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First Industrial Realty Trust Announces Final Agreement Related to the 2009 Tax Adjustment and Resulting Revised Tax Treatment of Preferred Stock Distributions for 2012
(Logo: http://photos.prnewswire.com/prnh/20040106/FRLOGO)
As a result of the Joint Committee's approval, the Company and the
Accordingly,
As revised, for tax purposes, 35.42 percent of the Company's 2012 preferred stock distributions are classified as capital gain and 64.58 percent are classified as return of capital (nondividend distributions).
The revision relates solely to the tax treatment of our preferred distributions.
The preferred stock distributions with record dates of
In 2012, the Company did not declare any common stock distributions.
This release is based on the preliminary results of work on the Company's tax filings and may be subject to correction or adjustment when the filings are completed. However, no material change in the information reported is expected. Shareholders are encouraged to consult with their tax advisors as to their specific tax treatment.
The tables below summarize the income tax treatment of the Company's distributions.
Preferred |
Series J Cumulative Redeemable Preferred Stock |
|||||||||
Declaration Date |
Record Date |
Payable Date |
Total Distributions Per Share |
Total Distribution Allocable to 2012 |
2012 Total Ordinary Dividends |
2012 Qualified Dividends (1) |
2012 Total Capital Gain Distributions |
2012 Unrecaptured Section 1250 Gain (2) |
2012 Return of Capital (Nondividend Distributions) |
|
12/2/2011 |
12/15/2011 |
1/2/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
3/5/2012 |
3/15/2012 |
4/2/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
6/5/2012 |
6/15/2012 |
7/2/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
9/4/2012 |
9/14/2012 |
10/1/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
12/4/2012 |
12/14/2012 |
12/31/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
Total |
$2.265650 |
$2.265650 |
$0.000000 |
$0.000000 |
$0.802500 |
$0.000000 |
$1.463150 |
|||
Form 1099-DIV Box |
1a |
1b |
2a |
2b |
3 |
|||||
Preferred |
Series J Cumulative Redeemable Preferred Stock - Depositary Shares Redeemed* |
|||||||||
Declaration Date |
Record Date |
Payable Date |
Total Distributions Per Share |
Total Distribution Allocable to 2012 |
2012 Total Ordinary Dividends |
2012 Qualified Dividends (1) |
2012 Total Capital Gain Distributions |
2012 Unrecaptured Section 1250 Gain (2) |
2012 Return of Capital (Nondividend Distributions) |
|
12/2/2011 |
12/15/2011 |
1/2/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
3/5/2012 |
3/15/2012 |
4/2/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
6/5/2012 |
6/15/2012 |
7/2/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
9/4/2012 |
9/14/2012 |
10/1/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
11/20/2012 |
N/A |
12/21/2012 |
$0.407810 |
$0.407810 |
$0.000000 |
$0.000000 |
$0.144447 |
$0.000000 |
$0.263363 |
|
Total |
$2.220330 |
$2.220330 |
$0.000000 |
$0.000000 |
$0.786447 |
$0.000000 |
$1.433883 |
|||
Form 1099-DIV Box |
1a |
1b |
2a |
2b |
3 |
|||||
Preferred |
Series K Cumulative Redeemable Preferred Stock |
|||||||||
Declaration Date |
Record Date |
Payable Date |
Total Distributions Per Share |
Total Distribution Allocable to 2012 |
2012 Total Ordinary Dividends |
2012 Qualified Dividends (1) |
2012 Total Capital Gain Distributions |
2012 Unrecaptured Section 1250 Gain (2) |
2012 Return of Capital (Nondividend Distributions) |
|
12/2/2011 |
12/15/2011 |
1/2/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
3/5/2012 |
3/15/2012 |
4/2/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
6/5/2012 |
6/15/2012 |
7/2/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
9/4/2012 |
9/14/2012 |
10/1/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
12/4/2012 |
12/14/2012 |
12/31/2012 |
$0.453130 |
$0.453130 |
$0.000000 |
$0.000000 |
$0.160500 |
$0.000000 |
$0.292630 |
|
Total |
$2.265650 |
$2.265650 |
$0.000000 |
$0.000000 |
$0.802500 |
$0.000000 |
$1.463150 |
|||
Form 1099-DIV Box |
1a |
1b |
2a |
2b |
3 |
|||||
(1) Qualified Dividends (Box 1b) are a subset of, and are included in, the Total Ordinary Dividends reported in Box 1a. |
||||||||||
(2) Unrecaptured Section 1250 Gain (Box 2b) is a subset of, and is included in, the Total Capital Gain Distributions |
||||||||||
reported in Box 2a. |
||||||||||
* Schedule relates to the 2 million depositary shares of the Series J Cumulative Redeemable Preferred Stock that were redeemed effective |
||||||||||
December 21, 2012 per the Company's press release dated November 20, 2012. |
For questions related to the information in this press release, please contact First Industrial's tax department at 312-344-4351.
About
Forward-Looking Information
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "should" or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities (including the
SOURCE
Art Harmon, Senior Director, Investor Relations and Corporate Communications, +1-312-344-4320