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Dividends Declared and Paid | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Dividends Declared and Paid | Dividends Declared and Paid Common Dividends The Company declared total common share dividends of $0.28 per share and distributions on LTIP units of $0.28 per unit during the year ended December 31, 2024. The Company declared total common share dividends of $0.28 per share and distributions on LTIP units of $0.28 per unit during the year ended December 31, 2023. The dividends and distributions and their tax characterization for the years ended December 31, 2024 and 2023 were as follows:
|  | Record Date |  | Payment Date |  | Common share distribution amount |  | LTIP unit distribution amount |  | Taxable Ordinary Income |  |  |  | Return of Capital |  | Section 199A Dividends
March | 3/28/2024 |  | 4/15/2024 |  | 0.07 |  |  | 0.07 |  |  | 0.05392 |  |  |  |  | 0.01608 |  |  | 0.05392 |
June | 6/28/2024 |  | 7/15/2024 |  | 0.07 |  |  | 0.07 |  |  | 0.05392 |  |  |  |  | 0.01608 |  |  | 0.05392 |
September | 9/30/2024 |  | 10/15/2024 |  | 0.07 |  |  | 0.07 |  |  | 0.05392 |  |  |  |  | 0.01608 |  |  | 0.05392 |
December | 12/31/2024 |  | 1/15/2025 |  | 0.07 |  |  | 0.07 |  |  | 0.05392 |  |  |  |  | 0.01608 |  |  | 0.05392 |
Total 2024 |  |  |  |  | $ | 0.28 |  |  | $ | 0.28 |  |  | $ | 0.21568 |  |  |  |  | $ | 0.06432 |  |  | $ | 0.21568 |
|  | Record Date |  | Payment Date |  | Common share distribution amount |  | LTIP unit distribution amount |  | Taxable Ordinary Income |  | Return of Capital |  | Section 199A Dividends
March | 3/31/2023 |  | 4/17/2023 |  | 0.07 |  |  | 0.07 |  |  | 0.07 |  |  | — |  |  | 0.07 |
June | 6/30/2023 |  | 7/17/2023 |  | 0.07 |  |  | 0.07 |  |  | 0.07 |  |  | — |  |  | 0.07 |
September | 9/29/2023 |  | 10/16/2023 |  | 0.07 |  |  | 0.07 |  |  | 0.07 |  |  | — |  |  | 0.07 |
December | 12/29/2023 |  | 1/16/2024 |  | 0.07 |  |  | 0.07 |  |  | 0.07 |  |  | — |  |  | 0.07 |
Total 2023 |  |  |  |  | $ | 0.28 |  |  | $ | 0.28 |  |  | $ | 0.28 |  |  | $ | — |  |  | $ | 0.28 |
For the year ended December 31, 2024, 77.03% of the distributions paid to common shareholders were considered ordinary income and 22.97% of the distributions paid to common shareholders were considered a return of capital. For the year ended December 31, 2023, 100.0% of the distributions paid to common shareholders were considered ordinary income. Preferred Dividends During the years ended December 31, 2024 and 2023, the Company declared total dividends of $1.65624 and $1.65624, respectively, per share of 6.625% Series A Cumulative Redeemable Preferred Shares. The preferred dividends and their tax characterization for the years ended December 31, 2024 and 2023 were as follows:
|  | Record Date |  | Payment Date |  | Dividend Per Preferred Share |  | Taxable Ordinary Income |  | Return of Capital |  | Section 199A Dividends
March | 3/28/2024 |  | 4/15/2024 |  | $ | 0.41406 |  |  | $ | 0.41406 |  |  | $ | — |  |  | $ | 0.41406 |
June | 6/28/2024 |  | 7/15/2024 |  | 0.41406 |  |  | 0.41406 |  |  | — |  |  | 0.41406 |
September | 9/30/2024 |  | 10/15/2024 |  | 0.41406 |  |  | 0.41406 |  |  | — |  |  | 0.41406 |
December | 12/31/2024 |  | 1/15/2025 |  | 0.41406 |  |  | 0.41406 |  |  | — |  |  | 0.41406 |
Total 2024 |  |  |  |  | $ | 1.65624 |  |  | $ | 1.65624 |  |  | $ | — |  |  | $ | 1.65624 |
|  | Record Date |  | Payment Date |  | Dividend Per Preferred Share |  | Taxable Ordinary Income |  | Return of Capital |  | Section 199A Dividends
March | 3/31/2023 |  | 4/17/2023 |  | $ | 0.41406 |  |  | $ | 0.41406 |  |  | $ | — |  |  | $ | 0.41406 |
June | 6/30/2023 |  | 7/17/2023 |  | 0.41406 |  |  | 0.41406 |  |  | — |  |  | 0.41406 |
September | 9/29/2023 |  | 10/16/2023 |  | 0.41406 |  |  | 0.41406 |  |  | — |  |  | 0.41406 |
December | 12/29/2023 |  | 1/16/2024 |  | 0.41406 |  |  | 0.41406 |  |  | — |  |  | 0.41406 |
Total 2023 |  |  |  |  | $ | 1.65624 |  |  | $ | 1.65624 |  |  | $ | — |  |  | $ | 1.65624 |
For the year ended December 31, 2024, 100.0% of the distributions paid to preferred shareholders were considered ordinary income. For the year ended December 31, 2023, 100.0% of the distributions paid to preferred shareholders were considered ordinary income.

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