U.S. Income Tax Return for Real Estate Investment Trusts                                                           OMB No. 1545-0123
Form 1120-REIT
                            For calendar year 2023 or tax year beginning                , 2023, ending                   , 20
Department of the Treasury                                                                                                                                  2023
Internal Revenue Service            Go to www.irs.gov/Form1120REIT for instructions and the latest information.
A  Year of REIT status election        Name                                                                                                  C  Employer identification number
                                Please 
B  Check if a:                  Type   Number, street, and room or suite no. (If a P.O. box, see instructions.)                              D  Date REIT established
1   REIT with 100%              or   
    owned subsidiaries  
    (see instructions)          Print  City or town, state, and ZIP code                                                                     E  Total assets (see instructions)
2   Personal holding co. 
    (attach Sch. PH)                                                                                                                         $ 
F   Check applicable box(es):   (1)    Final return (2)   Name change      (3)   Address change (4)             Amended return               H  PBA code (see instructions)
G   Identify the type of REIT (see instructions):   (1)   Equity REIT      (2)   Mortgage REIT
Part I—Real Estate Investment Trust Taxable Income (see instructions)
                                Income (EXCLUDING income required to be reported in Part II or Part IV)
    1 Dividends .         . .   .   .  .  .       . .   . . . . .        . .   . . . .  .     . .   .           . .  . . .                 .    1 
    2 Interest          . . .   .   .  .  .       . .   . . . . .        . .   . . . .  .     . .   .           . .  . . .                 .    2 
    3 Gross rents from real property  .             .   . . . . .        . .   . . . .  .     . .   .           . .  . . .                 .    3 
    4 Other gross rents  .          .  .  .       . .   . . . . .        . .   . . . .  .     . .   .           . .  . . .                 .    4 
    5 Capital gain net income (attach Schedule D (Form 1120))  .                 . . .  .     . .   .           . .  . . .                 .    5 
    6 Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797)  .               . .   .           . .  . . .                 .    6 
    7 Other income (see instructions—attach statement)  .                  .   . . . .  .     . .   .           . .  . . .                 .    7 
    8 Total income. Add lines 1 through 7  .              . . . .        . .   . . . .  .     . .   .           . .  . . .                 .    8 
      Deductions (EXCLUDING deductions directly connected with income required to be reported in Part II or Part IV)
    9 Compensation of officers (see instructions—attach Form 1125-E)  .                 .     . .   .           . .  . . .                 .    9 
10    Salaries and wages (less employment credits) .            .        . .   . . . .  .     . .   .           . .  . . .                 .    10 
11    Repairs and maintenance             .       . .   . . . . .        . .   . . . .  .     . .   .           . .  . . .                 .    11 
12    Bad debts           . .   .   .  .  .       . .   . . . . .        . .   . . . .  .     . .   .           . .  . . .                 .    12 
13    Rents  .          . . .   .   .  .  .       . .   . . . . .        . .   . . . .  .     . .   .           . .  . . .                 .    13 
14    Taxes and licenses .          .  .  .       . .   . . . . .        . .   . . . .  .     . .   .           . .  . . .                 .    14 
15    Interest (see instructions) .       .       . .   . . . . .        . .   . . . .  .     . .   .           . .  . . .                 .    15 
16    Depreciation (attach Form 4562)  .                . . . . .        . .   . . . .  .     . .   .           . .  . . .                 .    16 
17    Advertising  .        .   .   .  .  .       . .   . . . . .        . .   . . . .  .     . .   .           . .  . . .                 .    17 
18    Energy efficient commercial buildings deduction (attach Form 7205)                .     . .   .           . .  . . .                 .    18
19    Other deductions (see instructions—attach statement)  .                  . . . .  .     . .   .           . .  . . .                 .    19
20    Total deductions. Add lines 9 through 19  .             . .        . .   . . . .  .     . .   .           . .  . . .                 .    20
21    Taxable income before net operating loss and other special deductions. Subtract line 20 from line 8                                       21
22    Less: a           Net operating loss deduction (see instructions)  .       . . .  .     .   22a
               b        Total deduction for dividends paid (Schedule A, line 7)  .      .     .   22b
               c        Section 857(b)(2)(E) deduction (Schedule J, lines 2c, 2e, 2f, and 
                        2g)  .  .   .  .  .       . .   . . . . .        . .   . . . .  .     .   22c                                           22d
23    Real estate investment trust taxable income. Subtract line 22d from line 21  .                            . .  . . .                 .    23
      Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, 
      correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign                                                                                                                                            May  the  IRS  discuss  this  return 
                                                                                                                                                with the preparer shown below? 
Here                                                                                                                                            See instructions. Yes       No 
      Signature of officer                                      Date               Title
               Print/Type preparer’s name                   Preparer’s signature                                Date                                        PTIN
Paid                                                                                                                                       Check         if 
                                                                                                                                           self-employed
Preparer 
               Firm’s name                                                                                             Firm’s EIN  
Use Only
               Firm’s address                                                                                          Phone no.
For Paperwork Reduction Act Notice, see separate instructions.                            Cat. No. 64114F                                       Form 1120-REIT (2023)

Form 1120-REIT (2023)                                                                                                               Page 2
                                                       Tax and Payments
24   Total tax (Schedule J, line 11)  .     . . . . .  .  . .       . . .  . . .         . .   . . .   . . .                  24 
25a  Preceding year’s overpayment credited to the current year        . .  . . .           25a
b    Current year’s estimated tax payments  .     . .  .  . .       . . .  . . .           25b
c    Less current year’s refund applied for on Form 4466  . .       . . .  . . .           25c (                            ) 25d
e    Tax deposited with Form 7004  .        . . . . .  .  . .       . . .  . . .           25e
f    Credit for tax paid on undistributed capital gains (attach Form 2439)  .  .           25f
g    Credit for federal tax paid on fuels (attach Form 4136) .      . . .  . . .           25g
h    Elective payment election amount from Form 3800 .      .       . . .  . . .           25h
i    Total payments and credits. Combine lines 25d through 25h          .  . . .         . .   . . .   . . .                  25i
26   Estimated tax penalty (see instructions). Check if Form 2220 is attached  .         . .   . . .   . .                    26 
27   Tax due. If line 25i is smaller than the total of lines 24 and 26, enter amount owed .      . .   . . .                  27 
28   Overpayment. If line 25i is larger than the total of lines 24 and 26, enter amount overpaid  .      . .                  28 
29   Enter amount of line 28 you want:      Credited to 2024 estimated tax                           Refunded                 29
Part II—Tax on Net Income From Foreclosure Property (Section 856(e)) (see instructions)
1    Net  gain  or  (loss)  from  the  sale  or  other  disposition  of  foreclosure  property  described  in  section 
     1221(a)(1) (attach statement)        . . . . . .  .  . .       . . .  . . .         . .   . . .   . . .                  1 
2    Gross income from foreclosure property (see instructions—attach statement)  .             . . .   . . .                  2 
3    Total income from foreclosure property. Add lines 1 and 2 .      . .  . . .         . .   . . .   . . .                  3 
4    Deductions directly connected with the production of income shown on line 3 (attach statement)  .                        4 
5    Net income from foreclosure property. Subtract line 4 from line 3     . . .         . .   . . .   . . .                  5 
6    Tax on net income from foreclosure property.      Multiply line 5 by 21% (0.21). Enter here and on
     Schedule J, line 2b .. .    .        . . . . . .  .  . .       . . .  . . .         . .   . . .   . . .                  6 
Part III—Tax for Failure To Meet Certain Source-of-Income Requirements (Section 857(b)(5)) (see instructions)
1 a  Enter total income from Part I, line 8  .  . . .  .  . .       . . .  . . .           1a 
b    Enter total income from foreclosure property from Part II, line 3  .  . . .           1b
c    Total. Add lines 1a and 1b  .        . . . . . .  .  . .       . . .  . . .         . .   . . .   . . .                  1c 
2a   Enter income from hedging transactions referred to in section 856(c)(5)(G)            2a 
b    Enter  income  from  passive  foreign  exchange  gain  referred  to  in  section
     856(n)(3). See instructions .        . . . . . .  .  . .       . . .  . . .           2b
c    Enter income from sources referred to in section 856(c)(5)(J)(i). See instructions    2c
d    Enter the net section 965(a) inclusion reported in Part I. See instructions  .        2d
e    Subtract lines 2a, 2b, 2c, and 2d from line 1c  . .  . .       . . .  . . .           2e
f    Multiply line 2e by 95% (0.95)  .      . . . . .  .  . .       . . .  . . .         . .   . . .   . . .                  2f 
3    Enter income on line 1c from sources referred to in section 856(c)(2)  .  .         . .   . . .   . . .                  3 
4    Subtract line 3 from line 2f. (If zero or less, enter -0-.)  . . . .  . . .         . .   . . .   . . .                  4 
5 a  Enter income from hedging transactions referred to in section 856(c)(5)(G)            5a
b    Enter income from real estate foreign exchange gain referred to in section
     856(n)(2). See instructions  .       . . . . . .  .  . .       . . .  . . .           5b
c    Enter income from sources referred to in section 856(c)(5)(J)(i). See instructions    5c
d    Enter the net section 965(a) inclusion reported in Part I. See instructions  .        5d
e    Subtract lines 5a, 5b, 5c, and 5d from line 1c  . .  . .       . . .  . . .           5e
f    Multiply line 5e by 75% (0.75)  .      . . . . .  .  . .       . . .  . . .         . .   . . .   . . .                  5f
6    Enter income on line 1c from sources referred to in section 856(c)(3)  .  .         . .   . . .   . . .                  6 
7    Subtract line 6 from line 5f. (If zero or less, enter -0-.)  . . . .  . . .         . .   . . .   . . .                  7 
8    Enter the greater of line 4 or line 7. (If line 8 is zero, do not complete the rest of Part III.) . . .                  8 
9    Enter the amount from Part I, line 21  .   . . .  .  . .       . . .  . . .         . .   . . .   . . .                  9 
10   Enter the net capital gain from Schedule D (Form 1120), line 17  .    . . .         . .   . . .   . . .                  10 
11   Subtract line 10 from line 9  .      . . . . . .  .  . .       . . .  . . .         . .   . . .   . . .                  11 
12a  Enter total income from Part I, line 8  .  . . .  .  . .       . . .  . . .           12a
b    Enter the net short-term capital gain from Schedule D (Form 1120), line 7. 
     (If line 7 is a loss, enter -0-.)  . . . . . . .  .  . .       . . .  . . .           12b
c    Add lines 12a and 12b  .    .        . . . . . .  .  . .       . . .  . . .         . .   . . .   . . .                  12c
13   Enter capital gain net income from Part I, line 5  . . .       . . .  . . .         . .   . . .   . . .                  13 
14   Subtract line 13 from line 12c  .      . . . . .  .  . .       . . .  . . .         . .   . . .   . . .                  14 
15   Divide line 11 by line 14. Carry the result to five decimal places  . . . .         . .   . . .   . . .                  15   .
16   Section 857(b)(5) tax. Multiply line 8 by line 15. Enter here and on Schedule J, line 2c      .   . . .                  16 
                                                                                                                              Form 1120-REIT (2023)

Form 1120-REIT (2023)                                                                                                     Page 3
Part IV—Tax on Net Income From Prohibited Transactions (see instructions)
1   Gain from sale or other disposition of section 1221(a)(1) property (other than foreclosure property)             1 
2   Deductions directly connected with the production of income shown on line 1  .  .         . . . . .              2 
3   Tax on net income from prohibited transactions.      Subtract line 2 from line 1. Enter here and on
    Schedule J, line 2d . .    .  . . . .  . .    . .  . . .     . .     . . . . .  .         . . . . .              3 
Schedule A     Deduction for Dividends Paid (see instructions)
1   Dividends paid (other than dividends paid after the end of the tax year). Do not include dividends 
    considered paid in the preceding tax year under section 857(b)(9) or 858(a), or deficiency dividends 
    as defined in section 860 .   . . . .  . .    . .  . . .     . .     . . . . .  .         . . . . .              1 
2   Dividends  paid  in  the  12-month  period  following  the  close  of  the  tax  year  under  a  section
    858(a) election to treat the dividends as paid during the tax year . . . . . .  .         . . . . .              2 
3   Dividends  declared  in  October,  November,  or  December  deemed  paid  on  December  31  under 
    section 857(b)(9) .   .    .  . . . .  . .    . .  . . .     . .     . . . . .  .         . . . . .              3 
4   Consent dividends (attach Forms 972 and 973)  .    . . .     . .     . . . . .  .         . . . . .              4 
5   Deficiency dividends (section 860) (attach Form 976) . .     . .     . . . . .  .         . . . . .              5 
6   Total dividends paid. Add lines 1 through 5 . . .  . . .     . .     . . . . .  .         . . . . .              6
7   Total deduction for dividends paid. If there is net income from foreclosure property on Part II, line
    5,  see  instructions  for  limitation  on  the  deduction  for  dividends  paid.  Otherwise,  enter  the  total 
    dividends paid from line 6 here and on line 22b of page 1  . . .     . . . . .  .         . . . . .              7
Schedule J     Tax Computation (see instructions)
1   Check if the REIT is a member of a controlled group (attach Schedule O (Form 1120))         . . .
    Important: Members of a controlled group, see instructions.
2 a Tax on REIT taxable income      . . .  . .    . .  . . .     . .     . . .   2a 
b   Tax from Part II, line 6 . .  . . . .  . .    . .  . . .     . .     . . .   2b
c   Tax from Part III, line 16  . . . . .  . .    . .  . . .     . .     . . .   2c 
d   Tax from Part IV, line 3   .  . . . .  . .    . .  . . .     . .     . . .   2d
e   Tax imposed under section 857(b)(7)(A) (see instructions)  . . .     . . .   2e 
f   Tax imposed under section 856(c)(7)  . . .    . .  . . .     . .     . . .   2f 
g   Tax imposed under section 856(g)(5)  . . .    . .  . . .     . .     . . .   2g
h   Income tax. Add lines 2a through 2g .  . .    . .  . . .     . .     . . . . .  .         . . . . .              2h 
3 a Foreign tax credit (attach Form 1118)  . .    . .  . . .     . .     . . .   3a 
b   Credit from Form 8834 (see instructions) .    . .  . . .     . .     . . .   3b
c   General business credit (attach Form 3800)    . .  . . .     . .     . . .   3c 
d   Other credits (attach statement—see instructions)  . . .     . .     . . .   3d
e  Total credits. Add lines 3a through 3d  . .    . .  . . .     . .     . . . . .  .         . . . . .              3e 
4   Subtract line 3e from line 2h   . . .  . .    . .  . . .     . .     . . . . .  .         . . . . .              4 
5   Personal holding company tax (attach Schedule PH (Form 1120))  .       . . . .  .         . . . . .              5 
6   Interest on deferred tax liability for installment obligations under section 453A(c)  .   . . . . .              6 
7   Interest on deferred tax liability for installment obligations under section 453(l)(3)  . . . . . .              7 
8   Recapture of investment credit (attach Form 4255)  . . .     . .     . . . . .  .         . . . . .              8
9   Recapture of low-income housing credit (attach Form 8611)  .   .     . . . . .  .         . . . . .              9
10  Other taxes (see instructions—attach statement)  . . . .     . .     . . . . .  .         . . . . .              10
11  Total tax. Add lines 4 through 10. Enter here and on line 24, page 2   . . . .  .         . . . . .              11
                                                                                                                     Form 1120-REIT (2023)

Form 1120-REIT (2023)                                                                                                              Page 4 
Schedule K    Other Information (see instructions)
1  Check method of accounting:                                                                                                     Yes No 
a     Cash
b     Accrual
c     Other (specify):
2  At the end of the tax year, did the REIT own, directly or indirectly, 50% or more of the voting stock of a domestic 
   corporation? (For rules of attribution, see section 267(c).)  . .  .  .  .     . .   . .   .  .   . .     .  . .   .  .  .
   If “Yes,” attach a statement showing: ( )aname and employer identification number (EIN), ( ) percentageb       owned, 
   and (c ) taxable income or (loss) before NOL and special deductions of such corporation for the tax year ending 
   with or within your tax year.
3  Is the REIT a subsidiary in a parent-subsidiary controlled group?     .  .     . .   . .   .  .   . .     .  . .   .  .  .
   If “Yes,” enter the name and EIN of the parent corporation: 

4  At the end of the tax year, did any individual, partnership, corporation, estate, or trust own, directly or indirectly, 
   50% or more of the REIT’s voting stock? (For rules of attribution, see section 856(h).) .     .   . .     .  . .   .  .  .
   If  “Yes,”  attach  a  statement  showing  name  and  identifying  number.  (Do  not  include  any  information  already
   entered in 3above.) Enter percentage owned  .      . .   .   .  .  .  .
5  At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of: ( ) thea total 
   voting power of all classes of stock of the REIT entitled to vote, or ( )b the total value of all classes of stock of the
   REIT?  .  .        . . . . . .    . . .  .   . .   . .   .   .  .  .  .  .     . .   . .   .  .   . .     .  . .   .  .  .
   If “Yes,” enter:  
a  Percentage owned:
b  Owner’s country:
c  The REIT may have to file Form 5472. Enter number of Forms 5472 attached             . .   .  .   . 
6  During  this  tax  year,  did  the  REIT  pay  dividends  (other  than  stock  dividends  and  distributions  in  exchange  for 
   stock) in excess of the REIT’s current and accumulated earnings and profits? (See sections 301 and 316.) .            .  .
   If “Yes,” file Form 5452.
7  Check this box if the REIT issued publicly offered debt instruments with original issue discount          .  . .   .  .  
   If so, the REIT may have to file Form 8281.
8  Enter the amount of tax-exempt interest received or accrued during the tax year  .         .  .     $ 
9  Enter the available NOL carryover from prior tax  years. (Do not reduce it by any deduction
   on line 22a, page 1.)  .   . .    . . .  .   . .   . .   .   .  .  .  .  .     . .   . .   .  .     $ 
10 Did the REIT have an election under section 163(j) for any real property trade or business or any farming business
   in effect during the tax year? See instructions  . . .    .  .  .  .  .  .     . .   . .   .  .   . .     .  . .   .  .  .
11 Does the REIT satisfy one or more of the following? See instructions  .        . .   . .   .  .   . .     .  . .   .  .  .
a  The REIT owns a pass-through entity with current or prior-year carryover excess business interest expense.
b  The  REIT’s  aggregate  average  annual  gross  receipts  (determined  under  section  448(c))  for  the  3  tax  years 
   preceding the current tax year are more than $29 million and the REIT has business interest expense.
c  The  REIT is a tax shelter and the REIT has business interest expense. 
   If “Yes” to any of the above, complete and attach Form 8990.
12 Is the REIT attaching Form 8996 to certify as a qualified opportunity fund?  .       . .   .  .   . .     .  . .   .  .  .
   If “Yes,” enter amount from Form 8996, line 15     . .   .   .  .  .  .  .     . .   . .   .  .   .  $ 
                                                                                                                    Form 1120-REIT (2023)

Form 1120-REIT (2023)                                                                                                                                  Page 5 
Schedule L Balance Sheets per Books                          Beginning of tax year                                              End of tax year
                           Assets                            (a)                               (b)                         (c)                    (d)
1   Cash  .  .        . .  . . .  . . .     . .           .  
2a  Trade notes and accounts receivable .     .           .
b   Less allowance for bad debts  .   .     . .           .  (                               )                  (                               ) 
3   U.S. Government obligations  .    .     . .           .
4   Tax-exempt securities (see instructions) .            .
5   Other current assets (attach statement)  .            .
6   Loans to shareholders      .  . . .     . .           .
7   Mortgage and real estate loans    .     . .           .
8   Other investments (attach statement) .    .           .
9a  Buildings and other depreciable assets  .             .
b   Less accumulated depreciation     .     . .           .  (                               )                  (                               ) 
10  Land (net of any amortization)  . .     . .           .
11a Intangible assets (amortizable only)  .   .           .
b   Less accumulated amortization     .     . .           .  (                               )                  (                               ) 
12  Other assets (attach statement)   .     . .           .
13  Total assets  .     .  . . .  . . .     . .           .
    Liabilities and Shareholders’ Equity                                                                                                               
14  Accounts payable  .      . .  . . .     . .           .
15  Mortgages, notes, bonds payable in less than 1 year
16  Other current liabilities (attach statement)  .
17  Loans from shareholders .     . . .     . .           .
18  Mortgages, notes, bonds payable in 1 year or more
19  Other liabilities (attach statement)  . . .           .
20  Capital stock:      a Preferred stock  .  .           .
                        b Common stock  .     .           .
21  Additional paid-in capital .  . . .     . .           .
22  Retained earnings—Appropriated (attach statement)
23  Retained earnings—Unappropriated  .       .           .
24  Adjustments         to   shareholders’    equity 
    (see instructions—attach statement)  .    .           .
25  Less cost of treasury stock  .  . .     . .           .          (                               )                                    (                               ) 
26  Total liabilities and shareholders’ equity  .         .
Schedule M-1          Reconciliation of Income (Loss) per Books With Income per Return (see instructions)
1   Net income (loss) per books .   . .     .                     7                            Income recorded on books this year 
2a  Federal income tax       $                                                                 not included on this return (itemize):
b   Less: Section 856(c)(7) tax, 856(g)(5) tax,                                                Tax-exempt interest $
    857(b)(5)  tax,  section  857(b)(7)  tax,  and                8                            Deductions  on  this  return  not 
    built-in gains tax     . $ (                        )                                      charged  against  book  income  this 
c   Balance  .        . .  . . .  . . .     .                                                  year (itemize):
3   Excess of capital losses over capital gains                   a                            Depreciation  .     $
4   Income  subject  to  tax  not  recorded  on                   b                            Net operating loss deduction (Part I, 
    books this year (itemize):                                                                 line 22a) .  . . . $
5   Expenses  recorded  on  books  this  year                     c                            Deduction for dividends paid (Part I, 
    not deducted on this return (itemize):                                                     line 22b)  . . . . $
a   Depreciation  .     .  . $                                    9                            Net income from foreclosure property
b   Section 4981 tax  .      $                                    10                           Net income from prohibited transactions
c   Travel and entertainment $                                    11                           Add lines 7 through 10  .   .   . .
                                                                  12                           REIT taxable income (Part I, line 23)
6   Add lines 1 through 5  .   .  . . .     .                                                  —line 6 less line 11  .   . .   . .
Schedule M-2          Analysis of Unappropriated Retained Earnings per Books (Schedule L, line 23)
1   Balance at beginning of year    . .     .                     5                            Distributions: a Cash  .    .   . .  
2   Net income (loss) per books .   . .     .                                                                 b Stock      .   . .  
3   Other increases (itemize):                                                                                c Property .     . .
                                                                  6                            Other decreases (itemize):
                                                                  7                            Add lines 5 and 6  . .    . .   . .
4   Add lines 1, 2, and 3 .    .  . . .     .                     8                            Balance at end of year (line 4 less line 7)
                                                                                                                                  Form 1120-REIT (2023)