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Stockholders' Equity Matters
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Equity Matters
Our board of directors has adopted a dividend policy under which we have paid, and in the future intend to pay, quarterly cash dividends on our common stock. The amount and timing of future dividends will continue to be subject to the approval of our board of directors, in its sole discretion, and to applicable legal requirements.
In 2021, 2022 and 2023, our board of directors declared the following dividends:
DECLARATION DATEDIVIDEND
PER SHARE		RECORD DATETOTAL AMOUNTPAYMENT DATE
February 24, 2021$0.6185 March 15, 2021$178,569 April 6, 2021
May 6, 20210.6185 June 15, 2021179,026 July 6, 2021
August 5, 20210.6185 September 15, 2021179,080 October 6, 2021
November 4, 20210.6185 December 15, 2021179,132 January 6, 2022
February 24, 20220.6185 March 15, 2022179,661 April 6, 2022
April 28, 20220.6185 June 15, 2022179,781 July 6, 2022
August 4, 20220.6185 September 15, 2022179,790 October 4, 2022
November 3, 20220.6185 December 15, 2022179,866 January 5, 2023
February 23, 20230.6185 March 15, 2023180,339 April 5, 2023
May 4, 20230.6185 June 15, 2023180,493 July 6, 2023
August 3, 20230.6500 September 15, 2023189,730 October 5, 2023
November 2, 20230.6500 December 15, 2023189,886 January 4, 2024
On February 22, 2024, we declared a dividend to our stockholders of record as of March 15, 2024 of $0.65 per share, payable on April 4, 2024.
During the years ended December 31, 2023, 2022 and 2021, we declared dividends in an aggregate and per share amount, based on the weighted average number of common shares outstanding during each respective year, as follows:
 YEAR ENDED DECEMBER 31,
 202320222021
Declared distributions$740,448 $719,098 $715,807 
Amount per share each distribution represents based on weighted average number of common shares outstanding2.54 2.47 2.47 
For federal income tax purposes, distributions to our stockholders are generally treated as nonqualified ordinary dividends (potentially eligible for the lower effective tax rates available for "qualified REIT dividends"), qualified ordinary dividends or return of capital. The United States Internal Revenue Service requires historical C corporation earnings and profits to be distributed prior to any REIT distributions, which may affect the character of each distribution to our stockholders, including whether and to what extent each distribution is characterized as a qualified or nonqualified ordinary dividend. In addition, certain of our distributions qualify as capital gain distributions. For the years ended December 31, 2023, 2022 and 2021, the dividends we paid on our common shares were classified as follows:
YEAR ENDED DECEMBER 31,
 202320222021
Nonqualified ordinary dividends98.2 %90.4 %53.9 %
Qualified ordinary dividends(1)
0.8 %— %13.0 %
Capital gains(2)(3)
— %9.6 %21.8 %
Return of capital1.0 %— %11.3 %
100.0 %100.0 %100.0 %
(1)Dividends paid during the years ended December 31, 2023 and 2021 which were classified as qualified ordinary dividends for federal income tax purposes primarily related to the distribution of historical C corporation earnings and profits during the years ended December 31, 2023 and 2021. None of the dividends paid during the year ended December 31, 2022 were classified as qualified ordinary dividends for federal income tax purposes.
(2)During the year ended December 31, 2022, the percentage of our dividends that was classified as a capital gain was primarily related to the sale of land and buildings in the United States and Canada.
(3)During the year ended December 31, 2021, the percentage of our dividends that was classified as a capital gain was primarily related to the sale of land and buildings in the United States and the United Kingdom.