BETHESDA, Md., Feb. 2, 2017 /PRNewswire/ -- First Potomac
Realty Trust (NYSE: FPO), a leading owner and operator of office
and business park properties in the greater Washington D.C. region, today announced the
tax reporting information (Federal 1099) for the 2016 distributions
on its common shares, as well as its preferred shares (which were
fully redeemed over the course of 2016). The information in this
release is based on the preliminary results of the Company's tax
filings and is subject to correction or adjustment when the filings
are completed.
The income tax treatment for the 2016 distributions for First
Potomac Realty Trust Common Shares CUSIP# 33610F109 traded on the
NYSE under ticker symbol "FPO" is as follows:
|
|
|
Distribution
Type
|
Record
Dates
|
Payment
Dates
|
Distributions
per Share
|
Ordinary
Taxable
Dividend
|
Total
Capital
Gain
|
Return of
Capital
|
|
2/9/2016
|
2/16/2016
|
$0.15
|
$0.000000
|
$0.000000
|
$0.150000
|
|
5/9/2016
|
5/16/2016
|
$0.10
|
$0.000000
|
$0.000000
|
$0.100000
|
|
8/8/2016
|
8/15/2016
|
$0.10
|
$0.000000
|
$0.000000
|
$0.100000
|
|
11/8/2016
|
11/15/2016
|
$0.10
|
$0.000000
|
$0.000000
|
$0.100000
|
|
|
TOTALS
|
$0.45
|
$0.000000
|
$0.000000
|
$0.450000
|
|
|
PERCENT
|
|
0.00%
|
0.00%
|
100.00%
|
|
The income tax treatment for the 2016 distributions for the
First Potomac Realty Trust 7.750% Series A Cumulative Redeemable
Perpetual Preferred Shares ("Series A Preferred Shares") CUSIP#
33610F307, which traded on the NYSE under ticker symbol "FPO-PA"
prior to their delisting on July 6,
2016, is as follows:
|
|
|
Distribution
Type
|
Record
Dates
|
Payment
Dates(1)
|
Distributions
per Share
|
Ordinary
Taxable
Dividend
|
Total
Capital
Gain
|
Return of
Capital
|
|
2/9/2016
|
2/16/2016
|
$0.484375
|
$0.000000
|
$0.000000
|
$0.484375
|
|
5/9/2016
|
5/16/2016
|
$0.484375
|
$0.000000
|
$0.000000
|
$0.484375
|
|
|
TOTALS
|
$0.968750
|
$0.000000
|
$0.000000
|
$0.968750
|
|
|
PERCENT
|
|
0.00%
|
0.00%
|
100.00%
|
|
|
|
(1)
|
The Company redeemed
all of its previously outstanding 6,400,000 Series A Preferred
Shares pursuant to three separate redemptions during 2016 as
detailed in the table below, the specifics of which are as
follows: 2,200,000 shares were redeemed on January 19, 2016;
3,600,000 shares were redeemed on April 27, 2016; and 600,000 were
redeemed in the final redemption on July 6, 2016.
|
|
|
Distribution
Type
|
Redemption
Dates
|
Distributions
per Share(2)
|
Ordinary
Taxable
Dividend
|
Total
Capital
Gain
|
Return of
Capital
|
|
1/19/2016
|
$0.336957
|
$0.000000
|
$0.000000
|
$0.336957
|
|
4/24/2016
|
$0.382118
|
$0.000000
|
$0.000000
|
$0.382118
|
|
7/6/2016
|
$0.269097
|
$0.000000
|
$0.000000
|
$0.269097
|
|
TOTALS
|
$0.988172
|
$0.000000
|
$0.000000
|
$0.988172
|
|
PERCENT
|
|
0.00%
|
0.00%
|
100.00%
|
|
|
|
(2)
|
All accrued dividends
up to, but not including, the redemption dates were paid upon each
redemption. The Series A Preferred Shares were delisted from
trading on the New York Stock Exchange on July 6, 2016, the final
redemption date.
|
The Company did not incur any foreign taxes during 2016. The
information set forth above represents preliminary income
allocations.
There is no additional tax implication for shareholders subject
to alternative minimum tax. Shareholders are encouraged to consult
with their tax advisors as to their specific tax treatment for
First Potomac Realty Trust common and preferred share
distributions.
Forward Looking Statements
The forward-looking statements contained in this press release,
including statements regarding the income tax treatment for the
2016 distributions, are subject to various risks and uncertainties.
Although the Company believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions,
there can be no assurance that its expectations will be achieved.
Certain factors that could cause actual results to differ
materially from our expectations include changes in general or
regional economic conditions; the Company's ability to timely lease
or re-lease space at current or anticipated rents; changes in
interest rates; changes in operating costs; the Company's ability
to complete acquisitions and dispositions on attractive terms, or
at all; the Company's ability to manage its current debt levels and
repay or refinance its indebtedness upon maturity or other required
payment dates; the Company's ability to maintain financial covenant
compliance under its debt agreements; the Company's ability to
maintain effective internal controls over financial reporting and
disclosure controls and procedures; any impact of the informal
inquiry initiated by the U.S. Securities and Exchange Commission
(the "SEC"); the Company's ability to obtain debt and/or financing
on attractive terms, or at all; and other risks detailed in the
Company's Annual Report on Form 10-K and described from time to
time in our filings with the SEC. Many of these factors are beyond
the Company's ability to control or predict. Forward-looking
statements are not guarantees of performance. For forward-looking
statements herein, the Company claims the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. The Company assumes no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
About First Potomac Realty Trust
First Potomac Realty Trust is a self-administered, self-managed
real estate investment trust that focuses on owning, operating,
developing and redeveloping office and business park properties in
the greater Washington, D.C.
region. FPO common shares (NYSE: FPO) are publicly traded on
the New York Stock Exchange. As of September 30, 2016, our consolidated portfolio
totaled 6.7 million square feet. Based on annualized cash basis
rent, our portfolio consists of 65% office properties and 35%
business park and industrial properties. A key element of First
Potomac's overarching strategy is its dedication to sustainability.
Over one million square feet of First Potomac property is LEED
Certified and over half of the portfolio's multi-story office
square footage is LEED or Energy Star Certified.
Company Contact:
Randy L. Haugh
(240) 235-5573
rhaugh@first-potomac.com
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SOURCE First Potomac Realty Trust