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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Deferred tax Liabilities and Assets | Significant components of our deferred tax liabilities and assets as of December 31, 2024 and 2023 are as follows (in thousands):
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax liabilities: |  |  |  |  |  |
Real estate and real estate partnership basis differences |  | $ | 101,833 |  |  | $ | 110,379 |
Lease liability - finance lease |  |  | 331 |  |  |  | 307 |
Other |  |  | — |  |  |  | 245 |
Deferred tax assets: |  |  |  |  |  |
Right-of-use lease asset - finance lease |  |  | 338 |  |  |  | 386 |
Other |  |  | 3,059 |  |  |  | 3,363 |
Net operating, capital, and other loss carryforwards |  |  | 10,251 |  |  |  | 3,953 |
Valuation allowance for deferred tax assets |  |  | (7,766 | ) |  |  | (4,664 | )
Net deferred tax liability |  | $ | 96,282 |  |  | $ | 107,893 |
Components of Income Tax Benefit or Expense | Significant components of the income tax benefit (expense) including any interest and penalties related to income taxes are as follows and are classified within Income tax benefit (expense) in our Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 314 |  |  | $ | 463 |  |  | $ | 12,499 |
State |  |  | 226 |  |  |  | (3,813 | ) |  |  | 5,840 |
Total current |  |  | 540 |  |  |  | (3,350 | ) |  |  | 18,339 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (9,845 | ) |  |  | (7,182 | ) |  |  | (934 | )
State |  |  | (1,766 | ) |  |  | (2,220 | ) |  |  | (141 | )
Total deferred |  |  | (11,611 | ) |  |  | (9,402 | ) |  |  | (1,075 | )
Total income tax (benefit) expense |  | $ | (11,071 | ) |  | $ | (12,752 | ) |  | $ | 17,264 |
Reconciliation of Income Tax Attributable to Operations | The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit recognized for the years ended December 31, 2024, 2023, and 2022, is shown below (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax |  | $ | (5,929 | ) |  |  | 21.0 | % |  | $ | (3,189 | ) |  |  | 21.0 | % |  | $ | 18,641 |  |  |  | 21.0 | %
US branch profits tax on earnings of foreign subsidiary |  |  | (4,171 | ) |  |  | 14.8 | % |  |  | (3,101 | ) |  |  | 20.4 | % |  |  | (1,965 | ) |  |  | (2.2 | %)
State income tax, net of federal (benefit) expense |  |  | (1,580 | ) |  |  | 5.6 | % |  |  | (8,320 | ) |  |  | 54.8 | % |  |  | 4,590 |  |  |  | 5.2 | %
Effects of permanent differences |  |  | (2,781 | ) |  |  | 9.9 | % |  |  | 96 |  |  |  | (0.6 | %) |  |  | 209 |  |  |  | 0.2 | %
Uncertain tax positions |  |  | — |  |  |  | 0 | % |  |  | — |  |  |  | 0 | % |  |  | (4,945 | ) |  |  | (5.6 | %)
Valuation allowance |  |  | 3,472 |  |  |  | (12.3 | %) |  |  | 2,270 |  |  |  | (14.9 | %) |  |  | 1,109 |  |  |  | 1.2 | %
Other |  |  | (82 | ) |  |  | 0.2 | % |  |  | (508 | ) |  |  | 3.3 | % |  |  | (375 | ) |  |  | (0.4 | %)
Change in Tax Rate |  |  | — |  |  |  | 0 | % |  |  | — |  |  |  | 0 | % |  |  | — |  |  |  | 0 | %
Total income tax (benefit) expense |  | $ | (11,071 | ) |  |  | 39.2 | % |  | $ | (12,752 | ) |  |  | 84.0 | % |  | $ | 17,264 |  |  |  | 19.4 | %
Schedule of Dividends Per Share Held | For the years ended December 31, 2024, 2023, and 2022, tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited):
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Ordinary income |  | $ | — |  |  |  | 0.0 | % |  | $ | — |  |  |  | 0.0 | % |  | $ | 0.01 |  |  |  | 53.5 | %
Capital gains |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | % |  |  | 0.01 |  |  |  | 46.5 | %
Qualified dividends |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | %
Unrecaptured § 1250 gain |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | %
Return of capital |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | %
Balance at December 31, |  | $ | — |  |  |  | 0.0 | % |  | $ | — |  |  |  | 0.0 | % |  | $ | 0.02 |  |  |  | 100.0 | %
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in Accrued liabilities and other in our Consolidated Balance Sheets (in thousands):
|  | 2024 |  |  | 2023 |
Balance at January 1, |  | $ | 2,092 |  |  | $ | 2,135 |
Additions based on tax positions in prior years |  |  | 47 |  |  |  | 52 |
Lapse of applicable statute of limitations |  |  | (165 | ) |  |  | (95 | )
Balance at December 31, |  | $ | 1,974 |  |  | $ | 2,092 |

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