First Union Real Estate Investments Announces Fourth Quarter Dividends.Business Editors/Real Estate Writers CLEVELAND--(BUSINESS WIRE)--Dec. 20, 1999 First Union Real Estate Investments (NYSE NYSE See: New York Stock Exchange : FUR) announced that the Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. declared quarterly dividends of $0.525 per share for its Series A Cumulative Preferred Noun 1. cumulative preferred - preferred stock whose dividends if omitted accumulate until paid out cumulative preferred stock preference shares, preferred shares, preferred stock - stock whose holders are guaranteed priority in the payment of dividends but Shares and $0.155 per share for its Common Shares. Both dividends are payable January 28, 2000 to shareholders of record December 31, 1999. The Preferred Share dividend is the normal recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. quarterly dividend that has been declared and paid since the inception of the Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . The Common Share dividend is the continuation of the Board's planning for the Company to distribute dividends in order to meet the real estate investment trust ("REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ")-qualification requirements provided in the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. . The Company has sold real estate assets during 1999 resulting in net capital gains, which it is required to distribute or pay the tax in order to maintain its tax status as a REIT. The Company is paying the Common Share dividend in order to meet required distribution amounts that would result from gains recognized in 1999. A portion of the dividends is expected to be treated as a 1999 capital gain distribution for individual shareholder tax purposes. The final capital gains treatment is subject to review and modification. Certain statements contained in this news release that are forward-looking are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, changes in market activity, changes in local real estate conditions and markets, actions by competitors, interest rate movements and general economic conditions. Further information about these matters can be found in the information included in the Annual Report filed by the Company with the SEC on Form 10K. First Union Real Estate Equity and Mortgage Investments is a NYSE-listed stapled-stock real estate investment trust. |
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