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Distributions

12 Months Ended

Dec. 31, 2024

13. Distributions

We must distribute at least 90% of our taxable income in order to continue to qualify as a REIT. This distribution requirement can be satisfied by current year distributions or, to a certain extent, by distributions in the following year.

For federal tax purposes, distributions to stockholders are treated as ordinary income, capital gains, return of capital or a combination thereof. Distributions for 2024, 2023 and 2022 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows (unaudited):


	Year Ended December 31,
	2024		2023		2022
Ordinary taxable distribution	$	1.745	$	1.110	$	1.095
Return of capital		0.535		—		—
Unrecaptured Section 1250 gain		—		0.744		0.502
Long-term capital gain		—		0.426		0.683
Total	$	2.280	$	2.280	$	2.280