XML 56 R34.htm IDEA: XBRL DOCUMENT

Tax Treatment of Distributions

12 Months Ended

Dec. 31, 2021

Tax Treatment of Distributions [Abstract]

The following table reconciles the dividends declared per share of common stock to the dividends paid per share of common stock during the years ended December 31, 2021, 2020 and 2019 as follows:


	Year Ended December 31,
Dividends	2021		2020		2019
Dividends declared per share of common stock	$	2.040	$	1.970	$	1.910
Less: Dividends declared in the current year and paid in the following year	(0.520)		(0.500)		(0.485)
Add: Dividends declared in the prior year and paid in the current year	0.500		0.485		0.455
Dividends paid per share of common stock	$	2.020	$	1.955	$	1.880

The unaudited income tax treatment for the dividends to common stockholders reportable for the years ended December 31, 2021, 2020 and 2019 as identified in the table above was as follows:


	Year Ended December 31,
Shares of Common Stock	2021				2020				2019
Ordinary income (1)	$	1.338	66.22	%	$	1.474	75.40	%	$	0.939	49.95	%
Qualified dividend	0.003		0.15		0.002		0.12		0.004		0.21
Return of capital	0.551		27.30		0.162		8.30		0.312		16.62
Capital gains (2)	0.075		3.72		0.275		14.05		0.600		31.93
Unrecaptured section 1250 gains	0.053		2.61		0.042		2.13		0.025		1.29
	$	2.020	100.00	%	$	1.955	100.00	%	$	1.880	100.00	%

____________________

(1)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, 2021, the Section 199A Dividend is equal to the total ordinary income dividend.

(2)Capital gains are comprised entirely of 20% rate gains.