Income taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of income tax treatment of distribution and dividends declared

The income tax treatment of distributions and dividends declared on our common stock, our Series D Convertible Preferred Stock, and our Series E Redeemable Preferred Stock for the years ended December 31, 2019, 2018, and 2017, were as follows (unaudited):



	Common Stock									Series D Convertible Preferred Stock⁽¹⁾									Series E Redeemable Preferred Stock⁽¹⁾
	Year Ended December 31,
	2019			2018			2017			2019			2018			2017			2017
Ordinary income	62.4		%	69.9		%	62.1		%	64.4		%	72.7		%	85.3		%		85.3		%
Return of capital	3.2			3.8			27.2			—			—			—				—
Capital gains at 25%	2.2			0.1			0.7			2.2			0.1			1.0				1.0
Capital gains at 20%	32.2			26.2			10.0			33.4			27.2			13.7				13.7
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%		100.0		%

Dividends declared	$	4.00		$	3.73		$	3.45		$	1.3125		$	1.75		$	1.75			$	0.4031


(1)	Refer to Note 16 - “Stockholders’ Equity” to our consolidated financial statements for information regarding the conversion of our Series D Preferred Stock and redemption of our Series E Preferred Stock.

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

The following reconciles net income (loss) (determined in accordance to GAAP) to taxable income as filed with the IRS for the years ended December 31, 2018 and 2017 (in thousands and unaudited):



	Year Ended December 31,
	2018			2017
Net income	$	402,793		$	194,204
Net income attributable to noncontrolling interests	(23,481		)	(25,111		)
Book/tax differences:
Rental revenue recognition	(65,901		)	(121,589		)
Depreciation and amortization	161,514			137,576
Share-based compensation	30,771			23,466
Interest expense	(6,414		)	(5,256		)
Sales of property	(39,393		)	12,166
Impairments	—			9,011
Unrealized (gains)/losses on non-real estate investments	(95,757		)	—
Other	(5,043		)	3,642
Taxable income before dividend deduction	359,089			228,109
Dividend deduction necessary to eliminate taxable income⁽¹⁾	(359,089		)	(228,109		)
Estimated income subject to federal income tax	$	—		$	—

(1)

Total common stock and preferred stock dividend distributions paid were approximately $385.8 million and $321.8 million during the years ended December 31, 2018 and 2017, respectively.