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Approaching three decades as a public company focused on top U.S. markets
Press Release
First Industrial Realty Trust Announces Tax Treatment of Common and Preferred Stock Distributions
CHICAGO, Jan. 17 /PRNewswire-FirstCall/ -- First Industrial Realty Trust, Inc. (NYSE: FR), the nation's largest provider of diversified industrial real estate, today announced the tax treatment of its 2006 distributions. For tax purposes, 49.53 percent of common stock dividends declared in 2006 qualify as return of capital, 9.30 percent qualify as ordinary income, 20.63 percent qualify as 15 percent rate qualified dividend income, 8.57 percent qualify as 25 percent rate capital gain, and 11.97 percent qualify as 15 percent rate capital gain.
Additionally, the Company announced the tax treatment of its 2006 dividends on its 8.625% Series C Cumulative Preferred Stock, its Series J Cumulative Redeemable Preferred Stock, and its Series K Cumulative Redeemable Preferred Stock. For tax purposes, 18.42 percent of the Company's 2006 preferred stock dividends qualify as ordinary income, 40.88 percent qualify as 15 percent rate qualified dividend income, 16.98 percent qualify as 25 percent rate capital gain and 23.72 percent qualify as 15 percent rate capital gain.
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 2006
distributions.
Common
Ordinary
Declaration Record Payable Distributions Return of Taxable
Dates Date Dates Per Share Capital Dividend
3/8/2006 3/31/2006 4/17/2006 $0.700000 $0.346710 $0.065100
5/17/2006 6/30/2006 7/17/2006 $0.700000 $0.346710 $0.065100
9/19/2006 9/29/2006 10/17/2006 $0.700000 $0.346710 $0.065100
12/6/2006 12/29/2006 1/22/2007 $0.710000 $0.351663 $0.066030
Total $2.810000 $1.391793 $0.261330
Qualified Unrecaptured Long Term
Declaration Record Payable Dividend 1250 Gain - Capital
Dates Date Dates Income 15% 25% Gain - 15%
3/8/2006 3/31/2006 4/17/2006 $0.144410 $0.059990 $0.083790
5/17/2006 6/30/2006 7/17/2006 $0.144410 $0.059990 $0.083790
9/19/2006 9/29/2006 10/17/2006 $0.144410 $0.059990 $0.083790
12/6/2006 12/29/2006 1/22/2007 $0.146473 $0.060847 $0.084987
Total $0.579703 $0.240817 $0.336357
Preferred 8.625% Series C Cumulative Preferred Stock
Distributions Ordinary
Declaration Record Payable Per Depositary Taxable
Dates Date Dates Share Dividend
3/8/2006 3/15/2006 3/31/2006 $0.539060 $0.099295
5/17/2006 6/15/2006 6/30/2006 $0.539060 $0.099295
8/4/2006 9/15/2006 10/2/2006 $0.539060 $0.099295
12/6/2006 12/15/2006 1/2/2007 $0.539060 $0.099295
Total $2.156240 $0.397180
Qualified Unrecaptured Long Term
Declaration Record Payable Dividend 1250 Gain - Capital
Dates Date Dates Income 15% 25% Gain - 15%
3/8/2006 3/15/2006 3/31/2006 $0.220368 $0.091532 $0.127865
5/17/2006 6/15/2006 6/30/2006 $0.220368 $0.091532 $0.127865
8/4/2006 9/15/2006 10/2/2006 $0.220368 $0.091532 $0.127865
12/6/2006 12/15/2006 1/2/2007 $0.220368 $0.091532 $0.127865
Total $0.881472 $0.366128 $0.511460
Preferred Series J Cumulative Redeemable Preferred Stock
Ordinary
Declaration Record Payable Distributions Per Taxable
Dates Date Dates Depositary Share Dividend
3/8/2006 3/15/2006 3/31/2006 $0.392710 $0.072337
5/17/2006 6/15/2006 6/30/2006 $0.453130 $0.083467
8/4/2006 9/15/2006 10/2/2006 $0.453130 $0.083467
12/6/2006 12/15/2006 1/2/2007 $0.453130 $0.083467
Total $1.752100 $0.322738
Qualified Unrecaptured Long Term
Declaration Record Payable Dividend 1250 Gain - Capital
Dates Date Dates Income 15% 25% Gain - 15%
3/8/2006 3/15/2006 3/31/2006 $0.160540 $0.066682 $0.093151
5/17/2006 6/15/2006 6/30/2006 $0.185240 $0.076941 $0.107482
8/4/2006 9/15/2006 10/2/2006 $0.185240 $0.076941 $0.107482
12/6/2006 12/15/2006 1/2/2007 $0.185240 $0.076941 $0.107482
Total $0.716260 $0.297505 $0.415597
Preferred Series K Cumulative Redeemable Preferred Stock
Distributions Ordinary
Declaration Record Payable Per Depositary Taxable
Dates Date Dates Share Dividend
9/1/2006 9/15/2006 10/2/2006 $0.206430 $0.038024
12/6/2006 12/15/2006 1/2/2007 $0.453130 $0.083467
Total $0.659560 $0.121491
Qualified Unrecaptured Long Term
Declaration Record Payable Dividend 1250 Gain - Capital
Dates Date Dates Income 15% 25% Gain - 15%
9/1/2006 9/15/2006 10/2/2006 $0.084389 $0.035052 $0.048965
12/6/2006 12/15/2006 1/2/2007 $0.185240 $0.076941 $0.107482
Total $0.269629 $0.111993 $0.156447
First Industrial Realty Trust, Inc., the nation's largest provider of diversified industrial real estate, serves every aspect of Corporate America's industrial real estate needs, including customized supply chain solutions, through its unique I-N-D-L operating platform, which utilizes a pure Industrial focus and National scope to provide Diverse facility types, while offering Local, full-service management and expertise. The Company owns, operates and has under development more than 100 million square feet of industrial real estate in markets throughout the United States. Building, buying, selling, leasing and managing industrial property in major markets nationwide, First Industrial develops long-term relationships with corporate real estate directors, tenants and brokers to better serve customers with creative, flexible industrial real estate solutions.
This press release contains forward-looking information about the Company. A number of factors could cause the Company's actual results to differ materially from those anticipated, including changes in: economic conditions generally and the real estate market specifically, legislative/regulatory changes (including changes to laws governing the taxation of real estate investment trusts), availability of financing, interest rate levels, competition, supply and demand for industrial properties in the Company's current and proposed market areas, potential environmental liabilities, slippage in development or lease-up schedules, tenant credit risks, higher- than-expected costs and changes in general accounting principles, policies and guidelines applicable to real estate investment trusts. For further information on these and other factors that could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission.
SOURCE First Industrial Realty Trust, Inc. ,/p>
CONTACT: Sean P. O'Neill, SVP, Investor Relations and Corporate Communications, +1-312-344-4401, or Art Harmon, Director, Investor Relations and Corporate Communications, +1-312-344-4320, both of First Industrial Realty Trust, Inc.