Prologis Announces Tax Treatment of Duke Realty Corporation's 2022 Dividends
On January 26, 2023, Prologis announced the tax treatment for Duke Realty Corporation's (DRE) 2022 distributions following its $23 billion acquisition, which completed in October 2022. Each Duke Realty share converted to 0.475 of Prologis shares. Holders of Duke Realty stock will receive IRS Form 1099-DIV for tax reporting via Equiniti, with guidance to consult tax advisors for implications. Key dates for cash distributions include February 16 and May 16, 2022, with amounts of $0.28 per share. The announcement emphasizes Prologis's role in the logistics real estate sector, owning about 1.2 billion square feet of properties worldwide.
- Successful $23 billion acquisition of Duke Realty, enhancing Prologis's market position.
- Each Duke Realty share was converted into 0.475 of Prologis shares, potentially driving shareholder value.
- Provision of detailed tax information to shareholders enhances clarity and compliance.
- None.
In
Persons who held shares of common stock of Duke Realty Corporation in their name at any time during 2022 will receive an
This information has been prepared using the best available information to date. Duke Realty Corporation's federal income tax return for the 2022 tax year, has not yet been filed. Please note that federal tax laws affect taxpayers differently, and we cannot advise on how distributions should be reported. Please also note that state and local taxation of REIT distributions may differ from federal rules.
Exhibit
Tax Treatment of 2022 Common Dividends
Duke Realty Corporation
Common Stock
CUSIP # 264411505
Ticker Symbol: DRE
Record Date | Payable Date | Cash | Ordinary | Qualified | Long-Term | Unrecaptured | Nondividend | Section 199A | Section 1061 | Section 1061 | Section 897 | Section 897 |
0.280000 | 0.222720 | 0.042925 | 0.006197 | 0.002063 | 0.006095 | 0.222720 | 0.008260 | 0.008260 | 0.000647 | 0.008260 | ||
0.280000 | 0.118660 | 0.042925 | 0.006197 | 0.002063 | 0.110155 | 0.118660 | 0.008260 | 0.008260 | 0.000647 | 0.008260 | ||
0.280000 | 0.118660 | 0.042925 | 0.006197 | 0.002063 | 0.110155 | 0.118660 | 0.008260 | 0.008260 | 0.000647 | 0.008260 |
(1) | The sum of these amounts will be reported in Box 1a of Form 1099-DIV as Total Ordinary Dividends. |
(2) | The sum of these amounts will be reported in Box 2a of Form 1099-DIV as Total Capital Gain Distributions. |
(3) | For purposes of section 1061 of the Internal Revenue Code, |
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FORWARD-LOOKING STATEMENTS
The statements in this document that are not historical facts are 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. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates," including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to rent and occupancy growth, development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, our debt, capital structure and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic and political climates; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties; (v) maintenance of real estate investment trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risks related to the current coronavirus pandemic; and (xi) those additional factors discussed in reports filed with the
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