CSE is a REIT but it owns a taxable REIT subsidiary (TRS). A TRS pays taxes and is treated as a C corporation. Any dividends paid by the TRS to CSE and which is distributed will be taxed at 15%. In addition, if CSE sells property which generates LT capital gains and those gains are distributed, it will also be taxed at 15%.
There is always more to the story however. If you have CSE in a roth ira you will not pay any tax and if you have it in a regular IRA you will pay only when you withdraw a portion of your IRA and if you hold for several years your compounded shares will increase exponentially until you decide to use your IRA money.
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