First Potomac Realty Trust Announces Tax Reporting Information for 2012 Common and Preferred Share D
First Potomac Realty Trust Announces Tax Reporting Information for 2012 Common and Preferred Share Distributions
BETHESDA, Md.--(BUSINESS WIRE)-- First Potomac Realty Trust (NYS: FPO) , a leading owner of office and industrial properties in the greater Washington, D.C. region, today announced the tax reporting information (Federal 1099) for the year 2012 distributions on its common and preferred shares. 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 2012 distributions for First Potomac Realty Trust Common Stock CUSIP# 33610F109 traded on the NYSE under ticker symbol "FPO" is as follows:
The income tax treatment for the 2012 distributions for First Potomac Realty Trust Preferred Stock CUSIP# 33610F307 traded on the NYSE under ticker symbol "FPO-PA" is as follows:
The dividends classified above as ordinary income do not represent "qualified dividend income" and therefore are not eligible for reduced rates. The Company did not incur any foreign taxes. This information represents preliminary income allocations.
For shareholders subject to alternative minimum tax, your share of the 2012 alternative minimum tax adjustment items can be calculated by multiplying the ordinary taxable dividend amount in box 1a of the 2012 Form 1099-DIV by 35.8%. Please consult your tax advisor for proper treatment of this adjustment item.
Forward Looking Statements
The forward-looking statements contained in this press release 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 the Company's 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 on acceptable terms and successfully integrate such acquisitions into the Company's portfolio; 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 remediate the material weakness in its internal controls over financial reporting described in its 10-K for the year ended December 31, 2011 and to re-establish and maintain effective internal controls over financial reporting and disclosure controls and procedures; the impact of the Company's recently completed internal investigation, including any remedial actions and enhancement measures implemented in response to the internal investigation; 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 the Company's 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 industrial properties in the greater Washington, D.C. region. As of September 30, 2012, the Company's consolidated portfolio totaled approximately 14 million square feet. Based on annualized cash basis rent, the Company's portfolio consists of 43% office properties, 36% business parks and 21% industrial properties. A key element of First Potomac's overarching strategy is its dedication to sustainability. Nearly a million square feet of First Potomac property is LEED Certified, with another million square feet currently in development. Approximately half of the portfolio's total square footage of multi-story office property is either LEED or Energy Star Certified and 82% of First Potomac's Washington, DC portfolio is Energy Star Certified. FPO common shares (NYS: FPO) and preferred shares (NYS: FPO.PA) are publicly traded on the New York Stock Exchange.
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