Common use of REIT Qualification Clause in Contracts

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” (“REIT”) under Sections 856 through 860 of the Code; its proposed method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.

REIT Qualification. The Company, commencing Commencing with its taxable year ended December 31, 19942010, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust (a “REIT”) under Sections 856 through 860 the Internal Revenue Code of 1986, as amended (the “Code; its ”), and the Company’s present and proposed method of operation as described in the Registration Statement, the Time of Sale Information General Disclosure Package and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.

REIT Qualification. The Company, commencing Commencing with its taxable year ended December 31, 19942012, the Company has been been, and upon the sale of the Securities, the Company will continue to be, organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust (a “REIT”) under Sections 856 through 860 of the Code; its , and the Company’s present and proposed method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus will enable it the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.

REIT Qualification. The Company, commencing Commencing with its taxable year ended December 31, 19942012, the Company has been been, and upon the sale of the Securities, the Company will continue to be, organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust (a “REIT”) under Sections 856 through 860 of the Code; its , and the Company’s present and proposed method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been Company is organized and operated in conformity with the requirements for qualification qualification, and, as of the date hereof the Company operates, and taxation as of Closing Time the Company will operate, in a manner that qualifies the Company as a “"real estate investment trust” " under the Internal Revenue Code of 1986, as amended (“REIT”) the "Code"), and the rules and regulations thereunder, for 1999 and subsequent years. The Company qualified as a real estate investment trust under Sections 856 through 860 the Code for each of the Code; its proposed method of operation as described in the Registration Statementtaxable years ended December 31, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code1995 through December 31, 1998.

REIT Qualification. The Company, commencing Commencing with its taxable year ended December 31, 19942012, the Company has been been, and upon the sale of the Underwritten Shares, the Company will continue to be, organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust (a “REIT”) under Sections 856 through 860 of the Code; its , and the Company’s present and proposed method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus will enable it the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.

REIT Qualification. The Company, commencing Commencing with its taxable year ended December 31, 19942012, the Company has been organized and operated operated, and will continue to be organized and operated, in conformity with the requirements for qualification and taxation as a “real estate investment trust” (a “REIT”) under Sections 856 through to 860 of the Internal Revenue Code of 1986, as amended (the “Code; its proposed method of operation as described in the Registration Statement”), the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification rules and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Coderegulations thereunder.

REIT Qualification. The Commencing with the Company, commencing with its 's first taxable year ended December 31, 19941993, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust (“"REIT”") under Sections 856 through 860 the Internal Revenue Code of 1986, as amended (the "Code; its proposed "), and the Company's method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been Company is organized and operated in conformity with the requirements for qualification qualification, and, as of the date hereof, the Company operates, and as of Closing Time the Company will operate, in a manner that qualifies it for taxation as a “real estate investment trust” (a “REIT”) under Sections 856 through to 860 of the Internal Revenue Code of 1986, as amended (the “Code; its proposed method of operation as described in the Registration Statement”), the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements rules and regulations thereunder, for qualification 2020 and taxation subsequent years. The Company qualified as a REIT under the Code; and Code for each of the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Codetaxable years ended December 31, 2009 through December 31, 2019.

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been Company is organized and operated in conformity with the requirements for qualification qualification, and, as of the date hereof, the Company operates, and as of Closing Time the Company will operate, in a manner that qualifies it for taxation as a “real estate investment trust” (a “REIT”) under Sections 856 through to 860 of the Internal Revenue Code of 1986, as amended (the “Code; its proposed method of operation as described in the Registration Statement”), the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements rules and regulations thereunder, for qualification 2017 and taxation subsequent years. The Company qualified as a REIT under the Code; and Code for each of the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Codetaxable years ended December 31, 2009 through December 31, 2016.

REIT Qualification. The Company, commencing Commencing with its taxable year ended December 31, 19942008, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust (a “REIT”) under Sections 856 through 860 the Internal Revenue Code of 1986, as amended (the “Code; its ”), and the Company’s present and proposed method of operation as described in the Registration Statement, the Time of Sale Information Statement and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.

REIT Qualification. The Commencing with the Company, commencing with its 's first taxable year ended December 31, 1994, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust (“"REIT”") under Sections 856 through 860 the Internal Revenue Code of 1986, as amended (the "Code; its proposed "), and the Company's method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been Company is organized and operated in conformity with the requirements for qualification qualification, and, as of the date hereof the Company operates, and taxation as of Closing Time the Company will operate, in a manner that qualifies the Company as a “real estate investment trust” under the Internal Revenue Code of 1986, as amended (the “REITCode”) ), and the rules and regulations thereunder, for 2019 and subsequent years. The Company qualified as a real estate investment trust under Sections 856 through 860 the Code for each of the Code; its proposed method of operation as described in the Registration Statementtaxable years ended December 31, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code1995 through December 31, 2018.

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” (“REIT”) under Sections 856 through 860 of the Code; its proposed method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.

REIT Qualification. The Company, commencing Commencing with its taxable year ended December 31, 1994, has been the Company was organized and has operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust under the Internal Revenue Code of 1986, as amended (“REIT”) under Sections 856 through 860 of the "Code; "), and its proposed method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT real estate investment trust under the Code; Code for each of its subsequent taxable years, and the Company intends no actions have been taken (or not taken which are required to continue to operate in a manner be taken) which would permit it to qualify cause such qualification as a REIT under the Codeto be lost.

REIT Qualification. The Commencing with the Company, commencing with its 's taxable year ended ending December 31, 19941998, has been the Company will be organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust under the Internal Revenue Code of 1986, as amended (“REIT”) under Sections 856 through 860 of the "Code; "), and its proposed method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT real estate investment trust under the Code.

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been Company is organized and operated in conformity with the requirements for qualification qualification, and, as of the date hereof the Company operates, and taxation as of Closing Time the Company will operate, in a manner that qualifies the Company as a “real estate investment trust” under the Internal Revenue Code of 1986, as amended (the “REITCode”) ), and the rules and regulations thereunder, for 2013 and subsequent years. The Company qualified as a real estate investment trust under Sections 856 through 860 the Code for each of the Code; its proposed method of operation as described in the Registration Statementtaxable years ended December 31, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code1995 through December 31, 2012.

REIT Qualification. The Company, commencing Commencing with its taxable year ended December 31, 19942012, the Company has been organized and operated operated, and will continue to be organized and operated, in conformity with the requirements for qualification and taxation as a “real estate investment trust” (a “REIT”) under Sections 856 through to 860 of the Code; its proposed method Internal Revenue Code of operation 1986, as described in the Registration Statementamended, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification rules and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Coderegulations thereunder.

REIT Qualification. The Company, commencing Commencing with its taxable year ended December 31, 1994, has been the Company was organized and has operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust (“a "REIT”") under Sections 856 through 860 of the Code; , and its proposed method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus operating will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; , and the Company intends has not taken or omitted to continue to operate in a manner take any action which would permit it reasonably be expected to qualify cause its qualification as a REIT under the Codeto be lost.

REIT Qualification. The Company, commencing At all times beginning with its taxable year period ended December 31, 19941993, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust under the Internal Revenue Code of 1986, as amended (“REIT”) under Sections 856 through 860 of the "Code; "), and its proposed method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT real estate investment trust under the Code.

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been Company is organized and operated in conformity with the requirements for qualification qualification, and, as of the date hereof the Company operates, and taxation as of Closing Time the Company will operate, in a manner that qualifies the Company as a “real estate investment trust” under the Internal Revenue Code of 1986, as amended (the “REITCode”) ), and the rules and regulations thereunder, for 2004 and subsequent years. The Company qualified as a real estate investment trust under Sections 856 through 860 the Code for each of the Code; its proposed method of operation as described in the Registration Statementtaxable years ended December 31, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code1995 through December 31, 2004.

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been Company was organized and has operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust (“"REIT”") under Sections 856 through 860 for each of its taxable years beginning with the Code; year ended December 31, 1994, and its proposed current organization and method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus will should enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the CodeREIT.

REIT Qualification. The Company, commencing Commencing with its taxable year ended December 31, 1994, 2008 the Company has been organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust (a “REIT”) under Sections 856 through 860 the Internal Revenue Code of 1986, as amended (the “Code; its ”), and the Company’s present and proposed method of operation as described in the Registration Statement, the Time of Sale Information Statement and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been Company is organized and operated in conformity with the requirements for qualification qualification, and, as of the date hereof, the Company operates, and as of Closing Time the Company will operate, in a manner that qualifies it for taxation as a “real estate investment trust” (a “REIT”) under Sections 856 through to 860 of the Internal Revenue Code of 1986, as amended (the “Code; its proposed method of operation as described in the Registration Statement”), the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements rules and regulations thereunder, for qualification 2014 and taxation subsequent years. The Company qualified as a REIT under the Code; and Code for each of the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Codetaxable years ended December 31, 2009 through December 31, 2013.

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been Company is organized and operated in conformity with the requirements for qualification qualification, and, as of the date hereof the Company operates, and taxation as of Closing Time the Company will operate, in a manner that qualifies the Company as a “"real estate investment trust” " under the Internal Revenue Code of 1986, as amended (“REIT”) the "Code"), and the rules and regulations thereunder, for 2003 and subsequent years. The Company qualified as a real estate investment trust under Sections 856 through 860 the Code for each of the Code; its proposed method of operation as described in the Registration Statementtaxable years ended December 31, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code1995 through December 31, 2002.

REIT Qualification. The Commencing with the Company, commencing with its 's first taxable year ------------------ ended December 31, 19941993, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a “real estate investment trust” trust (“"REIT”") ---- under Sections 856 through 860 the Internal Revenue Code of 1986, as amended (the "Code; its proposed "), and the ---- Company's method of operation as described in the Registration Statement, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code.

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been Company is organized and operated in conformity with the requirements for qualification qualification, and, as of the date hereof, the Company operates, and as of Closing Time the Company will operate, in a manner that qualifies it for taxation as a “real estate investment trust” (a “REIT”) under Sections 856 through to 860 of the Internal Revenue Code of 1986, as amended (the “Code; its proposed method of operation as described in the Registration Statement”), the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements rules and regulations thereunder, for qualification 2012 and taxation subsequent years. The Company qualified as a REIT under the Code; and Code for each of the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Codetaxable years ended December 31, 2009 through December 31, 2011.

REIT Qualification. The Company, commencing with its taxable year ended December 31, 1994, has been Company is organized and operated in conformity with the requirements for qualification qualification, and, as of the date hereof the Company operates, and taxation as of Closing Time the Company will operate, in a manner that qualifies the Company as a “"real estate investment trust” " under the Internal Revenue Code of 1986, as amended (“REIT”) the "Code"), and the rules and regulations thereunder, for 2002 and subsequent years. The Company qualified as a real estate investment trust under Sections 856 through 860 the Code for each of the Code; its proposed method of operation as described in the Registration Statementtaxable years ended December 31, the Time of Sale Information and the Prospectus will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code; and the Company intends to continue to operate in a manner which would permit it to qualify as a REIT under the Code1995 through December 31, 2001.