CNSREIT-AR-2024 Final - Flipbook - Page 86
Our charter does not permit any person or group to beneficially or constructively own more than 9.8% in value or
number of shares, whichever is more restrictive, of our outstanding common stock or of the aggregate of our
outstanding capital stock of all classes or series, and attempts to acquire our common stock or our capital stock of all
other classes or series in excess of these limits would not be effective without an exemption (prospectively or
retroactively) from these limits by our Board.
For us to qualify as a REIT under the Code, not more than 50% of the value of our outstanding stock may be owned,
directly or indirectly, by five or fewer individuals (including certain entities treated as individuals for this purpose) during
the last half of a taxable year. For the purpose of assisting our qualification as a REIT for U.S. federal income tax purposes,
among other purposes, our charter prohibits beneficial or constructive ownership by any person or group of more than
9.8%, in value or number of shares, whichever is more restrictive, of the shares of our outstanding common stock, or 9.8%
in value or number of shares, whichever is more restrictive, of the aggregate of our outstanding capital stock of all classes
or series (the
