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Dividends and Distributions Payable

12 Months Ended

Dec. 31, 2024

Note 7 – Dividends and Distributions Payable

The Company declared dividends per common share of $3.000, $2.919 and $2.805 during the years ended December 31, 2024, 2023 and 2022, respectively.

On December 12, 2024, the Company declared a dividend per common share of $0.253 per share for the month ended December 31, 2024. The holders of Operating Partnership Common Units are entitled to an equal distribution per Operating Partnership Unit held. The monthly common dividend for December 2024 has been reflected as a reduction of stockholders’ equity and the distribution has been reflected as a reduction of the limited partners’ non-controlling interest. The December 2024 dividends and distributions were recorded as a liability on the consolidated balance sheets as of December 31, 2024 and were paid on January 15, 2025.

The Company declared dividends on the Series A Preferred Shares of $1.0625 per Depositary Share during the year ended December 31, 2024, 2023 and 2022. These dividends were reflected entirely as ordinary income for federal income tax purposes. The December 2024 dividend declared on the Series A Preferred Shares of $0.08854 per Depositary Share has been reflected as a reduction of stockholders’ equity and was recorded as a liability on the consolidated balance sheets as of December 31, 2024 and paid on January 2, 2025.

For federal income tax purposes, common distributions paid have been characterized as follows (unaudited):


For the Year Ended December 31,	2024 ⁽¹⁾		2023 ⁽¹⁾		2022
Ordinary Income	$	2.638	$	2.498	$	2.518
Return of Capital		0.356		0.174		0.287
Total	$	2.994	$	2.672	$	2.805

(1)

The common dividend declared in December of the respective year and paid in the following January is considered a distribution for federal tax purposes in the year of payment and, therefore, has been excluded from the federal income tax characterization in the year of declaration.