Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Our Consolidated Financial Statements include the operations of the Company’s taxable REIT subsidiary, which is not entitled to the dividends paid deduction and is subject to federal, state and local income taxes on its taxable income.

The minimum dividend per share of Common Stock required for the Company to maintain its REIT status was $1.13, $1.42 and $1.42 per share in 2025, 2024 and 2023, respectively. Continued qualification as a REIT depends on the Company’s ability to satisfy the dividend distribution tests, stock ownership requirements and various other qualification tests. The tax basis of the Company’s assets (net of accumulated tax depreciation and amortization) and liabilities was approximately $5.7 billion and $3.9 billion, respectively, as of December 31, 2025 and $5.7 billion and $3.6 billion, respectively, as of December 31, 2024. The tax basis of the Operating Partnership’s assets (net of accumulated tax depreciation and amortization) and liabilities was approximately $5.5 billion and $3.9 billion, respectively, as of December 31, 2025 and $5.6 billion and $3.6 billion, respectively, as of December 31, 2024.

During the years ended December 31, 2025, 2024 and 2023, the Company qualified as a REIT and incurred no federal income tax expense; accordingly, the only federal income taxes included in the accompanying Consolidated Financial Statements relate to activities of the Company’s taxable REIT subsidiary.

The Company had no net deferred tax asset or liability as of December 31, 2025 or December 31, 2024.

For each of the years ended December 31, 2025 and 2024, there were no unrecognized tax benefits. The Company is subject to federal, state and local income tax examinations by taxing authorities for 2022 through 2025. The Company does not expect that the total amount of unrecognized benefits will materially change within the next year.