Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Ordinary dividends(1)	$	0.1523	$	0.7139	$	0.7633
Capital gains(2)	0.3800		0.5298		0.2714
Nondividend distributions	0.6677		0.2363		0.4453
	$	1.2000	$	1.4800	$	1.4800

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(1)For the year ended December 31, 2021 the amount includes $0.1370 of ordinary dividends qualified as business income for purposes of Code Section 199A and $0.0153 of qualified dividend income for purposes of Code Section 1(h)(11). For the years ended December 31, 2020 and 2019, all $0.7139 and $0.7633, respectively, of ordinary dividends qualified as business income for purposes of Code Section 199A.

(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 Code. Code 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 2021 distributions, since all capital gains relate to Code 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,
	2021		2020		2019
Current
Federal	$	126	$	(9,164)	$	104
State	1,003		1,431		445
Total current	$	1,129	$	(7,733)	$	549
Deferred
Federal	$	(3,469)	$	(2,849)	$	(5,920)
State	(921)		1,159		(108)
Total deferred	$	(4,390)	$	(1,690)	$	(6,028)
Total income tax expense (benefit) from continuing operations	$	(3,261)	$	(9,423)	$	(5,479)

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,
	2021		2020		2019
Tax expense (benefit) at U.S. federal statutory income tax rate on income or loss subject to tax	$	(3,345)	$	15,016	$	(6,169)
State income tax expense (benefit), net of federal tax	(706)		4,211		(1,830)
Gross receipts and margin taxes	989		980		1,108
Effect of permanent differences	—		—		20
Return to provision adjustments	4		707		54
Valuation allowance for deferred tax assets	(203)		24,051		22
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	$	(3,261)	$	(9,423)	$	(5,479)

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,
	2021		2020		2019
Deferred tax assets:
Investment in unconsolidated joint ventures	$	—	$	2,333	$	40,466
Real estate	129		3,895		—
Net operating loss carryforward	71,744		68,444		33,771
Expense accruals	14,229		15,478		3,258
Deferred revenue	104,397		103,713		—
Total deferred tax assets	190,499		193,863		77,495
Valuation allowance	(35,772)		(33,519)		(4,878)
Deferred tax assets, net of valuation allowance	$	154,727	$	160,344	$	72,617
Deferred tax liabilities:
Real estate	$	61,097	$	72,059	$	—
Other	648		1,094		—
Deferred tax liabilities	$	61,745	$	73,153	$	—
Net deferred tax assets	$	92,982	$	87,191	$	72,617

Schedule of Income Tax Contingencies

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

	December 31,
	2021		2020		2019
Total unrecognized tax benefits at January 1	$	469	$	469	$	—
Gross amount of increases for prior years' tax positions	—		—		469
Total unrecognized tax benefits at December 31	$	469	$	469	$	469