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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of components of the income tax provision from continuing operations

The components of the income tax provision are as follows (in thousands):

			For the Years Ended December 31,
			2023						2022						2021
Current:
Federal			$	(200)					$	(162)					$	—
State			(1,061)						(1,374)						(1,228)
Deferred:
Federal			4						15						30
State			1						3						10
Income tax expense			$	(1,256)					$	(1,518)					$	(1,188)

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible

The provision for income taxes is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands):

			For the Years Ended December 31,
			2023						2022						2021
Expected U.S. federal tax (expense) benefit at statutory rate			$	(16,353)					$	(9,184)					$	65,079
Tax impact of REIT election			15,443						(1,659)						(60,856)
Expected tax (expense) benefit at TRS			(910)						(10,843)						4,223
Change in valuation allowance			(120)						11,945						(6,489)
State income tax expense, net of federal benefit			(1,006)						(2,861)						(650)
Other items			780						241						1,728
Income tax expense			$	(1,256)					$	(1,518)					$	(1,188)

Schedule of deferred tax assets (liabilities)

Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands):

			December 31, 2023						December 31, 2022
Deferred tax liabilities:
Partnership basis			$	(2,315)					$	(3,463)
Prepaid expenses			(813)						(675)
Deferred tax liabilities			$	(3,128)					$	(4,138)
Deferred tax assets:
Property and equipment			$	6,940					$	5,936
Incentive and vacation accrual			3,719						3,866
Deferred revenue - key money			1,767						1,387
Allowance for doubtful accounts			70						78
Other			892						2,034
Net operating loss carryforwards			64,275						65,246
Federal historic tax credit			824						824
Valuation allowance			(75,336)						(75,215)
Deferred tax assets			$	3,151					$	4,156

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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
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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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.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
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- Definition

Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15

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