XML 41 R18.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | 8. Income Taxes The Company has elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code with certain of its subsidiaries treated as taxable REIT subsidiary entities, which are subject to federal and state income taxes. The following table summarizes the tax status of dividends paid on our common shares:
|  | Year ended December 31, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Dividend per share |  | $ | 2.53 |  | (1) |  | 2.53 |  | (2) |  | 2.19 |
Ordinary income |  |  | 100 | % |  |  | 92 | % |  |  | 100 | %
Capital gain (3) |  |  | — | % |  |  | 8 | % |  |  | — | %
Additional tax status information: |  |  |  |  |  |  |  |  |
Qualified dividend income |  |  | — | % |  |  | 1 | % |  |  | — | %
Section 199A dividend |  |  | 100 | % |  |  | 91 | % |  |  | 100 | %
Section 897 ordinary dividends |  |  | — | % |  |  | 2 | % |  |  | — | %
Section 897 capital gains |  |  | — | % |  |  | 4 | % |  |  | — | %
(1) During 2022, the Company declared four quarterly dividends, the last of which was paid on January 4, 2023, with a portion allocated to the 2022 dividend period, and the balance allocated to 2023. (2) 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 devidend period, and the balance allocated to 2022. (3) 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). Our consolidated expense (benefit) for income taxes for the years ended December 31, 2022, 2021, and 2020 was as follows:
|  | Year ended December 31, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current |  | $ | (332 | ) |  |  | 620 |  |  |  | 2,157 |
Deferred |  |  | 293 |  |  |  | 421 |  |  |  | (891 | )
Total income tax expense (benefit) (1) |  | $ | (39 | ) |  |  | 1,041 |  |  |  | 1,266 |
(1) Includes $(39,000), $943,000 and $(355,000) of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2022, 2021, and 2020, respectively. Additionally, $1,600,000 of tax expense is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the year ended December 31, 2020. 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) |  | 2022 |  |  | 2021 |  |  | 2020 |
Computed expected tax expense (benefit) |  | $ | 504 |  |  |  | 544 |  |  |  | (3,665 | )
State income tax, net of federal benefit |  |  | 52 |  |  |  | 477 |  |  |  | (593 | )
Valuation allowance |  |  | (323 | ) |  |  | 15 |  |  |  | 1,043 |
Permanent items |  |  | 1 |  |  |  | 1 |  |  |  | 5,079 |
All other items |  |  | (273 | ) |  |  | 4 |  |  |  | (598 | )
Total income tax expense (1) |  |  | (39 | ) |  |  | 1,041 |  |  |  | 1,266 |
Income tax expense attributable to operations (1) |  | $ | (39 | ) |  |  | 1,041 |  |  |  | 1,266 |
(1) Includes $(39,000), $943,000, and $(355,000) of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2022, 2021, and 2020, respectively. Additionally, $1,600,000 of tax expense is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the year ended December 31, 2020. 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) |  | 2022 |  |  | 2021 |
Deferred tax assets |  |  |  |  |  |
Fixed assets |  | $ | — |  |  |  | 1,039 |
Other |  |  | 1,007 |  |  |  | 1,379 |
Deferred tax assets |  |  | 1,007 |  |  |  | 2,418 |
Valuation allowance |  |  | (1,007 | ) |  |  | (2,418 | )
Deferred tax assets, net |  | $ | — |  |  |  | — |
Deferred tax liabilities |  |  |  |  |  |
Fixed assets |  |  | (12,527 | ) |  |  | (13,004 | )
Other |  |  | (61 | ) |  |  | (340 | )
Deferred tax liabilities |  |  | (12,588 | ) |  |  | (13,344 | )
Net deferred tax liabilities |  | $ | (12,588 | ) |  |  | (13,344 | )
The Company believes it is more likely than not that the remaining deferred tax assets will not be realized unless tax planning strategies are implemented.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration