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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Provision for Income Taxes from Continuing Operations | The income tax (provision) benefit for continuing operations consists of the following (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
CURRENT: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | (359) | ​ | $ | 797 | ​ | $ | (21,936)
State | ​ |  | (3,281) | ​ |  | (2,920) | ​ |  | (8,595)
Total current provision | ​ |  | (3,640) | ​ |  | (2,123) | ​ |  | (30,531)
DEFERRED: | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | (9,233) | ​ |  | 79,710 | ​ |  | (9,115)
State | ​ |  | (963) | ​ |  | 16,115 | ​ |  | 871
Total deferred (provision) benefit | ​ |  | (10,196) | ​ |  | 95,825 | ​ |  | (8,244)
Total (provision) benefit for income taxes | ​ | $ | (13,836) | ​ | $ | 93,702 | ​ | $ | (38,775)
Summary of Taxability of Cash Distributions Paid on Common Shares | The estimated taxability of cash distributions to common stockholders is shown in the table below (per common share) (unaudited): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Ordinary income | ​ | $ | 4.28 | ​ | $ | 3.75 | ​ | $ | 0.28
Capital gains | ​ |  | 0.07 | ​ |  | 0.10 | ​ |  | 0.07
Return of capital | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | $ | 4.35 | ​ | $ | 3.85 | ​ | $ | 0.35
Differences Between the Income Tax Provision Calculated at the Statutory U.S. Federal Income Tax Rate of 21% and the Actual Income Tax (Provision) Benefit Recorded for Continuing Operations | The differences between the income tax provision calculated at the statutory U.S. federal income tax rate of 21% and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Statutory federal income tax provision | ​ | $ | (61,746) | ​ | $ | (52,101) | ​ | $ | (36,482)
Adjustment for nontaxable income of the REIT | ​ |  | 49,043 | ​ |  | 44,968 | ​ |  | 3,565
State tax provision (net of federal taxes) | ​ |  | (4,215) | ​ |  | (11,934) | ​ |  | (13,597)
Permanent share-based compensation adjustment | ​ |  | 2,723 | ​ |  | 34 | ​ |  | 440
Other permanent items | ​ |  | (594) | ​ |  | (531) | ​ |  | (365)
Change in federal valuation allowance | ​ |  | — | ​ |  | 87,330 | ​ |  | 1,914
Change in state valuation allowance (net of federal taxes) | ​ |  | (29) | ​ |  | 25,128 | ​ |  | 5,873
Other | ​ |  | 982 | ​ |  | 808 | ​ |  | (123)
​ | ​ | $ | (13,836) | ​ | $ | 93,702 | ​ | $ | (38,775)
​
Components of Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
DEFERRED TAX ASSETS: |  | ​ |  |  | ​ |
Accounting reserves and accruals | ​ | $ | 21,023 | ​ | $ | 22,340
Pension plans | ​ |  | 3,091 | ​ |  | 4,249
Deferred management rights proceeds | ​ |  | 39,763 | ​ |  | 40,280
Federal and State net operating loss carryforwards | ​ |  | 125,692 | ​ |  | 102,032
Tax credits and other carryforwards | ​ |  | 17,181 | ​ |  | 8,881
Other assets | ​ |  | 3,993 | ​ |  | 6,205
Total deferred tax assets | ​ |  | 210,743 | ​ |  | 183,987
Valuation allowance | ​ |  | (5,595) | ​ |  | (5,557)
Total deferred tax assets, net of valuation allowance | ​ |  | 205,148 | ​ |  | 178,430
DEFERRED TAX LIABILITIES: | ​ |  |  | ​ |  |
Property and equipment, net | ​ |  | 125,025 | ​ |  | 90,792
Other liabilities | ​ |  | 9,612 | ​ |  | 6,014
Total deferred tax liabilities | ​ |  | 134,637 | ​ |  | 96,806
Net deferred tax assets | ​ | $ | 70,511 | ​ | $ | 81,624
​

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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