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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of allocation of distributions made to stockholders

The approximate allocation of the distributions made to stockholders is as follows for the years indicated:

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,							​
​		2021			2020			2019
Ordinary income (a)	​	43	%	​	45	%	​	73	%
Capital gains	​	57	​	​	47	​	​	—	​
Return of capital	​	—	​	​	8	​	​	27	​
​	​	100	%	​	100	%	​	100	%

(a) In 2021, 2020 and 2019, the ordinary income portion of the distributions are considered qualified REIT dividends and will be taxed at a rate reduced by up to 20% pursuant to Internal Revenue Code Section 199A.

Schedule of reconciliation of dividends declared with the dividends paid deduction

The following table reconciles dividends declared with the dividends paid deduction for the years indicated (amounts in thousands):

​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
​	​	Estimate		​	Actual		​	Actual
Dividends declared	​	$	37,478	​	$	36,564	​	$	35,663
Dividend reinvestment plan (a)	​		35	​		47	​		247
​	​		37,513	​		36,611	​		35,910
Less: Spillover dividends designated to previous year	​		—	​		—	​		—
Less: Spillover dividends designated to following year (b)	​	​	(2,150)	​	​	(9,261)	​	​	(8,976)
Less: Return of capital	​	​	—	​	​	(3,265)	​	​	(9,842)
Plus: Dividends designated from prior year	​	​	9,261	​	​	8,976	​	​	549
Plus: Dividends designated from following year	​		—	​		—	​		—
Dividends paid deduction	​	$	44,624	​	$	33,061	​	$	17,641

(a) Reflects the discount on common stock purchased through the dividend reinvestment plan of (i) 3% in 2021 and (ii) 5% in 2020 and 2019.

(b) A portion of the dividend paid in January 2022, and the entire dividend paid in January 2021 and January 2020 are considered 2022, 2021 and 2020 dividends, respectively, as such dividends were in excess of the Company’s earnings and profits during 2021, 2020 and 2019, respectively.

X

- Definition

Tabular disclosure of reconciliation of cash dividends paid with the dividends paid deduction.

+ References

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- Definition

Tabular disclosure of all or some of the information related to dividends declared, but not paid, as of the financial reporting date.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4304-108586

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