MILL VALLEY, Calif.--(BUSINESS WIRE)--
Four Corners Property Trust, Inc. (NYSE: FCPT), a real estate
investment trust primarily engaged in the ownership of high-quality,
net-leased restaurant properties (“FCPT” or the “Company”), announced
today the tax characterization of its 2016 common stock distributions as
shown below.
| Record Date |
| Payment Date |
| Total
Distribution
($ per share) |
|
| Form 1099
Box 1a
Ordinary
Taxable
Dividend
($
per share) |
| Form 1099
Box 1b
Qualified
Taxable
Dividend
(1)
($ per share) |
| Form 1099
Box 3
Return of
Capital
($
per share) |
| 1/19/2016 |
| 1/29/2016 |
|
$0.2000
| (2) |
|
$0.2000
|
|
$0.2000
|
|
-
|
| 1/19/2016 | | 3/2/2016 | | $8.1183 | (2) | | $8.1183 | | $7.5554 | |
-
|
| 3/31/2016 | | 4/15/2016 | | $0.2425 | | | $0.2425 | |
-
| |
-
|
| 6/30/2016 | | 7/15/2016 | | $0.2425 | | | $0.1234 | |
-
| | $0.1191 |
| 9/30/2016 | | 10/14/2016 |
| $0.2425 |
|
| $0.0290 |
|
-
|
|
$0.2135
|
| Totals | |
|
| $9.0458 |
|
| $8.7132 |
| $7.7554 |
| $0.3326 |
| | | | | | | | | | |
|
The common stock dividend of $0.2425 per share that was paid on January
13, 2017, with a record date of December 31, 2016, will be applicable to
the 2017 tax year.
(1) Qualified Taxable Dividends are a subset of, and included in,
Ordinary Taxable Dividends.
(2) Reflects special catch-up distributions of cash and stock, which
included the remaining amount of the company’s undistributed earnings
and profits attributable to all taxable periods ending on or prior to
December 31, 2015, which, in accordance with tax rules applicable to
real estate investment trust (“REIT”) conversions, the Company was
required to pay to its stockholders on or before December 31, 2016 in
connection with its conversion to a REIT.
If you held common stock of FCPT in your name at any time during 2016,
an IRS Form 1099-DIV will be provided to you by Wells Fargo Shareholder
Services, FCPT’s transfer agent. If you held shares in "street name"
during 2016, the IRS form provided by your bank, brokerage firm or
nominee may report only the gross distributions paid to you. Therefore,
you may need the information included in this press release to properly
complete your federal tax return.
The IRS requires historical C-corporation earnings and profits to be
distributed prior to any REIT distributions, which may affect the
character of each distribution to stockholders, including whether and to
what extent each distribution is characterized as a qualified vs.
nonqualified ordinary dividend. There are other important considerations
associated with the taxability of the company’s distributions in 2016.
This information has been prepared using the best available information
to date. FCPT’s federal income tax return for the year ended December
31, 2016 has not yet been filed. Please note that federal tax laws
affect taxpayers differently, and we cannot advise you on how
distributions should be reported on your federal income tax return. Also
note that state and local taxation of REIT distributions vary and may
not be the same as the taxation under the federal rules. Shareholders
are encouraged to consult with their tax advisors as to their specific
tax treatment related to FCPT common stock dividends.
About FCPT:
FCPT, headquartered in Mill Valley, CA, is a real estate investment
trust primarily engaged in the acquisition and leasing of restaurant
properties. The Company will seek to grow its portfolio by acquiring
additional real estate to lease, on a triple net basis, for use in the
restaurant and related food services industry. Additional information
about FCPT can be found on the Company’s website at http://www.fcpt.com/.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170120005532/en/
Four Corners Property Trust, Inc.
Gerry Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust, Inc.