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.
如果我們有資格作為REIT納税，通常我們將有權扣除我們
支付的股息，因此我們目前分配給股東的REIT應税收入將不需要繳納美國聯邦企業所得税。這種處理方法基本上消除了公司和
股東層面的雙重徵税，這種雙重徵税通常是由於投資於C公司而產生的。一般來説，一個公司是一個公司，通常需要在公司一級納税。雙重徵税是指在賺取收入時在公司一級徵税，在向股東分配收入時在股東一級再次徵税，扣除支付的公司所得税。一般來説，我們產生的收入僅在我們向普通股股東分配
股息時在股東層面徵税。
美國股東（定義見本文）一般將按適用於普通收入的税率（而不是較低的資本利得税率）對我們分配的股息
（指定資本利得股息和合格股息收入除外）徵税。對於2017年12月31日之後和
2026年1月1日之前開始的納税年度，通常情況下，作為個人、信託或遺產的美國股東可以扣除我們分配的普通股息總額的20%，但有一定的限制。資本收益股息和合格
股息收入將繼續適用23.8%的最高税率（該税率考慮了20%的最高資本收益率和淨投資收入的3.8% Medicare税，如下所述“淨投資收入的Medicare税”）。參見美國股東的聯邦所得税--應納税美國股東的税收--一般分配。
我們產生或產生的任何淨運營虧損、外國税收抵免和其他税收屬性通常不會轉移到我們的
股東，但對於某些項目（如我們確認的未分配但指定的資本收益）有特殊規定。參見美國股東的聯邦所得税
股東權益一般分配。
即使我們有資格作為房地產投資信託基金納税，在以下情況下，我們仍需繳納美國聯邦
所得税：
| |
|
|
我們將按常規企業所得税率（目前美國聯邦企業所得税為21%
）對任何未分配的REIT應税收入徵税，包括未分配的淨資本 |
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