Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of tax treatment of distributions per common share

Our tax treatment of distributions per common share was as follows:

	For the Years Ended December 31,
	2020		2019		2018
Tax treatment of distributions:
Ordinary income	$	—	$	—	$	—
Qualified ordinary income	0.00696		0.12230		0.00375
199A qualified business income	2.14381		2.22898		2.97465
Long-term capital gain	0.28450		—		0.05916
Unrecaptured Section 1250 gain	0.04973		0.03434		0.12244
Non-dividend distribution	—		0.78438		—
Distribution reported for 1099-DIV purposes	2.48500		3.17000		3.16000
Add: Dividend declared in current year and taxable in following year	0.45000		0.79250		0.79250
Less: Dividend declared in prior year and taxable in current year	(0.79250)		(0.79250)		(0.79000)
Distribution declared per common share outstanding	$	2.14250	$	3.17000	$	3.16250

Schedule of provision (benefit) for income taxes

Our consolidated benefit for income taxes was as follows:

	For the Years Ended December 31,
	2020		2019		2018
	(In thousands)
Current - Federal	$	402	$	(1,840)	$	(2,953)
Current - State	2,107		2,118		1,332
Deferred - Federal	(56,835)		(49,532)		(32,492)
Deferred - State	(35,447)		(3,353)		(825)
Current - Foreign	2,929		2,335		1,892
Deferred - Foreign	(9,690)		(6,038)		(6,907)
Total	$	(96,534)	$	(56,310)	$	(39,953)

Schedule of reconciliation of income tax expense

A reconciliation of income tax expense and benefit, which is computed by applying the federal corporate tax rate for the years ended December 31, 2020, 2019 and 2018, to the income tax benefit is as follows:

	For the Years Ended December 31,
	2020		2019		2018
	(In thousands)
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes	$	27,132	$	77,803	$	80,811
State income taxes, net of federal benefit	(1,967)		2,341		(253)
Change in valuation allowance from ordinary operations	86,359		(47,227)		(5,451)
Decrease in ASC 740 income tax liability	—		—		(4,347)
Tax at statutory rate on earnings not subject to federal income taxes	(53,808)		(90,862)		(89,947)
Foreign rate differential and foreign taxes	3,342		1,407		1,924
Change in tax status of TRS	(150,287)		(52)		359
Effect of the 2017 Tax Act	—		—		(23,160)
Other differences	(7,305)		280		111
Income tax benefit	$	(96,534)	$	(56,310)	$	(39,953)

Summary of tax effects of temporary differences and carryforwards included in the net deferred tax liabilities

The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities are summarized as follows:

	As of December 31,
	2020		2019		2018
	(In thousands)
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs	$	(60,494)	$	(257,373)	$	(269,758)
Operating loss and interest deduction carryforwards	124,606		136,771		133,243
Expense accruals and other	10,516		7,380		11,910
Valuation allowance	(127,279)		(40,114)		(80,614)
Net deferred tax liabilities	$	(52,651)	$	(153,336)	$	(205,219)

Summary of activity related to unrecognized tax benefits

The following table summarizes the activity related to our unrecognized tax benefits:

	2020		2019
	(In thousands)
Balance as of January 1	$	12,127	$	12,344
Additions to tax positions related to prior years	74		178
Subtractions to tax positions related to prior years	(6,144)		(395)
Balance as of December 31	$	6,057	$	12,127