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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Note 8. Income Taxes As a REIT, we generally will not be subject to U.S. federal income tax on taxable income that we distribute to our stockholders. However, certain of our consolidated subsidiaries are taxable REIT subsidiaries, which are subject to federal, state and foreign income taxes. We have filed an election to treat our primary TRS as a taxable REIT subsidiary effective January 1, 2014. In general, our TRS performs additional services for our customers and provides the advisory and property management services to the Managed REITs and otherwise generally engages in non-real estate related business. The TRS is subject to corporate U.S. federal and state income tax. Additionally, we own and operate a number of self storage properties located throughout Canada, the income of which is generally subject to income taxes under the laws of Canada. The domestic and international components of income (loss) before income taxes are presented for the years ended December 31, 2024, 2023, and 2022 (in thousands):
|  | For the year ended |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Domestic |  | $ | (3,917 | ) |  | $ | 6,993 |  |  | $ | 20,546 |
Foreign |  |  | (486 | ) |  |  | 2,058 |  |  |  | 568 |
Income (loss) before income taxes |  | $ | (4,403 | ) |  | $ | 9,051 |  |  | $ | 21,114 |
The following is a summary of our income tax expense (benefit) for the years ended December 31, 2024, 2023, and 2022 (in thousands):
|  | For the year ended December 31, 2024 |
|  | Federal |  |  | State |  |  | Canadian |  |  | Total |
Current |  | $ | 18 |  |  | $ | 41 |  |  | $ | 580 |  |  | $ | 639 |
Deferred |  |  | 258 |  |  |  | 4 |  |  |  | 583 |  |  |  | 845 |
Total |  | $ | 276 |  |  | $ | 45 |  |  | $ | 1,163 |  |  | $ | 1,484 |
|  | For the year ended December 31, 2023 |
|  | Federal |  |  | State |  |  | Canadian |  |  | Total |
Current |  | $ | 191 |  |  | $ | 33 |  |  | $ | 480 |  |  | $ | 704 |
Deferred |  |  | (10 | ) |  |  | (2 | ) |  |  | (3,288 | ) |  |  | (3,300 | )
Total |  | $ | 181 |  |  | $ | 31 |  |  | $ | (2,808 | ) |  | $ | (2,596 | )
|  | For the year ended December 31, 2022 |
|  | Federal |  |  | State |  |  | Canadian |  |  | Total |
Current |  | $ | 171 |  |  | $ | 27 |  |  | $ | 321 |  |  | $ | 519 |
Deferred |  |  | (499 | ) |  |  | (76 | ) |  |  | (499 | ) |  |  | (1,074 | )
Total |  | $ | (328 | ) |  | $ | (49 | ) |  | $ | (178 | ) |  | $ | (555 | )
Income tax expense (benefit) is reconciled to the hypothetical amounts computed at the U.S. federal statutory income tax rate for the years ended December 31, 2024, 2023, and 2022 (in thousands):
|  | Year Ended December 31, 2024 |  |  | Rate |
Expected tax (benefit) at statutory rate |  | $ | (925 | ) |  |  | 21.0 | %
Non-taxable REIT (income) loss |  |  | 1,134 |  |  |  | -25.7 | %
State and local income tax expense - net of federal benefit |  |  | 36 |  |  |  | -0.8 | %
Foreign income taxed at different rates |  |  | (12 | ) |  |  | 0.3 | %
Change in valuation allowance |  |  | 1,223 |  |  |  | -27.8 | %
Other |  |  | 28 |  |  |  | -0.7 | %
Total income tax expense (benefit) |  | $ | 1,484 |  |  |  | -33.7 | %
|  | Year Ended December 31, 2023 |  |  | Rate |
Expected tax at statutory rate |  | $ | 1,901 |  |  |  | 21.0 | %
Non-taxable REIT (income) loss |  |  | (1,243 | ) |  |  | -13.7 | %
State and local income tax expense—net of federal benefit |  |  | 25 |  |  |  | 0.3 | %
Foreign income taxed at different rates |  |  | 131 |  |  |  | 1.5 | %
Change in valuation allowance |  |  | (3,410 | ) |  |  | -37.7 | %
Total income tax expense (benefit) |  | $ | (2,596 | ) |  |  | -28.7 | %
|  | Year Ended December 31, 2022 |  |  | Rate |
Expected tax at statutory rate |  | $ | 4,434 |  |  |  | 21.0 | %
Non-taxable REIT (income) loss |  |  | (4,611 | ) |  |  | -21.8 | %
State and local income tax expense—net of federal benefit |  |  | (39 | ) |  |  | -0.2 | %
Foreign income taxed at different rates |  |  | 48 |  |  |  | 0.2 | %
Change in valuation allowance |  |  | (417 | ) |  |  | -2.0 | %
Other |  |  | 30 |  |  |  | 0.1 | %
Total income tax expense (benefit) |  | $ | (555 | ) |  |  | -2.6 | %
The major sources of temporary differences that give rise to the deferred tax effects are shown below (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible contract assets |  | $ | (6 | ) |  | $ | (18 | )
Canadian real estate |  |  | (9,163 | ) |  |  | (9,887 | )
Total deferred tax liability |  |  | (9,169 | ) |  |  | (9,905 | )
Deferred tax assets: |  |  |  |  |  |  |  |
Other |  |  | 1,687 |  |  |  | 1,267 |
Canadian real estate and non-capital losses |  |  | 7,729 |  |  |  | 7,561 |
Total deferred tax assets |  |  | 9,416 |  |  |  | 8,828 |
Valuation allowance |  |  | (1,891 | ) |  |  | (667 | )
Net deferred tax liabilities |  | $ | (1,644 | ) |  | $ | (1,744 | )
The Canadian non-capital losses expire between 2032 and 2044. As of December 31, 2024 and December 31, 2023, the Company had Canadian non-capital loss carry forwards of approximately $20.8 million and $24.9 million, respectively. As of December 31, 2024 and 2023, we had a valuation allowance of approximately $1.9 million and $0.7 million, respectively, related to non-capital loss carry-forwards, non deductible interest expense carry-forwards, and basis differences at certain of our Canadian properties. As of December 31, 2024 and 2023, we had no interest or penalties related to uncertain tax positions. The tax years 2020-2023 remain open to examination by the major taxing jurisdictions to which we are subject.

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