Income Taxes and Distributions (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
Per share:
Ordinary dividend(1)	$	2.4400	$	1.4828	$	1.6389
Long-term capital gain/(loss)(2)	—		0.8371		1.0611
Return of capital	—		0.1201		—
Totals	$	2.4400	$	2.4400	$	2.7000

(1) For the years ended December 31, 2022, 2021 and 2020, includes Section 199A dividends of $2.4400, $1.4828 and $1.6389 respectively.

(2) For the years ended December 31, 2022, 2021 and 2020, includes Unrecaptured Section 1250 Gains of $0.0000, $0.4523 and $0.3458, 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,
	2022		2021		2020
Current tax expense	$	18,289	$	10,199	$	11,358
Deferred tax benefit	(11,042)		(1,486)		(1,390)
Income tax expense (benefit)	$	7,247	$	8,713	$	9,968

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, 2022, 2021 and 2020, to the income tax expense/(benefit) is as follows for the periods presented (in thousands):

	Year Ended December 31,
	2022		2021		2020
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes	$	35,241	$	80,470	$	220,252
Increase (decrease) in valuation allowance(1)	30,237		19,383		85,881
Tax at statutory rate on earnings not subject to federal income taxes	(75,729)		(117,931)		(300,196)
Foreign permanent depreciation	2,033		1,449		1,504
Other differences	15,465		25,342		2,527
Totals	$	7,247	$	8,713	$	9,968

(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,
	2022		2021		2020
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs	$	(39,212)	$	(32,616)	$	(24,085)
Operating loss and interest deduction carryforwards	254,852		247,015		196,634
Expense accruals and other	94,999		53,367		72,459
Valuation allowances	(294,558)		(264,321)		(244,938)
Net deferred tax assets (liabilities)	$	16,081	$	3,445	$	70

Schedule of Valuation Allowance Rollforward

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

	Year Ended December 31,
	2022		2021		2020
Beginning balance	$	264,321	$	244,938	$	159,057
Expense (benefit)	30,237		19,383		85,881
Ending balance	$	294,558	$	264,321	$	244,938