GLENDALE, Calif.--(BUSINESS WIRE)--
Public Storage (NYSE:PSA) announced today the tax treatment of the
Company's 2008 dividends. For the tax year ended December 31, 2008,
distributions for the PSA common stock, Equity Stock, Series A, and all
the various series of preferred stock were classified as follows:
2008
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Ordinary Income 99.9668 % 99.6512 % 99.8319 % 100.0000 %
Long-Term Capital Gain 0.0332 % 0.3488 % 0.1681 % 0.0000 %
Total 100.0000 % 100.0000 % 100.0000 % 100.0000 %
The ordinary income dividends do not constitute "qualified dividend
income."
Alternative Minimum Tax
Alternative minimum tax adjustments are to be apportioned between a real
estate investment trust ("REIT") and its shareholders under Internal
Revenue Code Section 59(d). Although regulations have not yet been
issued under that provision, based on regulations issued pursuant to a
similar provision of prior law and the legislative history of the
current provision, it appears that such alternative minimum tax
adjustments are to be apportioned to a REIT's shareholders to the extent
that the REIT distributes its regular taxable income. It is the
Company's policy to distribute all of its regular taxable income and
accordingly, all of the Company's alternative minimum tax adjustments
are being apportioned to the Company's shareholders.
The Company has determined that 0.59% of each distribution to its
shareholders for the tax year ended December 31, 2008 consists of
alternative minimum tax adjustments (i.e., for each $1 of dividend
reportable by a shareholder, $0.0059 represents a positive alternative
minimum tax adjustment). To determine your share of the Company's
positive alternative minimum tax adjustments, multiply the aggregate
dollar amount of your reportable 2008 dividends from the Company (the
sum of the amounts shown in Boxes 1a and 2a of the Company's 2008 Form
1099-DIV) by 0.0059.
If you are an individual, please refer to Internal Revenue Service Form
6251, Alternative Minimum Tax--Individuals. Your share of alternative
minimum tax adjustments should be input as a positive amount in Part I,
Line 18 (depreciation on assets placed in service after 1986). If you
are a corporation, please refer to Internal Revenue Service Form 4626,
Alternative Minimum Tax--Corporations.
If you have questions, please consult your tax advisor for further
guidance.
Company Information
Public Storage, a member of the S&P 500 and the Forbes Global 2000, is a
fully integrated, self-administered and self-managed real estate
investment trust that primarily acquires, develops, owns and operates
self-storage facilities. The Company's headquarters are located in
Glendale, California. At September 30, 2008, the Company had interests
in 2,017 self-storage facilities located in 38 states with approximately
127 million net rentable square feet in the United States and 179
storage facilities in seven Western European nations with approximately
nine million net rentable square feet.
Additional information about Public Storage is available on the
Internet. The Company's web site is www.publicstorage.com.
Source: Public Storage
Contact: Public Storage
Clemente Teng
(818) 244-8080