Tax Treatment of Distributions

12 Months Ended

Dec. 31, 2025

Tax Treatment of Distributions [Abstract]

The following table reconciles the dividends declared per share of common stock to the dividends paid per share of common stock as follows:


	Year Ended December 31,
Dividends	2025		2024		2023
Dividends declared per share of common stock	$	2.16	$	2.16	$	2.16
Less: Dividends declared in the current year and paid in the following year	(0.54)		(0.54)		(0.54)
Add: Dividends declared in the prior year and paid in the current year	0.54		0.54		0.54
Dividends paid per share of common stock	$	2.16	$	2.16	$	2.16

The unaudited income tax treatment for the dividends to common stockholders reportable as identified in the table above was as follows:


	Year Ended December 31,
Shares of Common Stock	2025				2024				2023
Ordinary dividend (1) (2)	$	1.43	66.34	%	$	1.92	88.75	%	$	2.09	96.67	%

Return of capital	0.25		11.62	%	0.24		11.02	%	0.07		3.21	%
Capital gains	0.04		1.76	%	0.01		0.23	%	—		0.12	%
Unrecaptured section 1250 gains	0.44		20.28	%	—		—	%	—		—	%
	$	2.16	100.00	%	$	2.16	100.00	%	$	2.16	100.00	%

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(1)Total qualified dividend, which is a subset of, and is included in, the Ordinary dividend amount.

(2)The Tax Cuts and Jobs Act enacted on December 22, 2017 generally allows a deduction for noncorporate taxpayers equal to 20% of ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income). The amount of dividend eligible for this deduction is referred to as the Section 199A Dividend. For the year ended December 31, 2025, the Section 199A Dividend is equal to the total ordinary income dividend.