Iron Mountain Incorporated (NYSE: IRM), the storage and information management services company, announced the tax treatment for all 2014 distributions on its common stock.
Record Date |
Payment |
Total |
Form 1099 |
Form 1099 |
Form 1099 | |||||||||||||||
Dec 27, 2013 | Jan 15, 2014 | $0.270000 | $0.270000 | $0.270000 | - | |||||||||||||||
Mar 25, 2014 | Apr 15, 2014 | $0.270000 | $0.270000 | $0.270000 | - | |||||||||||||||
Jun 25, 2014 | Jul 15, 2014 | $0.270000 | $0.270000 | $0.270000 | - | |||||||||||||||
Sept 25, 2014 | Oct 15, 2014 | $0.475000 | $0.475000 | $0.475000 | - | |||||||||||||||
Sept 30, 2014 | Nov 4, 2014 | $3.614392 | (2) | $2.825563 | $1.613230 | $0.788829 | ||||||||||||||
Nov 28, 2014 | Dec 15, 2014 | $0.255000 | (3) | $0.192688 | $0.096921 | $0.062312 | ||||||||||||||
Dec 5, 2014 | Dec 22, 2014 | $0.475000 | $0.358928 | $0.180540 | $0.116072 | |||||||||||||||
Totals | $5.629392 | $4.662179 | $3.175691 | $0.967213 |
(1) Qualified Taxable Dividends is a subset of, and included in, Ordinary Taxable Dividends.
(2) Reflects the Special Distribution of cash and stock, which includes the remaining amount of the company’s undistributed earnings and profits attributable to all taxable periods ending on or prior to December 31, 2013, which, in accordance with tax rules applicable to real estate investment trust (REIT) conversions, the company was required to pay to its stockholders on or before December 31, 2014 in connection with its conversion to a REIT.
(3) A catch-up distribution was paid because the company’s distributions through July 2014 were declared before the company had received its Private Letter Ruling from the IRS, and thus its dividends were lower than they otherwise would have been had the company’s Board been in a position to confirm the REIT conversion prior to the first quarter distribution.
If you held common stock of Iron Mountain in your name at any time during 2014, an IRS Form 1099-DIV will be provided to you by Computershare, Iron Mountain's transfer agent. If you held shares in "street name" during 2014, the IRS form provided by your bank, brokerage firm or nominee may report only the gross distributions paid to you. Therefore, you may need the information included in this press release to properly complete your federal tax return.
The IRS requires historical C-corporation earnings and profits to be distributed prior to any REIT distributions, which may affect the character of each distribution to stockholders, including whether and to what extent each distribution is characterized as a qualified vs. nonqualified ordinary dividend. There are other important considerations associated with the taxability of the company’s distributions in 2014. Please see the proxy statement filed in connection with the company’s Special Meeting to approve the REIT merger (available HERE) under “Material Federal Income Tax Consideration – Taxation of U.S. Stockholders,” beginning on page 85 and consult with your own tax advisor with respect to the federal, state and local income tax consequences of these distributions.
This information has been prepared using the best available information to date. Iron Mountain's federal income tax return for the year ended December 31, 2014 has not yet been filed. Please note that federal tax laws affect taxpayers differently, and we cannot advise you on how distributions should be reported on your federal income tax return. Please also note that state and local taxation of REIT distributions vary and may not be the same as the federal rules.
About Iron Mountain
Iron Mountain Incorporated (NYSE:
IRM) is a leading provider of storage and information management
services. The company’s real estate network of more than 67 million
square feet across more than 1,000 facilities in 36 countries allows it
to serve customers around the world. And its solutions for records
management, data
management, document
management, and secure
shredding help organizations to lower storage costs, comply with
regulations, recover from disaster, and better use their information.
Founded in 1951, Iron Mountain stores and protects billions of
information assets, including business documents, backup tapes,
electronic files and medical data. Visit www.ironmountain.com
for more information.