present and future conduct of our business operations, and other items regarding our ability to meet the various requirements for qualification as a REIT, and assumes that such representations
and covenants are accurate and complete and that we will take no action inconsistent with our qualification as a REIT. While we intend to continue to operate so that we will qualify as a REIT, given the highly complex nature of the rules governing
REITs, the ongoing importance of factual determinations, and the possibility of future changes in our circumstances, no assurance can be given by Hogan Lovells or by us that we will qualify as a REIT for any particular year. The opinion of Hogan
Lovells is expressed as of the date issued. Hogan Lovells has no obligation to advise us or our stockholders of any subsequent change in the matters stated, represented or assumed, or of any subsequent change in the applicable law. You should be
aware that opinions of counsel are not binding on the IRS, and no assurance can be given that the IRS will not challenge the conclusions set forth in such opinions. Hogan Lovells’ opinion does not foreclose the possibility that we may have to
utilize one or more of the REIT savings provisions discussed below, which could require us to pay an excise or penalty tax (which tax could be significant in amount) in order for us to maintain our REIT qualification. Qualification and taxation as a
REIT depend on our ability to meet, on a continuing basis, through actual operating results, distribution levels, and diversity of stock and asset ownership, various qualification requirements imposed upon REITs by the Internal Revenue Code, our
compliance with which will not be reviewed by Hogan Lovells. In addition, our ability to qualify as a REIT may depend in part upon the operating results, organizational structure and entity classification for U.S. federal income tax purposes of
certain entities in which we invest, which entities will not have been reviewed by Hogan Lovells. Our ability to qualify as a REIT also requires that we satisfy certain asset tests, some of which depend upon the fair market value of assets that we
own directly or indirectly. Such values may not be susceptible to a precise determination. Accordingly, no assurance can be given that the actual results of our operations for any taxable year will satisfy such requirements for qualification and
taxation as a REIT.
如果我们有资格作为REIT纳税，通常我们将有权扣除我们
支付的股息，因此我们目前分配给股东的REIT应税收入将不需要缴纳美国联邦企业所得税。这种处理方法基本上消除了公司和
股东层面的双重征税，这种双重征税通常是由于投资于C公司而产生的。一般来说，一个公司是一个公司，通常需要在公司一级纳税。双重征税是指在赚取收入时在公司一级征税，在向股东分配收入时在股东一级再次征税，扣除支付的公司所得税。一般来说，我们产生的收入仅在我们向普通股股东分配
股息时在股东层面征税。
美国股东（定义见本文）一般将按适用于普通收入的税率（而不是较低的资本利得税率）对我们分配的股息
（指定资本利得股息和合格股息收入除外）征税。对于2017年12月31日之后和
2026年1月1日之前开始的纳税年度，通常情况下，作为个人、信托或遗产的美国股东可以扣除我们分配的普通股息总额的20%，但有一定的限制。资本收益股息和合格
股息收入将继续适用23.8%的最高税率（该税率考虑了20%的最高资本收益率和净投资收入的3.8% Medicare税，如下所述“净投资收入的Medicare税”）。“—参见美国“—股东的联邦所得税--应纳税美国股东的税收--一般分配。”
我们产生或产生的任何净运营亏损、外国税收抵免和其他税收属性通常不会转移到我们的
股东，但对于某些项目（如我们确认的未分配但指定的资本收益）有特殊规定。参见美国“—股东的联邦所得税—
股东权益一般分配。”
即使我们有资格作为房地产投资信托基金纳税，在以下情况下，我们仍需缴纳美国联邦
所得税：
| |
• |
|
我们将按常规企业所得税率（目前美国联邦企业所得税为21%
）对任何未分配的REIT应税收入征税，包括未分配的净资本” |
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