Tax Treatment Of 2023 Dividends

Record Date Payment Date Cash Distribution Adjustment Dividend Ordinary Dividends(1) Qualified Dividends Capital Gain Dividends Non Dividend Distributions
12/30/2022 1/13/2023 $0.00 $0.28 $0.28(2) $0.2754 $0.0000 $0.0000 $0.0000
3/31/2023 4/14/2023 $0.37 $0.00 $0.37 $0.1157 $0.0000 $0.0000 $0.2543
6/30/2023 7/14/2023 $0.37 $0.00 $0.37 $0.0000 $0.0000 $0.0000 $0.3700
9/29/2023 10/13/2023 $0.25 $0.00 $0.25 $0.0000 $0.0000 $0.0000 $0.2500
12/29/2023 1/12/2024 $0.25 ($0.25) $0.00(3) $0.0000 $0.0000 $0.0000 $0.0000

 

 

$1.24 ($0.03) $1.27 $0.3911 $0.0000 $0.0000 $0.8743

 

  1. Ordinary dividends that are “qualified REIT dividends” are eligible for the 20% deduction under IRC Section 199A(b)(1)(B). Shareholders are encouraged to consult with their own tax advisors as to their specific tax treatment of the Company’s distributions.

  2. As the Company’s aggregate 2022 dividends declared exceeded its 2022 earnings and profits, a portion of the January 2023 cash distribution declared in the fourth quarter of 2022 was treated as a 2023 distribution for federal income tax purposes and not included on the 2022 Form 1099. If you were a stockholder of record as of December 30, 2022, $0.28 is reported on your 2023 Form 1099 and $0.09 was reported on your 2022 Form 1099.

  3. Pursuant to IRC Section 857(b)(9), cash distributions made on January 12, 2024 with a record date of December 29, 2023 are treated as received by shareholders on December 31, 2023 to the extent of 2023 earnings and profits. As the Company’s aggregate 2023 dividends declared exceeded its 2023 earnings and profits, all of the January 2024 cash distribution declared in the fourth quarter of 2023 was treated as a 2024 distribution for federal income tax purposes and not included on the 2023 Form 1099. If you were a shareholder of record as of December 29, 2023, $0.00 is reported on your 2023 Form 1099 and $0.25 will be reported on your 2024 Form 1099.

 


Tax Treatment Of 2022 Dividends

Record Date Payment Date Cash Distribution Adjustment Dividend(1) Ordinary Dividends(2) Qualified Dividends Capital Gain Dividends
12/31/2021 1/15/2022 $0.00 $0.21 $0.21(3) $0.2058 $0.0000 $0.0000
3/31/2022 4/15/2022 $0.37 $0.00 $0.37 $0.3700 $0.0000 $0.0000
6/30/2022 7/15/2022 $0.37 $0.00 $0.37 $0.3700 $0.0000 $0.0000
9/30/2022 10/14/2022 $0.37 $0.00 $0.37 $0.3700 $0.0000 $0.0000
12/30/2022 1/13/2023 $0.37 ($0.28) $0.09 $0.0946 $0.0000 $0.0000

 

 

$1.48 ($0.07) $1.41 $1.4104 $0.0000 $0.0000

 

  1. Pursuant to IRC Section 857(b)(9), cash distributions made on January 13, 2023 with a record date of December 30, 2022 are treated as received by shareholders on December 31, 2022 to the extent of 2022 earnings and profits. As the Company’s aggregate 2022 dividends declared exceeded its 2022 earnings and profits, a portion of the January 2023 cash distribution declared in the fourth quarter of 2022 was treated as a 2023 distribution for federal income tax purposes and not included on the 2022 Form 1099. If you were a shareholder of record as of December 30, 2022, $0.09 is reported on your 2022 Form 1099 and $0.28 will be reported on your 2023 Form 1099.

  2. Ordinary dividends that are "qualified REIT dividends" are eligible for the 20% deduction under IRC Section 199A(b)(1)(B). Shareholders are encouraged to consult with their own tax advisors as to their specific tax treatment of the Company's distributions.

  3. As the Company’s aggregate 2021 dividends declared exceeded its 2021 earnings and profits, a portion of the January 2022 cash distribution declared in the fourth quarter of 2021 was treated as a 2022 distribution for federal income tax purposes and not included on the 2021 Form 1099. If you were a stockholder of record as of December 31, 2021, $0.21 is reported on your 2022 Form 1099 and $0.16 was reported on your 2021 Form 1099.

 


Tax Treatment Of 2021 Dividends

Record Date Payment Date Cash
Distribution (1)
Adjustment Dividend(2) Ordinary Dividends(3) Qualified Dividends Capital Gain Dividends
12/22/2020 1/4/2021 $0.00 $0.01
$0.01 $0.0103 $0.0000 $0.0002
3/19/2021 4/1/2021 $0.37 $0.00 $0.37 $0.3632 $0.0000 $0.0068
6/16/2021 7/7/2021 $0.37 $0.00 $0.37 $0.3632 $0.0000 $0.0068
9/17/2021 10/8/2021 $0.37 $0.00 $0.37 $0.3632 $0.0000 $0.0068
12/31/2021 1/15/2022 $0.37 ($0.21) $0.16 $0.1612 $0.0000 $0.0030

 

 

$1.48 ($0.20) $1.28 $1.2611 $0.0000 $0.0236

 

  1. On October 6, 2021, the Company effected a 1-for-2 reverse stock split of its common stock. The cash distribution amounts have been restated to reflect the effect of the reverse stock split for all periods presented. If, for example, on March 19, 2021, you held 100 shares in the Company, you would have received a distribution of $18.50 (100/2 x $0.37) on April 1, 2021. Of that amount, $18.16 (100/2 x $0.3632) would be classified as an ordinary dividend while $0.34 (100/2 x $0.0068) would be classified as a capital gain dividend..

  2. Pursuant to IRC Section 857(b)(9), cash distributions made on January 15, 2022 with a record date of December 31, 2021 are treated as received by shareholders on December 31, 2021 to the extent of 2021 earnings and profits. As the Company’s aggregate 2021 dividends declared exceeded its 2021 earnings and profits, a portion of the January 2022 cash distribution declared in the fourth quarter of 2021 was treated as a 2022 distribution for federal income tax purposes and not included on the 2021 Form 1099. If you were a stockholder of record as of December 31, 2021, $0.16 per share is reported on your 2021 Form 1099 and $0.21 per share will be reported on your 2022 Form 1099. Similarly, cash distributions made on January 4, 2021 with a record date of December 22, 2020 were treated as received by shareholders on December 31, 2020 to the extent of 2020 earnings and profits. As the Company’s aggregate 2020 dividends declared exceeded its 2020 earnings and profits, a portion of the January 2021 cash distribution declared in the fourth quarter of 2020 was treated as a 2021 distribution for federal income tax purposes and not included on the 2020 Form 1099. If you were a stockholder of record as of December 31, 2020, $0.01 per share is reported on your 2021 Form 1099 and $0.36 per share was reported on your 2020 Form 1099.

  3. Ordinary dividends that are "qualified REIT dividends" are eligible for the 20% deduction under IRC Section 199A(b)(1)(B). Shareholders are encouraged to consult with their own tax advisors as to their specific tax treatment of the Company's distributions.