New Real Estate Investment Trust Notations on February Statements
February 2012
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DownloadIf your account held a Real Estate Investment Trust (“REIT”) asset that made a distribution in 2011, you will see entries on your February statement.
Distributions from REITs can be represented by dividends, capital gains distributions, and return of capital. When REITs make a distribution, they do not provide a breakdown of these allocations. Generally, these allocations are made available early the following year. Fiduciary Trust initially posts the distribution to an account’s principal portfolio because distributions from REITs are not always exclusively represented by dividend income. Adjustments to these transactions are then made when the breakdown of allocations becomes available. In February, we began processing these adjustments.
Clients who owned REITs that made distributions in 2011 will see up to three allocation adjustments for each distribution, based upon the composition of the distribution. These adjustments reflect the actual allocation to the principal and income portfolios that the REIT has reported to Fiduciary Trust. The final notation adjusts the REIT’s cost basis to reflect any return of capital.
Should you have any questions or need assistance, please feel free to contact your Fiduciary Trust Custody Relationship Manager.
To set up an appointment or to learn more about Fiduciary Trust, please contact Theodore P. Klingos in our New York headquarters at 212-632-3063 or t.klingos@ftci.com. You may also complete the information below and we will respond to you as soon as possible.
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