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First Industrial Realty Trust Reports Tax Treatment of Common and Preferred Stock Distributions.

Company to Retain Capital and Not Pay Special Dividend in Capital-Constrained Business Environment

CHICAGO, Jan. 26 /PRNewswire-FirstCall/ -- First Industrial Realty Trust, Inc. , a leading provider of industrial real estate supply chain solutions, today reported the tax treatment of its 2008 distributions. For tax purposes, 11.59 percent of common stock distributions declared in 2008 were classified as ordinary dividends and 88.41 percent qualified as capital gain.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040106/FRLOGO)

Additionally, the Company announced the tax treatment of its 2008 dividends on its Series J Cumulative Redeemable Preferred Stock and its Series K Cumulative Redeemable Preferred Stock. For tax purposes, 11.59 percent of the Company's 2008 preferred stock dividends were classified as ordinary dividends and 88.41 percent qualified as capital gain.

First Industrial also announced that it would not declare a special dividend related to the fourth quarter of 2008 as originally anticipated in October 2008.

"We believe it is in the best interest of our stakeholders not to pay a special dividend at this time given the capital-constrained business environment," said Bruce W. Duncan, president and CEO of First Industrial. "First Industrial has a manageable debt maturity schedule, and retaining this capital provides us with additional financial flexibility."

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 2008 distributions.
 Common

 Declaration Record Payable Total Total Qualified
 Dates Dates Dates Distributions Ordinary Dividends (1)
 Per Share Dividends
 2/27/2008 3/31/2008 4/21/2008 $0.720000 $0.083439 $0.049772
 5/20/2008 6/30/2008 7/21/2008 $0.720000 $0.083439 $0.049772
 9/17/2008 9/30/2008 10/20/2008 $0.720000 $0.083439 $0.049772
 10/29/2008 12/31/2008 1/21/2009 $0.250000 $0.028972 $0.017282

 Total $2.410000 $0.279289 $0.166598
 Form 1099-DIV Box 1a 1b



 Common

 Declaration Record Payable Total Capital Unrecaptured
 Dates Dates Dates Gain Section 1250
 Distributions Gain (2)
 2/27/2008 3/31/2008 4/21/2008 $0.636561 $0.243211
 5/20/2008 6/30/2008 7/21/2008 $0.636561 $0.243211
 9/17/2008 9/30/2008 10/20/2008 $0.636561 $0.243211
 10/29/2008 12/31/2008 1/21/2009 $0.221028 $0.084448

 Total $2.130711 $0.814081
 Form 1099-DIV Box 2a 2b



 Preferred Series J Cumulative Redeemable Preferred Stock

 Declaration Record Payable Total Total Qualified
 Dates Date Dates Distributions Ordinary Dividends (1)
 Per Share Dividends
 2/27/2008 3/14/2008 3/31/2008 $0.453130 $0.052512 $0.031324
 5/20/2008 6/13/2008 6/30/2008 $0.453130 $0.052512 $0.031324
 8/6/2008 9/15/2008 9/30/2008 $0.453130 $0.052512 $0.031324
 12/3/2008 12/15/2008 12/31/2008 $0.453130 $0.052512 $0.031324

 Total $1.812520 $0.210048 $0.125296
 Form 1099-DIV Box 1a 1b



 Preferred Series J Cumulative Redeemable Preferred Stock

 Declaration Record Payable Total Capital Unrecaptured
 Dates Date Dates Gain Section 1250
 Distributions Gain (2)
 2/27/2008 3/14/2008 3/31/2008 $0.400618 $0.153064
 5/20/2008 6/13/2008 6/30/2008 $0.400618 $0.153064
 8/6/2008 9/15/2008 9/30/2008 $0.400618 $0.153064
 12/3/2008 12/15/2008 12/31/2008 $0.400618 $0.153064

 Total $1.602472 $0.612256
 Form 1099-DIV Box 2a 2b



 Preferred Series K Cumulative Redeemable Preferred Stock

 Declaration Record Payable Total Total Qualified
 Dates Date Dates Distributions Ordinary Dividends (1)
 Per Share Dividends
 2/27/2008 3/14/2008 3/31/2008 $0.453130 $0.052512 $0.031324
 5/20/2008 6/13/2008 6/30/2008 $0.453130 $0.052512 $0.031324
 8/6/2008 9/15/2008 9/30/2008 $0.453130 $0.052512 $0.031324
 12/3/2008 12/15/2008 12/31/2008 $0.453130 $0.052512 $0.031324

 Total $1.812520 $0.210048 $0.125296
 Form 1099-DIV Box 1a 1b



 Preferred Series K Cumulative Redeemable Preferred Stock

 Declaration Record Payable Total Capital Unrecaptured
 Dates Date Dates Gain Section 1250
 Distributions Gain (2)
 2/27/2008 3/14/2008 3/31/2008 $0.400618 $0.153064
 5/20/2008 6/13/2008 6/30/2008 $0.400618 $0.153064
 8/6/2008 9/15/2008 9/30/2008 $0.400618 $0.153064
 12/3/2008 12/15/2008 12/31/2008 $0.400618 $0.153064

 Total $1.602472 $0.612256
 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.

First Industrial Realty Trust, Inc. 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 and Canada, our local market experts buy, (re)develop, lease, manage and sell industrial properties, including all of the major facility types -- bulk and regional distribution centers, light industrial, manufacturing, and R&D/flex. We continue to receive leading customer service scores from Kingsley Associates, an independent research firm, and in total, we own, manage and have under development nearly 100 million square feet of industrial space. For more information, please visit us at http://www.firstindustrial.com/.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project" or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a materially adverse affect on our operations and future prospects include, but are not limited to, changes in: national, international (including trade volume growth), 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), our ability to qualify and maintain our status as a real estate investment trust, availability and attractiveness of financing (including both public and private capital) to us and to our potential counterparties, interest rate levels, our ability to maintain our current credit agency ratings, competition, supply and demand for industrial properties (including land, the supply and demand for which is inherently more volatile than other types of industrial property) in the Company's current and proposed market areas, difficulties in consummating acquisitions and dispositions, risks related to our investments in properties through joint ventures, 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, risks related to doing business internationally (including foreign currency exchange risks and risks related to integrating international properties and operations) and those additional factors described under the heading "Risk Factors" and elsewhere in the Company's annual report on Form 10-K for the year ended December 31, 2007 and in the Company's subsequent quarterly reports on Form 10-Q. We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this report or the dates indicated in the statements. We assume no obligation to update or supplement forward- looking statements. 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.

CONTACT: Art Harmon, Director, Investor Relations and Corporate Communications of First Industrial Realty Trust, Inc., +1-312-344-4320

Web site: http://www.firstindustrial.com/
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