Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Tax Status of Dividends

The following table summarizes the tax status of dividends paid on our common shares:

	Year ended December 31,
(in thousands)	2020				2019			2018
Dividend per share	$	2.19		(1)		2.34			2.22
Ordinary income		100	%			97	%		98	%
Capital gain		—	%			3	%		—	%
Qualified dividend income		—	%			—	%		2	%
Section 199A dividend		100	%			97	%		98	%

⁽¹⁾  During 2020, the Company declared four quarterly dividends, the last of which was paid on January 5, 2021, with a portion allocated to the 2020 dividend period, and the balance allocated to 2021.  

Schedule of Components of Income Tax Expense (Benefit)

Our consolidated expense (benefit) for income taxes for the years ended December 31, 2020, 2019, and 2018 was as follows:

	Year ended December 31,
(in thousands)	2020			2019			2018
Income tax expense (benefit):
Current	$	2,157			1,576			5,667
Deferred		(891	)		(331	)		(5,145	)
Total income tax expense (benefit) (1)	$	1,266			1,245			522

⁽¹⁾ Includes $(355,000), $757,000 and $706,000 of tax (benefit) expense presented within Other operating expenses during the years ended December 31, 2020, 2019, and 2018, respectively. Additionally, $1.6 million, $488,000, and ($184,000) of tax expense (benefit) is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2020, 2019, and 2018, respectively.

Schedule of Effective Income Tax Rate Reconciliation

The TRS entities are subject to federal and state income taxes and file separate tax returns. Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income of the TRS entities, as follows:

	Year ended December 31,
(in thousands)	2020			2019			2018
Computed expected tax (benefit) expense	$	(3,665	)		1,587			(584	)
State income tax, net of federal benefit		(593	)		650			636
Valuation allowance		1,043			(91	)		(392	)
Permanent items		5,079			(819	)		1,067
All other items		(598	)		(82	)		(205	)
Total income tax expense (1)		1,266			1,245			522
Income tax expense attributable to operations (1)	$	1,266			1,245			522

⁽¹⁾ Includes ($355,000), $757,000, and $706,000 of tax (benefit) expense presented within Other operating expenses during the years ended December 31, 2020, 2019, and 2017, respectively. Additionally, $1.6 million, $488,000, and ($184,000) of tax expense (benefit) is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2020, 2019 and 2018, respectively.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences (included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets) are summarized as follows:

	December 31,
(in thousands)	2020			2019
Deferred tax assets
Provision for impairment	$	508			—
Deferred interest expense		—			1,341
Fixed assets		1,077			—
Net operating loss carryforward		109			106
Other		771			88
Deferred tax assets		2,465			1,535
Valuation allowance		(2,465	)		(680	)
Deferred tax assets, net	$	—			855
Deferred tax liabilities
Straight line rent	$	(88	)		(100	)
Fixed assets		(12,943	)		(14,404	)
Deferred tax liabilities		(13,031	)		(14,504	)
Net deferred tax liabilities	$	(13,031	)		(13,649	)