XML 56 R34.htm IDEA: XBRL DOCUMENT v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Components of Income Tax (Provision) Benefit The components of the income tax provision for the years ended December 31, 2022, 2021 and 2020 is comprised of the following: 
Year Ended December 31,
 202220212020
Current:
Federal$(226)$(2,458)$(3,659)
State(356)(1,936)(1,718)
Deferred:
Federal(19,154)(454)2,969 
State(3,627)(31)— 
             Total Income Tax Provision$(23,363)$(4,879)$(2,408)
Deferred Tax Assets (Liabilities)
Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred income tax assets and liabilities include the following as of December 31, 2022 and 2021:

Year Ended December 31,
 20222021
Basis Difference - Real Estate$1,603 $332 
Section 163(j) Interest Limitation551 316 
Other - Temporary Differences263 243 
Total Deferred Income Tax Assets, Net of Allowance$2,417 $891 
Deferred Income - Investment in Joint Venture$(24,340)$— 
Other - Temporary Differences(299)(332)
Total Deferred Income Tax Liabilities$(24,639)$(332)
Total Net Deferred Income Tax (Liabilities) Assets
$(22,222)$559 
Federal Income Tax Treatment of Common Dividends
For the years ended December 31, 2022, 2021 and 2020, the dividends paid to the Company's common shareholders per common share for income tax purposes were characterized as follows:
2022As a
Percentage
of
Distributions		2021As a
Percentage
of
Distributions		2020As a
Percentage
of
Distributions
Ordinary Income (A)
$1.0720 90.85 %$0.9928 91.93 %$0.5800 58.00 %
Unrecaptured Section 1250 Capital Gain0.0060 0.51 %0.0060 0.55 %0.2576 25.76 %
Other Capital Gain (B)
0.0168 1.42 %0.0128 1.19 %0.1624 16.24 %
Qualified Dividend0.0852 7.22 %0.0684 6.33 %— 0.00 %
$1.1800 100.00 %$1.0800 100.00 %$1.0000 100.00 %
(A) For the years ended December 31, 2022, 2021 and 2020, the Code Section 199A dividend is equal to the total ordinary income dividend.
(B) For the year ended December 31, 2022, Section 1061 of the Code related to Capital Gains for One Year Amounts was 52.0% and for Three Year Amounts was 12.6%.