First Union Real Estate Investments Announces Third Quarter Dividend for Common Shares.CLEVELAND--(BUSINESS WIRE)--Oct. 12, 1999-- First Union Real Estate Investments (NYSE NYSE See: New York Stock Exchange :FUR fur, hairy covering of an animal, especially the skins of animals that have thick, soft, close-growing hair next to the skin itself and coarser protective hair above it. ) 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 a quarterly dividend for its Common Shares of $0.155 per share. The dividend is payable October October: see month. 29, 1999 to shareholders of record October 22, 1999. The Board determined that the Company would need to distribute a dividend 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 sold real estate assets during 1999 resulting in net capital gains, which it must distribute or pay the tax in order to maintain its tax status as a REIT. The Company has elected to distribute a portion of the required amount based on the gains anticipated to be recognized by the end of the year. The dividend is expected to be treated as a capital gain distribution for individual shareholder tax purposes, but this treatment is subject to review and modification until the Company completes its review of all transactions that actually occur in the calendar year 1999. The Company also announced that it has completed the purchase of 1,465,922 shares of the previously announced share purchase program approved by the Board of Trustees on August 10, 1999. The aggregate purchase price for the shares purchased to date was $7,756,103. 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 (REIT) headquartered in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. . |
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