by a foreign office of a broker (as defined in applicable Treasury regulations), unless such broker has certain relationships with the United States, although information reporting
requirements may apply unless such broker has documentary evidence in its records that the beneficial owner is a Non-U.S. Holder and certain other conditions are met, or the beneficial owner otherwise establishes an exemption. Payment of the
proceeds of any such sale to or through the United States office of a broker is subject to information reporting and backup withholding requirements, unless the beneficial owner of the note provides the statement described in Non-U.S.
Holders of NotesInterest on Notes or Non-U.S. Holders of NotesIncome or Gains Effectively Connected with a U.S. Trade or Business or otherwise establishes an exemption. Backup withholding is not an additional tax.
Any amount withheld from a payment to a holder of a note under the backup withholding rules is allowable as a credit against such holders U.S. federal income tax liability (which might entitle such holder to a refund), provided that such
holder furnishes the required information to the IRS.
Legislation enacted in 2010 (commonly known as foreign account tax compliance act, or FATCA) and existing guidance issued thereunder generally
imposes a 30% withholding tax on U.S. source payments, including dividends in respect of common stock and interest in respect of notes, and, after December 31, 2018, gross proceeds from a disposition of common stock or notes held by or through
(1) a foreign financial institution (as that term is defined in Section 1471(d)(4) of the Internal Revenue Code) unless that foreign financial institution enters into an agreement with the U.S. Treasury Department to collect and disclose
information regarding U.S. account holders of that foreign financial institution (including certain account holders that are foreign entities that have U.S. owners) and satisfies other requirements, and (2) specified other non-U.S. entities
unless such an entity provides the payor with a certification identifying the direct and indirect U.S. owners of the entity and complies with other requirements. Accordingly, the entity through which our common stock or notes is held will affect the
determination of whether withholding is required. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury Regulations or other guidance, may modify these requirements. Holders of our common
stock or notes are encouraged to consult their tax advisors regarding the possible implications of this legislation on their particular circumstances.
Qualification and Taxation as a REIT
following is a summary of certain additional U.S. federal income tax considerations with respect to our taxation as a REIT and the tax consequences of ownership of the shares of our common stock into which the notes may be converted. This summary
supplements and, where applicable, supersedes the discussion under U.S. Federal Income Tax Considerations in the accompanying prospectus, and should be read together with such discussion.
Tax on Built-In Gains
accompanying prospectus discusses the taxation of appreciated assets acquired by us from a subchapter C corporation in a transaction in which the adjusted tax basis of the assets in our hands is determined by reference to the adjusted tax basis of
the assets in the hands of the subchapter C corporation, under the eleventh bullet under U.S. Federal Income Tax ConsiderationsTaxation of REITs in General. For taxable years beginning after December 31, 2014, the period
during which dispositions of properties that were acquired with net built-in gains from C corporations in carry-over basis transactions will trigger the built-in gains tax is generally 5 years.
Taxable REIT Subsidiaries
discussed in the accompanying prospectus, a REIT, in general, may jointly elect with a subsidiary corporation, whether or not wholly-owned, to treat the subsidiary corporation as a taxable REIT subsidiary, or TRS. In connection with the Merger, we
acquired the stock of ARM TRS, LLC, formerly a TRS of AMTG, and