<SEC-DOCUMENT>0001104659-25-073961.txt : 20250805
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<ACCEPTANCE-DATETIME>20250805082646
ACCESSION NUMBER:		0001104659-25-073961
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20250805
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250805
DATE AS OF CHANGE:		20250805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HEALTHPEAK PROPERTIES, INC.
		CENTRAL INDEX KEY:			0000765880
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				330091377
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08895
		FILM NUMBER:		251182938

	BUSINESS ADDRESS:	
		STREET 1:		4600 SOUTH SYRACUSE STREET
		STREET 2:		SUITE 500
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237
		BUSINESS PHONE:		949-407-0700

	MAIL ADDRESS:	
		STREET 1:		4600 SOUTH SYRACUSE STREET
		STREET 2:		SUITE 500
		CITY:			DENVER
		STATE:			CO
		ZIP:			80237

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HCP, INC.
		DATE OF NAME CHANGE:	20070911

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEALTH CARE PROPERTY INVESTORS INC
		DATE OF NAME CHANGE:	19920703
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<p style="margin: 0">&#160;</p>

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

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

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

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

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_90E_edei--DocumentType_c20250805__20250805_zhBFqRFlli35"><ix:nonNumeric contextRef="AsOf2025-08-05" id="Fact000009" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

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

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

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

<p style="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_903_edei--EntityRegistrantName_c20250805__20250805_znsY7lVsqx58"><b><ix:nonNumeric contextRef="AsOf2025-08-05" id="Fact000011" name="dei:EntityRegistrantName">Healthpeak
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified in its
charter)</b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_905_edei--EntityAddressAddressLine1_c20250805__20250805_z7guEKmWOjHc"><ix:nonNumeric contextRef="AsOf2025-08-05" id="Fact000015" name="dei:EntityAddressAddressLine1">4600 South Syracuse Street</ix:nonNumeric></span>, <span id="xdx_90C_edei--EntityAddressAddressLine2_c20250805__20250805_zfVeWLJz1l87"><ix:nonNumeric contextRef="AsOf2025-08-05" id="Fact000016" name="dei:EntityAddressAddressLine2">Suite 500</ix:nonNumeric></span></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Address of principal executive offices)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<b>Registrant&#8217;s telephone number,
including area code</b>)</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>N/A</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Former name or former
address, if changed since last report)</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

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

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    <td><span style="font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule&#160;425
    under the Securities Act (17 CFR 230.425)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 30px"><span style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Wingdings"><span id="xdx_900_edei--SolicitingMaterial_c20250805__20250805_zw0DQspLalJh"><ix:nonNumeric contextRef="AsOf2025-08-05" format="ixt:booleanfalse" id="Fact000023" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span></span></td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule&#160;14a-12
    under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<tr style="vertical-align: top">
    <td style="width: 30px"><span style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Wingdings"><span id="xdx_90A_edei--PreCommencementTenderOffer_c20250805__20250805_zbylmKrEwFCc"><ix:nonNumeric contextRef="AsOf2025-08-05" format="ixt:booleanfalse" id="Fact000024" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span></span></td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to
    Rule&#160;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<tr style="vertical-align: top">
    <td style="width: 30px; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Wingdings"><span id="xdx_906_edei--PreCommencementIssuerTenderOffer_c20250805__20250805_z4ZBLNO2fDC1"><ix:nonNumeric contextRef="AsOf2025-08-05" format="ixt:booleanfalse" id="Fact000025" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span></span></td>
    <td style="font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications
    pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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

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    <td style="vertical-align: bottom; width: 34%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Trading Symbol(s)</span></td>
    <td style="vertical-align: bottom; width: 33%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Name of each exchange on which registered</span></td></tr>
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    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_edei--Security12bTitle_c20250805__20250805_zLd0slSBgEud"><ix:nonNumeric contextRef="AsOf2025-08-05" id="Fact000026" name="dei:Security12bTitle">Common Stock, $1.00 par value</ix:nonNumeric></span></span></td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_edei--TradingSymbol_c20250805__20250805_zTx8upBdF8O5"><ix:nonNumeric contextRef="AsOf2025-08-05" id="Fact000027" name="dei:TradingSymbol">DOC</ix:nonNumeric></span></span></td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_edei--SecurityExchangeName_c20250805__20250805_z75x6kH9qyva"><ix:nonNumeric contextRef="AsOf2025-08-05" format="ixt-sec:exchnameen" id="Fact000028" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;<span style="font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">Emerging growth company</span> <span style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Wingdings"><span id="xdx_907_edei--EntityEmergingGrowthCompany_c20250805__20250805_zqf15XrII03k"><ix:nonNumeric contextRef="AsOf2025-08-05" format="ixt:booleanfalse" id="Fact000029" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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. <span style="font-family: Wingdings">&#168;</span></p>

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

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

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

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

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

<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 8.01 Other Events</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On February&#160;5, 2025, Healthpeak Properties,&#160;Inc., Healthpeak
OP, LLC, DOC DR, LLC and DOC DR Holdco, LLC filed with the Securities and Exchange Commission a Post-Effective Amendment to a Registration
Statement on Form&#160;S-3 (File Nos. Nos. <a href="https://www.sec.gov/Archives/edgar/data/765880/000110465924012371/tm245193-1_s3asr.htm" style="-sec-extract: exhibit">333-276954</a>, <a href="https://www.sec.gov/Archives/edgar/data/765880/000110465924012371/tm245193-1_s3asr.htm" style="-sec-extract: exhibit">333-276954-01</a>, <a href="https://www.sec.gov/Archives/edgar/data/765880/000110465925009398/tm255424-2_posasr.htm" style="-sec-extract: exhibit">333-276954-02</a> and <a href="https://www.sec.gov/Archives/edgar/data/765880/000110465925009398/tm255424-2_posasr.htm" style="-sec-extract: exhibit">333-276954-03</a>) (as amended, the &#8220;Registration
Statement&#8221;). The discussion under the heading &#8220;United States Federal Income Tax Considerations&#8221; in Exhibit&#160;99.1
hereto (incorporated herein by reference) supersedes and replaces the discussion under the heading &#8220;United States Federal Income
Tax Considerations&#8221; in the prospectus, dated February&#160;5, 2025, which forms part of the Registration Statement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01 Financial Statements and Exhibits.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Exhibits.
The following exhibits are being filed herewith:</p>

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

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    <td style="border-bottom: black 1pt solid; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No.</b></span></td>
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    <td style="border-bottom: black 1pt solid; width: 94%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
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    <td>&#160;</td>
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    <td><a href="tm2522422d2_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</span></a></td>
    <td>&#160;</td>
    <td><a href="tm2522422d2_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Federal Income Tax Considerations.</span></a></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td colspan="2" style="font-size: 10pt">HEALTHPEAK PROPERTIES, INC.</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td colspan="2" style="font-size: 10pt">(Registrant)</td></tr>
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  <tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: August 5, 2025</span></td>
    <td style="font-size: 10pt; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="font-size: 10pt; width: 45%">/s/ Kelvin O. Moses</td></tr>
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    <td style="font-size: 10pt">&#160;</td>
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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>UNITED
STATES FEDERAL INCOME TAX CONSIDERATIONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 (a &ldquo;REIT&rdquo;) and the purchase,
ownership and disposition of our capital stock or the operating company&rsquo;s debt securities. Supplemental U.S. federal income tax
considerations relevant to holders of the securities offered by the prospectus dated February&nbsp;5, 2025 (including warrants, preferred
stock and depositary shares and other debt securities) (the &ldquo;Prospectus&rdquo;) may be provided in the prospectus supplement or
a free writing prospectus that relates to those securities or a document incorporated by reference in the prospectus supplement. This
summary replaces and supersedes in all respect the information contained under the heading &ldquo;United States Federal Income Tax Considerations&rdquo;
that is contained in the Prospectus. For purposes of this discussion, references to &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo;
mean only Healthpeak Properties,&nbsp;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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">current, temporary and proposed Treasury regulations promulgated under the
Code (the &ldquo;Treasury Regulations&rdquo;);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the legislative history of the Code;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">administrative interpretations and practices of the Internal Revenue Service
(the &ldquo;IRS&rdquo;); and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">court decisions;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in each case, as of the date of this Current Report on Form&nbsp;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, its stockholders, and holders of the operating company&rsquo;s debt securities. This summary is qualified in
its entirety by the applicable Code provisions, Treasury Regulations, and administrative and judicial interpretations thereof. Potential
tax reforms may result in significant changes to the rules&nbsp;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
us, 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 this Current Report on Form&nbsp;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 the operating company&rsquo;s debt securities, or our election to be taxed as a REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>You are urged to consult your tax advisors regarding the tax consequences
to you of:</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>the purchase, ownership and disposition of our capital stock and the operating
company&rsquo;s debt securities, including the U.S. federal, state, local, non-U.S. and other tax consequences;</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>our election to be taxed as a REIT for U.S. federal income tax purposes;
and</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>potential changes in applicable tax laws.</B></FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General</I></B>. Prior to the UPREIT reorganization, whereby
the entity previously known as Healthpeak Properties,&nbsp;Inc. (&ldquo;Old Healthpeak&rdquo;) became a wholly owned subsidiary of Healthpeak
in a transaction intended to qualify as a reorganization under Section&nbsp;368(a)(1)(F)&nbsp;of the Code, Old Healthpeak was known as
Healthpeak Properties,&nbsp;Inc. and Healthpeak was known as New Healthpeak,&nbsp;Inc. In connection with the UPREIT reorganization, Old
Healthpeak became a &ldquo;qualified REIT subsidiary&rdquo; of Healthpeak and Healthpeak changed its name to Healthpeak Properties,&nbsp;Inc.
Old Healthpeak then converted into a Delaware limited liability company and changed its name to Healthpeak OP, LLC. Prior to the UPREIT
reorganization, Old Healthpeak elected to be taxed as a REIT and was organized and operated in a manner intended to qualify as a REIT.
As a result of the UPREIT reorganization, Healthpeak is treated as a continuation of Old Healthpeak for U.S. federal income tax purposes.
Accordingly, references in this summary to &ldquo;us,&rdquo; &ldquo;we,&rdquo; or &ldquo;our&rdquo; include Old Healthpeak in its capacity
as a REIT prior to the UPREIT reorganization, to the extent the context contemplates periods prior to the UPREIT reorganization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have elected to be taxed as a REIT under Sections 856 through 860
of the Code commencing with our initial taxable year ended December&nbsp;31, 1985. 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 &ldquo;&mdash;Failure to Qualify&rdquo; for potential tax
consequences if we fail to qualify as a REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Latham&nbsp;&amp; Watkins LLP has acted as our tax counsel in connection
with the Prospectus and our election to be taxed as a REIT. Latham&nbsp;&amp; Watkins LLP has rendered an opinion to us, as of the date
of the Prospectus, to the effect that, commencing with our taxable year ended December&nbsp;31, 2015, 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. 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&nbsp;&amp; Watkins LLP. Accordingly, no assurance
can be given that our actual results of operations 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&nbsp;&amp; Watkins LLP has no obligation to update its opinion subsequent to the date of such opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 &ldquo;double taxation&rdquo; that ordinarily results from investment in a C corporation. A C corporation
is a corporation that generally is required to pay U.S. federal income 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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Second, if we have (1)&nbsp;net income from the sale or other disposition
of &ldquo;foreclosure property&rdquo; held primarily for sale to customers in the ordinary course of business or (2)&nbsp;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. See &ldquo;&mdash;Foreclosure Property.&rdquo;</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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 (1)&nbsp;the greater of (A)&nbsp;the amount by which we fail to satisfy the 75% gross income
test and (B)&nbsp;the amount by which we fail to satisfy the 95% gross income test, multiplied by (2)&nbsp;a fraction intended to reflect
our profitability.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fifth, if we fail to satisfy any of the asset tests (other than a <I>de minimis</I>
failure of the 5% or 10% asset test), as described below, due to reasonable cause and not due to willful neglect, and we nonetheless maintain
our REIT qualification because specified cure provisions are met, 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></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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 (1)&nbsp;85% of our ordinary income for the year, (2)&nbsp;95% of our capital
gain net income for the year, and (3)&nbsp;any undistributed taxable income from prior periods.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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 (1)&nbsp;the fair market value of the asset over (2)&nbsp;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&nbsp;1031 (a like-kind exchange) or Section&nbsp;1033 (an
involuntary conversion) of the Code generally is excluded from the application of this built-in gains tax.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ninth, our subsidiaries that are C corporations and are not qualified REIT
subsidiaries, including our &ldquo;taxable REIT subsidiaries&rdquo; described below, generally will be required to pay regular U.S. federal
corporate income tax on their earnings.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Tenth, we will be required to pay a 100% tax on any &ldquo;redetermined rents,&rdquo;
 &ldquo;redetermined deductions,&rdquo; &ldquo;excess interest&rdquo; or &ldquo;redetermined TRS service income,&rdquo; as described below
under &ldquo;&mdash;Penalty Tax.&rdquo; 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&rsquo;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></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From time to time, we may own properties in other countries, which
may impose taxes on our operations within their jurisdictions. To the extent possible, we will structure our activities to minimize our
non-U.S. tax liability. However, there can be no assurance that we will be able to eliminate our non-U.S. tax liability or reduce it to
a specified level. Furthermore, as a REIT, both we and our stockholders will derive little or no benefit from foreign tax credits arising
from those non-U.S. taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Requirements for Qualification as a REIT</I></B>. The Code defines
a REIT as a corporation, trust or association:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>that is managed by one or more trustees or directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>that issues transferable shares or transferable certificates to evidence its beneficial ownership;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>that would be taxable as a domestic corporation, but for Sections 856 through 860 of the Code;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>that is not a financial institution or an insurance company within the meaning of certain provisions of the Code;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>that is beneficially owned by 100 or more persons;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>that meets other tests, described below, regarding the nature of its income and assets and the amount of its distributions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Code provides that conditions (1)&nbsp;to (4), inclusive, must
be met during the entire taxable year and that condition (5)&nbsp;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)&nbsp;and (6)&nbsp;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 &ldquo;individual&rdquo;
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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)&nbsp;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)&nbsp;and (6)&nbsp;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 headings &ldquo;Description
of Capital Stock&mdash;Transfer and Ownership Restrictions Relating to Our Common Stock&rdquo; and &ldquo;Description of Capital Stock&mdash;Transfer
and Ownership Restrictions Relating to Our Preferred Stock.&rdquo; 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)&nbsp;and (6)&nbsp;above. If we fail to satisfy these share ownership requirements, then except as provided in the next
sentence, our status as a REIT will terminate. If, however, we comply with the rules&nbsp;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)&nbsp;above, we will be treated as having met this requirement.
See &ldquo;&mdash;Failure to Qualify.&rdquo;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Ownership of Interests in Partnerships, Limited Liability Companies
and Qualified REIT Subsidiaries</I></B>. In the case of a REIT that is a partner in a partnership (for purposes of this discussion, references
to &ldquo;partnership&rdquo; include a limited liability company treated as a partnership for U.S. federal income tax purposes, and references
to &ldquo;partner&rdquo; 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&nbsp;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&nbsp;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 any partnership or disregarded entity for U.S. federal income tax purposes in which we own 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&nbsp;governing the U.S. federal income taxation of partnerships is set forth below in &ldquo;&mdash;Tax
Aspects of the Operating Company and the Subsidiary Partnerships and Limited Liability Companies.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally have control of the operating company 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may from time to time own and operate certain properties through
wholly owned subsidiaries that we intend to be treated as &ldquo;qualified REIT subsidiaries&rdquo; under the Code. A corporation (or
other entity treated as a corporation for U.S. federal income tax purposes) will qualify as our qualified REIT subsidiary if we own 100%
of the corporation&rsquo;s outstanding stock and do not elect with the subsidiary to treat it as a &ldquo;taxable REIT subsidiary,&rdquo;
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 &ldquo;&mdash;Asset
Tests.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Ownership of Interests in Taxable REIT Subsidiaries</I></B>.
We and the operating company 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 directly or indirectly operating or managing a lodging or healthcare facility, or directly or
indirectly providing to any other person (under a franchise, license or otherwise) rights to any brand name under which any lodging or
healthcare facility is operated, 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 is not treated as holding the assets of a taxable REIT subsidiary or as receiving any income that the taxable REIT
subsidiary earns. Rather, the stock issued by the taxable REIT subsidiary is an asset in the hands of the REIT, and the REIT generally
recognizes as income the dividends, if any, that it receives from the taxable REIT subsidiary. A REIT&rsquo;s ownership of securities
of a taxable REIT subsidiary is not subject to the 5% or 10% asset test described below. See &ldquo;&mdash;Asset Tests.&rdquo; 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 &ldquo;&mdash;Annual Distribution Requirements.&rdquo; While not certain, this provision may limit the ability
of our taxable REIT subsidiaries to deduct interest, which could increase their taxable income.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Ownership of Interests in Subsidiary REITs</I></B><I>.</I> 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 &ldquo;Subsidiary REIT&rdquo;). 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)&nbsp;that Subsidiary REIT
would become subject to U.S. federal income tax and (ii)&nbsp;the Subsidiary REIT&rsquo;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Income Tests</I></B>. 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, certain foreign currency gains and discharge
of indebtedness) from investments relating to real property or mortgages on real property, including &ldquo;rents from real property,&rdquo;
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 &ldquo;interest&rdquo; 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 &ldquo;interest&rdquo;
solely by reason of being based on a fixed percentage or percentages of receipts or sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rents we receive from a tenant will qualify as &ldquo;rents from real
property&rdquo; for the purpose of satisfying the gross income requirements for a REIT described above only if all of the following conditions
are met:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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 &ldquo;rents from real property&rdquo;
solely because it is based on a fixed percentage or percentages of receipts or sales or if it is based on the net income of a tenant which
derives substantially all of its income with respect to such property from subleasing of substantially all of such property, to the extent
that the rents paid by the subtenants would qualify as rents from real property if we earned such amounts directly;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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 &ldquo;rents from real property&rdquo; 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
 &ldquo;controlled taxable REIT subsidiary&rdquo; 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 &ldquo;rents from real property.&rdquo; For purposes of this rule, a &ldquo;controlled
taxable REIT subsidiary&rdquo; 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></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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 &ldquo;rents from real property.&rdquo; 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></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We generally may not operate or manage the property or furnish or render
services to our tenants, subject to a 1% <I>de minimis</I> exception and except as provided below. We may, however, perform services that
are &ldquo;usually or customarily rendered&rdquo; in connection with the rental of space for occupancy only and are not otherwise considered
 &ldquo;rendered to the occupant&rdquo; 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 &ldquo;rents
from real property.&rdquo;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A portion of our rental income is derived from leases of health care
properties to our taxable REIT subsidiaries. In order for the rent payable under each of these leases to constitute &ldquo;rents from
real property,&rdquo; each lease must be respected as a true lease for U.S. federal income tax purposes and must not be treated as a service
contract, joint venture, or some other type of arrangement. We believe that each such lease is a true lease for U.S. federal income tax
purposes. However, this determination is inherently a question of fact, and we cannot assure you that the IRS will not successfully assert
a contrary position. If any lease is not respected as a true lease, part or all of the payments that we receive as rent from our taxable
REIT subsidiary with respect to such lease may not be considered rent or may not otherwise satisfy the various requirements for qualification
as &ldquo;rents from real property.&rdquo; In that case, we may not be able to satisfy either the 75% or 95% gross income test and, as
a result, could fail to qualify as a REIT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Also, our taxable REIT subsidiaries may not operate or manage a health
care property or provide rights to any brand name under which any health care property is operated. However, rents we receive from a lease
of a health care property to our taxable REIT subsidiary will constitute &ldquo;rents from real property&rdquo; if the following conditions
are satisfied:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">First, the health care property must be a &ldquo;qualified health care property.&rdquo;
A qualified health care property is any real property (including interests therein), and any personal property incident to such real property,
which is (or is necessary or incidental to the use of) a hospital, nursing facility, assisted living facility, congregate care facility,
qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients and
which is operated by a provider of such services which is eligible for participation in Medicare with respect to such facility; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Second, the health care property must be managed by an &ldquo;eligible independent
contractor.&rdquo; An eligible independent contractor is an independent contractor that, at the time the management contract is entered
into, is actively engaged in the trade or business of operating qualified health care properties for any person not related to us or any
of our taxable REIT subsidiaries. For this purpose, an independent contractor means any person (i)&nbsp;that does not own (taking into
account relevant attribution rules) more than 35% of our capital stock, and (ii)&nbsp;with respect to which no person or group owning
directly or indirectly (taking into account relevant attribution rules) 35% or more of our capital stock owns 35% or more directly or
indirectly (taking into account relevant attribution rules) of the ownership interest.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe each health care property that we lease to our taxable REIT
subsidiaries is a qualified health care property, and each health care property manager engaged by our taxable REIT subsidiaries to manage
each health care property is an eligible independent contractor. Furthermore, while we will monitor the activities of the eligible independent
contractors to maximize the value of our health care property investments, neither we nor our taxable REIT subsidiary lessees will directly
or indirectly operate or manage our health care properties. Thus, we believe that the rents we derive from our taxable REIT subsidiaries
with respect to the leases of our health care properties will qualify as &ldquo;rents from real property.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally do not intend, and, as the managing member of the operating
company, we do not intend to permit the operating company, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Income we receive that is attributable to the rental of parking spaces
at the properties generally will constitute rents from real property for purposes of the gross income tests if certain services provided
with respect to the parking spaces are performed by independent contractors from whom we derive no revenue, either directly or indirectly,
or by a taxable REIT subsidiary, and certain other conditions are met. We believe that the income we receive that is attributable to parking
spaces will meet these tests and, accordingly, will constitute rents from real property for purposes of the gross income tests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 &ldquo;hedging transaction,&rdquo; as used above, generally
means (A)&nbsp;any transaction we enter into in the normal course of our business primarily to manage risk of (1)&nbsp;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)&nbsp;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)&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From time to time we may invest in additional entities or properties
located outside the United States, through a taxable REIT subsidiary or otherwise. These acquisitions could cause us to incur foreign
currency gains or losses. Any foreign currency gains, to the extent attributable to specified items of qualifying income or gain, or specified
qualifying assets, however, generally will not constitute gross income for purposes of the 75% and 95% gross income tests, and therefore
will be excluded from these tests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 (subject to certain exceptions) not the 75%, gross
income test. Notwithstanding the foregoing, 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)</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our failure to meet these tests was due to reasonable cause and not due to
willful neglect.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 &ldquo;&mdash;Failure to Qualify&rdquo; below. As discussed above in &ldquo;&mdash;General,&rdquo; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Prohibited Transaction Income</I></B>. 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 the operating company, 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 managing
member of the operating company, we intend to cause the operating company 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 the operating company 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 the operating company 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.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Currently, certain of our taxable REIT subsidiaries provide services
to certain of our tenants and may pay us rent and, from time to time, we may enter into additional leases or arrangements with our taxable
REIT subsidiaries to provide services to our tenants. We believe we have set, and we intend to set in the future, any fees paid to our
taxable REIT subsidiaries for such services, and any rent payable to us by our taxable REIT subsidiaries, at arm&rsquo;s length rates,
although the amounts paid may not satisfy the safe harbor provisions referenced 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Asset Tests</I></B>. 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 &ldquo;real estate assets&rdquo; 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.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&rsquo;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 &ldquo;straight debt&rdquo; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fourth, not more than 20% (25% for taxable years beginning after July&nbsp;30,
2008 and before January&nbsp;1, 2018 and taxable years beginning after December&nbsp;31, 2025) of the value of our total assets may be
represented by the securities of one or more taxable REIT subsidiaries. We and the operating company 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 power 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&nbsp;30, 2008 and before January&nbsp;1, 2018 and taxable years beginning after December&nbsp;31, 2025) 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, we may own or acquire certain mezzanine loans secured
by equity interests in pass-through entities that directly or indirectly own real property. Revenue Procedure 2003-65 (the &ldquo;Revenue
Procedure&rdquo;) 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&nbsp;of substantive tax law. The mezzanine loans that
we own or 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).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 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, or the redemption of other partners&rsquo; or members&rsquo;
interests in, a partnership in which we have an ownership interest. 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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)&nbsp;does not exceed the lesser of (a)&nbsp;1% of the total value of
our assets at the end of the applicable quarter or (b)&nbsp;$10,000,000, and (ii)&nbsp;we dispose of the nonqualifying assets or otherwise
satisfy such tests within (a)&nbsp;six months after the last day of the quarter in which the failure to satisfy the asset tests is discovered
or (b)&nbsp;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 <I>de minimis</I> exception
described above, we may avoid disqualification as a REIT after the 30-day cure period by taking steps including (i)&nbsp;the disposition
of sufficient nonqualifying assets, or the taking of other actions, which allow us to meet the asset tests within (a)&nbsp;six months
after the last day of the quarter in which the failure to satisfy the asset tests is discovered or (b)&nbsp;the period of time prescribed
by Treasury Regulations to be issued, (ii)&nbsp;paying a tax equal to the greater of (a)&nbsp;$50,000 or (b)&nbsp;the U.S. federal corporate
income tax rate multiplied by the net income generated by the nonqualifying assets, and (iii)&nbsp;disclosing certain information to the
IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 the operating company&rsquo;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Annual Distribution Requirements</I></B>. To maintain our qualification
as a REIT, we are required to distribute dividends, other than capital gain dividends, to our stockholders each year in an amount at least
equal to the sum of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">90% of our REIT taxable income; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">90% of our after-tax net income, if any, from foreclosure property; minus</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the excess of the sum of certain items of non-cash income over 5% of our
REIT taxable income.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 &ldquo;&mdash;General.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as provided below, a taxpayer&rsquo;s 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, subject to special
rules&nbsp;applicable to partnerships. If we or any of our subsidiary partnerships 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. If
such election is made, although we or such subsidiary partnership, as applicable, 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&mdash;<I>i.e.</I>, 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 dividend limitation will not apply to distributions made by us, provided we qualify as a &ldquo;publicly offered REIT.&rdquo;
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 operating agreement of the operating
company authorizes us, as the managing member of the operating company, to take such steps as may be necessary to cause the operating
company to distribute to its partners an amount sufficient to permit us to meet these distribution requirements and to minimize our U.S.
federal corporate income tax obligation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under some circumstances, we may be able to rectify an inadvertent
failure to meet the 90% distribution requirement for a year by paying &ldquo;deficiency dividends&rdquo; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 U.S.
federal corporate income tax is imposed for any year is treated as an amount distributed during that year for purposes of calculating
this excise tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&nbsp;of the following year, will be treated as paid by us and received by our stockholders on December&nbsp;31
of the year in which they are declared.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Liabilities and Attributes Inherited in Connection with Acquisitions</I></B>.
From time to time, we or the operating company 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 &ldquo;&mdash;General.&rdquo;
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&rsquo;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&rsquo;s unpaid taxes even though such liabilities arose prior to the time we acquired the entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, we or one of our subsidiaries 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 or our subsidiary, as applicable, 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&rsquo;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&rsquo;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&rsquo;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 &ldquo;prohibited transactions&rdquo;
as described above under &ldquo;&mdash;Prohibited Transaction Income&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Foreclosure Property</I></B>. The foreclosure property rules&nbsp;permit
us (by our election) to foreclose or repossess properties without being disqualified as a REIT as a result of receiving income that does
not qualify under the gross income tests. However, in such a case, we would be subject to regular U.S. federal corporate income tax on
the net non-qualifying income from &ldquo;foreclosure property,&rdquo; and the after-tax amount would increase the dividends we would
be required to distribute to stockholders. See &ldquo;&mdash;Annual Distribution Requirements.&rdquo; This corporate tax would not apply
to income that qualifies under the REIT 75% income test.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Foreclosure property treatment (other than for qualified health care
property) is available for an initial period of three years and may, in certain circumstances, be extended for an additional three years.
Foreclosure property treatment for qualified health care property is available for an initial period of two years and may, in certain
circumstances, be extended for an additional four years. However, foreclosure property treatment will end on the first day on which we
enter into a lease of the applicable property that will give rise to income that does not qualify under the REIT 75% income test, but
will not end if the lease will give rise only to qualifying income under such test. Foreclosure property treatment also will end if any
construction takes place on the property (other than completion of a building or other improvement that was more than 10% complete before
default became imminent).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Failure to Qualify</I></B>. 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, 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 stockholders 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 purposes of determining their U.S. federal income tax (but not for purposes of the 3.8% Medicare tax), subject to
certain holding period requirements and other limitations. 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Aspects of the Operating Company and the Subsidiary Partnerships
and Limited Liability Companies</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General</I></B>. All of our investments are held indirectly through
the operating company. In addition, the operating company 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 &ldquo;pass-through&rdquo; 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 these partnerships based
on our capital interests in each such entity. See &ldquo;&mdash;Taxation of Our Company&mdash;Ownership of Interests in Partnerships,
Limited Liability Companies and Qualified REIT Subsidiaries.&rdquo; 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
for all purposes under the Code, including all REIT qualification tests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Entity Classification</I></B>. Our interests in the operating
company 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 &ldquo;publicly traded partnership&rdquo; 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. We do not anticipate that the operating
company or any subsidiary partnership will be treated as a publicly traded partnership that is taxable as a corporation. However, 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 &ldquo;&mdash;Taxation of Our Company&mdash;Asset Tests&rdquo; and &ldquo;&mdash;Income Tests.&rdquo; This, in turn, could
prevent us from qualifying as a REIT. See &ldquo;&mdash;Taxation of Our Company&mdash;Failure to Qualify&rdquo; for a discussion of the
effect of our failure to meet these tests. In addition, a change in the tax status of the operating company 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 that the operating company 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Allocations of Items of Income, Gain, Loss and Deduction</I></B>.
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&nbsp;704(b)&nbsp;of the Code and the
Treasury Regulations thereunder. Generally, Section&nbsp;704(b)&nbsp;of the Code and the Treasury Regulations thereunder require that
partnership allocations respect the economic arrangement of the partners. If an allocation of partnership income or loss does not comply
with the requirements of Section&nbsp;704(b)&nbsp;of the Code and the Treasury Regulations thereunder, the item subject to the allocation
will be reallocated in accordance with the partners&rsquo; 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 the operating company and any subsidiaries that are treated as partnerships for U.S. federal income tax
purposes are intended to comply with the requirements of Section&nbsp;704(b)&nbsp;of the Code and the Treasury Regulations thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Allocations With Respect to the Properties</I></B>. Under
Section&nbsp;704(c)&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Some of the partnerships in which we own an interest were formed by
way of contributions of appreciated property. In addition, our operating company may, from time to time, acquire interests in property
in exchange for interests in our operating company. The relevant partnership and/or limited liability company agreements of our operating
partnership and our subsidiary partnerships require that allocations be made in a manner consistent with Section&nbsp;704(c)&nbsp;of the
Code. Section&nbsp;704(c)&nbsp;of the Code provides partnerships with a choice of several methods of accounting for book-tax differences.
Depending on the method we have agreed to or 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 or subsidiary partnerships could cause us to be allocated
less depreciation or more gain on sale with respect to a contributed property than the amounts that would have been allocated to us if
we had instead acquired the contributed property with an initial tax basis equal to its fair market value. Such allocations might adversely
affect our ability to comply with the REIT distribution requirements. See &ldquo;&mdash;Taxation of Our Company&mdash;Requirements for
Qualification as a REIT&rdquo; and &ldquo;&mdash;Annual Distribution Requirements.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any property acquired by a subsidiary partnership in a taxable transaction
will initially have a tax basis equal to its fair market value, and Section&nbsp;704(c)&nbsp;of the Code generally will not apply.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Partnership Audit Rules</I></B><I>.</I> Under current tax law,
and subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and any
partner&rsquo;s distributive share thereof) is determined, and taxes, interest, or penalties attributable thereto are assessed and collected,
at the partnership level. It is possible that these rules&nbsp;could result in partnerships in which we directly or indirectly invest,
including the operating company, 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.&nbsp;Investors are urged to consult their tax advisors with respect to these rules&nbsp;and their potential impact on
their investment in our capital stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Material U.S. Federal Income Tax Consequences to Holders of Our
Capital Stock and the Operating Company&rsquo;s Debt Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following discussion is a summary of certain material U.S. federal
income tax consequences to you of purchasing, owning and disposing of our capital stock or the operating company&rsquo;s debt securities.
This discussion is limited to holders who hold our capital stock or the operating company&rsquo;s debt securities as &ldquo;capital assets&rdquo;
within the meaning of Section&nbsp;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&rsquo;s particular circumstances, including the alternative minimum tax. In addition,
except where specifically noted, it does not address consequences relevant to holders subject to special rules, including, without limitation:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S. expatriates and former citizens or long-term residents of the United
States;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S. holders (as defined below) whose functional currency is not the U.S.
dollar;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">persons holding our capital stock or the operating company&rsquo;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></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">banks, insurance companies, and other financial institutions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">REITs or regulated investment companies;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">brokers, dealers or traders in securities;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;controlled foreign corporations,&rdquo; &ldquo;passive foreign investment
companies,&rdquo; and corporations that accumulate earnings to avoid U.S. federal income tax;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">S corporations, partnerships or other entities or arrangements treated as
partnerships for U.S. federal income tax purposes (and investors therein);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">tax-exempt organizations or governmental organizations;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">persons subject to special tax accounting rules&nbsp;as a result of any item
of gross income with respect to our capital stock or the operating company&rsquo;s debt securities being taken into account in an applicable
financial statement;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">persons deemed to sell our capital stock or the operating company&rsquo;s
debt securities under the constructive sale provisions of the Code;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">tax-qualified retirement plans; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">persons who hold or receive our capital stock pursuant to the exercise of
any employee stock option or otherwise as compensation.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>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 THE OPERATING
COMPANY&rsquo;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.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of this discussion, a &ldquo;U.S. holder&rdquo; is a beneficial
owner of our capital stock or the operating company&rsquo;s debt securities that, for U.S. federal income tax purposes, is or is treated
as:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">an individual who is a citizen or resident of the United States;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a corporation created or organized under the laws of the United States, any
state thereof, or the District of Columbia;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">an estate, the income of which is subject to U.S. federal income tax regardless
of its source; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a trust that (1)&nbsp;is subject to the primary supervision of a U.S. court
and the control of one or more &ldquo;United States persons&rdquo; (within the meaning of Section&nbsp;7701(a)(30) of the Code) or (2)&nbsp;has
a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of this discussion, a &ldquo;non-U.S. holder&rdquo; is
any beneficial owner of our capital stock or the operating company&rsquo;s debt securities that is neither a U.S. holder nor an entity
treated as a partnership for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an entity treated as a partnership for U.S. federal income tax purposes
holds our capital stock or the operating company&rsquo;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 the operating company&rsquo;s debt securities and the partners in such partnerships should consult their
tax advisors regarding the U.S. federal income tax consequences to them.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of Taxable U.S. Holders of Our Capital Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Distributions Generally</I></B>. 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 &ldquo;&mdash;Tax Rates&rdquo; 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 &ldquo;&mdash;Tax Rates&rdquo; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&rsquo;s adjusted tax basis in such shares of stock. This treatment will reduce
the U.S. holder&rsquo;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&rsquo;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&nbsp;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&nbsp;31 of that year, provided we actually pay the dividend
on or before January&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.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
(<I>i.e.</I>, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Capital Gain Dividends</I></B>. Dividends that we properly designate
as capital gain dividends will generally 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&rsquo; 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 &ldquo;capital gain dividends&rdquo;
by us to our stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Retention of Net Capital Gains</I></B>. 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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">include its pro rata share of our undistributed capital gain in computing
its long-term capital gains in its U.S. federal income tax 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></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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&rsquo;s income as long-term capital gain;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">receive a credit or refund for the amount of tax deemed paid by it;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Passive Activity Losses and Investment Interest Limitations</I></B>.
Distributions we make and gain arising from the sale or exchange of our capital stock by a U.S. holder will not be treated as passive
activity income. As a result, U.S. holders generally will not be able to apply any &ldquo;passive losses&rdquo; 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 &ldquo;&mdash;Tax Rates&rdquo; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Dispositions of Our Capital Stock</I></B>. Except as described
below under &ldquo;&mdash;Taxation of Taxable U.S. Holders of Our Capital Stock&mdash;Redemption or Repurchase by Us,&rdquo; 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&rsquo;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. The deductibility of capital losses is subject to limitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Redemption or Repurchase by Us</I></B>. A redemption or repurchase
of shares of our capital stock will be treated under Section&nbsp;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 &ldquo;&mdash;Distributions Generally&rdquo;) unless
the redemption or repurchase satisfies one of the tests set forth in Section&nbsp;302(b)&nbsp;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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">is &ldquo;substantially disproportionate&rdquo; with respect to the U.S.
holder,</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">results in a &ldquo;complete redemption&rdquo; of the U.S. holder&rsquo;s
stock interest in us, or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">is &ldquo;not essentially equivalent to a dividend&rdquo; with respect to
the U.S. holder,</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">all within the meaning of Section&nbsp;302(b)&nbsp;of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&nbsp;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&nbsp;302(b)&nbsp;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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 &ldquo;&mdash;Distributions Generally.&rdquo; A U.S. holder&rsquo;s adjusted tax basis in the redeemed or repurchased shares generally
will be transferred to the holder&rsquo;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. Prospective
investors should consult their tax advisors regarding the U.S. federal income tax consequences of a redemption or repurchase of our capital
stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If 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 &ldquo;&mdash;Dispositions of
Our Capital Stock.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Rates</I></B>. The maximum tax rate for non-corporate taxpayers
for (1)&nbsp;long-term capital gains, including certain &ldquo;capital gain dividends,&rdquo; 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)&nbsp;&ldquo;qualified dividend income&rdquo; 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&rsquo;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 &ldquo;capital gain dividends.&rdquo; 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 purposes of determining their U.S. federal income tax (but not for purposes of the 3.8% Medicare tax), subject to certain
holding period requirements and other limitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of Tax-Exempt Holders of Our Capital Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividend income from us and gain arising upon a sale of shares of our
capital stock generally should not be unrelated business taxable income (&ldquo;UBTI&rdquo;) 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 &ldquo;debt-financed property&rdquo;
within the meaning of the Code. Generally, &ldquo;debt-financed property&rdquo; is property the acquisition or holding of which was financed
through a borrowing by the tax-exempt holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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)&nbsp;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 &ldquo;set aside&rdquo; and reserve requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the above, however, a portion of the dividends paid
by a &ldquo;pension-held REIT&rdquo; 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 &ldquo;pension-held REIT&rdquo; if it is able to satisfy the &ldquo;not closely held&rdquo; requirement
without relying on the &ldquo;look-through&rdquo; exception with respect to certain trusts or if such REIT is not &ldquo;predominantly
held&rdquo; by &ldquo;qualified trusts.&rdquo; 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 &ldquo;pension-held REIT,&rdquo; 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of Non-U.S. Holders of Our Capital Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following discussion addresses the rules&nbsp;governing U.S. federal
income taxation of the purchase, ownership and disposition of our capital stock by non-U.S. holders. These rules&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Distributions Generally</I></B>. Distributions (including any
taxable stock distributions) that are neither attributable to gains from sales or exchanges by us of United States real property interests
(&ldquo;USRPIs&rdquo;) 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 non-U.S.
holder&rsquo;s conduct of 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 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.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>a lower treaty rate applies and the non-U.S. holder furnishes an IRS Form&nbsp;W-8BEN or W-8BEN-E (or other applicable documentation)
evidencing eligibility for that reduced treaty rate; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>the non-U.S. holder furnishes an IRS Form&nbsp;W-8ECI (or other applicable documentation) claiming that the distribution is income
effectively connected with the non-U.S. holder&rsquo;s trade or business.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Capital Gain Dividends and Distributions Attributable to a Sale
or Exchange of United States Real Property Interests</I></B>. 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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>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 a U.S. holder would be 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</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>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&rsquo;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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Foreign Investment in Real Property Tax Act, which
is referred to as &ldquo;FIRPTA,&rdquo; 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 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&rsquo;s U.S. federal income
tax liability. However, any distribution with respect to any class of stock that is &ldquo;regularly traded,&rdquo; 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 (&ldquo;qualified shareholders&rdquo;)
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 certain &ldquo;qualified foreign pension funds&rdquo;
or entities all of the interests of which are held by such &ldquo;qualified foreign pension funds&rdquo; are exempt from FIRPTA. Non-U.S.
holders should consult their tax advisors regarding the application of these rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Retention of Net Capital Gains</I></B>. 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sale of Our Capital Stock</I></B>. Except as described below
under &ldquo;&mdash;Redemption or Repurchase by Us,&rdquo; 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 &ldquo;United States real property holding corporation,&rdquo; 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 &ldquo;domestically
controlled qualified investment entity.&rdquo; A &ldquo;domestically controlled qualified investment entity&rdquo; 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 ownership rules. For purposes of determining whether a REIT is a &ldquo;domestically controlled qualified
investment entity,&rdquo; ownership by non-United States persons generally will be determined by looking through certain pass-through
entities and U.S. corporations, including non-public REITs and certain non-public foreign-controlled domestic C corporations, and treating
a public qualified investment entity as a non-United States person unless such entity is a &ldquo;domestically controlled qualified investment
entity.&rdquo; Notwithstanding the foregoing ownership rules, a person who at all applicable times holds less than 5% of a class of a
REIT&rsquo;s stock that is &ldquo;regularly traded&rdquo; on an established securities market in the United States is treated as a United
States person unless the REIT has actual knowledge that such person is not a United States person or is a foreign-controlled person. We
believe, but cannot guarantee, that we are a &ldquo;domestically controlled qualified investment entity.&rdquo; 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 &ldquo;domestically
controlled qualified investment entity.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Even if we do not qualify as a &ldquo;domestically controlled qualified
investment entity&rdquo; 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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>such class of stock is &ldquo;regularly traded,&rdquo; as defined by applicable Treasury Regulations, on an established securities
market such as the NYSE; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>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&rsquo;s holding period.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 certain &ldquo;qualified foreign
pension funds&rdquo; or entities all of the interests of which are held by such &ldquo;qualified foreign pension funds&rdquo; are exempt
from FIRPTA. Non-U.S. holders should consult their tax advisors regarding the application of these rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 (a)&nbsp;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 (b)&nbsp;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&rsquo;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 recognizing gain from the sale or other taxable disposition of a USRPI if the non-U.S.
holder (1)&nbsp;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)&nbsp;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 class of stock is &ldquo;regularly traded&rdquo; and 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 described in
clause (1).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If 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 &ldquo;regularly traded&rdquo; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Redemption or Repurchase by Us</I></B>. A redemption or repurchase
of shares of our capital stock will be treated under Section&nbsp;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&nbsp;302(b)&nbsp;of the Code and is therefore treated as a sale or exchange of the redeemed or repurchased shares. See &ldquo;&mdash;Taxation
of Taxable U.S. Holders of Our Capital Stock&mdash;Redemption or Repurchase by Us.&rdquo; 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 &ldquo;&mdash;Taxation of Non-U.S. Holders of Our Capital Stock&mdash;Distributions Generally&rdquo; 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 &ldquo;&mdash;Sale of Our Capital Stock.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of Holders of the Operating Company&rsquo;s Debt Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following summary describes certain material U.S. federal income
tax consequences of purchasing, owning and disposing of debt securities issued by the operating company. This discussion assumes the debt
securities will be issued with less than a statutory <I>de minimis</I> 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 &ldquo;issue
price&rdquo; within the meaning of Section&nbsp;1273 of the Code (<I>i.e.</I>, the first price at which a substantial amount of the debt
securities is sold to the public for cash).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Consequences Applicable to U.S. Holders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Payments of Interest.</I> 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&rsquo;s
method of accounting for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Sale or Other Taxable Disposition.</I> 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&rsquo;s adjusted tax basis in the debt security. A U.S. holder&rsquo;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Consequences Applicable to Non-U.S. Holders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Payments of Interest.</I> Interest paid on a debt security to a
non-U.S. holder that is not effectively connected with the non-U.S. holder&rsquo;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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the non-U.S. holder does not, actually or constructively, own 10% or more
of the operating company&rsquo;s capital or profits;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the non-U.S. holder is not a controlled foreign corporation related to the
operating company through actual or constructive stock ownership; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">either (1)&nbsp;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)&nbsp;a
securities clearing organization, bank or other financial institution that holds customers&rsquo; 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 the applicable withholding agent with
a copy of such statement; or (3)&nbsp;the non-U.S. holder holds its debt security directly through a &ldquo;qualified intermediary&rdquo;
(within the meaning of the applicable Treasury Regulations) and certain conditions are satisfied.</FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If interest paid to a non-U.S. holder is effectively connected with
the non-U.S. holder&rsquo;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&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any such effectively connected interest generally will be subject to
U.S. federal income tax at the regular 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Sale or Other Taxable Disposition.</I> 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&nbsp;discussed above in &ldquo;&mdash;Taxation of Holders of The Operating Company&rsquo;s Debt Securities&mdash;Tax
Consequences Applicable to Non-U.S. Holders&mdash;Payments of Interest&rdquo;) unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the gain is effectively connected with the non-U.S. holder&rsquo;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></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A non-U.S. holder 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) on gain realized
upon the sale or other taxable disposition of a debt security, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Non-U.S. holders should consult their tax advisors regarding any applicable
income tax treaties that may provide for different rules.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information Reporting and Backup Withholding</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>U.S. Holders</I></B>. A U.S. holder may be subject to information
reporting and backup withholding when such holder receives payments on our capital stock or the operating company&rsquo;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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the holder fails to furnish the holder&rsquo;s taxpayer identification number,
which for an individual is ordinarily his or her social security number;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the holder furnishes an incorrect taxpayer identification number;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the applicable withholding agent is notified by the IRS that the holder previously
failed to properly report payments of interest or dividends; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Backup withholding is not an additional tax. Any amounts withheld under
the backup withholding rules&nbsp;may be allowed as a refund or a credit against a U.S. holder&rsquo;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Non-U.S. Holders</I></B>. Payments of dividends on our capital
stock or interest on the operating company&rsquo;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&nbsp;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 distributions on our capital stock or interest on the
operating company&rsquo;s debt securities paid to the non-U.S. holder, regardless of whether such distributions constitute a dividend
or 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Backup withholding is not an additional tax. Any amounts withheld under
the backup withholding rules&nbsp;may be allowed as a refund or a credit against a non-U.S. holder&rsquo;s U.S. federal income tax liability,
provided the required information is timely furnished to the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Medicare Contribution Tax on Unearned Income</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&nbsp;on their ownership and disposition of our capital stock or the operating company&rsquo;s debt
securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Withholding Tax on Payments Made to Foreign Accounts</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 (&ldquo;FATCA&rdquo;)) 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 the operating company&rsquo;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 the operating company&rsquo;s debt securities, in each
case paid to a &ldquo;foreign financial institution&rdquo; or a &ldquo;non-financial foreign entity&rdquo; (each as defined in the Code),
unless (1)&nbsp;the foreign financial institution undertakes certain diligence and reporting obligations, (2)&nbsp;the non-financial foreign
entity either certifies it does not have any &ldquo;substantial United States owners&rdquo; (as defined in the Code) or furnishes identifying
information regarding each substantial United States owner, or (3)&nbsp;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)&nbsp;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 &ldquo;specified United States persons&rdquo; or &ldquo;United
States owned foreign entities&rdquo; (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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the applicable Treasury Regulations and administrative guidance,
withholding under FATCA generally applies to payments of dividends on our capital stock or interest on the operating company&rsquo;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&nbsp;1, 2019, 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&nbsp;we may treat the entire distribution as a dividend.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prospective investors should consult their tax advisors regarding the
potential application of withholding under FATCA to their investment in our capital stock or the operating company&rsquo;s debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Tax Consequences </B>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 income tax. You should consult
your tax advisors 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 the operating company&rsquo;s debt securities.</P>

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

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

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

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<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>hcp-20250805_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Aug. 05, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug.  05,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-08895<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Healthpeak
Properties, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000765880<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">33-0091377<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">4600 South Syracuse Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Denver<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CO<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">80237<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">720<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">428-5050<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $1.00 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">DOC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
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