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Income Taxes (Tables)

12 Months Ended

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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