Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of income tax treatment of distribution and dividends declared

The income tax treatment of distributions and dividends declared on our common stock and our Series D Convertible Preferred Stock for the years ended December 31, 2021, 2020, and 2019 was as follows (unaudited):


	Common Stock									Series D Convertible Preferred Stock(1)
	Year Ended December 31,
	2021			2020			2019			2019
Ordinary income	46.3		%	65.7		%	62.4		%	64.4		%
Return of capital	—			13.2			3.2			—
Capital gains at 25%	3.8			—			2.2			2.2
Capital gains at 20%	49.9			21.1			32.2			33.4
Total	100.0		%	100.0		%	100.0		%	100.0		%

Dividends declared	$	4.48		$	4.24		$	4.00		$	1.3125

(1)Refer to Note 15 – “Stockholders’ equity” to our consolidated financial statements for information regarding the conversion of our Series D Convertible Preferred Stock.

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, 2020 and 2019 (in thousands and unaudited):


	Year Ended December 31,
	2020		2019
Net income	$	827,171	$	404,047
Net income attributable to noncontrolling interests	(56,212)		(40,882)
Book/tax differences:
Rental revenue recognition	(165,091)		(132,979)
Depreciation and amortization	220,046		177,627
Share-based compensation	30,695		30,756
Interest expense	(21,174)		(13,687)
Sales of property	(69,048)		66,717
Impairments	40,398		12,334
Non-real estate investment income	(377,820)		(96,353)
Other	22,315		7,565
Taxable income before dividend deduction	451,280		415,145
Dividend deduction necessary to eliminate taxable income(1)	(451,280)		(415,145)
Estimated income subject to federal income tax	$	—	$	—

(1)Total common stock and preferred stock dividend distributions paid were approximately $533.0 million and $451.2 million during the years ended December 31, 2020 and 2019, respectively.