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Note 8 - Dividends Declared and Paid

12 Months Ended

Dec. 31, 2025

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

unit

Taxable

Unrecaptured

Record

Payment

distribution

Ordinary

Section 1250

Section 199A

Date

amount

Income

Gain

Dividends

March

3/31/2025

4/15/2025

0.09

0.08191

0.00809

0.08191

June

6/30/2025

7/15/2025

0.09

0.08191

0.00809

0.08191

September

9/30/2025

10/15/2025

0.09

0.08191

0.00809

0.08191

December

12/31/2025

1/15/2026

0.09

0.08191

0.00809

0.08191

Total 2025

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.