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Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our Consolidated Financial Statements include the operations of our TRSs, which are not entitled to the dividends paid deduction and are subject to federal, state and local income taxes on its taxable income. During the years ended December 31, 2023, 2022 and 2021, 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 our TRSs. The components of the income tax provision for the years ended December 31, 2023, 2022 and 2021 is comprised of the following: 
Year Ended December 31,
 202320222021
Current:
Federal$(22,424)$(226)$(2,458)
State(6,319)(356)(1,936)
Deferred:
Federal16,922 (19,154)(454)
State3,129 (3,627)(31)
             Total Income Tax Provision$(8,692)$(23,363)$(4,879)

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred income tax assets and liabilities include the following as of December 31, 2023 and 2022:

Year Ended December 31,
 20232022
Real Estate Basis Difference - Investment in Joint Venture$769 $1,603 
Section 163(j) Interest Limitation— 551 
Other - Temporary Differences362 263 
Total Deferred Income Tax Assets$1,131 $2,417 
Deferred Income - Investment in Joint Venture$(2,962)$(24,340)
Other - Temporary Differences(340)(299)
Total Deferred Income Tax Liabilities$(3,302)$(24,639)
Total Net Deferred Income Tax Liabilities$(2,171)$(22,222)
We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is "more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2023, we do not have any unrecognized tax benefits.
We file income tax returns in the U.S. and various states. The statute of limitations for income tax returns is generally three years. As such, our tax returns that are subject to examination would be primarily from 2020 and thereafter. There were no material interest or penalties recorded for the years ended December 31, 2023, 2022 and 2021.
Federal Income Tax Treatment of Common Dividends
For the years ended December 31, 2023, 2022 and 2021, the dividends paid to the Company's common shareholders per common share for income tax purposes were characterized as follows:
2023As a
Percentage
of
Distributions		2022As a
Percentage
of
Distributions		2021As a
Percentage
of
Distributions
Ordinary Income (A)
$0.6756 52.78 %$1.0720 90.85 %$0.9928 91.93 %
Unrecaptured Section 1250 Capital Gain0.0536 4.19 %0.0060 0.51 %0.0060 0.55 %
Other Capital Gain (B)
0.0956 7.47 %0.0168 1.42 %0.0128 1.19 %
Qualified Dividend0.4552 35.56 %0.0852 7.22 %0.0684 6.33 %
$1.2800 100.00 %$1.1800 100.00 %$1.0800 100.00 %
(A) For the years ended December 31, 2023, 2022 and 2021, the Code Section 199A dividend is equal to the total ordinary income dividend.
(B) For the years ended December 31, 2023 and 2022, Section 1061 of the Code related to Capital Gains for the One Year Amounts was 0% and 52.0%, respectively and for the Three Year Amounts was 0% and 12.6%, respectively.