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Neuberger Berman Real Estate Se Message Board

  • fbrunotts fbrunotts Mar 9, 2009 12:50 AM Flag

    2008 Distributions

    Within the past two weeks a poster asked what portion of NRO’s 2008 distributions were classified as Qualified Dividends.

    I just received from my broker (Fidelity) a corrected 1099-DIV (dated Feb. 28) that revised the earlier-reported NRO distributions from 100% Ordinary Dividends to Ordinary Dividends, Qualified Dividends, and Return of Capital, in these percentages:

    Ordinary Divs: 36.86%

    Qualified Divs: 0.78%

    ROC: 62.36%

    These changes will of course affect your 2008 taxes. ROC is not taxed now (which helps you for your 2008 taxes), but the ROC lowers your cost basis for shares you bought and means that when you sell you will be subject to a higher tax obligation.

    For me, a more important matter is why NRO chose to report almost two-thirds of its distributions as ROC. Does it mean they didn’t have the cash from earnings to meet their distribution commitments, or does it mean they are flush with cash and the ROC reporting was advantageous to them in some way?

    Any and all comments welcome.

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