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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

The provision for income taxes comprises the following components:

			Year ended December 31, 2023
Current federal			$	171
Current state			16
Deferred federal			4,776
Deferred state			1,833
Income tax provision			$	6,796

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax rate of 21% with the Company’s effective income tax rate is as follows:

			Year ended December 31, 2023
Income tax benefit computed at the federal statutory rate			$	(34,420)
Income tax benefit attributable to non-taxable entities			16,643
State income taxes, net of federal tax benefit			(4,810)
Valuation allowance			29,681
Other			(298)
Income tax provision			$	6,796

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities are as follows:

			December 31, 2023
Deferred tax assets:
Net operating loss and tax credit carryforwards			$	41,339
Depreciation and amortization			11,124
Prepaid rent			1,578
Other			122
Total deferred tax assets			54,163
Valuation allowance			(29,477)
Net deferred tax assets			24,686
Deferred tax liabilities:
Depreciation and amortization			(21,170)
Unrealized gain on non-real estate investments			(4,640)
Other			(169)
Total deferred tax liabilities			(25,979)
Deferred tax asset, net			$	(1,293)

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Topic 740
-SubTopic 10
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-Paragraph 12
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