EastGroup Properties Announces the Income Tax Treatment of its 2020 Distributions

Rhea-AI Summary

EastGroup Properties, Inc. (NYSE: EGP) announced the income tax treatment of its 2020 distributions, encouraging shareholders to consult tax advisors for specifics. The total distribution for 2020 was $3.32868 per share, categorized as ordinary dividends. The company did not incur foreign taxes, and none of the distributions are qualifying for the federal 15% income tax rate. EastGroup is an equity REIT focused on the development and management of industrial properties in major Sunbelt markets, with a portfolio of approximately 47 million square feet.

Positive

• Total distributions for 2020 amounted to $3.32868 per share, maintaining shareholder returns.
• The company has a strategic focus on developing industrial properties in high-demand Sunbelt regions.

Negative

• None of the distributions are considered qualifying dividends for the federal 15% income tax rate.
• The absence of foreign taxes might indicate limited international exposure.

JACKSON, Miss., Jan. 28, 2021 /PRNewswire/ -- EastGroup Properties, Inc. (NYSE:EGP) (the "Company") announced today the income tax treatment of its 2020 distributions as described below.  Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of EastGroup Properties distributions.

Common Stock:

Ticker Symbol EGP, CUSIP #277 276 101

Record Dates	Payment Dates	Total Distributions Per Share (1)	Ordinary Dividends	Capital Gain Distributions	Unrecaptured Sec. 1250 Gain (2)	Nondividend Distributions (3)	Section 199A Dividends (4)
12/30/19	01/15/20	$.37695	$.37695	$.00000	$.00000	$.00000	$.37695
03/31/20	04/15/20	.75000	.75000	.00000	.00000	.00000	.75000
06/30/20	07/15/20	.75000	.75000	.00000	.00000	.00000	.75000
09/30/20	10/15/20	.79000	.79000	.00000	.00000	.00000	.79000
12/31/20	01/15/21	.66173	.66173	.00000	.00000	.00000	.66173
	TOTALS	$3.32868	$3.32868	$.00000	$.00000	$.00000	$3.32868
Form 1099-DIV box			1a	2a	2b	3	5

(1)	Pursuant to Internal Revenue Code of 1986, as amended, Section 857(b)(9), cash distributions made on January 15, 2021 with a record date of December 31, 2020 are treated as received by shareholders on December 31, 2020 to the extent of 2020 undistributed earnings and profits.
(2)	Unrecaptured Sec. 1250 Gain (box 2b) is a subset of, and is included in, the Capital Gain Distributions amount reported in box 2a of Form 1099-DIV.
(3)	Return of Capital
(4)	Represents qualified REIT dividends that may be eligible for the 20% qualified business income deduction under Section 199A of the Internal Revenue Code of 1986, as amended, that is available for non-corporate taxpayers and is included in "Ordinary Dividends."

The Company did not incur any foreign taxes in 2020.  Of the total distributions during 2020, none are considered qualifying dividends for purposes of the federal 15% income tax rate. 

EastGroup Properties, Inc. (NYSE: EGP), an S&P MidCap 400 company, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The Company's goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location sensitive customers (primarily in the 15,000 to 70,000 square foot range). The Company's strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup's portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 47 million square feet.

EastGroup Properties, Inc. press releases are available at www.eastgroup.net.  

 

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SOURCE EastGroup Properties

FAQ

What is the income tax treatment for EastGroup Properties (EGP) 2020 distributions?

Shareholders are advised to consult tax advisors as the 2020 total distribution was $3.32868 per share, with no portion qualifying for the federal 15% income tax rate.

What was the total distribution per share by EastGroup Properties (EGP) for 2020?

The total distribution per share for EastGroup Properties in 2020 was $3.32868.

Did EastGroup Properties (EGP) incur foreign taxes in 2020?

No, EastGroup Properties did not incur any foreign taxes in 2020.

What is the focus of EastGroup Properties (EGP)?

EastGroup Properties focuses on the development, acquisition, and management of industrial properties in major Sunbelt markets.

How large is EastGroup Properties' (EGP) portfolio?

EastGroup Properties currently has a portfolio of approximately 47 million square feet.