Rexford Industrial Announces 2024 Tax Treatment of Dividend Distributions

Rhea-AI Summary

Rexford Industrial Realty (NYSE: REXR) has released its 2024 tax treatment details for dividend distributions across its common and preferred stock shares. For common stock, the total distribution per share for 2024 was $2.050000, with $1.556754 taxable in 2024. The distributions were primarily classified as ordinary dividends ($1.546686) with a small portion as return of capital ($0.010068).

The Series B Preferred Stock paid quarterly distributions of $0.367188 per share, totaling $1.468752 for the year, all classified as ordinary dividends. Similarly, Series C Preferred Stock distributed $0.351563 quarterly, totaling $1.406252 for the year, also fully classified as ordinary dividends.

All dividend distributions qualify for the 20% tax deduction under Section 199A of the Tax Cuts and Jobs Act.

Positive

• Consistent quarterly dividend payments maintained across all share classes
• Dividends qualify for 20% tax deduction under Section 199A
• Common stock dividend increased to $0.417500 per share for Q2-Q4 2024

Negative

• Small portion of common stock dividend ($0.010068) classified as return of capital, reducing cost basis

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LOS ANGELES, Jan. 21, 2025 /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties located throughout infill Southern California, today announced the 2024 tax treatment of the Company's common stock and preferred stock dividend distributions, as described below. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of the Company's dividend distributions.

Common Stock - CUSIP Number 76169C100

				Distribution Per Share				2024 Tax Treatment
Record Date		Payable Date		Total		Taxable in 2024		Total Ordinary Dividends		Qualified Dividends (1)		Total Capital Gain Distributions		Unrecaptured Section 1250 Gain (2)		Return of Capital (Nondividend Distributions)		Section 199A Dividends (3)
12/29/2023		1/16/2024		$   0.380000		$   0.304254		$   0.302286		$    0.000000		$      0.000000		$       0.000000		$       0.001968		$    0.302286
3/28/2024		4/15/2024		$   0.417500		$   0.417500		$   0.414800		$    0.000000		$      0.000000		$       0.000000		$       0.002700		$    0.414800
6/28/2024		7/15/2024		$   0.417500		$   0.417500		$   0.414800		$    0.000000		$      0.000000		$       0.000000		$       0.002700		$    0.414800
9/30/2024		10/15/2024		$   0.417500		$   0.417500		$   0.414800		$    0.000000		$      0.000000		$       0.000000		$       0.002700		$    0.414800
12/31/2024		1/15/2025		$   0.417500		$   0.000000		$   0.000000		$    0.000000		$      0.000000		$       0.000000		$       0.000000		$    0.000000
		Totals:		$   2.050000		$   1.556754		$   1.546686		$    0.000000		$      0.000000		$       0.000000		$       0.010068		$    1.546686
Form 1099-DIV Box:								1a		1b		2a		2b		3		5

(1)	Qualified Dividends (Box 1b) are a subset of, and are included in, the Total Ordinary Dividends reported in Box 1a.
(2)	Unrecaptured Section 1250 Gain (Box 2b) is a subset of, and is included in, the Total Capital Gain Distributions reported in box 2a.
(3)	The Tax Cuts and Jobs Act enacted on December 22, 2017, generally allows a deduction for individuals equal to 20% of ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income). Section 199A Dividends (Box 5) are a subset of, and are included in, the Taxable Ordinary Dividends reported in Box 1a.

The common stock distribution of $0.380000 per share payable on January 16, 2024, to shareholders of record as of December 29, 2023, was treated as paid in two tax years for income tax purposes, with approximately 80.07%, or $0.304254 per share allocable to 2024 for federal income tax purposes.

The common stock distribution of $0.417500 per share payable on January 15, 2025, to shareholders of record as of December 31, 2024, is considered a 2025 distribution for federal income tax purposes.

Series B Preferred Stock - CUSIP Number 76169C308

				Distribution Per Share				2024 Tax Treatment
Record Date		Payable Date		Total		Taxable in 2024		Total Ordinary Dividends		Qualified Dividends (1)		Total Capital Gain Distributions		Unrecaptured Section 1250 Gain (2)		Return of Capital (Nondividend Distributions)		Section 199A Dividends (3)
3/15/2024		3/28/2024		$    0.367188		$    0.367188		$    0.367188		$     0.000000		$     0.000000		$       0.000000		$      0.000000		$    0.367188
6/14/2024		6/28/2024		$    0.367188		$    0.367188		$    0.367188		$     0.000000		$     0.000000		$       0.000000		$      0.000000		$    0.367188
9/16/2024		9/30/2024		$    0.367188		$    0.367188		$    0.367188		$     0.000000		$     0.000000		$       0.000000		$      0.000000		$    0.367188
12/16/2024		12/31/2024		$    0.367188		$    0.367188		$    0.367188		$     0.000000		$     0.000000		$       0.000000		$      0.000000		$    0.367188
		Totals:		$    1.468752		$    1.468752		$    1.468752		$     0.000000		$     0.000000		$       0.000000		$      0.000000		$    1.468752
Form 1099-DIV Box:								1a		1b		2a		2b		3		5

(1)	Qualified Dividends (Box 1b) are a subset of, and are included in, the Total Ordinary Dividends reported in Box 1a.
(2)	Unrecaptured Section 1250 Gain (Box 2b) is a subset of, and is included in, the Total Capital Gain Distributions reported in box 2a.
(3)	The Tax Cuts and Jobs Act enacted on December 22, 2017, generally allows a deduction for individuals equal to 20% of ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income). Section 199A Dividends (Box 5) are a subset of, and are included in, the Taxable Ordinary Dividends reported in Box 1a.

Series C Preferred Stock - CUSIP Number 76169C407

				Distribution Per Share				2024 Tax Treatment
Record Date		Payable Date		Total		Taxable in 2024		Total Ordinary Dividends		Qualified Dividends (1)		Total Capital Gain Distributions		Unrecaptured Section 1250 Gain (2)		Return of Capital (Nondividend Distributions)		Section 199A Dividends (3)
3/15/2024		3/28/2024		$    0.351563		$    0.351563		$    0.351563		$     0.000000		$     0.000000		$       0.000000		$      0.000000		$    0.351563
6/14/2024		6/28/2024		$    0.351563		$    0.351563		$    0.351563		$     0.000000		$     0.000000		$       0.000000		$      0.000000		$    0.351563
9/16/2024		9/30/2024		$    0.351563		$    0.351563		$    0.351563		$     0.000000		$     0.000000		$       0.000000		$      0.000000		$    0.351563
12/16/2024		12/31/2024		$    0.351563		$    0.351563		$    0.351563		$     0.000000		$     0.000000		$       0.000000		$      0.000000		$    0.351563
		Totals:		$    1.406252		$    1.406252		$    1.406252		$     0.000000		$     0.000000		$       0.000000		$      0.000000		$    1.406252
Form 1099-DIV Box:								1a		1b		2a		2b		3		5

(1)	Qualified Dividends (Box 1b) are a subset of, and are included in, the Total Ordinary Dividends reported in Box 1a.
(2)	Unrecaptured Section 1250 Gain (Box 2b) is a subset of, and is included in, the Total Capital Gain Distributions reported in box 2a.
(3)	The Tax Cuts and Jobs Act enacted on December 22, 2017, generally allows a deduction for individuals equal to 20% of ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income). Section 199A Dividends (Box 5) are a subset of, and are included in, the Taxable Ordinary Dividends reported in Box 1a.

About Rexford Industrial

Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest demand, lowest supply market in the nation. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial's high-quality, irreplaceable portfolio comprises 424 properties with approximately 50.5 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit www.rexfordindustrial.com.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Contact:

Mikayla Lynch
Director, Investor Relations and Capital Markets
(424) 276-3454
mlynch@rexfordindustrial.com

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SOURCE Rexford Industrial Realty, Inc.

FAQ

What is the total dividend distribution per share for REXR common stock in 2024?

The total dividend distribution for REXR common stock in 2024 was $2.050000 per share.

How much of REXR's 2024 common stock dividend is classified as ordinary dividends?

Of the total distribution, $1.546686 per share was classified as ordinary dividends.

What is the quarterly dividend amount for REXR Series B Preferred Stock in 2024?

The quarterly dividend for Series B Preferred Stock was $0.367188 per share.

How are REXR's 2024 dividends treated under Section 199A tax regulations?

All ordinary dividends qualify for the 20% tax deduction under Section 199A of the Tax Cuts and Jobs Act.

What portion of REXR's 2024 common stock dividend is return of capital?

The return of capital portion is $0.010068 per share for 2024.