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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Common Stock Distributions | The following table shows the characterization of the Company’s annual common stock distributions per share:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Ordinary dividends(1) | $ | 0.7139 |  |  | $ | 0.7633 |  |  | $ | 0.9578 |
Capital gains(2) | 0.5298 |  |  | 0.2714 |  |  | 0.5222 |
Nondividend distributions | 0.2363 |  |  | 0.4453 |  |  | — |
| $ | 1.4800 |  |  | $ | 1.4800 |  |  | $ | 1.4800 |
_______________________________________ (1)For the year ended December 31, 2020 all $0.7139 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2019 all $0.7633 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2018 the amount includes $0.9414 of qualified business income for purposes of Code Section 199A and $0.0164 of qualified dividend income for purposes of Code Section 1(h)(11). (2)Pursuant to Treasury Regulation §1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends for purposes of Section 1061 of the Internal Revenue Code (IRC). IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2020 distributions, since all capital gains relate to IRC Section 1231 gains.
Schedule of Income Tax Expense (Benefit) From Continuing Operations | The total income tax expense (benefit) from continuing operations consists of the following components (in thousands):
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Current |  |  |  |  |
Federal | $ | (9,164) |  |  | $ | 104 |  |  | $ | 973 |
State | 1,431 |  |  | 445 |  |  | 3,883 |
Foreign | — |  |  | — |  |  | 84 |
Total current | $ | (7,733) |  |  | $ | 549 |  |  | $ | 4,940 |
Deferred |  |  |  |  |
Federal | $ | (2,849) |  |  | $ | (5,920) |  |  | $ | (2,681) |
State | 1,159 |  |  | (108) |  |  | (1,776) |
Foreign | — |  |  | — |  |  | (4,879) |
Total deferred | $ | (1,690) |  |  | $ | (6,028) |  |  | $ | (9,336) |
Total income tax expense (benefit) from continuing operations | $ | (9,423) |  |  | $ | (5,479) |  |  | $ | (4,396) |
Schedule of Reconciliation of Income Tax Expense at Statutory Rates to the Actual Income Tax Expense Recorded | The following table reconciles income tax expense (benefit) from continuing operations at statutory rates to actual income tax expense (benefit) recorded (in thousands):
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Tax expense (benefit) at U.S. federal statutory income tax rate on income or loss subject to tax | $ | 15,016 |  |  | $ | (6,169) |  |  | $ | (7,027) |
State income tax expense (benefit), net of federal tax | 4,211 |  |  | (1,830) |  |  | 1,209 |
Gross receipts and margin taxes | 980 |  |  | 1,108 |  |  | 1,173 |
Foreign rate differential | — |  |  | — |  |  | 301 |
Effect of permanent differences | — |  |  | 20 |  |  | (55) |
Return to provision adjustments | 707 |  |  | 54 |  |  | 258 |
Valuation allowance for deferred tax assets | 24,051 |  |  | 22 |  |  | (255) |
Tax rate differential ─ NOL carryback under the CARES Act | (3,732) |  |  | — |  |  | — |
Change in tax status of TRS | (50,656) |  |  | 1,316 |  |  | — |
Total income tax expense (benefit) from continuing operations | $ | (9,423) |  |  | $ | (5,479) |  |  | $ | (4,396) |
Schedule of Significant Components of the Company's Deferred Tax Asset and Liabilities | The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands):
| December 31,
| 2020 |  | 2019 |  | 2018
Gross deferred tax assets: |  |  |  |  |
Investment in unconsolidated joint ventures | $ | 2,333 |  |  | $ | 40,466 |  |  | $ | 31,034 |
Real estate | 3,895 |  |  | — |  |  | — |
Net operating loss carryforward | 68,444 |  |  | 33,771 |  |  | 20,559 |
Expense accruals | 15,478 |  |  | 3,258 |  |  | 2,424 |
Deferred revenue | 103,713 |  |  | — |  |  | — |
Total gross deferred tax assets | 193,863 |  |  | 77,495 |  |  | 54,017 |
Valuation allowance | (33,519) |  |  | (4,878) |  |  | (295) |
Gross deferred tax assets, net of valuation allowance | $ | 160,344 |  |  | $ | 72,617 |  |  | $ | 53,722 |
Gross deferred tax liabilities: |  |  |  |  |
Real estate | $ | 72,059 |  |  | $ | — |  |  | $ | — |
Other | 1,094 |  |  | — |  |  | — |
Gross deferred tax liabilities | $ | 73,153 |  |  | $ | — |  |  | $ | — |
Net deferred tax assets | $ | 87,191 |  |  | $ | 72,617 |  |  | $ | 53,722 |
Schedule of Income Tax Contingencies | The following table summarizes the Company’s unrecognized tax benefits (in thousands):
| December 31,
| 2020 |  | 2019 |  | 2018
Total unrecognized tax benefits at January 1 | $ | 469 |  |  | $ | — |  |  | $ | — |
Gross amount of increases for prior years' tax positions | — |  |  | 469 |  |  | — |
Total unrecognized tax benefits at December 31 | $ | 469 |  |  | $ | 469 |  |  | $ | — |

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