- What is a REIT?
- A real estate investment trust, or REIT, is a company that owns, and in most cases, operates income-producing real estate. Some REITs also engage in financing real estate. The shares of many REITs are traded on major stock exchanges. Click here to view a video presentation by our President and Chief Executive Officer, Donald A. Miller, CFA, discussing an overview of REITs.
To qualify as a REIT, a company must have most of its assets and income tied to real estate investment and must distribute at least 90 percent of its taxable income to shareholders annually in the form of dividends. A company that qualifies as a REIT is permitted to deduct dividends paid to its shareholders from its corporate taxable income. As a result, most REITs historically remit at least 100 percent of their taxable income to their shareholders and therefore owe no corporate tax. Taxes are paid by shareholders on the dividends received and any capital gains. Most states honor this federal treatment and also do not require REITs to pay state income tax. Like other businesses, but unlike partnerships, a REIT cannot pass any tax losses through to its investors.
- When does Piedmont's fiscal year end?
- Our fiscal year end is December 31st.
- How can I receive e-mail alerts from Piedmont?
- By clicking on the link below, you will be able to customize email alerts for information you desire.
- How do I get copies of documents such as annual reports and SEC filings?
- By clicking on the link below, you will be able to review our latest annual report and download a copy.
By clicking on the link below, you will be able to review our latest SEC filings and download a copy.
- What is a registered investor?
- A registered investor is one who holds their shares directly in their name, rather than through a broker.
- What exchange is Piedmont listed on?
- Piedmont's common stock is listed on the New York Stock Exchange (“NYSE”) under the trading or “ticker” symbol of “PDM.”
- What is the current value of my Piedmont shares?
- Please refer to "Stock Information" for real-time quotes as to the value of your Common Shares.
- How do I transfer my stock or change my address with the transfer agent?
- Registered investors (i.e. those who do not hold their shares through a broker) who wish to change the address on their account, name on their account, the ownership of their shares or who have other questions may contact our transfer agent, Computershare, Inc. at 866-354-3485 or email@example.com or see Transfer Agent Information for more information.
- What is "Funds from Operations" (FFO)?
- FFO is a supplemental measure of a REIT's operating performance. It is different from earnings in that certain non-cash measures, such as depreciation and amortization are added back. The National Association of Real Estate Investment Trusts defines FFO as net income excluding gains (or losses) from sales of real estate assets plus the depreciation or amortization of real estate assets. Many securities analysts judge a REIT's performance according to its FFO per share results.
- How can I find out more about investing in a Real Estate Investment Trust?
- Click here to go to the National Association of Real Estate Investment Trust's website to learn more about REITs. Always consult your financial advisor before making any investment decisions.
- How can I receive my stockholder communications electronically?
- Registered investors who wish to receive their stockholder communications electronically can contact our transfer agent, Computershare, Inc. at 866-354-3485 or firstname.lastname@example.org.
- What happened to the "Class A" and "Class B" designations on my common shares?
- On January 22, 2010, Piedmont effected a recapitalization whereby its Common Stock was reclassified into shares of Class A, Class B-1, Class B-2 and Class B-3 Common Stock. The conversion of each share had the effect of a reverse one-for-three stock split.
Following the recapitalization described above, the outstanding shares of Class B-1, B-2 and B-3 Common Stock converted automatically into shares of Class A Common Stock pursuant to the terms of Piedmont's charter, as amended. This conversion was completed on January 30, 2011, at which point there were no Class B-1, B-2 or B-3 shares remaining outstanding.
On June 30, 2011, Piedmont reclassified its authorized Class B-1, B-2 and B-3 Common Stock to Class A Common Stock and changed the name of the "Class A Common Stock" to "Common Stock". No changes were made to the terms of the Class A Common Stock other than the name change to "Common Stock."
Currently, the only authorized class of common stock of Piedmont is the class registered under CUSIP 720190 206. The current name of this class is "Common Stock."
- I still have questions. Who should I contact?
- If your question pertains to ownership or other administrative issues (name, address, number of shares, account history, tax information, dividend reinvestment, etc) and you are a registered stockholder, please contact our transfer agent, Computershare, Inc., at 866-354-3485 or email@example.com.
If your question pertains to ownership issues (name, address, number of shares, account history, tax information, dividend reinvestment, etc) and you hold your shares in street name (i.e., through a broker), please contact your broker directly as Computershare, Inc. will not be able to help you.
If you have other questions, you may contact Piedmont directly at firstname.lastname@example.org.
- What is Piedmont's current and historical dividend distribution?
- click here for information regarding Piedmont's dividend history.
- When is the record date for quarterly distributions?
- There is no set dividend record date or payment date; however, the dividend record date is typically around the first day of the last month in each calendar quarter. We will always announce a dividend declaration by the board at least 10 days before the record date, and endeavor to have dividends paid by the end of each quarter.
- How do shareholders treat distributions for tax purposes?
- Please refer to the "Tax Information" section of these FAQs.
- Tax Information
- What is a Form 1099-DIV?
- IRS Form 1099-DIV is sent to investors annually and provides the tax character of any distributions (dividends and any other special distributions) paid to you during the tax year.
- When should I receive my Form 1099-DIV?
- Form 1099’s are mailed to investors by January 31st of the following calendar year. For the percentage of the previous year distributions allocated to ordinary income and to return of capital, click here.
- My Form 1099-DIV shows my ordinary distributions, capital gain distributions and non-dividend distributions. What is the difference?
- Non-dividend distributions are considered a return of capital, or the portion of your distribution that exceeds Piedmont’s calculated current and accumulated earnings and profits (note this is a tax calculation, which is different from our profits calculated in accordance with generally accepted accounting principles as presented in your Annual Report each year). The portion of distributions paid that do not exceed the calculated current and accumulated earnings and profits is reflected as either an ordinary distribution or a capital gain distribution depending on Piedmont’s disposition activity related to real estate properties during the year. The non-dividend distribution, or return of capital portion, is deferred until you sell your shares; it reduces your cost basis or original purchase value of your shares. In the event the return of capital exceeds your original cost basis, then the excess is taxed at the capital gains rate for the year in which it is received. Therefore, you should generally adjust the cost basis of your investment each year based on the amount shown in Box 3 “non-dividend distributions” on your Form 1099.
When you sell your shares, the difference between your adjusted cost basis and final net sale price will be taxable as a capital gain or loss on your tax return. Keeping track of your adjusted cost basis each year will be helpful when you finally sell your investment. We have provided two worksheets to assist you with your record-keeping and calculation of an estimated tax basis. Click here for a schedule that can be printed and used for hand-written input and manual calculations of your estimated cost basis or click here for a file that can be downloaded and used to key in your historical data for automatic calculation of your estimated cost basis.
Please consult your tax advisor for the calculation of your actual cost basis.
- My Form 1099 shows an amount labeled as “Unrecaptured Section 1250 Gain”. What is this?
- Unrecaptured Section 1250 distributions reported on your Form 1099 arise from Piedmont’s sale of certain properties. Unrecaptured Section 1250 gain is the amount of depreciation claimed on the real property or partnership sold which is not reported as ordinary income. Unrecaptured Section 1250 gains are taxed at the capital gains tax rate. Please consult your tax advisor for the impact on your personal taxes.
- Where can I find prior year data regarding the dividends paid by Piedmont and the percentages allocated to ordinary income and to return of capital for those dividends?
- Click here to review a file that contains all distributions, on a per share basis, made since the inception of the REIT in 1998 (adjusted to reflect the effective 1:3 reverse stock split approved by the stockholders in January 2010) and the percentage of distributions allocated to ordinary income and to return of capital.
- What is a Form 8937 and where can I obtain a copy of the most recent one?
- Any corporation that underwent a stock split or a merger, paid a stock dividend, paid a "return of capital" distribution (i.e., a distribution exceeding current and accumulated earnings and profits), or otherwise undertook an "organizational action" is required to either (i) file Form 8937 with the IRS and send copies to its shareholders or (ii) make the required information publicly available on its website. Please click here for a copy of Piedmont’s most recent Form 8937. Note that Piedmont did not pay a return of capital distribution for 2015 so no Form 8937 is required.
- Who should I contact if I still have questions about my Form 1099?
- If you have questions regarding the information presented on your Form 1099, please contact our transfer agent, Computershare, Inc. at 866-354-3485 or email@example.com. Please be aware, we cannot provide tax advice to you. If you have questions about how any of the information on your Form 1099 or any of the information contained on this web site impacts your personal taxes, please consult with your personal tax advisor.