Rexford Industrial Announces 2023 Tax Treatment of Dividend Distributions
LOS ANGELES, Jan. 22, 2024 /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE:REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties in Southern California infill markets, today announced the 2023 tax treatment of the Company's common stock and preferred stock dividend distributions, as described below. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of the Company's dividend distributions.
Common Stock - CUSIP Number 76169C100
Distribution Per Share | 2023 Tax Treatment | |||||||||||||||||
Record Date | Payable Date | Total | Taxable in 2023 | Total Ordinary Dividends | Qualified Dividends (1) | Total Capital Gain Distributions | Unrecaptured Section 1250 Gain (2) | Return of Capital (Nondividend Distributions) | Section 199A Dividends (3) | |||||||||
12/30/2022 | 1/17/2023 | $ 0.315000 | $ 0.109864 | $ 0.109864 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.109864 | |||||||||
3/31/2023 | 4/17/2023 | $ 0.380000 | $ 0.380000 | $ 0.380000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.380000 | |||||||||
6/30/2023 | 7/17/2023 | $ 0.380000 | $ 0.380000 | $ 0.380000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.380000 | |||||||||
9/29/2023 | 10/16/2023 | $ 0.380000 | $ 0.380000 | $ 0.380000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.380000 | |||||||||
12/29/2023 | 1/16/2024 | $ 0.380000 | $ 0.075746 | $ 0.075746 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.075746 | |||||||||
Totals: | $ 1.835000 | $ 1.325610 | $ 1.325610 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 1.325610 | ||||||||||
Form 1099-DIV Box: | 1a | 1b | 2a | 2b | 3 | 5 | ||||||||||||
(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. |
(3) | The Tax Cuts and Jobs Act enacted on December 22, 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. |
The common stock distribution of $0.315000 per share payable on January 17, 2023, to shareholders of record as of December 30, 2022, was treated as paid in two tax years for income tax purposes, with approximately 34.9%, or $0.109864 per share, taxable in 2023.
The common stock distribution of $0.380000 per share payable on January 16, 2024, to shareholders of record as of December 29, 2023, will be treated as paid in two tax years for income tax purposes, with approximately 19.9%, or $0.075746 per share, taxable in 2023 and approximately 80.1%, or $0.304254 per share, taxable in 2024.
Series B Preferred Stock - CUSIP Number 76169C308
Distribution Per Share | 2023 Tax Treatment | |||||||||||||||||
Record Date | Payable Date | Total | Taxable in 2023 | Total Ordinary Dividends | Qualified Dividends (1) | Total Capital Gain Distributions | Unrecaptured Section 1250 Gain (2) | Return of Capital (Nondividend Distributions) | Section 199A Dividends (3) | |||||||||
3/15/2023 | 3/31/2023 | $ 0.367188 | $ 0.367188 | $ 0.367188 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.367188 | |||||||||
6/15/2023 | 6/30/2023 | $ 0.367188 | $ 0.367188 | $ 0.367188 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.367188 | |||||||||
9/15/2023 | 9/29/2023 | $ 0.367188 | $ 0.367188 | $ 0.367188 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.367188 | |||||||||
12/15/2023 | 12/29/2023 | $ 0.367188 | $ 0.367188 | $ 0.367188 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.367188 | |||||||||
Totals: | $ 1.468752 | $ 1.468752 | $ 1.468752 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 1.468752 | ||||||||||
Form 1099-DIV Box: | 1a | 1b | 2a | 2b | 3 | 5 | ||||||||||||
(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. |
(3) | The Tax Cuts and Jobs Act enacted on December 22, 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. |
Series C Preferred Stock - CUSIP Number 76169C407
Distribution Per Share | 2023 Tax Treatment | |||||||||||||||||
Record Date | Payable Date | Total | Taxable in 2023 | Total Ordinary Dividends | Qualified Dividends (1) | Total Capital Gain Distributions | Unrecaptured Section 1250 Gain (2) | Return of Capital (Nondividend Distributions) | Section 199A Dividends (3) | |||||||||
3/15/2023 | 3/31/2023 | $ 0.351563 | $ 0.351563 | $ 0.351563 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.351563 | |||||||||
6/15/2023 | 6/30/2023 | $ 0.351563 | $ 0.351563 | $ 0.351563 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.351563 | |||||||||
9/15/2023 | 9/29/2023 | $ 0.351563 | $ 0.351563 | $ 0.351563 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.351563 | |||||||||
12/15/2023 | 12/29/2023 | $ 0.351563 | $ 0.351563 | $ 0.351563 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.351563 | |||||||||
Totals: | $ 1.406252 | $ 1.406252 | $ 1.406252 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 0.000000 | $ 1.406252 | ||||||||||
Form 1099-DIV Box: | 1a | 1b | 2a | 2b | 3 | 5 | ||||||||||||
(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. |
(3) | The Tax Cuts and Jobs Act enacted on December 22, 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. |
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial's high-quality, irreplaceable portfolio comprises 373 properties with approximately 45.8 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit www.rexfordindustrial.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 30, 2022. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Contact:
investorrelations@rexfordindustrial.com
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SOURCE Rexford Industrial Realty, Inc.