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Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesBeginning with our inception in 1991, we have elected to be taxed as a REIT under the Internal Revenue Code. We have recorded state income tax expense of $0.1 million related to a Texas franchise tax that has attributes of an income tax for each of the years ended December 31, 2022, 2021, and 2020. Some of our leases require taxes to be reimbursed by our tenants. State income taxes are combined in “Franchise, excise and other taxes” in our Consolidated Statements of Income.
The Company has a deferred tax asset, which is fully reserved through a valuation allowance, of $1.5 million and $1.6 million as of December 31, 2022 and 2021, respectively. The deferred tax asset is primarily a result of net operating losses from its participation in the operations of a joint venture during the years 2012 through 2016, and income generated by entities that are structured as TRSs under provisions of the Internal Revenue Code. See Notes 5 and 6 for a discussion of SHOP ventures and Timber Ridge OpCo.

The Company made state income tax payments of $0.1 million for each of the years ended December 31, 2022, 2021, and 2020.

Dividend payments to common stockholders for the last three years are characterized for tax purposes as follows on a per share basis:
(Unaudited)December 31, 2022December 31, 2021December 31, 2020
Ordinary income$2.61966 $2.87799 $3.50400 
Capital gain— 0.43890 0.10999 
Return of capital0.98034 0.48562 0.79603 
Dividends paid per common share$3.60 $3.8025 $4.41