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To: Madharry who wrote (54464)

12/1/2021 4:18:05 PM

From: FL_Guy

Read Replies (1) | Respond to of 69885

I think you are confusing the rules for REIT distributions for common shares. This is a preferred issue, not same rules as common. Actually they have to make preferred shares whole before they can pay a dividend on common as stated in the prospectus (relevant section below).

Except as described in the next paragraph, unless full cumulative distributions on the Series D Preferred Stock for all past distribution periods shall have been, or contemporaneously are, declared and paid in cash or declared and a sum sufficient for the payment thereof in cash is set aside for payment, we will not:

• declare or pay or set aside for payment of distributions, and we will not declare or make any distribution of cash or other property, directly or indirectly, on or with respect to any shares of our common stock, or any other class or series of Parity Stock or Junior Stock for any period; or

• redeem, purchase or otherwise acquire for any consideration, or make any other distribution of cash or other property, directly or indirectly, on or with respect to, or pay or make available any monies for a sinking fund for the redemption of, any common stock, or any other class or series of Parity Stock or Junior Stock.

Specific to preferreds, I found mention that the rule for retaining REIT status is: A REIT that has 100 preferred shareholders who receive an annual dividend". So it seem a full annual dividend to be paid otherwise loses their REIT status. I could be dead wrong but that's my take from reading the "rules of the road" for a REIT status. Someone with more knowledge can correct me if I'm wrong.