Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2009. As a REIT, U.S. federal income tax law generally requires us to distribute annually at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that we pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We are also subject to U.S. federal, state and local income taxes on our domestic taxable REIT subsidiaries ("TRS") based on the tax jurisdictions in which they operate.

During the three and nine months ended September 30, 2023, we recorded a current income tax provision of $0.5 million related to activities of our taxable REIT subsidiaries. We did not record any income tax provision during the three and nine months ended September 30, 2022.

As of September 30, 2023, we had a $0.6 million income tax asset related to the operating activities of our TRS entities. There were no income tax assets or liabilities as of December 31, 2022. As of September 30, 2023 and December 31, 2022, there were no material deferred tax assets or liabilities.

As of September 30, 2023, we had net operating losses of $8.0 million and capital losses of $25.2 million that may be carried forward for use in subsequent periods.

As of September 30, 2023, tax years 2019 through 2022 remain subject to examination by taxing authorities.