Farmland Partners Announces Tax Treatment of 2024 Distributions
Farmland Partners Inc. (NYSE:FPI) (the "Company" or "FPI") today announced the tax treatment of our 2024 common stock distributions, as summarized in the following table.
Farmland Partners Inc.
CUSIP: 31154R109
EIN: 46-3769850
| Farmland Partners Inc. 2024 Dividend Treatment | ||||||||||||||||||||||||||||
| Common Stock | ||||||||||||||||||||||||||||
| Dividends | Capital Gains | |||||||||||||||||||||||||||
| Declaration Date |
Payment Date | Record Date | Distribution Per Share |
Distribution Per Share Allocable to 2024 |
Taxable Ordinary (Box 1a) |
Qualified (Box 1b) (1) |
Total (Box 2a) |
Unrecaptured Section 1250 (Box 2b) | Return of Capital (Box 3) (2) |
Section 199A (Box 5) (1) |
||||||||||||||||||
12/12/2023 |
1/12/2024 |
12/29/2023 |
$ |
0.210000 |
$ |
0.005147 |
$ |
0.000652 |
$ |
- |
$ |
0.004495 |
$ |
- |
$ |
- |
$ |
0.000652 |
||||||||||
10/24/2023 |
1/17/2024 |
1/2/2024 |
$ |
0.060000 |
$ |
0.060000 |
$ |
0.007599 |
$ |
- |
$ |
0.052401 |
|
|
$ |
0.007599 |
||||||||||||
2/27/2024 |
4/15/2024 |
4/1/2024 |
$ |
0.060000 |
$ |
0.060000 |
$ |
0.007599 |
$ |
- |
$ |
0.052401 |
$ |
- |
$ |
- |
$ |
0.007599 |
||||||||||
4/29/2024 |
7/15/2024 |
7/1/2024 |
$ |
0.060000 |
$ |
0.060000 |
$ |
0.007599 |
$ |
- |
$ |
0.052401 |
$ |
- |
$ |
- |
$ |
0.007599 |
||||||||||
7/23/2024 |
10/15/2024 |
10/1/2024 |
$ |
0.060000 |
$ |
0.060000 |
$ |
0.007599 |
$ |
- |
$ |
0.052401 |
$ |
- |
$ |
- |
$ |
0.007599 |
||||||||||
12/13/2024 |
1/8/2025 |
12/18/2024 |
$ |
1.150000 |
$ |
1.150000 |
$ |
0.145638 |
$ |
- |
$ |
1.004362 |
$ |
- |
$ |
- |
$ |
0.145638 |
||||||||||
$ |
1.600000 |
$ |
1.395147 |
$ |
0.176684 |
$ |
- |
$ |
1.218463 |
$ |
- |
$ |
- |
$ |
0.176684 |
|||||||||||||
| Footnotes: | ||||||||||||||||||||||||||||
| (1) Qualified dividends and Section 199A dividends are a subset of, and included in, the taxable ordinary dividend amount. | ||||||||||||||||||||||||||||
| (2) Return of capital represents a return of stockholder investment. | ||||||||||||||||||||||||||||
The special dividend of $0.21 per share declared December 12, 2023, and paid on or around January 12, 2024, is a split-year distribution with $0.0051474 per share considered a distribution made in 2024 for federal income tax purposes1.
The special dividend of $1.15 per share declared December 13, 2024 for shareholders of record as of December 18, 2024, and paid on or around January 8, 2025, is considered to be a distribution made in 2024 for federal income tax purposes2.
Pursuant to Treas. Reg. § 1.1061-4(b)(7)(i), the capital gains shown in box 2(a) are determined under Section 1231 and are excluded from "applicable partnership interest" disclosures.
In 2024, there was no "Box 3 Nondividend Distribution" on form 1099-DIV, and therefore no requirement to file Form 8937.
The Nareit REIT 1099-DIV Spreadsheet is available for download under the heading "2024 Dividend Information" at this link: https://ir.farmlandpartners.com/resources/IRS-Forms/default.aspx.
Stockholders are encouraged to consult with their tax advisors as to the specific tax treatment of the distributions they received from us.
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of December 31, 2024, the Company owns and/or manages approximately 141,800 acres in 16 states, including Arkansas, California, Colorado, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina, Texas, and West Virginia. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company elected to be taxed as a REIT for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.
1 The REIT declared a dividend in December of 2023, and it was payable to shareholders of record as of December of 2023. In accordance with IRC §857(b)(9) the dividend deemed paid in 2023 was limited to the earnings & profits at that time. The remaining balance that was not includable in 2023 should be reported as a 2024 dividend.
2 The REIT declared a dividend in December 2024, payable to shareholders of record as of December 18, 2024. In accordance with IRC §857(b)(9) the dividend is deemed paid entirely in 2024 as it consists of undistributed 2024 earnings & profits.
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Susan Landi
[email protected]