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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Summary Of Significant Accounting Policies [Abstract]

Allocation Of Income Franchise And Excise Taxes In Consolidated Statements Of Operations

The Company’s provision for income and other tax expense (benefit) was as follows for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):


		December 31,
		2024				2023				2022
State and local income, franchise and excise tax (benefit)		$	1,256			$	1,148			$	900
Income and other tax expense (benefit) (1)		$	1,256			$	1,148			$	900

(1)

All provisions for income tax amounts are current and none are deferred.

Tax Treatment Of Dividends And Distributions

During the years ended December 31, 2024, 2023 and 2022, the tax character of the Company’s dividends and distributions were as follows:


		December 31,
		2024 (1)				2023 (2)				2022 (3)
Tax character of dividends and distributions:
Ordinary dividends		$	1.53095			$	1.85676			$	1.75466
Long-term capital gain			0.70884				0.57857				0.42850
Unrecaptured section 1250 gain			0.44771				0.17717				0.29434
Dividends and distributions per
Common Share/Unit outstanding		$	2.68750			$	2.61250			$	2.47750

(1)

The Company’s fourth quarter 2024 dividends and distributions of $0.675 per Common Share/Unit outstanding will be included as taxable income in calendar year 2025.

(2)

The Company’s fourth quarter 2023 dividends and distributions of $0.6625 per Common Share/Unit outstanding was included as taxable income in calendar year 2024.

(3)

The Company’s fourth quarter 2022 dividends and distributions of $0.625 per Common Share/Unit outstanding was included as taxable income in calendar year 2023.