Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of current and deferred income tax expense (benefit)

	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	32,103	$	19,067	$	9,005
State		4,584		832		—
Total		36,687		19,899		9,005
Deferred:
Federal		(11,413)		661		12,120
State		735		3,829		3,857
Total		(10,678)		4,490		15,977
Income tax expense	$	26,009	$	24,389	$	24,982

Summary of income tax expense (benefit) allocated in consolidated financial statements

	Year Ended December 31,
	2023		2022		2021
Income tax expense	$	26,009	$	24,389	$	24,982
Income tax recorded in accumulated other comprehensive income
Income tax (benefit) expense		(199)		957		367
Total income tax expense	$	25,810	$	25,346	$	25,349

Schedule of effective income tax rate reconciliation

	Year Ended December 31,
	2023				2022				2021
U.S. federal statutory tax rate	$	21,781	21.0	%	$	20,016	21.0	%	$	20,902	21.0	%
State and local income taxes, net of federal income tax effect (a)		4,223	4.1	%		4,495	4.7	%		3,581	3.6	%
Effect of changes in tax laws or rates enacted		—	—	%		—	—	%		458	0.5	%
Energy related tax credits		(450)	(0.4)	%		(150)	(0.2)	%		(186)	(0.2)	%
Benefit of Qualified Opportunity Zone investments		—	—	%		—	—	%		(195)	(0.2)	%
Changes in valuation allowance		22	—	%		(21)	—	%		275	0.3	%
Nontaxable or nondeductible items		230	0.2	%		49	0.1	%		147	0.1	%
Other items		203	0.2	%		—	—	%		—	—	%
Total income tax expense	$	26,009	25.1	%	$	24,389	25.6	%	$	24,982	25.1	%

(a) State taxes in Florida make up the majority of the tax effect in this category.

Schedule of deferred tax assets and liabilities

	December 31,		December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	2,862	$	5,965
Impairment losses		23,867		26,714
Deferred revenue		12,594		9,631
Capitalized costs		3,272		2,121
Reserves and accruals		1,432		1,975
Other		921		2,664
Total gross deferred tax assets		44,948		49,070
Valuation allowance		(312)		(290)
Total net deferred tax assets		44,636		48,780
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		31,165		21,713
Deferred gain on land sales and involuntary conversions		36,988		36,977
Installment sales		45,597		70,178
Other		2,715		2,618
Total gross deferred tax liabilities		116,465		131,486
Net deferred tax liabilities	$	(71,829)	$	(82,706)

Schedule of income tax payments, net by jurisdiction

	Year Ended December 31,
	2023		2022		2021
U.S. Federal	$	26,400	$	16,361	$	11,070
State of Florida		4,600		—		—
State of Georgia		(82)		750		—
Total income tax payments, net	$	30,918	$	17,111	$	11,070