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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Income Tax (Provision) Benefit | 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 Tax Assets (Liabilities) | 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) |
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 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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