PS Business Parks, Inc. Announces Tax Treatment of 2014 Dividends
January 16 2015 - 6:15PM
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:
2014
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Income
100.0000% 100.0000% 100.0000% 45.8711% Long-Term Capital Gain
0.0000% 0.0000% 0.0000% 54.1289% Total 100.0000% 100.0000%
100.0000% 100.0000%
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:
2014 Percentage of Total Long-Term Capital
Gain Distribution
1st Quarter 2nd Quarter 3rd Quarter
4th Quarter Unrecaptured Section 1250 Gain 0.0000%
0.0000% 0.0000% 93.4109%
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:
2014 Percentage of Total Long-Term Capital
Gain Distribution
1st Quarter 2nd Quarter 3rd Quarter
4th Quarter IRC §291 Recapture 0.0000% 0.0000%
0.0000% 18.6822%
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.
PS Business Parks, Inc.Edward A. Stokx(818) 244-8080, Ext.
1649
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