Income Taxes

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Current:
State and local	$	(30)	$	(30)
Federal	—		(1,050)
Income tax expense	$	(30)	$	(1,080)

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