.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In determining whether any of these tests has been met, shares of our capital stock, including common stock and other equity interests in
          us, considered to be owned by the U.S. holder by reason of certain constructive ownership rules set forth in the Code, as well as shares of our capital stock actually owned by the U.S. holder, generally must be taken into account. Because the
          determination as to whether any of the alternative tests of Section 302(b) of the Code will be satisfied with respect to the U.S. holder depends upon the facts and circumstances at the time that the determination must be made, U.S. holders are
          advised to consult their tax advisors to determine such tax treatment.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If a redemption or repurchase of shares of our capital stock is treated as a distribution, the amount of the distribution will be
          measured by the amount of cash and the fair market value of any property received. See &#8220;&#8212;Distributions Generally.&#8221; A U.S. holder&#8217;s adjusted tax basis in the redeemed or repurchased shares generally will be transferred to the holder&#8217;s remaining
          shares of our capital stock, if any. If a U.S. holder owns no other shares of our capital stock, under certain circumstances, such basis may be transferred to a related person or it may be lost entirely. Proposed Treasury Regulations issued in
          2009, if enacted in their current form, would affect the basis recovery rules described above. It is not clear whether these proposed regulations will be enacted in their current form or at all. Prospective investors should consult their tax
          advisors regarding the U.S. federal income tax consequences of a redemption or repurchase of our capital stock.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If a redemption or repurchase of shares of our capital stock is not treated as a distribution, it will be treated as a taxable sale or
          exchange in the manner described under &#8220;&#8212;Dispositions of Our Capital Stock.&#8221;</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Tax Rates. </font>The maximum tax
          rate for non-corporate taxpayers for (1) long-term capital gains, including certain &#8220;capital gain dividends,&#8221; generally is 20% (although depending on the characteristics of the assets which produced these gains and on designations which we may
          make, certain capital gain dividends may be taxed at a 25% rate) and (2) &#8220;qualified dividend income&#8221; generally is 20%. In general, dividends payable by REITs are not eligible for the reduced tax rate on qualified dividend income, except to the
          extent that certain holding period requirements have been met and the REIT&#8217;s dividends are attributable to dividends received from taxable corporations (such as its taxable REIT subsidiaries) or to income that was subject to tax at the
          corporate/REIT level (for example, if the REIT distributed taxable income that it retained and paid tax on in the prior taxable year). Capital gain dividends will only be eligible for the rates described above to the extent that they are properly
          designated by the REIT as &#8220;capital gain dividends.&#8221; U.S. holders that are corporations may be required to treat up to 20% of some capital gain dividends as ordinary income. In addition, non-corporate U.S. holders, including individuals, generally
          may deduct up to 20% of dividends from a REIT, other than capital gain dividends and dividends treated as qualified dividend income, for taxable years beginning after December 31, 2017 and before January 1, 2026 for purposes of determining their
          U.S. federal income tax (but not for purposes of the 3.8% Medicare tax)</font>, subject to certain limitations.</div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Taxation of Tax-Exempt Holders of Our Capital Stock</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Dividend income from us and gain arising upon a sale of shares of our capital stock generally should not be unrelated business taxable
          income (&#8220;UBTI&#8221;), to a tax-exempt holder, except as described below. This income or gain will be UBTI, however, to the extent a tax-exempt holder holds its shares as &#8220;debt-financed property&#8221; within the meaning of the Code. Generally,
          &#8220;debt-financed property&#8221; is property the acquisition or holding of which was financed through a borrowing by the tax-exempt holder.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">For tax-exempt holders that are social clubs, voluntary employee benefit associations or supplemental unemployment benefit trusts exempt
          from U.S. federal income taxation under Sections 501(c)(7), (c)(9) or (c)(17) of the Code, respectively, income from an investment in our shares will constitute UBTI unless the organization is able to properly claim a deduction for amounts set
          aside or placed in reserve for specific purposes so as to offset the income generated by its investment in our shares. These prospective investors should consult their tax advisors concerning these &#8220;set aside&#8221; and reserve requirements.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Notwithstanding the above, however, a portion of the dividends paid by a &#8220;pension-held REIT&#8221; may be treated as UBTI as to certain trusts
          that hold more than 10%, by value, of the interests in the REIT. A REIT will not be a &#8220;pension-held REIT&#8221; if it is able to satisfy the &#8220;not closely held&#8221; requirement without relying on the &#8220;look-through&#8221; exception with respect to certain trusts
          or if such REIT is not &#8220;predominantly held&#8221; by &#8220;qualified trusts.&#8221; As a result of restrictions on ownership and transfer of our stock contained in our charter, we do not expect to be classified as a &#8220;pension-held REIT,&#8221; and as a result, the tax
          treatment described above should be inapplicable to our holders. However, because our common stock is (and, we anticipate, will continue to be) publicly traded, we cannot guarantee that this will always be the case.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Taxation of Non-U.S. Holders of Our Capital Stock</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following discussion addresses the rules governing U.S. federal income taxation of the purchase, ownership and disposition of our
          capital stock by non-U.S. holders. These rules are complex, and no attempt is made herein to provide more than a brief summary of such rules. Accordingly, the discussion does not address all aspects of U.S. federal income taxation and does not
          address other federal, state, local or non-U.S. tax consequences that may be relevant to a non-U.S. holder in light of its particular circumstances. We urge non-U.S. holders to consult their tax advisors to determine the impact of U.S. federal,
          state, local and non-U.S. income and other tax laws and any applicable tax treaty on the purchase, ownership and disposition of shares of our capital stock, including any reporting requirements.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Distributions Generally. </font>Distributions




          (including any taxable stock distributions) that are neither attributable to gains from sales or exchanges by us of United States real property interests (&#8220;USRPIs&#8221;) nor designated by us as capital gain dividends (except as described below) will
          be treated as dividends of ordinary income to the extent that they are made out of our current or accumulated earnings and profits. Such distributions ordinarily will be subject to withholding of U.S. federal income tax at a 30% rate or such
          lower rate as may be specified by an applicable income tax treaty, unless the distributions are treated as effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States (and, if required by an
          applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such dividends are attributable). Under certain treaties, however, lower withholding rates generally applicable to dividends do
          not apply to dividends from a REIT. Certain certification and disclosure requirements must be satisfied for a non-U.S. holder to be exempt from withholding under the effectively connected income exemption. Dividends that are treated as
          effectively connected with a U.S. trade or business generally will not be subject to withholding but will be subject to U.S. federal income tax on a net basis at the regular graduated rates, in the same manner as dividends paid to U.S. holders
          are subject to U.S. federal income tax. Any such dividends received by a non-U.S. holder that is a corporation may also be subject to an additional branch profits tax at a 30% rate (applicable after deducting U.S. federal income taxes paid on
          such effectively connected income) or such lower rate as may be specified by an applicable income tax treaty.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Except as otherwise provided below, we expect to withhold U.S. federal income tax at the rate of 30% on any distributions made to a
          non-U.S. holder unless:</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z733bc4f91aa44d2f9ebc581f545325c6" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(1)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">a lower treaty rate applies and the non-U.S. holder furnishes an IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) evidencing
                    eligibility for that reduced treaty rate; or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9fed0e6552674e5a802d7c0b333b8621" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeb827bf638e140d7a7912ff5a9c9db36" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(2)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the non-U.S. holder furnishes an IRS Form W-8ECI (or other applicable documentation) claiming that the distribution is income effectively
                    connected with the non-U.S. holder&#8217;s trade or business.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfd5e0ad26c5f44a59f2979404988cd0d" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Distributions in excess of our current and accumulated earnings and profits will not be taxable to a non-U.S. holder to the extent that
          such distributions do not exceed the adjusted tax basis of the holder&#8217;s capital stock, but rather will reduce the adjusted tax basis of such stock. To the extent that such distributions exceed the non-U.S. holder&#8217;s adjusted tax basis in such
          capital stock, they generally will give rise to gain from the sale or exchange of such stock, the tax treatment of which is described below. However, such excess distributions may be treated as dividend income for certain non-U.S. holders. For
          withholding purposes, we expect to treat all distributions as made out of our current or accumulated earnings and profits. However, amounts withheld may be refundable if it is subsequently determined that the distribution was, in fact, in excess
          of our current and accumulated earnings and profits, provided that certain conditions are met.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Capital Gain Dividends and
            Distributions Attributable to a Sale or Exchange of United States Real Property Interests. </font>Distributions to a non-U.S. holder that we properly designate as capital gain dividends, other than those arising from the disposition of a
          USRPI, generally should not be subject to U.S. federal income taxation, unless:</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b63eb3b14d34144ab8474a2bfd0dd41" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(1)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the investment in our capital stock is treated as effectively connected with the conduct by the non-U.S. holder of a trade or business within the
                    United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such dividends are attributable), in which case the non-U.S. holder will be
                    subject to the same treatment as U.S. holders with respect to such gain, except that a non-U.S. holder that is a corporation may also be subject to a branch profits tax of up to 30%, as discussed above; or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb451fed3daca4fcdab2029918cdfc90a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5dfb5fa3b82c46daad37fbbe46ca5ec3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(2)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the non-U.S. holder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain
                    other conditions are met, in which case the non-U.S. holder will be subject to U.S. federal income tax at a rate of 30% on the non-U.S. holder&#8217;s capital gains (or such lower rate specified by an applicable income tax treaty), which may
                    be offset by U.S. source capital losses of such non-U.S. holder (even though the individual is not considered a resident of the United States), provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect
                    to such losses.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z99a4df8ddf854fcfacd3cb11f8bdb1a8" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to the Foreign Investment in Real Property Tax Act, which is referred to as &#8220;FIRPTA,&#8221; distributions to a non-U.S. holder that
          are attributable to gain from sales or exchanges by us of USRPIs, whether or not designated as capital gain dividends, will cause the non-U.S. holder to be treated as recognizing such gain as income effectively connected with a U.S. trade or
          business. Non-U.S. holders generally would be taxed at the regular graduated rates applicable to U.S. holders, subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals.
          We also will be required to withhold and to remit to the IRS 21% of any distribution to non-U.S. holders attributable to gain from sales or exchanges by us of USRPIs. Distributions subject to FIRPTA may also be subject to a 30% branch profits tax
          in the hands of a non-U.S. holder that is a corporation. The amount withheld is creditable against the non-U.S. holder&#8217;s U.S. federal income tax liability. However, any distribution with respect to any class of stock that is &#8220;regularly traded,&#8221;
          as defined by applicable Treasury Regulations, on an established securities market located in the United States is not subject to FIRPTA, and therefore, not subject to the 21% U.S. withholding tax described above, if the non-U.S. holder did not
          own more than 10% of such class of stock at any time during the one-year period ending on the date of the distribution. Instead, such distributions generally will be treated as ordinary dividend distributions and subject to withholding in the
          manner described above with respect to ordinary dividends. In addition, distributions to certain non-U.S. publicly traded shareholders that meet certain record-keeping and other requirements (&#8220;qualified shareholders&#8221;) are exempt from FIRPTA,
          except to the extent owners of such qualified shareholders that are not also qualified shareholders own, actually or constructively, more than 10% of our capital stock. Furthermore, distributions to &#8220;qualified foreign pension funds&#8221; or entities
          all of the interests of which are held by &#8220;qualified foreign pension funds&#8221; are exempt from FIRPTA. Non-U.S. holders should consult their tax advisors regarding the application of these rules.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Retention of Net Capital Gains. </font>Although




          the law is not clear on the matter, it appears that amounts we designate as retained net capital gains in respect of our capital stock should be treated with respect to non-U.S. holders as actual distributions of capital gain dividends. Under
          this approach, the non-U.S. holders may be able to offset as a credit against their U.S. federal income tax liability their proportionate share of the tax paid by us on such retained net capital gains and to receive from the IRS a refund to the
          extent their proportionate share of such tax paid by us exceeds their actual U.S. federal income tax liability. If we were to designate any portion of our net capital gain as retained net capital gain, non-U.S. holders should consult their tax
          advisors regarding the taxation of such retained net capital gain.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Sale of Our Capital Stock. </font>Except




          as described below under &#8220;&#8212;Redemption or Repurchase by Us,&#8221; gain realized by a non-U.S. holder upon the sale, exchange or other taxable disposition of our capital stock generally will not be subject to U.S. federal income tax unless such stock
          constitutes a USRPI. In general, stock of a domestic corporation that constitutes a &#8220;United States real property holding corporation,&#8221; or USRPHC, will constitute a USRPI. We believe that we are a USRPHC. Our capital stock will not, however,
          constitute a USRPI so long as we are a &#8220;domestically controlled qualified investment entity.&#8221; A &#8220;domestically controlled qualified investment entity&#8221; includes a REIT in which at all times during a five-year testing period less than 50% in value
          of its stock is held directly or indirectly by non-United States persons, subject to certain rules. For purposes of determining whether a REIT is a &#8220;domestically controlled qualified investment entity,&#8221; a person who at all applicable times holds
          less than 5% of a class of stock that is &#8220;regularly traded&#8221; is treated as a United States person unless the REIT has actual knowledge that such person is not a United States person. We believe, but cannot guarantee, that we are a &#8220;domestically
          controlled qualified investment entity.&#8221; Because our common stock is (and, we anticipate, will continue to be) publicly traded, no assurance can be given that we will continue to be a &#8220;domestically controlled qualified investment entity.&#8221;</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Even if we do not qualify as a &#8220;domestically controlled qualified investment entity&#8221; at the time a non-U.S. holder sells our capital
          stock, gain realized from the sale or other taxable disposition by a non-U.S. holder of such capital stock would not be subject to U.S. federal income tax under FIRPTA as a sale of a USRPI if:</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z76e6b6a09983432f9a2a072af71dea5b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(1)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">such class of stock is &#8220;regularly traded,&#8221; as defined by applicable Treasury Regulations, on an established securities market such as the New York
                    Stock Exchange; and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbbfa0724d9474b8a85c902e0a13f1844" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1fa47584b44e4582adccdb98cb353f3e" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(2)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">such non-U.S. holder owned, actually and constructively, 10% or less of such class of stock throughout the shorter of the five-year period ending
                    on the date of the sale or other taxable disposition or the non-U.S. holder&#8217;s holding period.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zda07efda0d544127be437e0df58aca01" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In addition, dispositions of our capital stock by qualified shareholders are exempt from FIRPTA, except to the extent owners of such
          qualified shareholders that are not also qualified shareholders own, actually or constructively, more than 10% of our capital stock. Furthermore, dispositions of our capital stock by &#8220;qualified foreign pension funds&#8221; or entities all of the
          interests of which are held by &#8220;qualified foreign pension funds&#8221; are exempt from FIRPTA. Non-U.S. holders should consult their tax advisors regarding the application of these rules.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Notwithstanding the foregoing, gain from the sale, exchange or other taxable disposition of our capital stock not otherwise subject to
          FIRPTA will be taxable to a non-U.S. holder if either (i) the investment in our capital stock is treated as effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States (and, if required by an
          applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such gain is attributable), in which case the non-U.S. holder will be subject to the same treatment as U.S. holders with respect
          to such gain, except that a non-U.S. holder that is a corporation may also be subject to the 30% branch profits tax (or such lower rate as may be specified by an applicable income tax treaty) on such gain, as adjusted for certain items, or (ii)
          the non-U.S. holder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain other conditions are met, in which case the non-U.S. holder will be subject to a 30% tax on the
          non-U.S. holder&#8217;s capital gains (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the non-U.S. holder (even though the individual is not considered a resident of the United
          States), provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. In addition, even if we are a domestically controlled qualified investment entity, upon disposition of our capital stock, a
          non-U.S. holder may be treated as having gain from the sale or other taxable disposition of a USRPI if the non-U.S. holder (1) disposes of such stock within a 30-day period preceding the ex-dividend date of a distribution, any portion of which,
          but for the disposition, would have been treated as gain from the sale or exchange of a USRPI and (2) acquires, or enters into a contract or option to acquire, or is deemed to acquire, other shares of that stock during the 61-day period beginning
          with the first day of the 30-day period described in clause (1), unless such stock is &#8220;regularly traded&#8221; and the non-U.S. holder did not own more than 10% of the stock at any time during the one-year period ending on the date of the distribution
          described in clause (1).</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If gain on the sale, exchange or other taxable disposition of our capital stock were subject to taxation under FIRPTA, the non-U.S.
          holder would be required to file a U.S. federal income tax return and would be subject to regular U.S. federal income tax with respect to such gain in the same manner as a taxable U.S. holder (subject to any applicable alternative minimum tax and
          a special alternative minimum tax in the case of nonresident alien individuals). In addition, if the sale, exchange or other taxable disposition of our capital stock were subject to taxation under FIRPTA, and if shares of the applicable class of
          our capital stock were not &#8220;regularly traded&#8221; on an established securities market, the purchaser of such capital stock generally would be required to withhold and remit to the IRS 15% of the purchase price.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Redemption or Repurchase by Us. </font>A
          redemption or repurchase of shares of our capital stock will be treated under Section 302 of the Code as a distribution (and taxable as a dividend to the extent of our current and accumulated earnings and profits) unless the redemption or
          repurchase satisfies one of the tests set forth in Section 302(b) of the Code and is therefore treated as a sale or exchange of the redeemed or repurchased shares. See &#8220;&#8212;Taxation of Taxable U.S. Holders of Our Capital Stock&#8212;Redemption or
          Repurchase by Us.&#8221; Qualified shareholders and their owners may be subject to different rules, and should consult their tax advisors regarding the application of such rules. If the redemption or repurchase of shares is treated as a distribution,
          the amount of the distribution will be measured by the amount of cash and the fair market value of any property received. See &#8220;&#8212;Taxation of Non-U.S. Holders of Our Capital Stock&#8212;Distributions Generally&#8221; above. If the redemption or repurchase of
          shares is not treated as a distribution, it will be treated as a taxable sale or exchange in the manner described above under &#8220;&#8212;Taxation of Non-U.S. Holders of Our Capital Stock&#8212;Sale of Our Capital Stock.&#8221;</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Taxation of Holders of Our Operating Partnership&#8217;s Debt Securities</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following summary describes the material U.S. federal income tax consequences of acquiring, owning and disposing of our Operating
          Partnership&#8217;s debt securities. This discussion assumes the debt securities will be issued with less than a statutory <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">de minimis</font> amount of original issue
          discount for U.S. federal income tax purposes. In addition, this discussion is limited to persons purchasing the debt securities for cash at original issue and at their original &#8220;issue price&#8221; within the meaning of Section 1273 of the Code (i.e.,
          the first price at which a substantial amount of the debt securities is sold to the public for cash).</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>U.S. Holders</font></div>
        <div><br>
        </div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Payments of Interest. </font>Interest on a debt
          security generally will be taxable to a U.S. holder as ordinary income at the time such interest is received or accrued, in accordance with such U.S. holder&#8217;s method of accounting for U.S. federal income tax purposes.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Sale or Other Taxable Disposition. </font>A U.S.
          holder will recognize gain or loss on the sale, exchange, redemption, retirement or other taxable disposition of a debt security. The amount of such gain or loss generally will be equal to the difference between the amount received for the debt
          security in cash or other property valued at fair market value (less amounts attributable to any accrued but unpaid interest, which will be taxable as interest to the extent not previously included in income) and the U.S. holder&#8217;s adjusted tax
          basis in the debt security. A U.S. holder&#8217;s adjusted tax basis in a debt security generally will be equal to the amount the U.S. holder paid for the debt security. Any gain or loss generally will be capital gain or loss, and will be long-term
          capital gain or loss if the U.S. holder has held the debt security for more than one year at the time of such sale or other taxable disposition. Otherwise, such gain or loss will be short-term capital gain or loss. Long-term capital gains
          recognized by certain non-corporate U.S. holders, including individuals, generally will be taxable at reduced rates. The deductibility of capital losses is subject to limitations.</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Non-U.S. Holders</font></div>
        <div><br>
        </div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Payments of Interest. </font>Interest paid on a debt
          security to a non-U.S. holder that is not effectively connected with the non-U.S. holder&#8217;s conduct of a trade or business within the United States generally will not be subject to U.S. federal income tax or withholding, provided that:</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74cfd92f5c0d41298ad3669885cf772b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the non-U.S. holder does not, actually or constructively, own 10% or more of our Operating Partnership&#8217;s capital or profits;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd76f223fe9c24ea6bb36dc7c4d95198b" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaba08ee17dc54d9d9ad51266672cef32" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the non-U.S. holder is not a controlled foreign corporation related to our Operating Partnership through actual or constructive stock ownership;
                    and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z848d973d53fd4dd8956070b1df77083f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za06fac9e54ea41c1abea900bc56275c7" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">either (1) the non-U.S. holder certifies in a statement provided to the applicable withholding agent under penalties of perjury that it is not a
                    United States person and provides its name and address; (2) a securities clearing organization, bank or other financial institution that holds customers&#8217; securities in the ordinary course of its trade or business and holds the debt
                    security on behalf of the non-U.S. holder certifies to the applicable withholding agent under penalties of perjury that it, or the financial institution between it and the non-U.S. holder, has received from the non-U.S. holder a
                    statement under penalties of perjury that such holder is not a United States person and provides a copy of such statement to the applicable withholding agent; or (3) the non-U.S. holder holds its debt security directly through a
                    &#8220;qualified intermediary&#8221; (within the meaning of the applicable Treasury Regulations) and certain conditions are satisfied.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z403a8f5244e64b2e97d9ac0176b364de" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If a non-U.S. holder does not satisfy the requirements above, such non-U.S. holder will be subject to withholding tax of 30%, subject to
          a reduction in or an exemption from withholding on such interest as a result of an applicable tax treaty. To claim such entitlement, the non-U.S. holder must provide the applicable withholding agent with a properly executed IRS Form W-8BEN or
          W-8BEN-E (or other applicable documentation) claiming a reduction in or exemption from withholding tax under the benefit of an income tax treaty between the United States and the country in which the non-U.S. holder resides or is established.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If interest paid to a non-U.S. holder is effectively connected with the non-U.S. holder&#8217;s conduct of a trade or business within the
          United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such interest is attributable), the non-U.S. holder will be exempt from the U.S. federal
          withholding tax described above. To claim the exemption, the non-U.S. holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that interest paid on a debt security is not subject to withholding tax because it
          is effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States. Any such effectively connected interest generally will be subject to U.S. federal income tax at the regular graduated rates. A
          non-U.S. holder that is a corporation may also be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected interest, as adjusted for certain items.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The certifications described above must be provided to the applicable withholding agent prior to the payment of interest and must be
          updated periodically. Non-U.S. holders that do not timely provide the applicable withholding agent with the required certification, but that qualify for a reduced rate under an applicable income tax treaty, may obtain a refund of any excess
          amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Sale or Other Taxable Disposition. </font>A non-U.S.
          holder will not be subject to U.S. federal income tax on any gain realized upon the sale, exchange, redemption, retirement or other taxable disposition of a debt security (such amount excludes any amount allocable to accrued and unpaid interest,
          which generally will be treated as interest and may be subject to the rules discussed above in &#8220;&#8212;Taxation of Holders of Our Operating Partnership&#8217;s Debt Securities&#8212;Non-U.S. Holders&#8212;Payments of Interest&#8221;) unless:</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3fa5807af7ec4044954833950b4f478a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the gain is effectively connected with the non-U.S. holder&#8217;s conduct of a trade or business within the United States (and, if required by an
                    applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such gain is attributable); or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f52e08b189f41cea15bf9b337f57919" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z70b7918bdbfe4064abe507826abc842f" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the non-U.S. holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition
                    and certain other requirements are met.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z60cc356ec05a4aa8b620ec9ec85d89e0" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular
          graduated rates. A non-U.S. holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain
          items.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Gain described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified
          by an applicable income tax treaty), which may be offset by U.S. source capital losses of the non-U.S. holder (even though the individual is not considered a resident of the United States), provided the non-U.S. holder has timely filed U.S.
          federal income tax returns with respect to such losses.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Non-U.S. holders should consult their tax advisors regarding any applicable income tax treaties that may provide for different rules.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Information Reporting and Backup Withholding</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">U.S. Holders. A U.S. </font>holder
          may be subject to information reporting and backup withholding when such holder receives payments on our capital stock or our Operating Partnership&#8217;s debt securities or proceeds from the sale or other taxable disposition of such stock or debt
          securities (including a redemption or retirement of a debt security). Certain U.S. holders are exempt from backup withholding, including corporations and certain tax-exempt organizations. A U.S. holder will be subject to backup withholding if
          such holder is not otherwise exempt and:</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd1aabf08df644683b926c1cf0b03bf55" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the holder fails to furnish the holder&#8217;s taxpayer identification number, which for an individual is ordinarily his or her social security number;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc4d83a65ea954e27a98aa811d5bf7f7d" cellpadding="0" cellspacing="0">

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              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
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        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z37043de09f824130aee4dec02d88e6aa" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the holder furnishes an incorrect taxpayer identification number;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <div> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
        </div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5da717e96cc04a53b316004f8a4ac677" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

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      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z115d68f2060c4fd0b4a6564cb28c257c" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the applicable withholding agent is notified by the IRS that the holder previously failed to properly report payments of interest or dividends; or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1afb29695b4a48338c63df8cfd82bc71" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zba797968b433452bb445c3175be6047a" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; text-align: center;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">the holder fails to certify under penalties of perjury that the holder has furnished a correct taxpayer identification number and that the IRS has
                    not notified the holder that the holder is subject to backup withholding.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zde952b7264b0486db2e9d356300a87f3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 56pt; vertical-align: top; align: right;"><br>
              </td>
              <td style="width: auto; vertical-align: top;"><br>
              </td>
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        </table>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a
          credit against a U.S. holder&#8217;s U.S. federal income tax liability, provided the required information is timely furnished to the IRS. U.S. holders should consult their tax advisors regarding their qualification for an exemption from backup
          withholding and the procedures for obtaining such an exemption.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Non-U.S. Holders. </font>Payments
          of dividends on our capital stock or interest on our Operating Partnership&#8217;s debt securities generally will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the
          holder is a United States person and the holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed
          with the IRS in connection with any dividends on our capital stock or interest on our Operating Partnership&#8217;s debt securities paid to the non-U.S. holder, regardless of whether any tax was actually withheld. In addition, proceeds of the sale or
          other taxable disposition of such stock or debt securities (including a retirement or redemption of a debt security) within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or
          information reporting, if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such holder is a United States person, or the holder otherwise establishes an
          exemption. Proceeds of a disposition of such stock or debt securities conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or
          agreement to the tax authorities of the country in which the non-U.S. holder resides or is established.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a
          credit against a non-U.S. holder&#8217;s U.S. federal income tax liability, provided the required information is timely furnished to the IRS.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Medicare Contribution Tax on Unearned Income</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Certain U.S. holders that are individuals, estates or trusts are required to pay an additional 3.8% tax on, among other things, dividends
          on stock, interest on debt obligations and capital gains from the sale or other disposition of stock or debt obligations, subject to certain limitations. U.S. holders should consult their tax advisors regarding the effect, if any, of these rules
          on their ownership and disposition of our capital stock or our Operating Partnership&#8217;s debt securities.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Additional Withholding Tax on Payments Made to Foreign Accounts</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such sections commonly referred to as the Foreign Account Tax
          Compliance Act (&#8220;FATCA&#8221;)) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on our capital stock, interest on our Operating
          Partnership&#8217;s debt securities, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of our capital stock or our Operating Partnership&#8217;s debt securities, in each case paid to a
          &#8220;foreign financial institution&#8221; or a &#8220;non-financial foreign entity&#8221; (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either
          certifies it does not have any &#8220;substantial United States owners&#8221; (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign
          entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in clause (1) above, it must enter into an agreement with the U.S. Department
          of the Treasury requiring, among other things, that it undertake to identify accounts held by certain &#8220;specified United States persons&#8221; or &#8220;United States owned foreign entities&#8221; (each as defined in the Code), annually report certain information
          about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the
          United States governing FATCA may be subject to different rules.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends
          on our capital stock or interest on our Operating Partnership&#8217;s debt securities. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock or debt securities on or after
          January 1, 2019, recently proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Because
          we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of these withholding rules we may treat the entire distribution as a dividend.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their
          investment in our capital stock or our Operating Partnership&#8217;s debt securities.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other Tax Consequences</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 20pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">State, local and non-U.S. income tax laws may differ substantially from the corresponding U.S. federal income tax laws, and this
          discussion does not purport to describe any aspect of the tax laws of any state, local or non-U.S. jurisdiction, or any U.S. federal tax other than the income tax. You should consult your tax advisor regarding the effect of state, local and
          non-U.S. tax laws with respect to our tax treatment as a REIT and on an investment in our capital stock or our Operating Partnership&#8217;s debt securities.</font></div>
      <div>
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