Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Our provision for income taxes consists of the following:

	For the Year Ended December 31,
	2022		2021		2020
Current:
Federal	$	—	$	200	$	—
State	710		1,230		1,250
	710		1,430		1,250
Deferred:
Federal	—		—		—
State	—		—		—
	—		—		—
Income tax provision	$	710	$	1,430	$	1,250

A reconciliation of our effective tax rate and the U.S. federal statutory income tax rate is as follows:

	For the Year Ended December 31,
	2022		2021		2020
Taxes at statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
Nontaxable income	(21.0)	%	(21.0)	%	(21.0)	%
Federal excise tax	—	%	0.1	%	—	%
State and local income taxes, net of federal tax benefit	(4.5)	%	0.8	%	(1.3)	%
Effective tax rate	(4.5)	%	0.9	%	(1.3)	%

Deferred income tax balances reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities in our consolidated balance sheets and the amounts used for income tax purposes and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Significant components of our deferred tax assets and liabilities were as follows:

	For the Year Ended December 31,
	2022		2021
Deferred tax assets:
Deferred income	$	3,277	$	2,132
Fair market value adjustment	6,556		1,577
Other	1,010		784
Tax loss carryforwards	60,188		25,829
	71,031		30,322
Valuation allowance	(71,031)		(30,322)
	—		—
Net deferred income taxes	$	—	$	—

Because of our TRSs' history of losses, we are not able to conclude that it is more likely than not we will realize the future benefit of our deferred tax assets; thus we have provided a 100% valuation allowance as of December 31, 2022 and 2021. If and when we believe it is more likely than not that we will recover our deferred tax assets, we will reverse the valuation allowance as an income tax benefit in our consolidated statements of comprehensive income (loss). As of December 31, 2022, our consolidated TRSs had net operating loss carry forwards for federal income tax purposes of approximately $239,065, which do not expire. As of December 31, 2022, we, excluding our subsidiaries, had net operating loss carry forwards for federal income tax purposes of approximately $209,786, which do not expire. In the normal course of business, income tax authorities in various income tax jurisdictions conduct routine audits of our income tax returns filed in prior years. Income tax years subsequent to 2018 may be open to examination in some of the income tax jurisdictions in which we operate.