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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Our Consolidated Financial Statements include the operations of our TRSs, which are not entitled to the dividends paid deduction and are subject to federal, state and local income taxes on its taxable income. During the years ended December 31, 2023, 2022 and 2021, the Company qualified as a REIT and incurred no federal income tax expense; accordingly, the only federal income taxes included in the accompanying Consolidated Financial Statements relate to activities of our TRSs. The components of the income tax provision for the years ended December 31, 2023, 2022 and 2021 is comprised of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | (22,424) |  |  | $ | (226) |  |  | $ | (2,458) |
State | (6,319) |  |  | (356) |  |  | (1,936) |
Deferred: |  |  |  |  |
Federal | 16,922 |  |  | (19,154) |  |  | (454) |
State | 3,129 |  |  | (3,627) |  |  | (31) |
Total Income Tax Provision | $ | (8,692) |  |  | $ | (23,363) |  |  | $ | (4,879) |
Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred income tax assets and liabilities include the following as of December 31, 2023 and 2022:
| Year Ended December 31,
| 2023 |  | 2022
Real Estate Basis Difference - Investment in Joint Venture | $ | 769 |  |  | $ | 1,603 |
Section 163(j) Interest Limitation | — |  |  | 551 |
Other - Temporary Differences | 362 |  |  | 263 |
Total Deferred Income Tax Assets | $ | 1,131 |  |  | $ | 2,417 |
Deferred Income - Investment in Joint Venture | $ | (2,962) |  |  | $ | (24,340) |
Other - Temporary Differences | (340) |  |  | (299) |
Total Deferred Income Tax Liabilities | $ | (3,302) |  |  | $ | (24,639) |
Total Net Deferred Income Tax Liabilities | $ | (2,171) |  |  | $ | (22,222) |
We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is "more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2023, we do not have any unrecognized tax benefits. We file income tax returns in the U.S. and various states. The statute of limitations for income tax returns is generally three years. As such, our tax returns that are subject to examination would be primarily from 2020 and thereafter. There were no material interest or penalties recorded for the years ended December 31, 2023, 2022 and 2021. Federal Income Tax Treatment of Common Dividends For the years ended December 31, 2023, 2022 and 2021, the dividends paid to the Company's common shareholders per common share for income tax purposes were characterized as follows:
| 2023 |  | As a Percentage of Distributions |  | 2022 |  | As a Percentage of Distributions |  | 2021 |  | As a Percentage of Distributions
Ordinary Income (A) | $ | 0.6756 |  |  | 52.78 | % |  | $ | 1.0720 |  |  | 90.85 | % |  | $ | 0.9928 |  |  | 91.93 | %
Unrecaptured Section 1250 Capital Gain | 0.0536 |  |  | 4.19 | % |  | 0.0060 |  |  | 0.51 | % |  | 0.0060 |  |  | 0.55 | %
Other Capital Gain (B) | 0.0956 |  |  | 7.47 | % |  | 0.0168 |  |  | 1.42 | % |  | 0.0128 |  |  | 1.19 | %
Qualified Dividend | 0.4552 |  |  | 35.56 | % |  | 0.0852 |  |  | 7.22 | % |  | 0.0684 |  |  | 6.33 | %
| $ | 1.2800 |  |  | 100.00 | % |  | $ | 1.1800 |  |  | 100.00 | % |  | $ | 1.0800 |  |  | 100.00 | %
(A) For the years ended December 31, 2023, 2022 and 2021, the Code Section 199A dividend is equal to the total ordinary income dividend. (B) For the years ended December 31, 2023 and 2022, Section 1061 of the Code related to Capital Gains for the One Year Amounts was 0% and 52.0%, respectively and for the Three Year Amounts was 0% and 12.6%, respectively.

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- 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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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