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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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,
| 2022 |  | 2021 |  | 2020
Ordinary dividends(1) | $ | 0.872948 |  |  | $ | 0.152336 |  |  | $ | 0.713864 |
Capital gains(2)(3) | 0.183208 |  |  | 0.379960 |  |  | 0.529796 |
Nondividend distributions | 0.143844 |  |  | 0.667704 |  |  | 0.236340 |
| $ | 1.200000 |  |  | $ | 1.200000 |  |  | $ | 1.480000 |
_______________________________________ (1)For the year ended December 31, 2022, all $0.872948 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2021, the amount includes $0.137064 of ordinary dividends qualified as business income for purposes of Code Section 199A and $0.015272 of qualified dividend income for purposes of Code Section 1(h)(11). For the year ended December 31, 2020, all $0.713864 of ordinary dividends qualified as business income for purposes of Code Section 199A. (2)For the years ended December 31, 2022, 2021, and 2020, the amount includes $0.017760, $0.379960, and $0.221420, respectively, of Unrecaptured Section 1250 gain. Pursuant to Treasury Regulation Section 1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends for purposes of Section 1061 of the Code. Code Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” For the year ended December 31, 2022, the “One Year Amounts” and “Three Year Amounts” are 89.6708% of the total capital gain distributions and the remaining capital gain distributions are attributable to Code Section 1231 gains, which are not subject to Code Section 1061. For the years ended December 31, 2021 and 2020, the “One Year Amounts” and “Three Year Amounts” are each zero, since all capital gains relate to Code Section 1231 gains. (3)For the years ended December 31, 2022, 2021, and 2020, 10.3292%, 100%, and 100%, respectively, of the capital gain distributions represent gains from dispositions of U.S. real property interests pursuant to Code Section 897 for foreign shareholders.
Schedule of Income Tax Expense (Benefit) From Continuing Operations | The total income tax benefit (expense) from continuing operations consists of the following components (in thousands):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Current |  |  |  |  |
Federal | $ | (632) |  |  | $ | (126) |  |  | $ | 9,164 |
State | (689) |  |  | (1,003) |  |  | (1,431) |
Total current | $ | (1,321) |  |  | $ | (1,129) |  |  | $ | 7,733 |
Deferred |  |  |  |  |
Federal | $ | 3,157 |  |  | $ | 3,469 |  |  | $ | 2,849 |
State | 2,589 |  |  | 921 |  |  | (1,159) |
Total deferred | $ | 5,746 |  |  | $ | 4,390 |  |  | $ | 1,690 |
Total income tax benefit (expense) from continuing operations | $ | 4,425 |  |  | $ | 3,261 |  |  | $ | 9,423 |
Schedule of Reconciliation of Income Tax Expense at Statutory Rates to the Actual Income Tax Expense Recorded | The following table reconciles income tax benefit (expense) from continuing operations at statutory rates to actual income tax benefit (expense) recorded (in thousands):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Tax benefit (expense) at U.S. federal statutory income tax rate on income or loss subject to tax | $ | 3,698 |  |  | $ | 3,345 |  |  | $ | (15,016) |
State income tax benefit (expense), net of federal tax | 911 |  |  | 706 |  |  | (4,211) |
Gross receipts and margin taxes | (956) |  |  | (989) |  |  | (980) |
Return to provision adjustments | 1,260 |  |  | (4) |  |  | (707) |
Valuation allowance for deferred tax assets | 194 |  |  | 203 |  |  | (24,051) |
Tax rate differential ─ NOL carryback under the CARES Act | — |  |  | — |  |  | 3,732 |
Change in tax status of TRS | (682) |  |  | — |  |  | 50,656 |
Total income tax benefit (expense) from continuing operations | $ | 4,425 |  |  | $ | 3,261 |  |  | $ | 9,423 |
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,
| 2022 |  | 2021 |  | 2020
Deferred tax assets: |  |  |  |  |
Deferred revenue | $ | 102,504 |  |  | $ | 104,397 |  |  | $ | 103,713 |
Net operating loss carryforward | 62,280 |  |  | 71,744 |  |  | 68,444 |
Expense accruals | 12,399 |  |  | 14,229 |  |  | 15,478 |
Real estate | 150 |  |  | 129 |  |  | 3,895 |
Investment in unconsolidated joint ventures | — |  |  | — |  |  | 2,333 |
Other | 689 |  |  | — |  |  | — |
Total deferred tax assets | 178,022 |  |  | 190,499 |  |  | 193,863 |
Valuation allowance | (26,098) |  |  | (35,772) |  |  | (33,519) |
Deferred tax assets, net of valuation allowance | $ | 151,924 |  |  | $ | 154,727 |  |  | $ | 160,344 |
Deferred tax liabilities: |  |  |  |  |
Real estate | $ | 52,266 |  |  | $ | 61,097 |  |  | $ | 72,059 |
Other | 674 |  |  | 648 |  |  | 1,094 |
Deferred tax liabilities | $ | 52,940 |  |  | $ | 61,745 |  |  | $ | 73,153 |
Net deferred tax assets | $ | 98,984 |  |  | $ | 92,982 |  |  | $ | 87,191 |
Schedule of Income Tax Contingencies | The following table summarizes the Company’s unrecognized tax benefits (in thousands):
| December 31,
| 2022 |  | 2021 |  | 2020
Total unrecognized tax benefits at January 1 | $ | 469 |  |  | $ | 469 |  |  | $ | 469 |
Gross amount of decreases for prior years’ tax positions | (469) |  |  | — |  |  | — |
Total unrecognized tax benefits at December 31 | $ | — |  |  | $ | 469 |  |  | $ | 469 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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