Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provision for income taxes relates primarily to the taxable income of the Company's taxable REIT subsidiaries. The earnings, other than in taxable REIT subsidiaries, of the Company are not generally subject to federal income taxes at the Company level due to the REIT election made by the Company.

Income taxes have been provided for on the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities.

The Company's provision for income taxes for the years ended December 31, 2021, 2020 and 2019 is summarized as follows:

	2021		2020		2019
Current:
Federal	$	(26)	$	(173)	$	(70)
State and local	(1,267)		(1,411)		(1,309)
	$	(1,293)	$	(1,584)	$	(1,379)

The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows:

	2021		2020		2019
Federal provision at statutory tax rate (21%)	$	(35)	$	(195)	$	(73)
State and local taxes, net of federal benefit	—		(77)		(10)
Other	(1,258)		(1,312)		(1,296)
	$	(1,293)	$	(1,584)	$	(1,379)

For the years ended December 31, 2021, 2020 and 2019, the “other” amount is comprised primarily of state franchise taxes of $1,267, $1,314 and $1,289, respectively.

A summary of the average taxable nature of the Company's common dividends for each of the years in the 3-year period ended December 31, 2021, is as follows:

	2021			2020			2019
Total dividends per share	$	0.430		$	0.420		$	0.485
Ordinary income	65.89		%	95.1		%	61.07		%
Qualifying dividend	0.10		%	0.6		%	0.22		%
Capital gain	—			—			—
Return of capital	34.01		%	4.3		%	38.71		%
	100.00		%	100.00		%	100.00		%

A summary of the average taxable nature of the Company's dividend on shares of its Series C Preferred for each of the years in the 3-year period ended December 31, 2021, is as follows:

	2021			2020			2019
Total dividends per share	$	3.25		$	3.25		$	3.25
Ordinary income	99.84		%	99.38		%	99.64		%
Qualifying dividend	0.16		%	0.62		%	0.36		%
Capital gain	—			—			—
Return of capital	—			—			—
	100.00		%	100.00		%	100.00		%