INVESTORS
Approaching three decades as a public company focused on top U.S. markets
Press Release
First Industrial Realty Trust Reports Tax Treatment of Common and Preferred Stock Distributions
CHICAGO, Jan. 25 /PRNewswire-FirstCall/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading provider of industrial real estate supply chain solutions, today reported the tax treatment of its 2007 distributions. For tax purposes, 9.37 percent of common stock distributions declared in 2007 represented return of capital (nondividend distributions), 21.61 percent were classified as ordinary dividends, and 69.02 percent qualified as capital gain.
Additionally, the Company announced the tax treatment of its 2007 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, 23.84 percent of the Company's 2007 preferred stock dividends were classified as ordinary dividends, and 76.16 percent qualified as 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 2007
distributions.
Common
Declaration Record Payable Total Total Qualified
Dates Dates Dates Distributions Ordinary Dividends (1)
Per Share Dividends
2/28/2007 3/30/2007 4/16/2007 $0.710000 $0.153421 $0.000000
5/16/2007 6/29/2007 7/16/2007 $0.710000 $0.153421 $0.000000
9/18/2007 9/28/2007 10/15/2007 $0.710000 $0.153421 $0.000000
12/5/2007 12/31/2007 1/22/2008 $0.720000 $0.155582 $0.000000
Total $2.850000 $0.615845 $0.000000
Form 1099-DIV Box 1a 1b
Declaration Record Payable Total Unrecaptured Return of
Dates Dates Dates Capital Gain Section 1250 Capital
Distributions Gain (2) (Nondividend
Distributions)
2/28/2007 3/30/2007 4/16/2007 $0.490043 $0.167442 $0.066536
5/16/2007 6/29/2007 7/16/2007 $0.490043 $0.167442 $0.066536
9/18/2007 9/28/2007 10/15/2007 $0.490043 $0.167442 $0.066536
12/5/2007 12/31/2007 1/22/2008 $0.496945 $0.169801 $0.067473
Total $1.967074 $0.672127 $0.267081
Form 1099-DIV Box 2a 2b 3
Preferred 8.625% Series C Cumulative Preferred Stock
Declaration Record Payable Total Total Qualified
Dates Dates Dates Distributions Ordinary Dividends (1)
Per Share Dividends
2/28/2007 3/15/2007 4/2/2007 $0.539060 $0.128528 $0.000000
5/8/2007 6/7/2007 6/7/2007 $0.407290 $0.097110 $0.000000
Total $0.946350 $0.225638 $0.000000
Form 1099-DIV Box 1a 1b
Declaration Record Payable Total Unrecaptured
Dates Dates Dates Capital Gain Section 1250
Distributions Gain (2)
2/28/2007 3/15/2007 4/2/2007 $0.410532 $0.140274
5/8/2007 6/7/2007 6/7/2007 $0.310180 $0.105985
Total $0.720712 $0.246259
Form 1099-DIV Box 2a 2b
Preferred Series J Cumulative Redeemable Preferred Stock
Declaration Record Payable Total Total Qualified
Dates Dates Dates Distributions Ordinary Dividends (1)
Per Share Dividends
2/28/2007 3/15/2007 4/2/2007 $0.453130 $0.108040 $0.000000
5/16/2007 6/15/2007 7/2/2007 $0.453130 $0.108040 $0.000000
8/3/2007 9/14/2007 10/1/2007 $0.453130 $0.108040 $0.000000
12/5/2007 12/14/2007 12/31/2007 $0.453130 $0.108040 $0.000000
Total $1.812520 $0.432160 $0.000000
Form 1099-DIV Box 1a 1b
Declaration Record Payable Total Unrecaptured
Dates Dates Dates Capital Gain Section 1250
Distributions Gain (2)
2/28/2007 3/15/2007 4/2/2007 $0.345090 $0.117913
5/16/2007 6/15/2007 7/2/2007 $0.345090 $0.117913
8/3/2007 9/14/2007 10/1/2007 $0.345090 $0.117913
12/5/2007 12/14/2007 12/31/2007 $0.345090 $0.117913
Total $1.380360 $0.471652
Form 1099-DIV Box 2a 2b
Preferred Series K Cumulative Redeemable Preferred Stock
Declaration Record Payable Total Total Qualified
Dates Dates Dates Distributions Ordinary Dividends (1)
Per Share Dividends
2/28/2007 3/15/2007 4/2/2007 $0.453130 $0.108040 $0.000000
5/16/2007 6/15/2007 7/2/2007 $0.453130 $0.108040 $0.000000
8/3/2007 9/14/2007 10/1/2007 $0.453130 $0.108040 $0.000000
12/5/2007 12/14/2007 12/31/2007 $0.453130 $0.108040 $0.000000
Total $1.812520 $0.432160 $0.000000
Form 1099-DIV Box 1a 1b
Declaration Record Payable Total Unrecaptured
Dates Dates Dates Capital Gain Section 1250
Distributions Gain (2)
2/28/2007 3/15/2007 4/2/2007 $0.345090 $0.117913
5/16/2007 6/15/2007 7/2/2007 $0.345090 $0.117913
8/3/2007 9/14/2007 10/1/2007 $0.345090 $0.117913
12/5/2007 12/14/2007 12/31/2007 $0.345090 $0.117913
Total $1.380360 $0.471652
Form 1099-DIV Box 2a 2b
(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.
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: national, international, regional and local economic conditions generally and real estate markets specifically, legislation/regulation (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, changes in general accounting principles, policies and guidelines applicable to real estate investment trusts, and risks related to doing business internationally (including foreign currency exchange risks). 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.
First Industrial Realty Trust, Inc. (NYSE: FR) provides industrial real estate solutions for every stage of a customer's supply chain, no matter how large or complex. Across more than 30 markets in the United States, Canada, The Netherlands and Belgium, our local market experts buy, (re)develop, lease, manage and sell industrial properties, including all of the major facility types - R&D/flex, light industrial, manufacturing, and regional and bulk distribution centers. We continue to receive leading customer service scores from Kingsley Associates, an independent research firm, and in total, we own and manage more than 100 million square feet of industrial space. For more information, please visit us at http://www.firstindustrial.com.
SOURCE First Industrial Realty Trust, Inc.
CONTACT: Sean 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.