Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

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,

2025, 2024, and 2023 was as follows (unaudited):


	Year Ended December 31,
	2025	2024	2023
Ordinary income	66.6%	65.7%	87.8%
Return of capital	18.9	1.6	—
Capital gains at 25%	0.6	13.9	0.2
Capital gains at 20%	13.9	18.8	12.0
Total	100.0%	100.0%	100.0%

Dividends declared	$4.68	$5.19	$4.96

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, 2024 and 2023 (in thousands and unaudited):


	Year Ended December 31,
	2024	2023
Net income	$510,733	$280,994
Net income attributable to noncontrolling interests	(187,784)	(177,355)
Book/tax differences:
Rental revenue recognition	(32,749)	128,938
Depreciation and amortization	361,529	331,322
Share-based compensation	47,948	73,320
Interest expense	(85,378)	(126,756)
Sales of property	155,753	7,784
Impairments	92,738	80,134
Non-real estate investments loss	133,960	209,092
Lease recognition	(127,719)	5,840
Other	3,573	15,463
Taxable income before dividend deduction	872,604	828,776
Dividend deduction necessary to eliminate taxable income(1)	(872,604)	(828,776)
Estimated income subject to federal income tax	$—	$—

(1)Total common stock dividend distributions paid were approximately $898.6 million and $847.5 million during the years ended December 31, 2024 and 2023, respectively.