v3.25.4
Tax Treatment of Distributions (Tables)
 12 Months Ended
Dec. 31, 2025
Class of Stock [Line Items]  
Schedule of Reconciliation of Dividends Declared to Dividends Paid
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,
Dividends202520242023
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 year0.54 0.54 0.54 
Dividends paid per share of common stock$2.16 $2.16 $2.16 
Common Stock  
Class of Stock [Line Items]  
Schedule of Reconciliation of Dividends Declared to Dividends Paid
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 Stock202520242023
Ordinary dividend (1) (2)
$1.43 66.34 %$1.92 88.75 %$2.09 96.67 %
Return of capital0.25 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 gains0.44 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.