Public Storage Announces Tax Treatment of 2018 Dividends
16 January 2019 - 1:17PM
Business Wire
Public Storage (NYSE:PSA) announced today the tax treatment of
the Company’s 2018 dividends. For the tax year ended December 31,
2018, distributions for the PSA common stock and all the various
series of preferred stock were classified as follows:
2018 1st
Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Income
100.0000% 100.0000% 100.0000% 93.1665% Long-Term Capital Gain
0.0000% 0.0000% 0.0000% 6.8335% Total
100.0000% 100.0000% 100.0000% 100.0000%
The ordinary income dividends are not “qualified dividend
income” for purposes of determining dividends that are taxed as net
capital gain.
For shareholders other than corporations the ordinary dividends
are “qualified REIT dividends” under the new qualified business
income provisions enacted as part of the Tax Cuts and Jobs Act of
2017.
For the fourth quarter of 2018, the percentage of the long-term
capital gain that constitutes unrecaptured section 1250 gain is
11.46768%. Corporate shareholders subject to IRC §291 should treat
20% of the unrecaptured section 1250 gain as ordinary income.
In prior years Public Storage has apportioned its alternative
minimum tax adjustments between the REIT and its shareholders under
section 59(d) of the Internal Revenue Code. The Tax Cuts and Jobs
Act of 2017 repealed the alternative minimum tax provisions related
to corporations. Due to this repeal there are no adjustments to be
apportioned between Public Storage and its shareholders after
2017.
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 the
classification is expected.
If you have questions, please consult your tax advisor for
further guidance.
Company Information
Public Storage, a member of the S&P 500 and FT Global 500,
is a REIT that primarily acquires, develops, owns and operates
self-storage facilities. The Company’s headquarters are located in
Glendale, California. At September 30, 2018, we had interests in
2,418 self-storage facilities located in 38 states with
approximately 161 million net rentable square feet in the
United States and 228 storage facilities located in seven
Western European nations with approximately 12 million net
rentable square feet operated under the “Shurgard” brand. The
Company also owns a 42% common equity interest in PS Business
Parks, Inc. (NYSE:PSB) which owned and operated approximately
28 million rentable square feet of commercial space at
September 30, 2018.
Additional information about Public Storage is available on the
Internet. The Company’s website is PublicStorage.com.
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Public StorageRyan Burke(818) 244-8080, Ext. 1141
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