Tax Treatment of Distributions (Tables)

12 Months Ended

Dec. 31, 2016

Reconciliation of dividends declared to dividends paid

The following table reconciles the dividends declared per share of common stock to the dividends paid per share of common stock during the years ended December 31, 2016, 2015 and 2014 as follows:



	Year Ended December 31,
Dividends	2016			2015			2014
Dividends declared per share of common stock	$	3.375		$	1.400		$	1.400
Less: Dividends declared in the current year and paid in the following year⁽¹⁾	(2.275		)	(0.350		)	(0.350		)
Add: Dividends declared in the prior year and paid in the current year	0.350			0.350			0.350
Dividends paid per share of common stock	$	1.450		$	1.400		$	1.400

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(1)

The fourth quarter 2016 dividend of $2.275 per share of common stock consists of a special cash dividend of $1.90 per share of common stock and a regular quarterly cash dividend of $0.375 per share of common stock. The $1.90 per share special distribution is treated as paid in two tax years for income tax purposes: $1.587 is treated as paid on December 31, 2016 and $0.313 is treated as paid on January 13, 2017. The $0.375 per share regular quarterly distribution is considered a 2017 dividend distribution for income tax purposes.

Common stock [Member]

Class of Stock [Line Items]

Reconciliation of dividends declared to dividends paid

The unaudited income tax treatment for the dividends to common stockholders reportable for the years ended December 31, 2016, 2015 and 2014 as identified in the table above was as follows:



	Year Ended December 31,
Shares of Common Stock	2016				2015				2014
Ordinary income	$	1.500	49.40	%	$	0.992	70.86	%	$	0.998	71.29	%
Qualified dividend	0.002		0.06		0.002		0.13		0.002		0.14
Return of capital	—		—		—		—		0.398		28.43
Capital gains ⁽¹⁾	1.212		39.89		0.051		3.65		0.002		0.14
Unrecaptured section 1250 gains	0.323		10.65		0.355		25.36		—		—
	$	3.037	100.00	%	$	1.400	100.00	%	$	1.400	100.00	%

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(1)	Capital gains are comprised entirely of 20% rate gains.

Series G Preferred Stock [Member]

Class of Stock [Line Items]

Reconciliation of dividends declared to dividends paid

The 6.875% Series G Cumulative Redeemable Preferred Stock was issued in March 2012. The unaudited income tax treatment for the dividends to Series G preferred stockholders reportable for the years ended December 31, 2016, 2015, and 2014 was as follows:



	Year Ended December 31,
Preferred Shares	2016				2015				2014
Ordinary income	$	0.848	49.31	%	$	1.218	70.86	%	$	1.711	99.54	%
Qualified dividend	0.001		0.06		0.002		0.13		0.003		0.17
Capital gains ⁽¹⁾	0.687		39.97		0.063		3.65		0.005		0.29
Unrecaptured section 1250 gains	0.183		10.66		0.436		25.36		—		—
	$	1.719	100.00	%	$	1.719	100.00	%	$	1.719	100.00	%

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(1)	Capital gains are comprised entirely of 20% rate gains.

Series H Preferred Stock [Member]

Class of Stock [Line Items]

Reconciliation of dividends declared to dividends paid

The 6.375% Series H Cumulative Redeemable Preferred Stock was issued in August 2012. The unaudited income tax treatment for the dividends to Series H preferred stockholders reportable for the years ended December 31, 2016, 2015, and 2014 was as follows:



	Year Ended December 31,
Preferred Shares	2016				2015				2014
Ordinary income	$	0.786	49.31	%	$	1.129	70.86	%	$	1.587	99.56	%
Qualified dividend	0.001		0.06		0.002		0.13		0.003		0.19
Capital gains ⁽¹⁾	0.637		39.97		0.059		3.65		0.004		0.25
Unrecaptured section 1250 gains	0.17		10.66		0.404		25.36		—		—
	$	1.594	100.00	%	$	1.594	100.00	%	$	1.594	100.00	%

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(1)	Capital gains are comprised entirely of 20% rate gains.