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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Distributions for Income Tax Purposes

For federal income tax purposes, the cash distributions to shareholders are characterized as follows:

			For the Years Ended December 31,
			2024						2023						2022
Common distributions:
Ordinary income			96.2		%				90.0		%				72.0		%
Return of capital			—						—						28.0		%
Capital gains			3.8		%				—						—
Qualified dividend			—						10.0		%				—
			100.0		%				100.0		%				100.0		%
Preferred distributions:
Ordinary income			96.2		%				90.0		%				100.0		%
Return of capital			—						—						—
Capital gains			3.8		%				—						—
Qualified dividend			—						10.0		%				—
			100.0		%				100.0		%				100.0		%

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,
			2024						2023						2022
Current:
Federal			$	(181)					$	(200)					$	(162)
State			(1,408)						(1,061)						(1,374)
Deferred:
Federal			(8)						4						15
State			(2)						1						3
Income tax expense			$	(1,599)					$	(1,256)					$	(1,518)

Schedule of Effective Income Tax Rate Reconciliation

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,
			2024						2023						2022
Expected U.S. federal tax expense at statutory rate			$	(14,656)					$	(16,353)					$	(9,184)
Tax impact of REIT election			19,295						15,443						(1,659)
Expected tax benefit (expense) at TRS			4,639						(910)						(10,843)
Change in valuation allowance			(6,522)						(120)						11,945
State income tax expense, net of federal benefit			(83)						(1,006)						(2,861)
Other items			367						780						241
Income tax expense			$	(1,599)					$	(1,256)					$	(1,518)

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, 2024						December 31, 2023
Deferred tax liabilities:
Partnership basis			$	(2,569)					$	(2,315)
Prepaid expenses			(1,376)						(813)
Deferred tax liabilities			$	(3,945)					$	(3,128)
Deferred tax assets:
Property and equipment			$	6,872					$	6,940
Incentive and vacation accrual			2,964						3,719
Deferred revenue - key money			3,285						1,767
Allowance for doubtful accounts			45						70
Other			971						892
Net operating loss carryforwards			70,855						64,275
Federal historic tax credit			824						824
Valuation allowance			(81,858)						(75,336)
Deferred tax assets			$	3,958					$	3,151

X

- Definition

Tabular disclosure for income tax purposes of the components of distributions paid, including, but not limited to ordinary income, capital gain and return of capital. Such disclosure may include per share amounts for each component of distribution, as well as the percentage of total distribution represented by each component.

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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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
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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