GLENDALE, Calif. -- (Business Wire)
PS Business Parks, Inc. (NYSE:PSB) announced today the tax treatment of
the Company’s 2014 dividends. For the tax year ended December 31, 2014,
distributions for the common stock and all the various series of
preferred stock were classified as follows:
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2014
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1st Quarter
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2nd Quarter
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3rd Quarter
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4th Quarter
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Ordinary Income
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100.0000%
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100.0000%
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100.0000%
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45.8711%
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Long-Term Capital Gain
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0.0000%
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0.0000%
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0.0000%
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54.1289%
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Total
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100.0000%
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100.0000%
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100.0000%
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100.0000%
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The ordinary income dividends do not constitute “qualified dividend
income.”
A percentage of the long-term capital gain is unrecaptured section 1250
gain for each quarter of 2014 as follows:
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2014 Percentage of Total Long-Term Capital Gain Distribution
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1st Quarter
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2nd Quarter
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3rd Quarter
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4th Quarter
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Unrecaptured Section 1250
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Gain
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0.0000%
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0.0000%
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0.0000%
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93.4109%
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For corporate shareholders a portion of the total long-term capital gain
is required to be recaptured as ordinary income. For each quarter of
2014 the percentages are as follows:
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2014 Percentage of Total Long-Term Capital Gain Distribution
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1st Quarter
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2nd Quarter
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3rd Quarter
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4th Quarter
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IRC §291 Recapture
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0.0000%
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0.0000%
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0.0000%
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18.6822%
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This release is based on the preliminary results of work on the
Company’s tax filings and is subject to correction or adjustment when
the filings are completed. The Company is releasing information at this
time to aid those required to distribute Forms 1099 on the Company’s
distributions. No material change in this classification is expected.
Alternative Minimum Tax
Alternative minimum tax adjustments are to be apportioned between a real
estate investment trust (“REIT”) and its shareholders under Internal
Revenue Code Section 59(d). Although regulations have not yet been
issued under that provision, based on regulations issued pursuant to a
similar provision of prior law and the legislative history of the
current provision, it appears that such alternative minimum tax
adjustments are to be apportioned to a REIT’s shareholders to the extent
that the REIT distributes its regular taxable income. It is the
Company’s policy to distribute all of its regular taxable income and
accordingly, all of the Company’s alternative minimum tax adjustments
are being apportioned to the Company’s shareholders.
The Company has determined that -0.2961% of each distribution to its
common shareholders for the tax year ended December 31, 2014 consists of
alternative minimum tax adjustments (i.e., for each $1 of dividend
reportable by a shareholder, $0.002961 represents a negative alternative
minimum tax adjustment). To determine your share of the Company’s
alternative minimum tax adjustments, multiply the aggregate dollar
amount of your reportable 2014 dividends from the Company (the sum of
the amounts shown in Boxes 1a and 2a of the Company’s 2014 Form
1099-DIV) by -0.002961.
If you are an individual, please refer to Internal Revenue Service Form
6251, Alternative Minimum Tax—Individuals. Your share of alternative
minimum tax adjustments should be input as a negative amount in Part I,
Line 18 (depreciation on assets placed in service after 1986). A
corporation’s share of alternative minimum tax adjustments should be
input as a negative amount on Internal Revenue Service Form 4626,
Alternative Minimum Tax—Corporations, on line 2a (depreciation of
post-1986 property).
If you have questions, please consult your tax advisor for further
guidance.
Company Information
PS Business Parks, Inc., a member of the S&P SmallCap 600, is a
self-advised and self-managed real estate investment trust (REIT) that
acquires, develops, owns and operates commercial properties, primarily
multi-tenant flex, office and industrial space. The Company defines
“flex” space as buildings that are configured with a combination of
office and warehouse space and can be designed to fit a number of uses
(including office, assembly, showroom, laboratory, light manufacturing
and warehouse space). As of December 31, 2014, the Company wholly owned
28.6 million rentable square feet with approximately 5,000 customers
located in seven states, concentrated in California (11.6 million sq.
ft.), Texas (5.1 million sq. ft.), Virginia (4.0 million sq. ft.),
Florida (3.9 million sq. ft.), Maryland (2.4 million sq. ft.),
Washington (1.5 million sq. ft.) and Oregon (0.1 million sq. ft.).
Additional information about PS Business Parks, Inc. is available on the
Internet. The Company’s website is www.psbusinessparks.com.
Contacts:
PS Business Parks, Inc.
Edward A. Stokx
(818) 244-8080, Ext.
1649
Source: PS Business Parks, Inc.
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