Income Taxes and Distributions (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Cash Distributions Paid to Common Stockholders for Federal Income Tax Purposes

Cash distributions paid to common stockholders, for federal income tax purposes, are as follows for the periods presented:

	Year Ended December 31,
	2021		2020		2019
Per share:
Ordinary dividend(1)	$	1.4828	$	1.6389	$	2.6937
Long-term capital gain/(loss)(2)	0.8371		1.0611		0.7863
Return of capital	0.1201		—		—
Totals	$	2.4400	$	2.7000	$	3.4800

(1) For the years ended December 31, 2021, 2020 and 2019, includes Section 199A dividends of $1.4828, $1.6389 and $2.6937 respectively.

(2) For the years ended December 31, 2021, 2020 and 2019, includes Unrecaptured Section 1250 Gains of $0.4523, $0.3458 and $0.2835, respectively.

Schedule of Provision for Income Tax Expense (Benefit)

Our consolidated provision for income tax expense (benefit) is as follows for the periods presented (in thousands):

	Year Ended December 31,
	2021		2020		2019
Current tax expense	$	10,199	$	11,358	$	12,594
Deferred tax benefit	(1,486)		(1,390)		(9,637)
Income tax expense (benefit)	$	8,713	$	9,968	$	2,957

Schedule of Reconciliation Income Tax Expense (Benefit)

A reconciliation of income taxes, which is computed by applying the federal corporate tax rate for the years ended December 31, 2021, 2020 and 2019, to the income tax expense/(benefit) is as follows for the periods presented (in thousands):

	Year Ended December 31,
	2021		2020		2019
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes	$	80,470	$	220,252	$	280,005
Increase (decrease) in valuation allowance(1)	19,383		85,881		3,465
Tax at statutory rate on earnings not subject to federal income taxes	(117,931)		(300,196)		(311,224)
Foreign permanent depreciation	1,449		1,504		9,260
Other differences	25,342		2,527		21,451
Totals	$	8,713	$	9,968	$	2,957

(1) Excluding purchase price accounting.

Summary of Tax Effects of Taxable and Deductible Temporary Differences

The tax effects of taxable and deductible temporary differences, as well as tax asset/(liability) attributes, are summarized as follows for the periods presented (in thousands):

	Year Ended December 31,
	2021		2020		2019
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs	$	(32,616)	$	(24,085)	$	(13,064)
Operating loss and interest deduction carryforwards	247,015		196,634		127,525
Expense accruals and other	53,367		72,459		43,056
Valuation allowances	(264,321)		(244,938)		(159,057)
Net deferred tax assets (liabilities)	$	3,445	$	70	$	(1,540)

Schedule of Valuation Allowance Rollforward

The valuation allowance rollforward is summarized as follows for the periods presented (in thousands):

	Year Ended December 31,
	2021		2020		2019
Beginning balance	$	244,938	$	159,057	$	155,592
Expense (benefit)	19,383		85,881		3,465
Ending balance	$	264,321	$	244,938	$	159,057