Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary Of Significant Accounting Policies [Abstract]

Allocation Of Income Franchise And Excise Taxes In Consolidated Statements Of Operations

The Company’s provision for income and other tax expense (benefit) was as follows for the years ended December 31, 2020, 2019 and 2018 (amounts in thousands):

	Year Ended December 31,
	2020		2019			2018
State and local income, franchise and excise tax (benefit)	$	852	$	963		$	878
Alternative minimum tax credit (benefit) (1)		—		(3,244	)		—
Income and other tax expense (benefit) (2)	$	852	$	(2,281	)	$	878

(1) As provided in recent tax legislation which repealed the AMT credit on corporations, in 2019 the Company claimed/received $1.6 million of refunds of various AMT credit carryovers generated in prior tax years.  The provision originally allowed for carryover amounts to be refunded over four years, with 50% available in the first year.  The remaining $1.6 million was received in 2020 as noted above.

(2) All provisions for income tax amounts are current and none are deferred.

Tax Treatment Of Dividends And Distributions

During the years ended December 31, 2020, 2019 and 2018, the tax character of the Company’s dividends and distributions were as follows (unaudited):

	Year Ended December 31,
	2020 (1)		2019 (2)		2018 (3)
Tax character of dividends and distributions:
Ordinary dividends	$	1.34739	$	1.39604	$	1.84454
Long-term capital gain		0.77923		0.61243		0.21423
Unrecaptured section 1250 gain		0.24838		0.23403		0.06498
Dividends and distributions per
Common Share/Unit outstanding	$	2.37500	$	2.24250	$	2.12375

(1) The Company’s fourth quarter 2020 dividends and distributions of $0.6025 per Common Share/Unit outstanding will be included as taxable income in calendar year 2021.

(2) The Company’s fourth quarter 2019 dividends and distributions of $0.5675 per Common Share/Unit outstanding was included as taxable income in calendar year 2020.

(3) The Company’s fourth quarter 2018 dividends and distributions of $0.54 per Common Share/Unit outstanding was included as taxable income in calendar year 2019.