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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax expense (benefit) on income (loss) from continuing operations for the years ended December 31, 2025, 2024, and 2023, consisted of the following (in thousands):

						2025						2024						2023
Current:
Federal						$	47					$	170					$	(9)
State						(116)						4						44
Total Current						$	(69)					$	174					$	35
Deferred:
Federal						$	—					$	—					$	—
State						—						—						—
Total Deferred						$	—					$	—					$	—
Income tax expense (benefit)						$	(69)					$	174					$	35

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) for the years ended December 31, 2025, 2024, and 2023, differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in thousands):

						2025												2024												2023
						Amount						Percent						Amount						Percent						Amount						Percent
Computed federal income tax expense (benefit)						$	13,548					21%						$	13,477					21%						$	8,577					21%
State and local income tax, net of federal income tax effect1						3						—%						485						1%						45						—%
Changes in valuation allowances						(1,943)						(3)%						(3,523)						(6)%						986						2%
REIT rate differential						(14,689)						(23)%						(10,553)						(16)%						(9,325)						(23)%
Nontaxable or nondeductible items						3,008						5%						124						—%						(96)						—%
Other, net						4						—%						164						—%						(152)						—%
Income tax expense (benefit)						$	(69)					—%						$	174					—		%				$	35					—		%
1 State income taxes in Hawaii and California made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Cash Flow, Supplemental Disclosures

The income taxes paid (net of refunds) for the years ended December 31, 2025, 2024, and 2023, consisted of the following (in thousands):

						2025						2024						2023
Federal						$	68					$	30					$	178
State						4						(61)						(161)
Total income taxes paid (net of refunds)						$	72					$	(31)					$	17
State:
Hawaii						$	—					$	(67)					$	(167)
California						4						6						6
Total state income taxes paid (net of refunds)						$	4					$	(61)					$	(161)

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024, were as follows (in thousands):

						2025						2024
Deferred tax assets:
Employee benefits						$	4,202					$	4,051
Capitalized costs						1,290						1,290
Joint ventures and other investments						6,952						5,810
Impairment and amortization						621						622
Solar investment benefits						14,659						14,814
Insurance and other reserves						5,056						6,517
Disallowed interest expense						8,684						9,075
Net operating losses						52,872						53,795
Property						7,047						5,348
Other						5,730						8,140
Total deferred tax assets						$	107,113					$	109,462
Valuation allowance						(106,344)						(108,021)
Total net deferred tax assets						$	769					$	1,441
Deferred tax liabilities:
Interest rate swap						$	433					$	1,110
Other						336						331
Total deferred tax liabilities						$	769					$	1,441
Net deferred tax assets (liabilities)						$	—					$	—

Schedule of Valuation Allowance

Significant management judgment is required in determining the period in which reversal of a valuation allowance should occur. The net change to the valuation allowance recorded during each of the years ended December 31, 2025, 2024, and 2023, was as follows (in thousands):

						Balance at Beginning of Year						Net Change						Balance at End of Year
2025						$	108,021					$	(1,677)					$	106,344
2024						$	109,087					$	(1,066)					$	108,021
2023						$	109,827					$	(740)					$	109,087

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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.

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