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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes for each of the three years ended December 31 follows:
| 2024 |  | 2023 |  | 2022 |
Current |  |  |  |  |  |
U.S. federal | — |  |  | — |  |  | ($2,797) |  |
State | (200) |  |  | (292) |  |  | (371) |  |
| (200) |  |  | (292) |  |  | (3,168) |  |
Deferred |  |  |  |  |  |
U.S. federal | (2,260) |  |  | 8,386 |  |  | 2,302 |  |
State | 1,211 |  |  | 1,187 |  |  | 1,693 |  |
| (1,049) |  |  | 9,573 |  |  | 3,995 |  |
Changes in valuation allowance | 2,271 |  |  | (9,574) |  |  | (3,939) |  |
Total | $1,022 |  |  | ($293) |  |  | ($3,112) |  |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate for each of the three years ended December 31 follows:
|  | 2024 |  | 2023 |  | 2022
U.S. federal statutory income tax rate |  | ($71,366) |  |  | (21.0) | % |  | ($33,517) |  |  | (21.0) | % |  | ($21,927) |  |  | (21.0) | %
U.S. REIT income |  | 77,254 |  |  | 22.8 |  |  | 42,501 |  |  | 26.6 |  |  | 23,241 |  |  | 22.2 |
Cellulosic Biofuel Producer tax credit |  | (10,814) |  |  | (3.2) |  |  | — |  |  | — |  |  | — |  |  | — |
Change in valuation allowance |  | 2,271 |  |  | 0.7 |  |  | (9,574) |  |  | (6.0) |  |  | (3,939) |  |  | (3.8) |
REIT Built-in Gain |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,516) |  |  | (2.4) |
State Income Tax, Net of Federal Benefit |  | 833 |  |  | 0.2 |  |  | 1,322 |  |  | 0.8 |  |  | 1,424 |  |  | 1.4 |
Bainbridge Landing JV, NCI |  | 122 |  |  | — |  |  | — |  |  | — |  |  | 2,496 |  |  | 2.4 |
Other |  | 2,722 |  |  | 0.8 |  |  | (1,025) |  |  | (0.6) |  |  | (1,891) |  |  | (1.8) |
Income tax benefit (expense) as reported for net income |  | $1,022 |  |  | 0.3 | % |  | ($293) |  |  | (0.2) | % |  | ($3,112) |  |  | (3.0) | %
Schedule of Deferred Tax Assets and Liabilities | The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31 follows:
| 2024 |  | 2023
Gross deferred tax assets: |  |  |
Pension, postretirement and other employee benefits | $149 |  |  | $565 |
Cellulosic Biofuel Producer Credit tax credit carry forwards | — |  |  | 13,688 |
Capitalized real estate costs | 3,570 |  |  | 4,564 |
U.S. TRS net operating loss | 37,284 |  |  | 30,061 |
Other | 8,166 |  |  | 5,073 |
Total gross deferred tax assets | 49,169 |  |  | 53,951 |
Less: Valuation allowance | (48,147) |  |  | (50,418) |
Total deferred tax assets after valuation allowance | $1,022 |  |  | $3,533 |
Gross deferred tax liabilities: |  |  |
Other | (1,105) |  |  | (3,616) |
Total gross deferred tax liabilities | (1,105) |  |  | (3,616) |
Net deferred tax liability reported as noncurrent | ($83) |  |  | ($83) |
Schedule of Operating Loss and Tax Credit Carryforwards | Net operating loss (“NOL”) and tax credit carryforwards as of the two years ended December 31 follows:
| Tax Effected Balance |  |  |  |  | Expiration
2024 |  |  |  |  |  |
U.S. Federal NOL Carryforwards- Post TCJA (a) | $32,451 |  |  |  |  |  | None
U.S State NOL Carryforwards (b) | 4,833 |  |  |  |  |  | Various
Cellulosic Biofuel Producer Credit | — |  |  |  |  |  | 2024
2023 |  |  |  |  |  |
U.S. Federal NOL Carryforwards- Post TCJA (a) | $25,948 |  |  |  |  |  | None
U.S State NOL Carryforwards (b) | 4,112 |  |  |  |  |  | Various
Cellulosic Biofuel Producer Credit | 13,688 |  |  |  |  |  | 2024
(a)The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. The TCJA lifted the 20-year federal NOL Carryforward period. Net operating losses generated after December 31, 2017 have an indefinite carryforward period. (b)The U.S. state NOL is made up of several jurisdictions that expire in various future years. No state NOL is set to expire before December 31, 2033.
Schedule of Income Tax Examinations | The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions:
Taxing Jurisdiction | Open Tax Years
U.S. Internal Revenue Service | 2021 - 2023
Schedule of Tax Characteristics of Dividend Distributions | The taxable nature of the dividend distributions paid for each of the three years ended December 31 follows:
| 2024 |  | 2023 |  | 2022 |
Total dividends/distributions paid per common share/unit (a) | $2.94 |  |  | $1.34 |  |  | $1.125 |  |
Tax characteristics: |  |  |  |  |  |
Capital gain | 100 | % |  | 100 | % |  | 100 | % |
(a)The year ended December 31, 2024 includes an additional dividend of $1.80 per common share, consisting of a combination of cash and the Company’s common shares. The dividend was paid January 30, 2025, to shareholders of record on December 12, 2024. This additional dividend will be considered a 2024 distribution for federal income tax purposes. The year ended December 31, 2023 includes an additional cash dividend of $0.20 per common share. The dividend was paid January 12, 2024, to shareholders of record on December 29, 2023. This additional cash dividend was considered a 2023 distribution for federal income tax purposes.

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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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