Acquisition of a Real Estate Operating Company

Acquisition of a Real Estate Operating Company. The acquisition of a Real Estate Operating Company by the Company or a wholly-owned subsidiary of the Company: (i) by purchasing at least fifty and one-tenth percent (50.1%) of the capital stock or other equity interest in a Real Estate Operating Company, or by merger or other business combination, reorganization or tender offer or (ii) by acquiring all or substantially all of a Real Estate Operating Company's assets in a single purchase or series of purchases