Income Taxes and Distributions (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Per share:
Ordinary dividend(1)	$	1.6719	$	2.4400	$	1.4828
Long-term capital gain/(loss)(2)	0.1159		—		0.8371
Return of capital	0.6522		—		0.1201
Totals	$	2.4400	$	2.4400	$	2.4400

(1) For the years ended December 31, 2023, 2022 and 2021, includes Section 199A dividends of $1.6719, $2.4400 and $1.4828 respectively.

(2) For the years ended December 31, 2023, 2022 and 2021, includes Unrecaptured Section 1250 Gains of $0.0150, $0.0000 and $0.4523, 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,
	2023		2022		2021
Current tax expense	$	8,840	$	18,289	$	10,199
Deferred tax benefit	(2,476)		(11,042)		(1,486)
Income tax expense (benefit)	$	6,364	$	7,247	$	8,713

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, 2023, 2022 and 2021, to the income tax expense/(benefit) is as follows for the periods presented (in thousands):

	Year Ended December 31,
	2023		2022		2021
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes	$	76,547	$	35,241	$	80,470
Increase (decrease) in valuation allowance(1)	35,515		30,237		19,383
Tax at statutory rate on earnings not subject to federal income taxes	(141,044)		(75,729)		(117,931)
Foreign permanent depreciation	2,103		2,033		1,449
Other differences	33,243		15,465		25,342
Totals	$	6,364	$	7,247	$	8,713

(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,
	2023		2022		2021
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs	$	(40,336)	$	(39,212)	$	(32,616)
Operating loss and interest deduction carryforwards	323,852		254,852		247,015
Expense accruals and other	64,970		94,999		53,367
Valuation allowances	(330,073)		(294,558)		(264,321)
Net deferred tax assets (liabilities)	$	18,413	$	16,081	$	3,445

Schedule of Valuation Allowance Rollforward

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

	Year Ended December 31,
	2023		2022		2021
Beginning balance	$	294,558	$	264,321	$	244,938
Expense (benefit)	35,515		30,237		19,383
Ending balance	$	330,073	$	294,558	$	264,321