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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
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 subsidiar y entities, which are subject to federal and state income taxes. The following table summarizes the tax status of dividends paid on our common stock:
|  | Year ended December 31, |  |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |
Dividend per share |  | $ | 2.84 |  | (1) |  | 2.56 |  | (2) |  | 2.53 |  | (3)
Ordinary income |  |  | 99 | % |  |  | 100 | % |  |  | 100 | % |
Capital gain (4) |  |  | 1 | % |  |  | — | % |  |  | — | % |
Additional tax status information: |  |  |  |  |  |  |  |  |  |
Qualified dividend income |  |  | — | % |  |  | — | % |  |  | — | % |
Section 199A dividend |  |  | 99 | % |  |  | 100 | % |  |  | 100 | % |
Section 897 ordinary dividends |  |  | — | % |  |  | — | % |  |  | — | % |
Section 897 capital gains |  |  | — | % |  |  | — | % |  |  | — | % |
(1) During 2024, the Company declared four quarterly dividends, the last of which was paid on January 3, 2025, and was fully allocated to the 2024 dividend period. (2) During 2023, the Company declared four quarterly dividends, the last of which was paid on January 3, 2024, with a portion allocated to the 2023 dividend period, and the balance allocated to 2024. (3) 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. (4) For 2024, Pursuant to Treasury Regulation Section 1.1061-6(c), the “One Year Amounts Disclosure” is 100% of the capital gain distributions allocated to each shareholder and “Three Year Disclosure” is 64.75% of the capital gain distributions allocated to each shareholder. The following table summarizes the tax status of dividends paid on our Series A preferred stock:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |
Dividend per share |  | $ | 1.56 |  |  |  | 0.39 |
Ordinary income |  |  | 99 | % |  |  | 100 | %
Capital gain |  |  | 1 | % |  |  | — | %
Additional tax status information: |  |  |  |  |  |
Qualified dividend income |  |  | — | % |  |  | — | %
Section 199A dividend |  |  | 99 | % |  |  | 100 | %
Section 897 ordinary dividends |  |  | — | % |  |  | — | %
Section 897 capital gains |  |  | — | % |  |  | — | %
The following table summarizes the tax status of dividends paid on our Series B preferred stock:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |
Dividend per share |  | $ | 1.47 |  |  |  | 0.37 |
Ordinary income |  |  | 99 | % |  |  | 100 | %
Capital gain |  |  | 1 | % |  |  | — | %
Additional tax status information: |  |  |  |  |  |
Qualified dividend income |  |  | — | % |  |  | — | %
Section 199A dividend |  |  | 99 | % |  |  | 100 | %
Section 897 ordinary dividends |  |  | — | % |  |  | — | %
Section 897 capital gains |  |  | — | % |  |  | — | %
Our consolidated expense (benefit) for income taxes for the years ended December 31, 2024, 2023, and 2022 was as follows:
|  | Year ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |
Current |  | $ | 7,571 |  |  |  | 796 |  |  |  | (332 | )
Deferred |  |  | (3,026 | ) |  |  | 99 |  |  |  | 293 |
Total income tax expense (benefit) (1) |  | $ | 4,545 |  |  |  | 895 |  |  |  | (39 | )
(1) Includes $924, $895 and $(39) of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2024, 2023, and 2022, respectively. Additionally, $3,621 of tax expense is presented within Gain on sale of real estate, net of tax, during the year ended December 31, 2024. 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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Computed expected tax expense (benefit) |  | $ | 2,723 |  |  |  | 371 |  |  |  | 504 |
State income tax, net of federal benefit |  |  | 1,376 |  |  |  | 60 |  |  |  | 52 |
Valuation allowance |  |  | 406 |  |  |  | 227 |  |  |  | (323 | )
Permanent items |  |  | 2 |  |  |  | 2 |  |  |  | 1 |
All other items |  |  | 38 |  |  |  | 235 |  |  |  | (273 | )
Total income tax expense (1) |  |  | 4,545 |  |  |  | 895 |  |  |  | (39 | )
Income tax expense attributable to operations (1) |  | $ | 4,545 |  |  |  | 895 |  |  |  | (39 | )
(1) Includes $924, $895 and $(39) of tax expense (benefit) presented within Other operating expenses during the years ended December 31, 2024, 2023, and 2022, respectively. Additionally, $3,621 of tax expense is presented within Gain on sale of real estate, net of tax, during the year ended December 31, 2024. 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) |  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |
Other |  |  | 2,301 |  |  |  | 1,893 |
Deferred tax assets |  |  | 2,301 |  |  |  | 1,893 |
Valuation allowance |  |  | (2,301 | ) |  |  | (1,893 | )
Deferred tax assets, net |  | $ | — |  |  |  | — |
Deferred tax liabilities |  |  |  |  |  |
Fixed assets |  |  | (9,324 | ) |  |  | (12,563 | )
Other |  |  | (972 | ) |  |  | (780 | )
Deferred tax liabilities |  |  | (10,296 | ) |  |  | (13,343 | )
Net deferred tax liabilities |  | $ | (10,296 | ) |  |  | (13,343 | )
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.

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