Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of income tax treatment of distribution and dividends declared

The income tax treatment of distributions and dividends declared on our common stock for the years ended December 31, 2022, 2021, and 2020 was as follows (unaudited):


	Year Ended December 31,
	2022			2021			2020
Ordinary income	57.4		%	46.3		%	65.7		%
Return of capital	—			—			13.2
Capital gains at 25%	8.1			3.8			—
Capital gains at 20%	34.5			49.9			21.1
Total	100.0		%	100.0		%	100.0		%

Dividends declared	$	4.72		$	4.48		$	4.24

Reconciliation of GAAP net income to taxable income as filed with the IRS

The following reconciles net income (determined in accordance with GAAP) to taxable income as filed with the IRS for the years ended December 31, 2021 and 2020 (in thousands and unaudited):


	Year Ended December 31,
	2021		2020
Net income	$	654,282	$	827,171
Net income attributable to noncontrolling interests	(83,035)		(56,212)
Book/tax differences:
Rental revenue recognition	(23,306)		(165,091)
Depreciation and amortization	153,382		220,046
Share-based compensation	34,265		30,695
Interest expense	(79,907)		(21,174)
Sales of property	(100,449)		(69,048)
Impairments	23,130		40,398
Non-real estate investment expense (income)	42,908		(377,820)
Other	33,446		22,315
Taxable income before dividend deduction	654,716		451,280
Dividend deduction necessary to eliminate taxable income(1)	(654,716)		(451,280)
Estimated income subject to federal income tax	$	—	$	—

(1)Total common stock dividend distributions paid were approximately $656.0 million and $533.0 million during the years ended December 31, 2021 and 2020, respectively.