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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022:

						2024(1)												2023(2)												2022(3)
Ordinary income						$	—					—		%				$	0.36					53.0		%				$	0.49					79.2		%
Capital gains						0.36						52.9		%				0.32						47.0		%				0.06						9.9		%
Return of capital						0.32						47.1		%				—						—		%				0.07						10.9		%
Dividends paid						$	0.68					100.0		%				$	0.68					100.0		%				$	0.62					100.0		%

_______________________________________________________________________________

(1)The 2024 capital gains are treated as "unrecaptured Section 1250 gains."

(2)The 2023 ordinary income is treated as "qualified REIT dividends" for purposes of Section 199A of the Code and the 2023 capital gains are treated as "unrecaptured Section 1250 gains."

(3)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.

Schedule of Income Tax Provision of TRSs

The income tax provision of the TRSs for the years ended December 31, 2024, 2023 and 2022 are as follows:

			2024						2023						2022
Current			$	—					$	—					$	—
Deferred			1,300						494						(705)
Income tax benefit (expense)			$	1,300					$	494					$	(705)

Schedule of 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, 2024, 2023 and 2022 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:

			2024						2023						2022
Book loss for TRSs			$	9,893					$	7,671					$	2,718
Tax at statutory rate on earnings from continuing operations before income taxes			$	2,078					$	1,611					$	571
State taxes			266						220						(116)
Other			(1,044)						(1,337)						(1,160)
Income tax benefit (expense)			$	1,300					$	494					$	(705)

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, 2024 and 2023 are summarized as follows:

			2024						2023
Net operating loss carryforwards			$	12,533					$	12,740
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs			11,992						10,396
Other			799						888
Net deferred tax assets			$	25,324					$	24,024

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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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