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Note 8 - Dividends Declared and Paid | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Dividends Declared Disclosure [Text Block] |
8. | Dividends Declared and Paid
Common Dividends The Company declared total common share dividends of $0.36 per share and distributions on LTIP units of $0.36 per unit during the year ended December 31, 2025. 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 dividends and distributions and their tax characterization for the years ended December 31, 2025 and 2024 were as follows:
|  |  |  |  |  | Common |  |  | LTIP |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | share |  |  |  | unit |  |  |  | Taxable |  |  |  | Unrecaptured |  |  |  |  |
|  | Record |  | Payment |  | distribution |  |  | distribution |  |  | Ordinary |  |  | Section 1250 |  |  | Section 199A |
|  | Date |  | Date |  | amount |  |  | amount |  |  | Income |  |  | Gain |  |  | Dividends |
March |  | 3/31/2025 |  | 4/15/2025 |  |  | 0.09 |  |  |  | 0.09 |  |  |  | 0.08191 |  |  |  | 0.00809 |  |  |  | 0.08191 |
June |  | 6/30/2025 |  | 7/15/2025 |  |  | 0.09 |  |  |  | 0.09 |  |  |  | 0.08191 |  |  |  | 0.00809 |  |  |  | 0.08191 |
September |  | 9/30/2025 |  | 10/15/2025 |  |  | 0.09 |  |  |  | 0.09 |  |  |  | 0.08191 |  |  |  | 0.00809 |  |  |  | 0.08191 |
December |  | 12/31/2025 |  | 1/15/2026 |  |  | 0.09 |  |  |  | 0.09 |  |  |  | 0.08191 |  |  |  | 0.00809 |  |  |  | 0.08191 |
Total 2025 |  | $ | 0.36 |  |  | $ | 0.36 |  |  | $ | 0.32764 |  |  | $ | 0.03236 |  |  | $ | 0.32764 |
|  |  |  |  |  | Common |  |  | LTIP |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | share |  |  | unit |  |  | Taxable |  |  |  |  |  |  |  |  |
|  | Record |  | Payment |  | distribution |  |  | distribution |  |  | Ordinary |  |  | Return of |  |  | Section 199A |
|  | Date |  | Date |  | amount |  |  | amount |  |  | Income |  |  | Capital |  |  | 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 |
For the year ended December 31, 2025, 91.01% of the distributions paid to common shareholders were considered ordinary income and 8.99% of the distributions paid to common shareholders were considered an unrecaptured Section 1250 gain. 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. Preferred Dividends During the years ended December 31, 2025 and 2024, 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, 2025 and 2024 were as follows:
|  |  | Dividend Per |  |  |  | Taxable |  |  |  | Unrecaptured |  |  |  |  |
|  | Record |  | Payment |  | Preferred |  |  | Ordinary |  |  | Section 1250 |  |  | Section 199A |
|  | Date |  | Date |  | Share |  |  | Income |  |  | Gain |  |  | Dividends |
March |  | 3/31/2025 |  | 4/15/2025 |  | $ | 0.41406 |  |  | $ | 0.37684 |  |  | $ | 0.03722 |  |  | $ | 0.37684 |
June |  | 6/30/2025 |  | 7/15/2025 |  |  | 0.41406 |  |  |  | 0.37684 |  |  | $ | 0.03722 |  |  |  | 0.37684 |
September |  | 9/30/2025 |  | 10/15/2025 |  |  | 0.41406 |  |  |  | 0.37684 |  |  | $ | 0.03722 |  |  |  | 0.37684 |
December |  | 12/31/2025 |  | 1/15/2026 |  |  | 0.41406 |  |  |  | 0.37684 |  |  | $ | 0.03722 |  |  |  | 0.37684 |
Total 2025 |  | $ | 1.65624 |  |  | $ | 1.50736 |  |  | $ | 0.14888 |  |  | $ | 1.50736 |
|  |  |  |  |  | Dividend Per |  |  | Taxable |  |  |  |  |  |  |  |  |
|  | Record |  | Payment |  | Preferred |  |  | Ordinary |  |  | Return of |  |  | Section 199A |
|  | Date |  | Date |  | Share |  |  | Income |  |  | Capital |  |  | 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 |
For the year ended December 31, 2025, 91.01% of the distributions paid to preferred shareholders were considered ordinary income and 8.99% of the distributions paid to preferred shareholders were considered an unrecaptured Section 1250 gain.. For the year ended December 31, 2024, 100.0% of the distributions paid to preferred shareholders were considered ordinary income.

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