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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Distributions Made to Common Stockholders on a Per Share Basis

The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2022, 2021 and 2020:

						2022(1)												2021(2)												2020(2)
Ordinary income						$	0.49					79.2		%				$	0.04					6.0		%				$	0.08					5.2		%
Capital gains						0.06						9.9		%				0.15						24.9		%				0.02						1.3		%
Return of capital						0.07						10.9		%				0.41						69.1		%				1.45						93.5		%
Dividends paid						$	0.62					100.0		%				$	0.60					100.0		%				$	1.55					100.0		%

_______________________________________________________________________________

(1)54.5% of the 2022 ordinary income is treated as "qualified REIT dividends" for purposes of Section 199A of the Code and 45.5% of the 2022 ordinary income is treated as "qualified dividend income" for purposes of Section 1(h)(11) of the Code.

(2)The 2021 and 2020 ordinary income is treated as "qualified REIT dividends" for purposes of Section 199A of the Code.

Schedule of Income Tax Provision of TRSs

The income tax provision of the TRSs for the years ended December 31, 2022, 2021 and 2020 are as follows:

			2022						2021						2020
Current			$	—					$	—					$	439
Deferred			(705)						(6,948)						8
Income tax (expense) benefit			$	(705)					$	(6,948)					$	447

Reconciliation of Income Tax Provision of the TRSs to the Amount Computed by Applying the Federal Corporate Tax Rate

The income tax provision of the TRSs for the years ended December 31, 2022, 2021 and 2020 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:

			2022						2021						2020
Book loss (income) for TRSs			$	2,718					$	(23,205)					$	6,058
Tax at statutory rate on earnings from continuing operations before income taxes			$	571					$	(4,873)					$	1,272
State taxes			(116)						(1,261)						(31)
Other			(1,160)						(814)						(794)
Income tax (expense) benefit			$	(705)					$	(6,948)					$	447

Schedule of Tax Effects of Temporary Differences and Carryforwards of the TRSs Included in Net Deferred Tax Assets

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2022 and 2021 are summarized as follows:

			2022						2021
Net operating loss carryforwards			$	13,362					$	23,944
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs			9,019						(1,013)
Other			733						475
Net deferred tax assets			$	23,114					$	23,406

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Tabular disclosure of distributions paid to common stockholders on a per share basis, consisting of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof.

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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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