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Income taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of income tax treatment of distribution and dividends declared
The income tax treatment of distributions and dividends declared on our common stock for the years ended December 31, 2023, 2022, and 2021 was as follows (unaudited):
 Year Ended December 31,
 202320222021
Ordinary income87.8 %57.4 %46.3 %
Return of capital— — — 
Capital gains at 25%0.2 8.1 3.8 
Capital gains at 20%12.0 34.5 49.9 
Total100.0 %100.0 %100.0 %
Dividends declared$4.96 $4.72 $4.48 
Reconciliation of GAAP net income to taxable income as filed with the IRS
The following reconciles net income (determined in accordance with GAAP) to taxable income as filed with the IRS for the years ended December 31, 2022 and 2021 (in thousands and unaudited):
Year Ended December 31,
20222021
Net income$670,701 $654,282 
Net income attributable to noncontrolling interests(149,041)(83,035)
Book/tax differences:
Rental revenue recognition(6,824)(23,306)
Depreciation and amortization225,319 153,382 
Share-based compensation45,656 34,265 
Interest expense(104,519)(79,907)
Sales of property(330,820)(100,449)
Impairments26,322 23,130 
Non-real estate investments loss369,021 42,908 
Other10,653 33,446 
Taxable income before dividend deduction756,468 654,716 
Dividend deduction necessary to eliminate taxable income(1)
(756,468)(654,716)
Estimated income subject to federal income tax$— $— 
(1)Total common stock dividend distributions paid were approximately $757.7 million and $656.0 million during the years ended December 31, 2022 and 2021, respectively.