Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Common Stock Distributions

The following table shows the characterization of the Company’s annual common stock distributions per share:

	Year Ended December 31,
	2020		2019		2018
Ordinary dividends(1)	$	0.7139	$	0.7633	$	0.9578
Capital gains(2)	0.5298		0.2714		0.5222
Nondividend distributions	0.2363		0.4453		—
	$	1.4800	$	1.4800	$	1.4800

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(1)For the year ended December 31, 2020 all $0.7139 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2019 all $0.7633 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2018 the amount includes $0.9414 of qualified business income for purposes of Code Section 199A and $0.0164 of qualified dividend income for purposes of Code Section 1(h)(11).

(2)Pursuant to Treasury Regulation §1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends for purposes of Section 1061 of the Internal Revenue Code (IRC). IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2020 distributions, since all capital gains relate to IRC Section 1231 gains.

Schedule of Income Tax Expense (Benefit) From Continuing Operations

The total income tax expense (benefit) from continuing operations consists of the following components (in thousands):

	Year Ended December 31,
	2020		2019		2018
Current
Federal	$	(9,164)	$	104	$	973
State	1,431		445		3,883
Foreign	—		—		84
Total current	$	(7,733)	$	549	$	4,940
Deferred
Federal	$	(2,849)	$	(5,920)	$	(2,681)
State	1,159		(108)		(1,776)
Foreign	—		—		(4,879)
Total deferred	$	(1,690)	$	(6,028)	$	(9,336)
Total income tax expense (benefit) from continuing operations	$	(9,423)	$	(5,479)	$	(4,396)

Schedule of Reconciliation of Income Tax Expense at Statutory Rates to the Actual Income Tax Expense Recorded

The following table reconciles income tax expense (benefit) from continuing operations at statutory rates to actual income tax expense (benefit) recorded (in thousands):

	Year Ended December 31,
	2020		2019		2018
Tax expense (benefit) at U.S. federal statutory income tax rate on income or loss subject to tax	$	15,016	$	(6,169)	$	(7,027)
State income tax expense (benefit), net of federal tax	4,211		(1,830)		1,209
Gross receipts and margin taxes	980		1,108		1,173
Foreign rate differential	—		—		301
Effect of permanent differences	—		20		(55)
Return to provision adjustments	707		54		258
Valuation allowance for deferred tax assets	24,051		22		(255)
Tax rate differential ─ NOL carryback under the CARES Act	(3,732)		—		—
Change in tax status of TRS	(50,656)		1,316		—
Total income tax expense (benefit) from continuing operations	$	(9,423)	$	(5,479)	$	(4,396)

Schedule of Significant Components of the Company's Deferred Tax Asset and Liabilities

The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands):

	December 31,
	2020		2019		2018
Gross deferred tax assets:
Investment in unconsolidated joint ventures	$	2,333	$	40,466	$	31,034
Real estate	3,895		—		—
Net operating loss carryforward	68,444		33,771		20,559
Expense accruals	15,478		3,258		2,424
Deferred revenue	103,713		—		—
Total gross deferred tax assets	193,863		77,495		54,017
Valuation allowance	(33,519)		(4,878)		(295)
Gross deferred tax assets, net of valuation allowance	$	160,344	$	72,617	$	53,722
Gross deferred tax liabilities:
Real estate	$	72,059	$	—	$	—
Other	1,094		—		—
Gross deferred tax liabilities	$	73,153	$	—	$	—
Net deferred tax assets	$	87,191	$	72,617	$	53,722

Schedule of Income Tax Contingencies

The following table summarizes the Company’s unrecognized tax benefits (in thousands):

	December 31,
	2020		2019		2018
Total unrecognized tax benefits at January 1	$	469	$	—	$	—
Gross amount of increases for prior years' tax positions	—		469		—
Total unrecognized tax benefits at December 31	$	469	$	469	$	—