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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024, 2023, and 2022 was as follows (unaudited):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Ordinary income | 65.7% |  | 87.8% |  | 57.4%
Return of capital | 1.6 |  | — |  | —
Capital gains at 25% | 13.9 |  | 0.2 |  | 8.1
Capital gains at 20% | 18.8 |  | 12.0 |  | 34.5
Total | 100.0% |  | 100.0% |  | 100.0%
Dividends declared | $5.19 |  | $4.96 |  | $4.72
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, 2023 and 2022 (in thousands and unaudited):
|  | Year Ended December 31,
|  | 2023 |  | 2022
Net income |  | $280,994 |  | $670,701
Net income attributable to noncontrolling interests |  | (177,355) |  | (149,041)
Book/tax differences: |  |  |  |
Rental revenue recognition |  | 134,778 |  | (6,824)
Depreciation and amortization |  | 331,322 |  | 225,319
Share-based compensation |  | 73,320 |  | 45,656
Interest expense |  | (126,756) |  | (104,519)
Sales of property |  | 7,784 |  | (330,820)
Impairments |  | 80,134 |  | 26,322
Non-real estate investments loss |  | 209,092 |  | 369,021
Other |  | 15,463 |  | 10,653
Taxable income before dividend deduction |  | 828,776 |  | 756,468
Dividend deduction necessary to eliminate taxable income(1) |  | (828,776) |  | (756,468)
Estimated income subject to federal income tax |  | $— |  | $—
(1)Total common stock dividend distributions paid were approximately $847.5 million and $757.7 million during the years ended December 31, 2023 and 2022, respectively.

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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