Tax Treatment of Distributions (Tables)

12 Months Ended

Dec. 31, 2023

Class of Stock [Line Items]

Schedule of 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, 2023, 2022 and 2021 as follows: 

	Year Ended December 31,
Dividends	2023		2022		2021
Dividends declared per share of common stock	$	2.160	$	2.120	$	2.040
Less: Dividends declared in the current year and paid in the following year	(0.540)		(0.540)		(0.520)
Add: Dividends declared in the prior year and paid in the current year	0.540		0.520		0.500
Dividends paid per share of common stock	$	2.160	$	2.100	$	2.020

Common Stock

Class of Stock [Line Items]

Schedule of 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, 2023, 2022 and 2021 as identified in the table above was as follows: 

	Year Ended December 31,
Shares of Common Stock	2023				2022				2021
Ordinary income (1)	$	2.087	96.63	%	$	1.865	88.80	%	$	1.338	66.22	%
Qualified dividend	0.001		0.04	%	0.001		0.02	%	0.003		0.15	%
Return of capital	0.069		3.21	%	0.230		10.99	%	0.551		27.30	%
Capital gains (2)	0.003		0.12	%	0.004		0.19	%	0.075		3.72	%
Unrecaptured section 1250 gains	—		—	%	—		—	%	0.053		2.61	%
	$	2.160	100.00	%	$	2.100	100.00	%	$	2.020	100.00	%

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(1)The Tax Cuts and Jobs Act enacted on December 22, 2017 generally allows a deduction for noncorporate taxpayers equal to 20% of ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income). The amount of dividend eligible for this deduction is referred to as the Section 199A Dividend.  For the year ended December 31, 2023, the Section 199A Dividend is equal to the total ordinary income dividend.

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