v3.20.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Cash Dividends, Tax Characteristic | The following table details the tax characteristics of the Company's dividends declared on its shares of common and preferred stock for the years ended December 31, 2020 and 2019.
|  | Year Ended
Tax Characteristic |  | December 31, 2020 |  | December 31, 2019
Ordinary income |  | 58.2 | % |  | 85.0 | %
Return of capital |  | 37.9 | % |  | 9.4 | %
Capital gains |  | 3.9 | % |  | 5.6 | %
|  | 100.0 | % |  | 100.0 | %
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the Company's income tax provision for the years ended December 31, 2020 and 2019.
|  | As of
(In thousands) |  | December 31, 2020 |  | December 31, 2019
Current income tax provision |  |  |  |
Federal |  | $ | 38 |  |  | $ | 185 |
State |  | 602 |  |  | 293 |
Total current income tax provision, net |  | 640 |  |  | 478 |
Deferred income tax provision |  |  |  |
Federal |  | 6,638 |  |  | 1,080 |
State |  | 4,099 |  |  | — |
Total deferred income tax provision, net |  | 10,737 |  |  | 1,080 |
Total income tax provision |  | $ | 11,377 |  |  | $ | 1,558 |
Schedule of Deferred Tax Assets and Liabilities | The following table details the components of the Company's net deferred tax asset (liability) at December 31, 2020 and 2019.
|  | As of
(In thousands) |  | December 31, 2020 |  | December 31, 2019
Deferred tax asset |  |  |  |
Net operating loss available for carry-back and carry-forward |  | $ | 1,937 |  |  | $ | 3,907 |
Basis difference for investments |  | 1,481 |  |  | 669 |
Valuation allowance |  | — |  |  | (157) |
Deferred tax asset |  | 3,419 |  |  | 4,419 |
Deferred tax liability |  |  |  |
Basis difference for investments |  | (15,525) |  |  | (5,484) |
Deferred tax liability |  | (15,525) |  |  | (5,484) |
Net deferred tax asset (liability) |  | $ | (12,106) |  |  | $ | (1,065) |
Schedule of Effective Income Tax Rate Reconciliation | The following table details the reconciliation between the Company's U.S. federal and state statutory income tax rate and the effective tax rate for the years ended December 31, 2020 and 2019.
|  | Year Ended
|  | December 31, 2020 |  | December 31, 2019
Federal statutory rate |  | 21.00 | % |  | 21.00 | %
State statutory rate, net of federal benefit |  | 11.83 | % |  | 0.45 | %
Income attributable to non-controlling interests |  | (1.78) | % |  | (1.28) | %
REIT earnings not subject to corporate taxes |  | (2.43) | % |  | (17.76) | %
Effective tax rate |  | 28.62 | % |  | 2.41 | %

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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