Public Storage Announces Tax Treatment of 2019 Dividends
GLENDALE, Calif.--(BUSINESS WIRE)--Jan 21, 2020--
Public Storage (NYSE:PSA) announced today the tax treatment of the Company’s 2019 dividends. For the tax year ended December 31, 2019, 100% of the distributions for the PSA common stock and all the various series of preferred stock were classified as ordinary income. The Company did not declare a capital gain distribution, nor did it have any unrecaptured section 1250 gain for 2019.
The ordinary income dividends are not “qualified dividend income.”
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.
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.
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. At September 30, 2019, we had: (i) interests in 2,468 self-storage facilities located in 38 states with approximately 167 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 29 million rentable square feet of commercial space at September 30, 2019. Our headquarters are located in Glendale, California.
Additional information about Public Storage is available on the Internet. The Company’s website is PublicStorage.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200121006175/en/
CONTACT: Ryan Burke
(818) 244-8080, Ext. 1141
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: REIT PUBLIC RELATIONS/INVESTOR RELATIONS COMMUNICATIONS COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Public Storage
Copyright Business Wire 2020.
PUB: 01/21/2020 09:32 PM/DISC: 01/21/2020 09:32 PM