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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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) |  | 2021 |  | 2020 |  | 2019
Dividend per share |  | $2.53 | (1) | 2.19 |  | 2.34
Ordinary income |  | 92% |  | 100% |  | 97%
Capital gain (2) |  | 8% |  | —% |  | 3%
Additional tax status information: |  |  |  |  |  |
Qualified dividend income |  | 1% |  | —% |  | —%
Section 199A dividend |  | 91% |  | 100% |  | 97%
Section 897 ordinary dividends |  | 2% |  | —% |  | —%
Section 897 capital gains |  | 4% |  | —% |  | —%
(1) During 2021, the Company declared four quarterly dividends, the last of which was paid on January 5, 2022, with a portion allocated to the 2021 dividend period, and the balance allocated to 2022. (2) Of the total capital gain distribution during 2021, 42% is excluded under Reg. 1.1061-4(b)(7). The remaining 58% is a Three Year Amount under Reg. 1.1061-6(c).
Schedule of Components of Income Tax Expense (Benefit) | Our consolidated expense (benefit) for income taxes for the years ended December 31, 2021, 2020, and 2019 was as follows:
|  | Year ended December 31,
(in thousands) |  | 2021 |  | 2020 |  | 2019
Income tax expense (benefit): |  |  |  |  |  |
Current |  | $620 |  | 2,157 |  | 1,576
Deferred |  | 421 |  | (891) |  | (331)
Total income tax expense (benefit) (1) |  | $1,041 |  | 1,266 |  | 1,245
(1) Includes $943,000, $(355,000) and $757,000 of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2021, 2020, and 2019, respectively. Additionally, $1.6 million, and $488,000 of tax expense is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2020, and 2019, 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) |  | 2021 |  | 2020 |  | 2019
Computed expected tax expense (benefit) |  | $544 |  | (3,665) |  | 1,587
State income tax, net of federal benefit |  | 477 |  | (593) |  | 650
Valuation allowance |  | 15 |  | 1,043 |  | (91)
Permanent items |  | 1 |  | 5,079 |  | (819)
All other items |  | 4 |  | (598) |  | (82)
Total income tax expense (1) |  | 1,041 |  | 1,266 |  | 1,245
Income tax expense attributable to operations (1) |  | $1,041 |  | 1,266 |  | 1,245
(1) Includes $943,000, $(355,000), and $757,000 of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2021, 2020, and 2019, respectively. Additionally, $1.6 million, and $488,000 of tax expense is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2020 and 2019, 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) |  | 2021 |  |  | 2020 |
Deferred tax assets |  |  |  |  |  |
Provision for impairment |  | $ | — |  |  |  | 508 |
Fixed assets |  |  | 1,039 |  |  |  | 1,077 |
Net operating loss carryforward |  |  | — |  |  |  | 109 |
Other |  |  | 1,379 |  |  |  | 771 |
Deferred tax assets |  |  | 2,418 |  |  |  | 2,465 |
Valuation allowance |  |  | (2,418 | ) |  |  | (2,465 | )
Deferred tax assets, net |  | $ | — |  |  |  | — |
Deferred tax liabilities |  |  |  |  |  |
Straight line rent |  | $ | — |  |  |  | (88 | )
Fixed assets |  |  | (13,004 | ) |  |  | (12,943 | )
Other |  |  | (340 | ) |  |  | — |
Deferred tax liabilities |  |  | (13,344 | ) |  |  | (13,031 | )
Net deferred tax liabilities |  | $ | (13,344 | ) |  |  | (13,031 | )

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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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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