XML 42 R23.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Taxes |
Income Taxes | 13. Income Taxes Income tax expense consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 32,103 | ​ | $ | 19,067 | ​ | $ | 9,005
State | ​ |  | 4,584 | ​ |  | 832 | ​ |  | —
Total | ​ |  | 36,687 | ​ |  | 19,899 | ​ |  | 9,005
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (11,413) | ​ |  | 661 | ​ |  | 12,120
State | ​ |  | 735 | ​ |  | 3,829 | ​ |  | 3,857
Total | ​ |  | (10,678) | ​ |  | 4,490 | ​ |  | 15,977
Income tax expense | ​ | $ | 26,009 | ​ | $ | 24,389 | ​ | $ | 24,982
​ Total income tax expense (benefit) was allocated in the consolidated financial statements as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Income tax expense | ​ | $ | 26,009 | ​ | $ | 24,389 | ​ | $ | 24,982
Income tax recorded in accumulated other comprehensive income | ​ |  |  | ​ |  |  | ​ |  |
Income tax (benefit) expense | ​ |  | (199) | ​ |  | 957 | ​ |  | 367
Total income tax expense | ​ | $ | 25,810 | ​ | $ | 25,346 | ​ | $ | 25,349
​ Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of December 31, 2023, 2022 and 2021 to pre-tax income as a result of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2023 | ​ |  | 2022 | ​ |  | 2021 | ​
U.S. federal statutory tax rate | ​ | $ | 21,781 | ​ | 21.0 | % | ​ | $ | 20,016 | ​ | 21.0 | % | ​ | $ | 20,902 | ​ | 21.0 | %
State and local income taxes, net of federal income tax effect (a) | ​ |  | 4,223 | ​ | 4.1 | % | ​ |  | 4,495 | ​ | 4.7 | % | ​ |  | 3,581 | ​ | 3.6 | %
Effect of changes in tax laws or rates enacted | ​ |  | — | ​ | — | % | ​ |  | — | ​ | — | % | ​ |  | 458 | ​ | 0.5 | %
Energy related tax credits | ​ | ​ | (450) | ​ | (0.4) | % | ​ | ​ | (150) | ​ | (0.2) | % | ​ | ​ | (186) | ​ | (0.2) | %
Benefit of Qualified Opportunity Zone investments | ​ | ​ | — | ​ | — | % | ​ | ​ | — | ​ | — | % | ​ | ​ | (195) | ​ | (0.2) | %
Changes in valuation allowance | ​ |  | 22 | ​ | — | % | ​ |  | (21) | ​ | — | % | ​ |  | 275 | ​ | 0.3 | %
Nontaxable or nondeductible items | ​ | ​ | 230 | ​ | 0.2 | % | ​ | ​ | 49 | ​ | 0.1 | % | ​ | ​ | 147 | ​ | 0.1 | %
Other items | ​ |  | 203 | ​ | 0.2 | % | ​ |  | — | ​ | — | % | ​ |  | — | ​ | — | %
Total income tax expense | ​ | $ | 26,009 | ​ | 25.1 | % | ​ | $ | 24,389 | ​ | 25.6 | % | ​ | $ | 24,982 | ​ | 25.1 | %
(a) | State taxes in Florida make up the majority of the tax effect in this category.
The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 2022
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss carryforwards | ​ | $ | 2,862 | ​ | $ | 5,965
Impairment losses | ​ |  | 23,867 | ​ |  | 26,714
Deferred revenue | ​ |  | 12,594 | ​ |  | 9,631
Capitalized costs | ​ | ​ | 3,272 | ​ | ​ | 2,121
Reserves and accruals | ​ | ​ | 1,432 | ​ | ​ | 1,975
Other | ​ |  | 921 | ​ |  | 2,664
Total gross deferred tax assets | ​ |  | 44,948 | ​ |  | 49,070
Valuation allowance | ​ |  | (312) | ​ |  | (290)
Total net deferred tax assets | ​ |  | 44,636 | ​ |  | 48,780
Deferred tax liabilities: | ​ |  | ​ | ​ |  |
Investment in real estate and property and equipment basis differences | ​ |  | 31,165 | ​ |  | 21,713
Deferred gain on land sales and involuntary conversions | ​ |  | 36,988 | ​ |  | 36,977
Installment sales | ​ |  | 45,597 | ​ |  | 70,178
Other | ​ |  | 2,715 | ​ |  | 2,618
Total gross deferred tax liabilities | ​ |  | 116,465 | ​ |  | 131,486
Net deferred tax liabilities | ​ | $ | (71,829) | ​ | $ | (82,706)
​ As of December 31, 2023 and 2022, the Company had $11.0 million and $3.4 million, respectively, of federal NOLs. The federal NOLs are specific to the Company’s QOF entity and do not expire. As of December 31, 2023 and 2022, the Company had state NOLs of $12.9 million and $121.1 million, respectively. The majority of these state NOLs are available to offset future taxable income through 2042 and will begin expiring in 2025. As of both December 31, 2023 and 2022, the Company’s valuation allowance was $0.3 million against approximately $7.2 million of certain state NOLs. As of December 31, 2023 and 2022, the Company had income tax payable of $9.2 million and $3.5 million, respectively, included within accounts payable and other liabilities on the consolidated balance sheets. Income tax payments, net of refunds, by jurisdiction are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
U.S. Federal | ​ | $ | 26,400 | ​ | $ | 16,361 | ​ | $ | 11,070
State of Florida | ​ |  | 4,600 | ​ |  | — | ​ |  | —
State of Georgia | ​ |  | (82) | ​ |  | 750 | ​ |  | —
Total income tax payments, net | ​ | $ | 30,918 | ​ | $ | 17,111 | ​ | $ | 11,070
​ The Inflation Reduction Act (“IRA”) was signed into law in August 2022. The IRA extended the Internal Revenue Code Section 45L credit, a credit for the installation of energy efficient appliances and equipment in both single family and multi-family homes, to tax year 2032. In general, a valuation allowance is recorded if, based on all available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential examinations to determine the adequacy of its provision for income taxes and applies a “more-likely-than-not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in the tax returns. The Company has not identified any material unrecognized tax benefits as of December 31, 2023 or 2022. There were no penalties required to be accrued as of December 31, 2023 and 2022. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income, net. The Company is currently open to examination by taxing authorities for the tax years 2020 through 2022.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration