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Tax Treatment of Distributions | 12 Months Ended
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Dec. 31, 2024
Tax Treatment of Distributions [Abstract] |
Tax Treatment of Distributions | Tax Treatment of Distributions 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, 2024, 2023, and 2022 as follows:
| Year Ended December 31,
Dividends | 2024 |  | 2023 |  | 2022
Dividends declared per share of common stock | $ | 2.160 |  |  | $ | 2.160 |  |  | $ | 2.120 |
Less: Dividends declared in the current year and paid in the following year | (0.540) |  |  | (0.540) |  |  | (0.540) |
Add: Dividends declared in the prior year and paid in the current year | 0.540 |  |  | 0.540 |  |  | 0.520 |
Dividends paid per share of common stock | $ | 2.160 |  |  | $ | 2.160 |  |  | $ | 2.100 |
The unaudited income tax treatment for the dividends to common stockholders reportable for the years ended December 31, 2024, 2023, and 2022 as identified in the table above was as follows:
| Year Ended December 31,
Shares of Common Stock | 2024 |  | 2023 |  | 2022
Ordinary income (1) | $ | 1.916 |  |  | 88.70 | % |  | $ | 2.087 |  |  | 96.63 | % |  | $ | 1.865 |  |  | 88.80 | %
Qualified dividend | 0.001 |  |  | 0.05 | % |  | 0.001 |  |  | 0.04 | % |  | 0.001 |  |  | 0.02 | %
Return of capital | 0.238 |  |  | 11.02 | % |  | 0.069 |  |  | 3.21 | % |  | 0.230 |  |  | 10.99 | %
Capital gains (2) | 0.005 |  |  | 0.23 | % |  | 0.003 |  |  | 0.12 | % |  | 0.004 |  |  | 0.19 | %
Unrecaptured section 1250 gains | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | %
| $ | 2.160 |  |  | 100.00 | % |  | $ | 2.160 |  |  | 100.00 | % |  | $ | 2.100 |  |  | 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, 2024, the Section 199A Dividend is equal to the total ordinary income dividend. (2)Capital gains are comprised entirely of 20% rate gains.

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