PS Business Parks, Inc. (NYSE:PSB) announced today the tax treatment of the Company’s 2021 dividends. For the tax year ended December 31, 2021, the distributions for the common stock and preferred stock were classified as follows:
Common Stock – CUSIP Number 69360J 10 7
|
Form 1099-Div Box: |
Box 1a |
Box 1b |
Box 2a |
Box 2b |
Box 2f |
Box 5 |
|
Record Date |
Payable Date |
Total Distribution Per Share |
Total Ordinary Dividends(1) |
Qualified Dividends(2) |
Total Capital Gain Distribution |
Unrecaptured Section 1250 Gain(3) |
Section 897 Capital Gain(4) |
Section 199A Dividends(5) |
3/16/2021 |
3/31/2021 |
$1.050000 |
$0.367398 |
$0.000000 |
$0.682602 |
$0.016227 |
$0.682602 |
$0.367398 |
6/15/2021 |
6/30/2021 |
$1.050000 |
$0.367398 |
$0.000000 |
$0.682602 |
$0.016227 |
$0.682602 |
$0.367398 |
9/15/2021 |
9/30/2021 |
$1.050000 |
$0.367398 |
$0.000000 |
$0.682602 |
$0.016227 |
$0.682602 |
$0.367398 |
12/15/2021 |
12/30/2021 |
$5.650000 |
$1.976952 |
$0.000000 |
$3.673048 |
$0.087316 |
$3.673048 |
$1.976952 |
Totals: |
$8.800000 |
$3.079146 |
$0.000000 |
$5.720854 |
$0.135997 |
$5.720854 |
$3.079146 |
|
Series Z – Preferred Stock – CUSIP Number 69360J 55 2
|
Form 1099-Div Box: |
Box 1a |
Box 1b |
Box 2a |
Box 2b |
Box 2f |
Box 5 |
|
Record Date |
Payable Date |
Total Distribution Per Share |
Total Ordinary Dividends(1) |
Qualified Dividends(2) |
Total Capital Gain Distribution |
Unrecaptured Section 1250 Gain(3) |
Section 897 Capital Gain(4) |
Section 199A Dividends(5) |
3/16/2021 |
3/31/2021 |
$0.304688 |
$0.106611 |
$0.000000 |
$0.198077 |
$0.004709 |
$0.198077 |
$0.106611 |
6/15/2021 |
6/30/2021 |
$0.304687 |
$0.106611 |
$0.000000 |
$0.198076 |
$0.004709 |
$0.198076 |
$0.106611 |
9/15/2021 |
9/30/2021 |
$0.304688 |
$0.106611 |
$0.000000 |
$0.198077 |
$0.004709 |
$0.197077 |
$0.106611 |
12/15/2021 |
12/30/2021 |
$0.304687 |
$0.106611 |
$0.000000 |
$0.198076 |
$0.004709 |
$0.197076 |
$0.106611 |
Totals: |
$1.218750 |
$0.426444 |
$0.000000 |
$0.792306 |
$0.018836 |
$0.792306 |
$0.426444 |
|
Series Y – Preferred Stock – CUSIP Number 69360J 57 8
|
Form 1099-Div Box: |
Box 1a |
Box 1b |
Box 2a |
Box 2b |
Box 2f |
Box 5 |
|
Record Date |
Payable Date |
Total Distribution Per Share |
Total Ordinary Dividends(1) |
Qualified Dividends(2) |
Total Capital Gain Distribution |
Unrecaptured Section 1250 Gain(3) |
Section 897 Capital Gain(4) |
Section 199A Dividends(5) |
3/16/2021 |
3/31/2021 |
$0.325000 |
$0.113718 |
$0.000000 |
$0.211282 |
$0.005023 |
$0.211282 |
$0.113718 |
6/15/2021 |
6/30/2021 |
$0.325000 |
$0.113718 |
$0.000000 |
$0.211282 |
$0.005023 |
$0.211282 |
$0.113718 |
9/15/2021 |
9/30/2021 |
$0.325000 |
$0.113718 |
$0.000000 |
$0.211282 |
$0.005023 |
$0.211282 |
$0.113718 |
12/15/2021 |
12/30/2021 |
$0.325000 |
$0.113718 |
$0.000000 |
$0.211282 |
$0.005023 |
$0.211282 |
$0.113718 |
Totals: |
$1.300000 |
$0.454872 |
$0.000000 |
$0.845128 |
$0.020092 |
$0.845128 |
$0.454872 |
|
Series X – Preferred Stock – CUSIP Number 69360J 59 4
|
Form 1099-Div Box: |
Box 1a |
Box 1b |
Box 2a |
Box 2b |
Box 2f |
Box 5 |
|
Record Date |
Payable Date |
Total Distribution Per Share |
Total Ordinary Dividends(1) |
Qualified Dividends(2) |
Total Capital Gain Distribution |
Unrecaptured Section 1250 Gain(3) |
Section 897 Capital Gain(4) |
Section 199A Dividends(5) |
3/16/2021 |
3/31/2021 |
$0.328125 |
$0.114812 |
$0.000000 |
$0.213313 |
$0.005071 |
$0.213313 |
$0.114812 |
6/15/2021 |
6/30/2021 |
$0.328125 |
$0.114812 |
$0.000000 |
$0.213313 |
$0.005071 |
$0.213313 |
$0.114812 |
9/15/2021 |
9/30/2021 |
$0.328125 |
$0.114812 |
$0.000000 |
$0.213313 |
$0.005071 |
$0.213313 |
$0.114812 |
12/15/2021 |
12/30/2021 |
$0.328125 |
$0.114812 |
$0.000000 |
$0.213313 |
$0.005071 |
$0.213313 |
$0.114812 |
Totals: |
$1.312500 |
$0.459248 |
$0.000000 |
$0.853252 |
$0.020284 |
$0.853252 |
$0.459248 |
|
Series W – Preferred Stock – CUSIP Number 69360J 62 8
|
Form 1099-Div Box: |
Box 1a |
Box 1b |
Box 2a |
Box 2b |
Box 2f |
Box 5 |
|
Record Date |
Payable Date |
Total Distribution Per Share |
Total Ordinary Dividends(1) |
Qualified Dividends(2) |
Total Capital Gain Distribution |
Unrecaptured Section 1250 Gain(3) |
Section 897 Capital Gain(4) |
Section 199A Dividends(5) |
3/16/2021 |
3/31/2021 |
$0.325000 |
$0.113718 |
$0.000000 |
$0.211282 |
$0.005023 |
$0.211282 |
$0.113718 |
6/15/2021 |
6/30/2021 |
$0.325000 |
$0.113718 |
$0.000000 |
$0.211282 |
$0.005023 |
$0.211282 |
$0.113718 |
9/15/2021 |
9/30/2021 |
$0.325000 |
$0.113718 |
$0.000000 |
$.0211282 |
$0.005023 |
$0.211282 |
$0.113718 |
Totals: |
$0.975000 |
$0.341154 |
$0.000000 |
$0.633846 |
$0.015069 |
$0.633846 |
$0.341154 |
|
(1) |
|
For shareholders other than corporations, the ordinary dividends are “qualified REIT dividends” under the qualified business income provisions enacted as part of the Tax Cuts and Jobs Act of 2017. |
|
(2) |
|
The ordinary income dividends are not “qualified dividend income” for purposes of determining dividends that are taxed as net capital gain. |
|
(3) |
|
The percentage of the long-term capital gain that constitutes unrecaptured section 1250 gain is 2.3772%. Corporate shareholders subject to IRC §291 should treat 20% of the unrecaptured section 1250 gain as ordinary income. |
|
(4) |
|
All of the capital gain is Section 897 capital gain for foreign shareholders. |
|
(5) |
|
The Tax Cuts and Jobs of 2017, generally allows a deduction for individuals equal to 20% of ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income). Section 199A Dividends (Box 5) are a subset of, and are included in, the Taxable Ordinary Dividends reported in Box 1a. |
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.
If you have questions, please consult your tax advisor for further guidance.
Company Information
PS Business Parks, Inc. (NYSE:PSB), a S&P MidCap 400 company, is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office. Located primarily in major coastal markets, PS Business Parks’ 97 properties serve 5,000 tenants in 28 million square feet of space as of December 1, 2021. The portfolio also includes 800 residential units (including units in-process).
Additional information about PS Business Parks, Inc. is available on the Company’s website which can be found at psbusinessparks.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220121005454/en/
Contacts
Adeel Khan
(818) 244-8080, Ext. 8975
