Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and are generally not subject to federal and state income taxes provided we distribute a sufficient amount of our taxable income to our shareholders and meet other requirements for qualifying as a REIT.  However, we are subject to certain state and local taxes without regard to our REIT status.

Our provision for income taxes consists of the following (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Current:
State and local	$	(30)	$	(23)	$	(90)	$	(81)
Federal	—		—		(1,816)		—
Income tax expense	$	(30)	$	(23)	$	(1,906)	$	(81)

Federal income tax expense in the 2023 period relates to federal income taxes at our taxable REIT subsidiary.