Kilroy Realty Corporation (NYSE: KRC) announced today the
2016 tax treatment of its dividend distributions. The company's
total dividend distributions per share of common stock (CUSIP
#49427F108) are to be classified for income tax purposes as
follows:
Record Payable Total Total 2016
2016 2016 2016 2016
Date (1)
Date Distribution Distribution Taxable Total Total Capital
Unrecaptured Return of per Share Taxable in Ordinary Qualified Gain
Section 1250 Capital 2016
Dividend
Dividend (2)
Distribution
Gain (3)
12/31/2015 1/13/2016 $.3500000
$.3500000 $.1731029 $.0002262 $.1768971
$.0372598 - 3/31/2016 4/13/2016 .3500000
.3500000 .1731029 .0002262 .1768971
.0372598 - 6/30/2016 7/13/2016 .3750000
.3750000 .1854674 .0002424 .1895326
.0399212 - 9/30/2016 10/12/2016
.3750000 .3750000 .1854674 .0002424
.1895326 .0399212 - 12/30/2016 1/13/2017
2.2750000(4)
1.5870063 .7849011 .0010258 .8021052
.1689472 -
(1) To the extent that the record date is
on a Saturday, Sunday or New York Stock Exchange holiday, the
effective record date shall be the immediately preceding business
day.
(2) Total Qualified Dividend is a subset
of, and is included in, the Taxable Ordinary Dividend amount.
(3) Unrecaptured Section 1250 Gain is a
subset of, and is included in, the Total Capital Gain Distribution
amount.
(4) Amount consists of a $1.90 per share
special distribution and a $0.375 per share regular quarterly
distribution.
The $2.2750000 per share common stock distribution with a record
date of December 30, 2016 consists of a $1.90 per share special
distribution and a $0.375 per share regular quarterly distribution.
The $1.90 per share special distribution is treated as paid in two
tax years for income tax purposes: $1.5870063 is treated as paid on
December 31, 2016 and $0.3129937 is treated as paid on January 13,
2017. The $0.375 per share regular quarterly distribution is
considered a 2017 dividend distribution for income tax
purposes.
The company's total dividend distributions per share of Series G
cumulative redeemable perpetual preferred stock (CUSIP #49427F702)
are to be classified for income tax purposes as follows:
Record Payable Total 2016 2016
2016 2016 2016
Date (1)
Date Distribution Taxable Total Total Capital Unrecaptured Return
of per Share Ordinary Qualified Gain Section 1250 Capital
Dividend
Dividend (2)
Distribution
Gain (3)
1/31/2016 2/15/2016 $.4296875
$.2121433 $.0002782 $.2175442 $.0458213
- 4/30/2016 5/15/2016 .4296875 .2121433
.0002782 .2175442 .0458213 - 7/31/2016
8/15/2016 .4296875 .2121433 .0002782
.2175442 .0458213 - 10/31/2016 11/15/2016
.4296875
.2121433 .0002782 .2175442 .0458213
-
(1) To the extent that the record date is
on a Saturday, Sunday or New York Stock Exchange holiday, the
effective record date shall be the immediately preceding business
day.
(2) Total Qualified Dividend is a subset
of, and is included in, the Taxable Ordinary Dividend amount.
(3) Unrecaptured Section 1250 Gain is a
subset of, and is included in, the Total Capital Gain Distribution
amount.
The company's total dividend distributions per share of Series H
cumulative redeemable perpetual preferred stock (CUSIP #49427F801)
are to be classified for income tax purposes as follows:
Record Payable Total 2016 2016
2016 2016 2016
Date (1)
Date Distribution Taxable Total Total Capital Unrecaptured Return
of per Share Ordinary Qualified Gain Section 1250 Capital
Dividend
Dividend (2)
Distribution
Gain (3)
1/31/2016 2/15/2016 $.3984375
$.1967147 $.0002580 $.2017228 $.0424888
- 4/30/2016 5/15/2016 .3984375 .1967147
.0002580 .2017228 .0424888 - 7/31/2016
8/15/2016 .3984375 .1967147 .0002580
.2017228 .0424888 - 10/31/2016 11/15/2016
.3984375 .1967147 .0002580 .2017228
.0424888 -
(1) To the extent that the record date is
on a Saturday, Sunday or New York Stock Exchange holiday, the
effective record date shall be the immediately preceding business
day.
(2) Total Qualified Dividend is a subset
of, and is included in, the Taxable Ordinary Dividend amount.
(3) Unrecaptured Section 1250 Gain is a
subset of, and is included in, the Total Capital Gain Distribution
amount.
Stockholders are encouraged to consult with their tax advisors
as to their specific tax treatment for Kilroy Realty Corporation
common and preferred distributions.
About Kilroy Realty Corporation. With nearly 70 years’
experience owning, developing, acquiring and managing real estate
assets in West Coast real estate markets, Kilroy Realty Corporation
(KRC), a publicly traded real estate investment trust and member of
the S&P MidCap 400 Index, is one of the region’s premier
landlords. The company provides physical work environments that
foster creativity and productivity and serves a broad roster of
dynamic, innovation-driven tenants, including technology,
entertainment, digital media and health care companies.
At September 30, 2016, the company’s stabilized portfolio
totaled 13.6 million square feet of office properties, all
located in the coastal regions of greater Seattle, the San
Francisco Bay Area, Los Angeles, Orange County and San Diego. The
company is recognized by GRESB as the North American leader in
sustainability and was ranked first among 178 North American
participants across all asset types. At the end of the third
quarter, the company’s properties were 51% LEED certified and 72%
of eligible properties were ENERGY STAR certified. In addition, KRC
had one office project totaling approximately 700,000 square feet
under construction and two office projects in lease-up totaling
approximately 450,000 square feet. More information is available at
http://www.kilroyrealty.com.
Forward-Looking Statements. This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements are based on our current expectations, beliefs and
assumptions, and are not guarantees of future performance.
Forward-looking statements are inherently subject to uncertainties,
risks, changes in circumstances, trends and factors that are
difficult to predict, many of which are outside of our control.
Accordingly, actual performance, results and events may vary
materially from those indicated in forward-looking statements, and
you should not rely on forward-looking statements as predictions of
future performance, results or events. Numerous factors could cause
actual future performance, results and events to differ materially
from those indicated in forward-looking statements, including,
among others, risks associated with: global market and general
economic conditions and their effect on our liquidity and financial
conditions and those of our tenants; adverse economic or real
estate conditions generally, and specifically, in the States of
California and Washington; investment in our real estate assets,
which are illiquid; trends in the real estate industry; defaults on
or non-renewal of leases by tenants; any significant downturn in
tenants’ businesses; our ability to re-lease property at or above
current market rates; costs to comply with government regulations,
including environmental remediations; the availability of cash for
distribution and debt service and exposure to risk of default under
debt obligations; increases in interest rates and our ability to
manage interest rate exposure; failure of interest rate hedging
contracts to perform as expected and the effectiveness of such
arrangements; the availability of financing on attractive terms or
at all, which may adversely impact our future interest expense and
our ability to pursue development, redevelopment and acquisition
opportunities and refinance existing debt; a decline in real estate
asset valuations, which may limit our ability to dispose of assets
at attractive prices or obtain or maintain debt financing;
significant competition, which may decrease the occupancy and
rental rates of properties; potential losses that may not be
covered by insurance; the ability to successfully complete
acquisitions and dispositions on announced terms; the ability to
successfully operate acquired, developed and redeveloped
properties; the ability to successfully complete development and
redevelopment projects on schedule and within budgeted amounts;
delays or refusals in obtaining all necessary zoning, land use and
other required entitlements, governmental permits and
authorizations for our development and redevelopment properties;
increases in anticipated capital expenditures, tenant improvement
and/or leasing costs; defaults on leases for land on which some of
our properties are located; adverse changes to, or implementations
of, applicable laws, regulations or legislation; risks associated
with joint venture investments, including our lack of sole
decision-making authority, our reliance on co-venturers’ financial
condition and disputes between us and our co-venturers;
environmental uncertainties and risks related to natural disasters;
and our ability to maintain our status as a REIT. These factors are
not exhaustive. For a discussion of additional factors that could
materially adversely affect our business and financial performance,
see the factors included under the caption “Risk Factors” in our
annual report on Form 10-K for the year ended December 31, 2015, in
our other filings with the Securities and Exchange Commission and
in the prospectus supplement and related prospectus for this
offering. All forward-looking statements are based on information
that was available, and speak only as of the date on which they are
made. We assume no obligation to update any forward-looking
statement made in this press release that becomes untrue because of
subsequent events, new information or otherwise, except to the
extent required in connection with ongoing requirements under U.S.
securities laws.
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version on businesswire.com: http://www.businesswire.com/news/home/20170118006354/en/
Kilroy Realty CorporationTyler H. RoseExecutive Vice President
and Chief Financial Officer(310) 481-8484orMichelle NgoSenior Vice
President and Treasurer(310) 481-8581
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