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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of our deferred tax assets and liabilities as of December 31, 2021 and 2020 (in thousands):

			2021						2020
Deferred tax assets:
Accrued compensation			$	3,875					$	3,250
Accrued expenses and reserves			124						89
Net operating loss (“NOL”) carryforward			2,404						2,787
Other			309						306
Gross deferred tax asset			6,712						6,432
Less: valuation allowance			(3,050)						(3,183)
Total deferred tax asset			3,662						3,249
Deferred tax liabilities:
Real estate assets and other capitalized assets			(3,594)						(3,236)
Other			(68)						(13)
Total deferred tax liabilities			(3,662)						(3,249)
Net deferred tax asset			$	—					$	—

Summary of REIT Taxable Income Subject to Dividend Distribution

The following table reconciles Net Income (Loss) Attributable to Stockholders to REIT taxable income before the dividends paid deduction for the years ended December 31, 2021, 2020, and 2019 (in thousands):

			2021						2020						2019
Net income (loss) attributable to stockholders			$	15,121					$	4,772					$	(63,532)
Net (income) loss from TRS			(533)						(702)						5,346
Net income (loss) attributable to REIT operations			14,588						4,070						(58,186)
Book/tax differences			69,943						63,846						153,047
REIT taxable income			84,531						67,916						94,861
Less: Capital gains			(19,765)						—						(16,353)
REIT taxable income subject to 90% dividend requirement			$	64,766					$	67,916					$	78,508

Schedule of Effective Income Tax Rate Reconciliation

The tax characterization of our distributions declared for the years ended December 31, 2021, 2020, and 2019 was as follows:

			2021						2020						2019
Common stock:
Ordinary dividends			62.8		%				100.0		%				38.0		%
Non-dividend distributions			18.1		%				—		%				53.4		%
Capital gain distributions(1)			19.1		%				—		%				8.6		%
Total distributions per share of common stock			100.0		%				100.0		%				100.0		%

(1)Pursuant to U.S. Treasury Regulation §1.1061-6(c) and §1061 of the IRC, the One Year Amounts and Three Year Amounts disclosures are both zero with respect to direct and indirect holders of “applicable partnership interests” for us and our subsidiary REIT, Phillips Edison Institutional REIT, LLC.

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Tabular disclosure of an entity's tax treatment of distributions by percentage.

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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.

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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.

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