Investor Relations

Series Z - Preferred Stock - CUSIP Number 69360J 55 2

Series Y - Preferred Stock - CUSIP Number 69360J 57 8

Series X - Preferred Stock - CUSIP Number 69360J 59 4

1. For shareholders other than corporations, the ordinary dividends are “qualified REIT dividends” under the qualified business income provisions enacted as part of the Tax Cuts and Jobs Act of 2017.
2. The ordinary income dividends are not “qualified dividend income” for purposes of determining dividends that are taxed as net capital gain.
3. The percentage of the long-term capital gain that constitutes unrecaptured section 1250 gain is 52.2566%. Corporate shareholders subject to IRC §291 should treat 20% of the unrecaptured section 1250 gain as ordinary income.
4. All of the capital gain is Section 897 capital gain for foreign shareholders.
5. The Tax Cuts and Jobs of 2017, generally allows a deduction for individuals equal to 20% of ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income). Section 199A Dividends (Box 5) are a subset of, and are included in, the Taxable Ordinary Dividends reported in Box 1a.

This information is based on the preliminary results of work on the Company’s tax filings and is subject to correction or adjustment when the filings are completed. This is not intended to be received as tax advice. You should discuss this information with your own tax and legal representatives.